FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported) October 10, 1996.
HIGH PLAINS CORPORATION
(Exact name of registrant as specified in its charter)
Kansas #1-8680
(State or other jurisdiction of (Commission File
incorporation) Number)
200 W. Douglas #48-0901658
Suite #820 (IRS Employer
Wichita, Kansas 67202 Identification No.)
(Address of prinicipal
exeuctive offices)
(316)269-4310
(Registrant's telephone number)
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FOR IMMEDIATE RELEASE
Contact : Raymond G. Friend
High Plains Corporation
HIGH PLAINS CORPORATION REPORTS EARNINGS INCREASE FROM
PREVIOUSLY ANNOUNCED RECORD FOURTH QUARTER
AND RECORD FISCAL YEAR RESULTS
Wichita, Ks, October 10, 1996 -- (NASDAQ:HIPC) High Plains Corporation
today announced upward adjustments to previously announced record net
income and earnings per share for their fourth quarter and year end
results. Restated results are record net income of $11,821,077 or $.74
earnings per share on record sales and revenues of $87,925,409 for the
fiscal year ended June 30, 1996. This compares to net income of
$6,072,407 or $.39 earnings per share on sales and revenues of
$52,769,014 for the prior year. This represents a 95 percent increase
in net income and a 67 percent increase in sales and revenues over the
prior year.
For the fiscal fourth quarter ended June 30, 1996, the Company restated
previously announced record results to record net income of $8,590,360
or $.54 per share on sales and revenues of $21,870,226. This compares
to net income of $108,363 or $.01 per share on sales and revenues of
$17,959,003 for the fiscal fourth quarter last year. Included in sales
and revenues for the quarter ended and the year ended June 30, 1996 is
net revenue from the sale of grain contracts totalling $14,005,313.
"We are restating our fourth quarter and year end results in order to
reflect a decrease in accrued Federal income tax," said Stanley E.
Larson, the Company's Chief Executive Officer. "We are also pleased to
announce that our Colwich, Kansas plant is operating at full production,
and with good margins, and that operations at our York, Nebraska plant
are expected to begin today. We have bought grain for as low as $2.49
per bushel in Colwich and expect prices to go lower both there and in
York as the harvest gets into full swing," Larson added.
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Fiscal Quarter Fiscal Year
Ended June 30, Ended June 30,
1996 1995 1996 1995
----------- ----------- ----------- -----------
Sales and Revenues $21,870,226 $17,959,003 $87,925,409 $52,769,014
Net Income $ 8,590,360 $ 108,363 $11,821,077 $ 6,072,407
Net Earnings per Share $ .54 $ .01 $ .74 $ .39
Weighted Average
Shares Outstanding 15,882,079 15,704,782 15,927,954 15,672,096
Based in Wichita, Kansas, High Plains Corporation is the largest
publicly traded company whose sole business is Ethanol. It is one of
the largest producers of Ethanol with approximately 60 million gallons
per year of current capacity. Clean burning Ethanol reduces pollutants
in automotive gasoline and increases octane levels for better engine
performance without increasing gas pump prices.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date October 10, 1996 HIGH PLAINS CORPORATION
Raymond G. Friend
-------------------------
Executive Vice President
- Chief Financial Officer
