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HIGH PLAINS REPORTS FIRST QUARTER EARNINGS

 WICHITA, Kan., Oct. 29 /PRNewswire/ -- High Plains Corp. (NASDAQ-NMS: HIPC) today reported net income of $553,963 or 11 cents per share on sales of $8,210,230 for the fiscal quarter ended Sept. 30, 1993 compared to the prior comparable fiscal quarter net income of $705,199 or 25 cents per share on sales of $7,674,218.
 Fiscal Quarter Ended
 Sept. 30,
 1993 1992
 Sales $8,210,230 $7,674,218
 Net income $553,963 $705,199
 Net earnings per share $.11 $.25
 Weighted shares outstanding 5,212,188 2,820,796
 The company production at their Colwich, Kan. plant increased during this latest fiscal quarter to 4.7 million gallons, as compared to 3.9 million gallons produced in the comparable prior fiscal quarter. However, the company's net income was lower due mostly to depressed wholesale gasoline prices. The decrease in the company's earnings per share was due mostly to both depressed wholesale gasoline prices and the increased number of outstanding shares which resulted from the company's March 1993 public offering.
 Stanley E. Larson, the company's chief executive officer, stated, "Progress on the construction of the York, Nebraska facility is continuing. Negotiations on the permanent financing for the construction of that 30 million gallon per year ethanol production facility are not completed but have progressed."
 Based in Wichita, High Plains is the only publicly traded company whose sole business is ethanol. It is one of the largest producers of ethanol west of the Mississippi River, with 20 million gallons per year of capacity. Clean burning ethanol reduces pollutants in automotive gasoline and increases octane levels for better engine performance without increasing gas pump prices.
 -0- 10/29/93
 /CONTACT: Raymond G. Friend of High Plains, 316-269-4310/
 (HIPC)


CO: High Plains Corp. ST: Kansas IN: OIL SU: ERN

MC -- DV002 -- 8608 10/29/93 15:00 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
Words:309
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