<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 10-K/A
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the Transition Period from __________ to __________
Commission File Number 1-6244
AMERICAN MAIZE - PRODUCTS COMPANY
(Exact name of registrant as specified in its charter)
Maine 13-0432720
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
250 Harbor Drive, Stamford, CT 06902
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 356-9000
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
___________________ _____________________
Class A Common Stock, par value of American Stock Exchange
$.80 per share
Class B Common Stock, par value of American Stock Exchange
$.80 per share
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 (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X . No .
------- -------
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ X ]
State the aggregate market value of the voting stock held by non-
affiliates of the registrant: $173,141,467.63 (based upon closing prices on
the American Stock Exchange on March 9, 1994).
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of March 9, 1994:
Class A Common Stock, par value $.80 per share: 8,484,685 shares
Class B Common Stock, par value $.80 per share: 1,742,057 shares
DOCUMENTS INCORPORATED BY REFERENCE
Registrant's Annual Report to security holders for the fiscal year ended
December 31, 1993 is incorporated by reference in Parts I, II and IV hereof.
Registrant's Definitive Proxy Statement to be filed pursuant to
Regulation 14A promulgated by the Securities and Exchange Commission
under the Securities Exchange Act of 1934, which Definitive Proxy
Statement is anticipated to be filed within 120 days after the end of the
registrant's fiscal year ended December 31, 1993, is incorporated by
reference in Part III hereof.
<PAGE>
American Maize-Products Company (the "Company") hereby amends the
following items, financial statements, exhibits or other portions of its
Annual Report on Form 10-K for the year ended December 31, 1993 as set forth
in the pages attached hereto:
PART IV
Item 14. Exhibits, Financial Statement Schedules, and
Reports on Form 8-K
...
(a)(3) Exhibits
99. Annual Report of the Company's Capital Accumulation
Plan for the Plan's fiscal year ended December 31,
1993 on Form 11-K is attached hereto as Exhibit 99.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Company has caused this
Amendment to be signed on its behalf by the undersigned, thereunto
duly authorized.
AMERICAN MAIZE-PRODUCTS COMPANY
June 29, 1994 By Edward P. Norris
_____________________________
Edward P. Norris
Vice President and
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this Amendment has been signed below by the following persons
on behalf of the Company and in the capacities and on the dates
indicated.
June 29, 1994 By William Ziegler, III
____________________________
William Ziegler, III,
Chairman of the Board
and Director
June 29, 1994 By Patric J. McLaughlin
____________________________
Patric J. McLaughlin,
President and Chief Executive
Officer and Director
(Principal Executive Officer)
June 29, 1994 By Charles B. Cook, Jr.
____________________________
Charles B. Cook, Jr.,
Director
June 29, 1994 By Paul F. Engler
____________________________
Paul F. Engler,
Director
June 29, 1994 By James E. Harwood
____________________________
James E. Harwood,
Director
June 29, 1994 By John R. Kennedy
____________________________
John R. Kennedy,
Director
<PAGE>
June 29, 1994
____________________________
Leslie C. Liabo,
Director
June 29, 1994 By C. Alan MacDonald
____________________________
C. Alan MacDonald,
Director
June 29, 1994 By H. Barclay Morley
____________________________
H. Barclay Morley,
Director
June 29, 1994 By William L. Rudkin
____________________________
William L. Rudkin,
Director
June 29, 1994
____________________________
Wendell M. Smith,
Director
June 29, 1994 By William C. Steinkraus
____________________________
William C. Steinkraus,
Director
June 29, 1994 By Raymond S. Troubh
____________________________
Raymond S. Troubh,
Director
June 29, 1994 By Edward P. Norris
____________________________
Edward P. Norris,
Vice President and Chief
Financial Officer (Principal
Financial and Accounting
Officer)<PAGE>
INDEX TO EXHIBITS
Sequential
Page
(a)(3) Exhibits Number
__________
99. Annual Report of the Company's 6
Capital Accumulation Plan for the
Plan's fiscal year ended December 31,
1993 on Form 11-K is attached hereto
as Exhibit 99.<PAGE>
EXHIBIT 99
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
AND EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ______________ to ________________
Commission file number _______________________
A. Full title of the plan and address of the plan, if different
from that of the issuer named below:
AMERICAN MAIZE-PRODUCTS COMPANY CAPITAL ACCUMULATION PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
AMERICAN MAIZE-PRODUCTS COMPANY
250 Harbor Drive
PO Box 10128
Stamford, Connecticut 06904
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange
Act of 1934, the trustees (or other persons) who administer the employee
benefit plan) have duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
AMERICAN MAIZE-PRODUCTS COMPANY
CAPITAL ACCUMULATION PLAN
Charles B. Cook, Jr.
