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) November 28, 2000.
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 principal
executive offices)
(316) 269-4310
(Registrant's telephone number)
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Item 5 Other Information
Wichita, KS, November 28, 2000 -- High Plains Corporation (Nasdaq: HIPC)
announced at its annual shareholders meeting today that the Company projects
good profitability for the fiscal year. Earnings per share of approximately
$.12 are expected for the current (second fiscal) quarter, with similar results
projected for the third fiscal quarter ending March 31, 2001.
"Both fuel and industrial ethanol markets are very strong, and even with the
forward sales we locked in early in the year, we are taking advantage of higher
spot pricing on a significant portion of our current shipments," said Gary
Smith, President and CEO. "It's great to be in a situation where our biggest
problem is trying to find more gallons to deliver. With this bull market in
mind, we have negotiated an extension of the closing on our contract for the
sale of our Portales, New Mexico production facility, allowing us
to continue to own and operate that facility through March of 2001,"
continued Smith. "While we still believe this sale is good for the Company
in the long term, we are pleased to have the additional production, and the
anticipated profitability, of the plant for another full quarter," he stated.
The Company also announced that crude glycerol has been produced from its pilot
facility located at the Colwich, Kansas plant, but that the membrane filter
will not yet handle adequate volumes to justify a full production-scale
upgrade. High Plains continues to work with equipment suppliers to refine the
filter design, which is anticipated to be the only major obstacle in obtaining
a process guarantee. The Company has previously stated that an adequate
process guarantee would be a prerequisite to its decision to continue with this
project. Smith confirmed that the Company, "continues to work on the glycerol
project, and believes the expected returns will justify the investment if full
production-scale volumes can be processed. Progress on the project will be
reported again in February," commented Smith.
Based in Wichita, Kansas, High Plains Corporation is among the nation's largest
producers of ethanol. The company operates facilities in Colwich, Kansas;
York, Nebraska; and Portales, New Mexico.
This press release contains forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned that all forward-looking statements involve
risks and uncertainties, including without limitation risks of fluctuations in
feedstock commodity prices, changes in the market prices or demand for motor
fuels and Ethanol, legislative changes regarding air quality, fuel
specifications or incentive programs, as well as general market conditions,
competition and pricing. The Company believes that forward-looking
statements made by it are based upon reasonable expectations. However, no
assurances can be given that actual results will not differ materially from
those contained in such forward-looking statements. Additional information
concerning these and other factors is contained in the Company's Securities
and Exchange Commission filings, including its annual 10-K, Proxy Statement
and quarterly 10-Q filings, copies of which are available from the Company
without charge.
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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: November 28, 2000 HIGH PLAINS CORPORATION
/s/Gary R. Smith
President & CEO
