U.S.SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
(Amendment No. 1)
Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended September 30, 1999.
Commission File Number 0-13963
MIMBRES VALLEY FARMERS ASSOCIATION, INC.
(Exact name of registrant as specified in its charter)
NEW MEXICO 85-0054230
(State or other jurisdiction of (I.R.S.
Employer
incorporation or organization)
Identification
No.)
811 South Platinum, Deming, New Mexico 88030
(505) 546-2769
Check whether the issuer (1) filed all reports required to
be filed by Section or 15(d) of the Exchange Act during the past 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
As of November 14, 1999, 13,776 shares of Common Stock of
Mimbres Valley Farmers Association, Inc. ("Farmers" or the
"Company") were outstanding.
Transitional small business disclosure format: Yes No X
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
THE INFORMATION CONTAINED IN THIS FORM 10-QSB/A AMENDS, MODIFIES AND
SUPERCEDES IN ITS ENTIRETY THE INFORMATION CONTAINED IN THE
COMPANY'S FORM 10-QSB DATED NOVEMBER 14, 1999.
MIMBRES VALLEY FARMERS ASSOCIATION, INC.
D.B.A. FARMERS, INC.
NOTES TO FINANCIAL STATEMENTS
UNAUDITED
NOTE 1 - BASIS OF PRESENTATION.
In the opinion of management, the accompanying unaudited
financial statements contain all adjustments necessary to present
fairly the financial position of Farmers as of September 30, 1999
and June 30, 1998 and the results of operations and cash flows for
the three-month periods ending September 30, 1999 and September 30,
1998.
The accounting policies followed by Farmers are set forth in
Note 1 to the financial statements in the 1998 Farmers Annual Report
filed on Form 10-KSB, except for the following:
COMPREHENSIVE INCOME In the fiscal year 1999, the Company
adopted SFAS No. 130, "Reporting Comprehensive Income," which
requires companies to report all changes in equity during a period,
except those resulting from investment by owners and distributed to
owners, in a financial statement for the period in which they are
recognized. Comprehensive income is the total of net income and all
other nonowner changes in equity (or other comprehensive income)
such as unrealized gains/losses on securities available-for-sale,
foreign currency translation adjustments and minimum pension
liability adjustments. Comprehensive and other comprehensive income
must be reported on the face of the annual financial statements, or
in the case of interim reporting, in the footnotes to the financial
statements. For 1999 and for the quarters ended September 30, 1999
and 1998, the Company's operations did not give rise to items
includable in comprehensive income which were not already included
in net income (loss). Therefore, the Company's comprehensive income
(loss) is the same as its net income (loss) for all periods presented.
SEGMENT INFORMATION - Effective December 31, 1998, the
Company adopted SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information." Reportable operating segments
are determined based on the Company's management approach. As
defined by SFAS No. 131, the management approach is based on the way
that management organizes the segments of a company for making
operating decisions and assessing performance. While the Company's
results of operations are primarily reviewed on a consolidated
basis, management has organized the Company into four segments,
Grocery, MiniMart, Hardware and Feed. The following represents
selected consolidated financial information for the Company's
segments for the three months ended September 30, 1999 and 1998:
<TABLE>
<CAPTION>
SEPTEMBER 30, 1999
Segment data Hardware Grocery MiniMart Feed Other
Total
<S> <C> <C> <C> <C> <C>
<C>
Net Sales 57,513 2,679,052 461,790 105,935
70,704
3,374,994
Income (loss) (92,721) (125,799) 74,679 (11,052)
12,336 (142,557)
from operations
Depreciation 25,473 29,560 7,655 2,333 3,148
68,169
</TABLE>
<TABLE>
<CAPTION>
SEPTEMBER 30, 1998
Segment data Hardware Grocery MiniMart Feed Other
Total
<S> <C> <C> <C> <C> <C>
<C>
Net Sales 92,535 2,881,653 328,548 107,056 53,566
3,463,358
Income (loss) (129,192) (96,056) 34,043 (33,374) 11,474
(213,105)
from operations
Depreciation 25,841 32,008 6,957 2,449 639
67,894
</TABLE>
<PAGE>
SIGNATURES
In accordance with the requirements of the Securities
Exchange Act of 1934, the registrant has caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Dated: November 17, 1999.
MIMBRES VALLEY FARMERS
ASSOCIATION, INC.
By_/s/ Dean Stovall________
Dean Stoval
Chief Executive Officer and
General Manager
(Duly Authorized Representative)