_________________________
Date: June 29, 1994
<PAGE>
AMERICAN MAIZE-PRODUCTS COMPANY
CAPITAL ACCUMULATION PLAN
_______
Financial Statements
as of December 31, 1993 and 1992 and
for the years ended December 31, 1993, 1992 and 1991
_______
<PAGE>
AMERICAN MAIZE-PRODUCTS COMPANY
CAPITAL ACCUMULATION PLAN
INDEX to FINANCIAL STATEMENTS and SCHEDULES
_______
Pages
Report of Independent Accountants F-2 - F-3
Financial Statements:
Statements of Net Assets Available for Plan
Benefits as of December 31, 1993 and 1992 F-4
Statements of Changes in Net Assets Available
for Plan Benefits for the years ended
December 31, 1993, 1992 and 1991 F-5
Notes to Financial Statements F-6 - F-13
Supplemental Schedules:
"Item 27(a) - Schedule of Assets Held for
Investment Purposes" as of December 31, 1993 F-14
"Item 27(d) - Schedule of Reportable
Transactions" - Transactions or Series
of Transactions in Excess of 5% of the
Current Value of Plan Assets for the
year ended December 31, 1993 F-15
<PAGE>
REPORT of INDEPENDENT ACCOUNTANTS
_______
To the Pension Committee of
American Maize-Products Company:
We have audited the accompanying financial statements of
the AMERICAN MAIZE-PRODUCTS COMPANY CAPITAL ACCUMULATION PLAN (the
"Plan") as listed in the index on page F-1. These financial state-
ments are the responsibility of the Plan's management. Our respon-
sibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets available
for plan benefits of the Plan as of December 31, 1993 and 1992 and
the changes in net assets available for plan benefits for the years
ended December 31, 1993, 1992 and 1991, in conformity with generally
accepted accounting principles.
As discussed in Note 2 to the financial statements, the
Plan changed its method of accounting for benefits payable to
participants in 1993.
Our audits were made for the purpose of forming an opinion
on the basic financial statements taken as a whole. The supple-
mental schedules of the Plan as listed in the index on page F-1, are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements, but are supple-
mentary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retire-
ment Income Security Act of 1974. The supplemental schedules have
been subjected to the auditing procedures applied in the audit of
the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
Coopers & Lybrand
Stamford, Connecticut
April 15, 1994.
<PAGE>
AMERICAN MAIZE-PRODUCTS COMPANY
CAPITAL ACCUMULATION PLAN
STATEMENTS of NET ASSETS AVAILABLE for PLAN BENEFITS
as of December 31, 1993 and 1992
_______
<TABLE>
<CAPTION>
ASSETS: 1993 1992
<S> <C> <C>
Investments:
American Maize-Products Company
Class A common stock $ 4,791,675 $ 4,694,581
Mutual funds 11,970,945 8,344,217
Merrill Lynch Retirement Preservation
Trust 7,568,203 6,527,433
Merrill Lynch CMA Money Fund 57,249 6,356
Cash - 55,085
24,388,072 19,627,672
Receivables:
Employee contributions 464,782 211,337
Employer contributions 245,827 257,656
Employee loans 2,322,932 1,579,895
Due from American Fructose Corporation
Capital Accumulation Plan (Note 1) - 512,594
3,033,541 2,561,482
Total assets 27,421,613 22,189,154
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES:
<S> <C> <C>
Distributions payable to participants (Note 2) - 219,737
Total liabilities - 219,737
Net assets available for plan benefits $27,421,613 $21,969,417
</TABLE>
The accompanying notes are an integral
part of the financial statements.
