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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 (Date of earliest event reported): October 18, 1995
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AMERICAN MAIZE-PRODUCTS COMPANY
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(Exact name of registrant as specified in its charter)
Maine 1-6244 13-0432720
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(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
250 Harbor Drive, Stamford, Connecticut 06902
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 356-9000
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None
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On October 18, 1995, American Maize-Products Company (the "Company") issued
a press release which is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
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99.1 Press release of the Company, dated October 18, 1995.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN MAIZE-PRODUCTS COMPANY
By /s/ Edward P. Norris
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Name: Edward P. Norris
Title: Vice President and
Chief Financial Officer
Date: October 27, 1995
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EXHIBIT INDEX
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Number Subject Matter
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99.1 Press release of the Company, dated October 18, 1995.
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Exhibit 99.1
FOR: IMMEDIATE RELEASE
CONTACT: Edward P. Norris
Chief Financial Officer
(203) 356-9000
AMERICAN MAIZE REPORTS 21% INCREASE
IN THIRD QUARTER NET INCOME
Stamford, CT -- American Maize-Products Company (ASE-AZE) today reported
net income of $11,445,000, or $1.09 per share, for the third quarter of 1995
compared to $9,478,000, or $.92 per share, for the quarter ended September 30,
1994. Net sales decreased slightly from $163,409,000 in 1994 to $162,588,000 in
the current quarter.
The increase in quarterly results was primarily due to higher sales volumes
and prices for tobacco products. Operating profits for the Company's corn
business were slightly lower year to year, due primarily to lower selling prices
and margins for corn sweeteners.
For the nine months ended September 30, 1995, the Company reported net
income of $30,555,000, or $2.93 per share, compared to $16,261,000, or $1.59 per
share, in 1994. Net income for the first nine months of 1994 included a charge
for ongoing patent infringement litigation of $2,600,000, or $.25 per share, and
charges related to a plant consolidation and restructuring of the Company's
tobacco businesses of $3,294,000, or $.32 per share.
As previously announced, the Company entered into a definitive merger
agreement with Eridania Beghin-Say, S.A. on July 26, 1995, providing for the
acquisition of American Maize by Eridania in a merger transaction at a purchase
price of $40 per share. A meeting of American Maize shareholders will be held
on November 6, 1995 to vote on the merger.
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American Maize-Products Company
Third Quarter
Statement of Income
<TABLE>
<CAPTION>
(In Thousands, Except Three months ended Nine months ended
Per Share Amounts) September 30, September 30,
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1995 1994 1995 1994
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<S> <C> <C> <C> <C>
Net sales $162,588 $163,409 $462,028 $462,189
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Income before income taxes $ 17,971 $ 15,481 $ 47,976 $ 26,973
Income taxes $ 6,526 $ 6,003 $ 17,421 $ 10,712
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Net income $ 11,445 $ 9,478 $ 30,555 $ 16,261 (A)
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Earnings per share of common stock
Net income $1.09 $.92 $2.93 $1.59 (A)
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Weighted average number of common
shares outstanding 10,481,740 10,251,325 10,428,799 10,239,182
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</TABLE>
(A) Reflects a charge of $2,600,000, or $.25 per share, related to the
establishment of a reserve for ongoing patent infringement litigation and a
charge of $3,294,000, or $.32 per share, related to a plant consolidation
and restructuring of the Company's tobacco businesses.
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