ERLY INDUSTRIES INC
10-Q/A, 1994-12-21
GRAIN MILL PRODUCTS
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<PAGE> 1


                   SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549



                               FORM 10-Q/A

                             AMENDMENT NO. 1



               QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                 OF THE SECURITIES EXCHANGE ACT OF 1934



For the three months ended                   Commission file number 1-7894
     September 30, 1994


                           ERLY INDUSTRIES INC.                          
             (Exact name of registrant as specified in its charter)



           California                                 95-2312900         
(State or other jurisdiction of                    (IRS Employer 
 incorporation or organization)                  Identification No.)



      10990 Wilshire Boulevard, Los Angeles, California   90024-3955     
       (Address of principal executive offices)          (Zip Code)
  

Registrant's telephone number, including area code    (213) 879-1480     



                             AMENDMENT NO. 1

                                 Part II

      The undersigned registrant hereby amends the following items,
financial statements, exhibits or other portions of its Quarterly Report
on Form 10-Q for the three months ended September 30, 1994, as set forth
on the pages attached hereto:

            Item 6.     Exhibits and Reports on Form 8-K



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ERLY INDUSTRIES INC. AND SUBSIDIARIES


      Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its behalf
by the undersigned, thereunto duly authorized.



                                           ERLY INDUSTRIES INC.       
                                           --------------------
                                                Registrant



      Date:   December 21, 1994     By:   /s/ Thomas A. Whitlock      
                                         -----------------------
                                         Thomas A. Whitlock
                                         Vice President and
                                         Corporate Controller

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ERLY INDUSTRIES INC. AND SUBSIDIARIES


Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits

     (11.1)  Calculation of Primary Income Per Share
     
     (11.2)  Calculation of Fully Diluted Income Per Share

     (27)    Financial Data Schedule

(b)  No reports on Form 8-K were filed during the quarter ended
     September 30, 1994. 



<TABLE> <S> <C>


<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1995
<PERIOD-END>                               SEP-30-1994
<CASH>                                       4,421,000
<SECURITIES>                                         0
<RECEIVABLES>                               55,855,000
<ALLOWANCES>                                 1,968,000
<INVENTORY>                                 47,256,000
<CURRENT-ASSETS>                           107,449,000
<PP&E>                                      77,244,000
<DEPRECIATION>                              22,333,000
<TOTAL-ASSETS>                             202,708,000
<CURRENT-LIABILITIES>                      103,353,000
<BONDS>                                      7,313,000
<COMMON>                                        34,000
                                0
                                          0
<OTHER-SE>                                  13,907,000
<TOTAL-LIABILITY-AND-EQUITY>               202,708,000
<SALES>                                    233,128,000
<TOTAL-REVENUES>                           233,128,000
<CGS>                                      199,432,000
<TOTAL-COSTS>                              199,432,000
<OTHER-EXPENSES>                            18,920,000
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           7,848,000
<INCOME-PRETAX>                              6,928,000
<INCOME-TAX>                                 1,509,000
<INCOME-CONTINUING>                          5,419,000
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 5,419,000
<EPS-PRIMARY>                                     1.29
<EPS-DILUTED>                                     1.22

        


</TABLE>


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