<PAGE>
AMERICAN MAIZE-PRODUCTS COMPANY
CAPITAL ACCUMULATION PLAN
STATEMENTS of CHANGES in NET ASSETS
AVAILABLE for PLAN BENEFITS
for the years ended December 31, 1993, 1992 and 1991
_______
<TABLE>
<CAPTION>
1993 1992 1991
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Dividends $ 1,312,330 $ 519,612 $ 478,000
Interest 145,946 515,696 460,998
Net appreciation (depreciation) in
fair value of investments (Note 2) (295,486) 504,971 1,379,671
Net investment income 1,162,790 1,540,279 2,318,669
Contributions:
Employee 2,689,923 2,369,787 2,136,498
Employer:
Cash 986,007 873,871 805,699
American Maize-Products Company
Class A common stock 467,054 409,939 378,258
Rollover contributions 56,153 114,608 2,687
Other receipts (Note 1) - - 311,153
Transfer of employee loans from
American Fructose Corporation
Capital Accumulation Plan 332,426 - -
Transfer of investments from American
Fructose Corporation Capital
Accumulation Plan 1,783,903 - -
6,315,466 3,768,205 3,634,295
Net additions 7,478,256 5,308,484 5,952,964
Deductions from net assets attributed to:
Distributions to participants 2,245,797 952,838 2,303,596
Other distributions - - 232,292
Total deductions 2,245,797 952,838 2,535,888
Change in net assets
during the period 5,232,459 4,355,646 3,417,076
Net assets available for plan benefits:
Beginning of year 21,969,417 17,613,771 14,196,695
Cumulative effect of change in
accounting principle (Note 2) 219,737 - -
Beginning of year, adjusted 22,189,154 17,613,771 14,196,695
End of year $27,421,613 $21,969,417 $17,613,771
</TABLE>
The accompanying notes are an integral
part of the financial statements.
<PAGE>
NOTES to FINANCIAL STATEMENTS
1. Description of Plan
The American Maize-Products Company (the "Company" or "AMPCo") Capital
Accumulation Plan (the "Plan") enables eligible employees to acquire
shares of American Maize-Products Company ("AMPCo") Class A common
stock and also provides for voluntary savings and retirement benefits.
On February 26, 1993, AMPCo and American Fructose Corporation ("AFC")
executed a merger agreement pursuant to which AFC was merged with and
into AMPCo.
Effective June 1, 1993, the trust assets and related liabilities
of the AFC Capital Accumulation Plan were merged with and into the
Plan. The merger caused the AFC Capital Accumulation Plan to transfer
$1,783,903 of investments and $332,426 of participant loans to the Plan.
Periodically, the AMPCo Capital Accumulation Plan has temporarily
funded participant distributions on behalf of the AFC Plan. The
receivable for these amounts has been satisfied upon the merger of
the AFC Capital Accumulation Plan assets into the Plan.
The following description of the Plan provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
On January 1, 1994, certain Plan changes affecting participant
investment options, participant eligibility for employer fixed
contributions and allocation of employer matching contributions
became effective.
Contributions:
The Plan is a defined contribution plan. Participating employees
may contribute, through payroll deductions, a minimum of 2%, and up
to a maximum of 15%, of their eligible salary, as defined, to be
invested in one or more of the funds allowable under the Plan
provisions. The investment funds are maintained by the Merrill
Lynch Trust Company (the "Trustee").
As of December 31, 1993 and 1992, participants elected to invest
in the funds as follows:
Number of Participants
1993 1992
American Maize-Products
Company Stock Fund 559 488
Diversified Equity Fund 745 621
Short-Term Investment Fund 906 859
In September 1989, the Long-Term Investment Fund was discontinued
as an investment option. Amounts in this fund reflect contributions
made prior to discontinuance.
