Printer Friendly


 ATCHISON, Kan., Oct. 8 /PRNewswire/ -- During the annual meeting of stockholders of Midwest Grain Products, Inc. (NASDAQ: MWGP) today, Dr. Eleanor Schwartz, chancellor of the University of Missouri-Kansas City, was elected to a three-year term on the company's board of directors by holders of the company's common stock.
 Ladd Seaberg, president and CEO, and Randy Schrick, vice president of operations, were both elected to new three-year terms by holders of the company's preferred stock. The elections were the only voting items on this year's agenda.
 The election of Schwartz followed her appointment to the board on June 3 to complete the unexpired term of Jim Hosier, former president of McCormick Distilling Company of Weston, Mo. Hosier, who had been a director since 1987, retired from the board following Midwest Grain's divestiture of McCormick last December.
 Seaberg has served on the board since 1979, and Schrick has been a director since 1987.
 Addressing stockholders prior to the announcement of election results, Seaberg and Cloud L. "Bud" Cray, board chairman, reviewed the company's fiscal 1993 performance and long-term growth strategies.
 Midwest finished fiscal 1993 with record net sales of $163,426,000, and record income from continuing operations of $14,630,000. As announced previously by the company, the start of the current fiscal year has been plagued by the effects of this summer's excessive rainfall, including higher raw material costs for wheat and poor wheat protein yields.
 Seaberg said the adverse effects are only temporary and the company expects conditions to gradually improve this fall. "Short term, we have faced some setbacks, but our plans and opportunities long term are very optimistic," Seaberg said.
 He announced that the tripling of the company's distillery capacity in Pekin, Ill., remains on schedule for completion by 1995. Additionally, the company has recently completed an expansion of its modified wheat starch capacity in Atchison "giving us increased capabilities to broaden our markets in this area," he said.
 Immediately following the stockholders' meeting, the board of directors approved a cash dividend of 12.5 cents per share on the company's common stock to stockholders of record Oct. 28, 1993. The dividend payment date is Nov. 9, 1993.
 -0- 10/8/93
 /CONTACT: Steve Pickman of Midwest Grain Products, 913-367-1480/

CO: Midwest Grain Products, Inc. ST: Kansas IN: AGR SU:

KD-MH -- DC035 -- 0268 10/08/93 15:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 8, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters