UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
- --- ACT OF 1934
For the quarterly period ended December 31, 1996
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OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
- --- ACT OF 1934
For the transition period from to
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Commission file number 2-22791
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AGWAY INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 15-0277720
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
333 Butternut Drive, DeWitt, New York 13214
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(Address of principal executive offices) (Zip Code)
315-449-6431
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at January 31, 1997
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Membership Common Stock, 106,730 shares
$25 par value per share
1
<PAGE>
PART II. OTHER INFORMATION
AGWAY INC. AND CONSOLIDATED SUBSIDIARIES
(Thousands of Dollars)
Item 6. Exhibits and Reports on Form 8-K
(a) List of Exhibits
18.0 Letter re change in accounting principles
27.0 Financial Data Schedule*
(b) Reports on Form 8-K
There were no reports on Form 8-K required to be filed during the three
months ended December 31, 1996.
*Included with electronic filing only.
<PAGE>
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AGWAY INC.
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(Registrant)
Date February 11, 1997 /s/ PETER J. O'NEILL
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Peter J. O'Neill
Senior Vice President,
Finance & Control,
Treasurer and Controller
(Principal Financial Officer and
Chief Accounting Officer)
(logo) Coopers & Lybrand L.L.P. One Lincoln Center telephone (315) 474-8541
Syracuse, New York facsimile (315) 473-1385
a professional services firm
Board of Directors
Agway, Inc.
333 Butternut Drive
DeWitt, New York 13214
We are providing this letter to you for inclusion as an exhibit to your Form
10-Q filing pursuant to Item 601 of Regulation S-K.
We have read management's justification for the change in accounting from the
Last-In First-Out (LIFO) method of inventory valuation for the liquid petroleum
products to the First-In First-Out (FIFO) method contained in the Company's Form
10-Q for the quarter ended December 31, 1996. Based on our reading of the data
and discussion with Company officials of the business judgment and business
planning factors relating to the change, we believe management's justification
is reasonable. Accordingly, in reliance on management's determination as regards
elements of judgement and business planning, we concur that the newly adopted
accounting principle described above is preferable in the Company's
circumstances to the method previously applied.
We have not audited any financial statements of Agway, Inc. as of any date or
any period subsequent to June 30, 1996, nor have we audited the application of
the change in accounting principle disclosed in Form 10-Q of Agway, Inc. for the
three months ended December 31, 1996; accordingly, our comments are subject to
revision on completion of an audit of the financial statements that include the
accounting change.
/s/ Coopers & Lybrand L.L.P.
Syracuse, New York
January 7, 1997