The Company is required to make a fixed contribution of one
percent of eligible participants' base salaries, as defined,
on the participants' behalf to the Plan's AMPCo Stock Fund in
the form of American Maize-Products Company Class A common
stock. For the year ended December 31, 1993, the Company
contributed 26,365 shares of its Class A common stock to the
Plan with the average fair market value of share prices
ranging from $15.625 to $22.375, as determined on the appro-
priate dates of customary Company contributions, to satisfy
the Company's fixed contribution.
The Company, at the discretion of the Board of Directors, may
make an additional voluntary contribution out of its current
and accumulated earnings and profits. The Company has made
discretionary cash contributions of $983,651, $873,871 and
$805,699 for the years ended December 31, 1993, 1992 and 1991,
respectively.
During 1991, the Plan received $311,153 from the Trustee to
reimburse the Plan for prior year's distributions.
Forfeitures of participants' interest in non-vested contribu-
tions accrue to the Company, and are used to offset future
Company contributions.
Participant Accounts:
Each participant's account is credited with respective con-
tributions, an allocation of the Company's contributions and
Plan earnings, as defined. Allocations are based on partici-
pant salaries or account balances, as defined. The benefit to
which a participant is entitled is that which can be provided
from the participant account.
<PAGE>
NOTES to FINANCIAL STATEMENTS, Continued
Vesting:
All employee contributions vest immediately. Employer con-
tributions vest as follows:
Years of Continuous Employment Vested Percent
Less than 1 year - %
More than 1 year but less than 2 years 25
More than 2 years but less than 3 years 50
More than 3 years but less than 4 years 75
Four or more years 100
Transfers:
Participants may elect (up to a maximum of four times a year)
to transfer, among any of the funds, their prior contributions
and earnings. However, transfers into the Long-Term Invest-
ment Fund are prohibited.
Distributions Paid:
Upon termination or retirement, a participant is entitled to
receive a lump sum distribution equal to the vested value of
the participant's account.
Loans:
A participant may borrow a minimum of $1,000 and up to a
maximum amount that is dependent upon their accumulated vested
account balance, determined in accordance with the following
schedule:
Participants' Vested Maximum Amount Available
Account Balance for a Loan on a Non-taxable Basis
$2,000 - $100,000 50%
Over $100,000 $50,000
Only one loan may be outstanding at a time and it must be
repaid within a maximum of 5 years, unless used for the pur-
chase of a principal residence, in which case repayment must
be made within a maximum of 15 years. Loans shall be made in
an order as specified in the plan agreement.
Each loan shall bear interest on any unpaid balance at a rate
per annum to be set periodically by the Pension Committee
provided, however, that the rate of interest for such loan
shall not exceed the maximum legal rate of interest estab-
lished by any statute of the State of Connecticut.
2. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies:
Financial Statement Presentation:
In accordance with guidance issued by the American Institute
of Certified Public Accountants in 1993, the Plan has changed
its method of accounting for distributions such that all
amounts elected to be withdrawn and distributed by the Plan
are no longer recorded as a liability in the Statement of Net
Assets Available for Plan Benefits. The effect of the change
was to increase the net assets available for plan benefits as
of January 1, 1993 by $219,737. As of December 31, 1993,
$385,802 has been allocated to accounts of persons who have
withdrawn from participation in the earnings and operations of
the Plan, but for which disbursement of these funds from the
Plan has not yet been made. The following is a reconciliation
to the amounts reported on Form 5500:
Net assets available for plan
benefits as stated in the
financial statements $27,421,613
Less, Distributions payable 385,802
Net assets available for plan
benefits per Form 5500 $27,035,811
Investments:
American Maize-Products Company Class A common stock is
traded on the American Stock Exchange and is valued at fair
value determined by the last reported sales price on the last
business day of the Plan year. Realized gains and losses from
sales are determined on the basis of average cost. Purchases
and sales are recorded as of the trade date. Dividend income
is recorded on the ex-dividend date.
<PAGE>
NOTES to FINANCIAL STATEMENTS, Continued
The Diversified Equity and Long-Term Investment Funds invest
in mutual funds. Mutual funds are valued at fair value
determined by the last reported sales price on the last
business day of the fiscal year as published by the Wall
Street Journal. The Plan receives a proportionate share of
the fair value of the holdings of the respective mutual fund.
