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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
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[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
FOR THE PERIOD ENDED NOVEMBER 30, 1996
COMMISSION FILE NUMBER: 33-83868
AMERICAN CRYSTAL SUGAR COMPANY
(Exact name of registrant as specified in its charter)
MINNESOTA 84-0004720
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 NORTH THIRD STREET
MOORHEAD, MINNESOTA 56560
(Address of principal executive offices)
TELEPHONE NUMBER (218) 236-4400
(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, 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.
OUTSTANDING AT
CLASS OF COMMON STOCK JANUARY 3, 1997
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$10 PAR VALUE 2,446
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AMERICAN CRYSTAL SUGAR COMPANY
FORM 10-Q
INDEX
PAGE NO.
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BALANCE SHEETS 1
STATEMENTS OF OPERATIONS 3
STATEMENT OF CASH FLOWS 4
NOTES TO THE FINANCIAL STATEMENTS 5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION 7
PART II OTHER INFORMATION 9
SIGNATURES 10
<PAGE>
Statements of Operations
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Ended
November 30
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1996 1995
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<S> <C> <C>
Net Revenue $ 150,018 $ 159,189
Cost of Product Sold (28,529) (8,115)
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Gross Proceeds 178,547 167,304
Selling, General & Administrative
Expenses 30,836 35,747
Accrued Continuing Costs (Note 3) 25,743 5,477
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Operating Proceeds 121,968 126,080
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Other Income (Expenses)
Interest Income 697 139
Interest Expense (2,910) (2,418)
Other Income 326 697
Other Expenses (347) (7)
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Other Income (Expense) (2,234) (1,589)
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Proceeds before Income Taxes 119,734 124,491
Income Taxes Provision/(Benefit) 0 0
Net Proceeds Before Cummulative
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Effect of Changes in Accounting
Principle 119,734 124,491
Cummulative Effect of Changes in
Accounting Principle - 0
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Net Proceeds Resulting from
Member and Non-Member Business $ 119,734 $ 124,491
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Distribution of Net Proceeds:
Credited/(Charged) to Member's
Investments:
Member Tax Accounting
Adjustment, Net $ 0 $ 0
Non-Member Business Income/(Loss) (708) (508)
Unit Retains Declared to Members - -
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Net Credit/(Charge) to Members'
Investments (708) (508)
Payments to/due Members for
Sugarbeets, Net of Unit Retains
Declared 120,442 124,999
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Total $ 119,734 $ 124,491
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</TABLE>
The Accompanying Notes are an Integral Part of These Financial Statements.
3
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SIGNATURES
PURSUANT TO THE REQUIREMENT 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.
AMERICAN CRYSTAL SUGAR COMPANY
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(REGISTRANT)
DATE: FEBRUARY 7, 1997 /s/ SAMUEL S. M. WAI
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SAMUEL S. M. WAI
CORPORATE CONTROLLER
DULY AUTHORIZED OFFICER
10
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> NOV-30-1996
<CASH> 5,034
<SECURITIES> 0
<RECEIVABLES> 63,049
<ALLOWANCES> 0
<INVENTORY> 405,877
<CURRENT-ASSETS> 476,216
<PP&E> 634,647
<DEPRECIATION> 400,419
<TOTAL-ASSETS> 799,635
<CURRENT-LIABILITIES> 428,105
<BONDS> 176,394
0
33,369
<COMMON> 24
<OTHER-SE> 139,341
<TOTAL-LIABILITY-AND-EQUITY> 799,635
<SALES> 150,018
<TOTAL-REVENUES> 150,018
<CGS> (28,529)
<TOTAL-COSTS> (28,529)
<OTHER-EXPENSES> 2,233
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,910
<INCOME-PRETAX> 119,734
<INCOME-TAX> 0
<INCOME-CONTINUING> 119,734
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 119,734
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
