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MIDWEST GRAIN ANNOUNCES FIRST QUARTER EARNINGS

 MIDWEST GRAIN ANNOUNCES FIRST QUARTER EARNINGS
 ATCHISON, Kan., Nov. 9 /PRNewswire/ -- Midwest Grain Products,


Inc. (NASDAQ-NMS: MWGP), today reported first quarter earnings that were modestly higher than last year's first quarter. The improvement occurred despite the effects of higher raw material costs for wheat, increased competition from foreign gluten producers and a week-long shutdown of operations at the Atchison plant for extensive maintenance projects and distillery modifications.
 Net income for the quarter, which ended Sept. 30, was $3,604,000, or 37 cents per share, on sales of $58,270,000, compared to the previous year's first quarter net income of $3,429,000, or 35 cents per share, on sales of $53,513,000. The earnings per share figures were computed using the weighted shares outstanding after the three- for-two stock split which became effective on June 30, 1992.
 Ladd Seaberg, president and CEO, said the company's wheat costs in the first three months of fiscal 1993 averaged 18 percent more per bushel than during the same period the year before. That factor, plus a large increase in wheat gluten imports from Europe in the first part of the quarter, slackened unit sales of gluten at Midwest, but not enough to prevent a gain over the previous year's first quarter.
 Seaberg noted that the company's recently expanded gluten production facilities in Atchison and in Pekin, Ill., "have significantly strengthened our capabilities to supply growing customer needs efficiently." He added that the enlarged capacities give Midwest the ability to meet increased customer demands should gluten imports from Europe be reduced due to recently proposed tariffs which are scheduled to take effect on Dec. 5, 1992.
 The company's first quarter alcohol production continued on an upswing, pushed by a substantial rise in fuel alcohol sales. Beverage alcohol volume also increased, Seaberg said, helping to offset a decline in unit sales of high quality industrial alcohol.
 The distillery modifications, which were partially responsible for the brief plant shutdown in Atchison, were implemented to strengthen production efficiency and increase expansion capabilities for high quality alcohol, Seaberg explained.
 "Overall," he stated, "our markets continue to be strong." He said the company remains especially optimistic about growth opportunities for its wheat gluten and alcohol products, and is seeing indications of more favorable conditions in its premium wheat starch market.
 -0- 11/9/92
 /CONTACT: Steve Pickman of Midwest Grain Products, 913-367-1480/
 (MWGP) CO: Midwest Grain Products, Inc. ST: Kansas IN: FOD SU: ERN


IH-TW -- DC022 -- 8825 11/09/92 15:15 EST
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Date:Nov 9, 1992
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