Realized gains and losses from sales are determined on the
basis of average cost. Currently, the Diversified Equity Fund
invests in the Merrill Lynch Basic Value Fund, and the Long-
Term Investment Fund invests in the Merrill Lynch Corp. High
Quality Bond Fund.
The Short-Term Investment Fund currently invests in the
Merrill Lynch Retirement Preservation Trust. This trust has
investments in GICs with a diversified pool of insurance
companies, U.S. Government and U.S. Government agency securi-
ties, and money market instruments. The GICs are carried at
historical cost plus accrued interest ("contract value").
U.S. Government obligations and money market instruments are
valued at amortized cost.
The Plan presents in the statement of changes in net assets
available for plan benefits the net appreciation (deprecia-
tion) in the fair value of its investments which consists of
realized gains or losses incurred during the year and the
change in unrealized appreciation (depreciation) on invest-
ments.
Expenses:
Administrative expenses are currently paid by the Company.
3. Tax Status
The Plan obtained its latest determination letter on July 30,
1986, in which the Internal Revenue Service stated that the
Plan, as then designed, was in compliance with the applicable
requirements of the Internal Revenue Code (IRC). The Plan has
been amended since receiving the determination letter. However,
the Plan Administrator believes that the Plan is currently
designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, no
provision for income taxes has been included in the Plan's
financial statements.
4. Plan Termination
The Company intends to continue the Plan indefinitely but
reserves the right to discontinue its contributions subject to
the penalties set forth in the Employee Retirement Income
Security Act of 1974 ("ERISA"). In the event such discontinu-
ance results in the termination of the Plan, the net assets of
the Plan shall be allocated among the participants and benefi-
ciaries of the Plan in the order provided for in the Plan and
ERISA.
5. Investments
The Plan's investments at December 31, 1993 and 1992 were held
in trust by the Trustee. The following table presents the fair
values of those investments that represent 5% or more of the
Plan's net assets at December 31, 1993 and 1992:
<TABLE>
<CAPTION>
1993 1992
Number of Number of
Shares/ Fair Shares/ Fair
Units Cost Value Units Cost Value
<S> <C> <C> <C> <C> <C> <C>
Investments held:
American Maize-Products Company
Class A common stock 306,667 $ 5,701,323 $ 4,791,675 206,355 $ 3,925,284 $ 4,694,581
Merrill Lynch Basic Value Fund
Class A 489,496 9,803,564 11,439,520 382,687 7,320,449 7,783,862
Merrill Lynch Retirement
Preservation Trust 7,568,203 7,568,203 7,568,203 6,527,433 6,527,433 6,527,433
$23,073,090 $23,799,398 $17,773,166 $19,005,876
</TABLE>
<PAGE>
NOTES to FINANCIAL STATEMENTS, Continued
6. Investment Funds
The following summarizes the net assets of each investment fund
as of December 31, 1993 and 1992:
<TABLE>
<CAPTION>
American Maize-
Products Company Diversified Long-Term Short-Term
December 31, 1993 Stock Fund Equity Fund Investment Fund Investment Fund
ASSETS:
<S> <C> <C> <C> <C>
Investments:
American Maize-Products Company
Class A common stock $4,791,675 $ - $ - $ -
Merrill Lynch Retirement
Preservation Trust - - - 7,568,203
Merrill Lynch CMA Money Fund - - - 57,249
Mutual funds - 11,439,520 531,425 -
Cash - - - -
4,791,675 11,439,520 531,425 7,625,452
Receivables:
Employee contributions 89,027 170,162 - 205,593
Employer contributions 158,416 87,411 - -
Employee loans 396,500 710,161 187,541 1,028,730
