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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: June 24, 1998
____________________
FARMLAND INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
____________________
KANSAS 44-0209330
(State of incorporation or organization) (I.R.S. Employer Identification No.)
3315 NORTH OAK TRAFFICWAY 64116-0005
KANSAS CITY, MISSOURI (Zip Code)
(Address of principal executive offices)
Registrant's Telephone Number, Including Area Code (816) 459-6000
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ITEM 5. OTHER EVENTS
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On June 24, 1998, the Company issued a press release relating to its
financial results for the third quarter of 1998, a copy of which is filed
herewith as Exhibit 99.
ITEM 7. EXHIBITS.
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(C) Press Release of the Company dated June 24, 1998.
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereto duly authorized.
Dated: June 24, 1998
FARMLAND INDUSTRIES, INC.
By: /s/ Terry M. Campbell
___________________________
Terry M. Campbell
Executive Vice President and
Chief Financial Officer
Page 2 of 2 Pages
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[Company Logo] MEDIA RELEASE
3315 N FARMLAND TRAFFICWAY For further information contact:
KANSAS CITY, MO 64116 Sherlyn Manson
Corporate Communications
Farmland Industries, Inc.
(816) 459-6230
FOR IMMEDIATE RELEASE
FARMLAND REPORTS DIVIDEND PAYMENT
AND 3RD QUARTER 1998 RESULTS
KANSAS CITY, Mo. (June 24,1998)---Farmland Industries, Inc. today announced a
dividend payable to its preferred stock shareholders and its preliminary third
quarter 1998 results.
The Farmland Board of Directors announced a dividend payable to holders of its
8% Series A Cumulative Redeemable Preferred Shares of $1.00 per share. The
dividend is payable August 3 to shareholders of record on July 15. The preferred
stock was issued earlier this year and is held by institutional investors.
For the nine months ended May 31, 1998, Farmland reported sales of $6.7 billion
compared with $6.9 billion in the same period the year prior. Net income was
$55.3 million, compared with $90 million through the third quarter of 1997. The
company attributes this decline in income primarily to an industry-wide drop in
nitrogen fertilizer prices, which made margins significantly lower than the year
prior.
Income from other business segments increased from the year prior. Grain income
increased significantly over the same period last year, primarily due to higher
margins from international grain trading transactions and improved operations in
the domestic grain business. Income from the Food Processing and Marketing
business was also higher due to increased pork margins.
Farmland President and CEO H.D. "Harry" Cleberg said, "We've maintained our
sales volume and increased income in our Grain and Meat businesses but continue
to see lower margins in our Crop Production business because of the
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lower prices our farmer-owners are paying for their nitrogen fertilizer this
year."
Farmland Industries, Inc., Kansas City, Mo., is the largest farmer-owned
cooperative in North America and one of the top 200 Fortune 500-listed
companies. In 1997, company sales of $9.1 billion encompassed all 50 states and
80 countries. When including the third party sales of venture businesses and the
gross sales of its international grain marketing subsidiary, total sales
exceeded $11.7 billion. Focused on meeting the needs of its half million
farmer-owners in the U.S., Canada and Mexico, Farmland is a highly diversified
company with major business lines in crop production products, livestock feeds,
petroleum, grain processing and marketing, and the processing and marketing of
pork and beef products. Visit the Farmland Web site at www.farmland.com.
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