Due from (to) other investment funds (170,849) 335,913 - (165,064)
473,094 1,303,647 187,541 1,069,259
Total assets 5,264,769 12,743,167 718,966 8,694,711
Net assets available for plan benefits $5,264,769 $12,743,167 $718,966 $8,694,711
</TABLE>
<TABLE>
<CAPTION>
December 31, 1992
ASSETS:
<S> <C> <C> <C> <C>
Investments:
American Maize-Products Company
Class A common stock $4,694,581 $ - $ - $ -
Merrill Lynch Retirement
Preservation Trust - - - 6,527,433
Merrill Lynch CMA Money Fund 3,712 - - 2,644
Mutual funds - 7,783,862 560,355 -
Cash 13,778 - - 41,307
4,712,071 7,783,862 560,355 6,571,384
Receivables:
Employee contributions 35,008 69,293 - 107,036
Employer contributions 107,980 149,676 - -
Employee loans 215,370 501,733 140,417 722,375
Due from (to) other investment funds (155,657) 307,045 - (151,388)
Due from American Fructose Corporation
Capital Accumulation Plan 106,391 207,220 20,933 178,050
309,092 1,234,967 161,350 856,073
Total assets 5,021,163 9,018,829 721,705 7,427,457
LIABILITIES:
Distributions payable to participants 44,321 48,947 20,298 106,171
Total liabilities 44,321 48,947 20,298 106,171
Net assets available for plan benefits $4,976,842 $8,969,882 $701,407 $7,321,286
</TABLE>
<PAGE>
NOTES to FINANCIAL STATEMENTS, Continued
The following summarizes the changes in net assets for the individual
investment funds for the years ended December 31, 1993, 1992, and 1991:
<TABLE>
<CAPTION>
American Maize-
Products Company Diversified Long-Term Short-Term
December 31, 1993 Stock Fund Equity Fund Investment Fund Investment Fund
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Dividends $ 165,802 $ 669,500 $ 60,171 $ 416,857
Interest 30,409 45,314 6 70,217
Net appreciation (depreciation)
in fair value of investments (1,719,522) 1,406,737 17,299 -
Net investment (loss) income (1,523,311) 2,121,551 77,476 487,074
Contributions:
Employee 493,097 958,835 567 1,237,424
Employer:
Cash - 983,651 - 2,356
American Maize-Products Company
Class A common stock 467,054 - - -
Rollover contributions 29,056 6,990 - 20,107
Transfer of employee loans from
American Fructose Corporation
Capital Accumulation Plan 78,635 69,384 29,239 155,168
Transfer of investments from American
Fructose Corporation Capital
Accumulation Plan 478,362 677,465 67,887 560,189
1,546,204 2,696,325 97,693 1,975,244
Net additions 22,893 4,817,876 175,169 2,462,318
Transfers 650,468 (249,233) (1,055) (400,180)
Deductions from net assets attributed to:
Distributions to participants 429,755 844,305 176,853 794,884
Total deductions 429,755 844,305 176,853 794,884
Change in net assets during the period 243,606 3,724,338 (2,739) 1,267,254
Net assets available for plan benefits:
Beginning of year 4,976,842 8,969,882 701,407 7,321,286
Cumulative effect of change in
accounting principle 44,321 48,947 20,298 106,171
Beginning of year, adjusted 5,021,163 9,018,829 721,705 7,427,457
End of year $5,264,769 $12,743,167 $718,966 $8,694,711
</TABLE>
<TABLE>
<CAPTION>
American Maize-
Products Company Diversified Long-Term Short-Term
December 31, 1992 Stock Fund Equity Fund Investment Fund Investment Fund
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Dividends $ 122,693 $ 348,784 $ 48,135 $ -
Interest 19,591 36,634 - 459,471
Net appreciation (depreciation)
in fair value of investments 190,307 322,272 (7,608) -
Net investment income 332,591 707,690 40,527 459,471
Contributions:
Employee 395,398 759,605 - 1,214,784
Employer:
Cash - 873,871 - -
American Maize-Products Company
Class A common stock 409,939 - - -
Rollover contributions 20,927 39,423 - 54,258
826,264 1,672,899 - 1,269,042
Net additions 1,158,855 2,380,589 40,527 1,728,513
Transfers (54,175) 290,585 (1,654) (234,756)
Deductions from net assets attributed to:
Distributions to participants 200,207 312,424 38,126 402,081
Total deductions 200,207 312,424 38,126 402,081
Change in net assets during the period 904,473 2,358,750 747 1,091,676
assets available for plan benefits:
Beginning of year 4,072,369 6,611,132 700,660 6,229,610
End of year $4,976,842 $ 8,969,882 $701,407 $7,321,286
</TABLE>
<PAGE>
NOTES to FINANCIAL STATEMENTS, Continued
<TABLE>
<CAPTION>
American Maize-
Products Company Diversified Long-Term Short-Term
December 31, 1991 Stock Fund Equity Fund Investment Fund Investment Fund
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Dividends $ 119,932 $ 287,374 $ 70,694 $ -
Interest 18,162 26,099 - 416,737
Net appreciation (depreciation)
in fair value of investments 257,486 1,075,290 46,895 -
Net investment income 395,580 1,388,763 117,589 416,737
Contributions:
Employee 378,498 593,853 - 1,164,147
Employer:
Cash - 805,699 - -
American Maize-Products Company Class A
common stock 378,258 - - -
Rollover contributions - - - 2,687
Other receipts 55,123 86,487 - 169,543
811,879 1,486,039 - 1,336,377
Net additions 1,207,459 2,874,802 117,589 1,753,114
Transfers (246,382) (477,683) (669,439) 1,393,504
Deductions from net assets attributed to:
Distributions to participants 564,803 927,608 203,387 607,798
Other distributions 46,451 111,089 12,949 61,803
Total deductions 611,254 1,038,697 216,336 669,601
Change in net assets during the period 349,823 1,358,422 (768,186) 2,477,017
Net assets available for plan benefits:
Beginning of year 3,722,546 5,252,710 1,468,846 3,752,593
End of year $4,072,369 $6,611,132 $ 700,660 $6,229,610
</TABLE>
<PAGE>
AMERICAN MAIZE-PRODUCTS COMPANY
CAPITAL ACCUMULATION PLAN
"ITEM 27(a) - SCHEDULE of ASSETS HELD for INVESTMENT PURPOSES"
as of December 31, 1993
_______
<TABLE>
<CAPTION>
Name of Issuer and Number Market
Title of Each Issue of Shares Cost Value
<S> <C> <C> <C>
American Maize-Products Company Stock Fund:
American Maize-Products Company
Class A common stock 306,667 $ 5,701,323 $ 4,791,675
Diversified Equity Fund:
Merrill Lynch Basic Value Fund Class A 489,496 9,803,564 11,439,520
Long-Term Investment Fund:
Merrill Lynch Corp. Bond Fund Inc.
High Quality Class A 44,396 495,464 531,425
Short-Term Investment Fund:
Merrill Lynch Retirement
Preservation Trust 7,568,203 7,568,203 7,568,203
Merrill Lynch CMA Money Fund 57,249 57,249 57,249
Employee loans 2,322,932 2,322,932
$25,948,735 $26,711,004
</TABLE>
<PAGE>
AMERICAN MAIZE-PRODUCTS COMPANY
CAPITAL ACCUMULATION PLAN
"ITEM 27(d) - SCHEDULE of REPORTABLE TRANSACTIONS" -
TRANSACTIONS or SERIES of TRANSACTIONS in EXCESS
of 5% of the CURRENT VALUE of PLAN ASSETS
for the year ended December 31, 1993
_______
<TABLE>
<CAPTION>
Net
Realized
Description Purchases Sales Assets Sold Gain (Loss)
<S> <C> <C> <C> <C>
American Maize-Products Company
Class A common stock $1,478,048 $ 566,953 $ 607,530 ($ 40,577)
Merrill Lynch Basic Value
Fund Class A 2,929,340 1,565,104 1,330,910 234,194
Merrill Lynch Retirement
Preservation Trust 2,000,692 1,698,162 1,698,162 -
</TABLE>
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration
statement on Form S-8 (No. 2-90927) of our report dated April 15,
1994 on our audits of the financial statements of the American
Maize-Products Company Capital Accumulation Plan as of December 31,
1993 and 1992 and for the years ended December 31, 1993, 1992 and
1991, which report is included in the Annual Report on Form 11-K.
Coopers & Lybrand
Stamford, Connecticut
June 29, 1994
<PAGE>
