<PAGE>
Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to ___________
Commission file number 0-14450
AEP INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware 22-1916107
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
125 Phillips Avenue
South Hackensack, New Jersey 07606
(Address of principal executive offices) (Zip Code)
(201) 641-6600
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last
report)
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
--------- ---------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Shares
Outstanding At
Class of Common Stock June 2, 1995
--------------------- --------------
$.01 Par Value 7,410,873
1 of 13
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AEP INDUSTRIES INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
April 30, October 31,
1995 1994
------------ ------------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 157,000 $ 258,000
Marketable securities 1,607,000 3,643,000
Accounts receivable, less allowance of $1,679,000 in
1995 and $1,498,000 in 1994 for doubtful accounts 26,420,000 24,083,000
Inventories 25,732,000 17,698,000
Other current assets 388,000 288,000
Deferred federal income tax benefit 549,000 549,000
------------ ------------
Total current assets 54,853,000 46,519,000
------------ ------------
PROPERTY, PLANT AND EQUIPMENT, at cost, less
accumulated depreciation and amortization of
$48,254,000 in 1995 and $43,853,000 in 1994 78,885,000 71,684,000
OTHER ASSETS 339,000 293,000
------------ ------------
TOTAL ASSETS $134,077,000 $118,496,000
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 20,000 $ 95,000
Accounts payable 27,467,000 21,631,000
Accrued expenses 1,924,000 4,201,000
------------ ------------
Total current liabilities 29,411,000 25,927,000
------------ ------------
LONG-TERM DEBT 28,300,000 23,500,000
DEFERRED FEDERAL INCOME TAXES 7,716,000 7,280,000
------------ ------------
Total liabilities 65,427,000 56,707,000
------------ ------------
SHAREHOLDERS' EQUITY:
Preferred stock -- $1.00 par value, 1,000,000
shares authorized; none outstanding
Common stock - $.01 par value, 20,000,000 and 8,000,000 shares authorized;
7,406,373 and 7,367,921 shares issued and outstanding in 1995
and 1994, respectively 74,000 74,000
Additional paid-in capital 7,269,000 7,009,000
Retained earnings 61,307,000 54,706,000
------------ ------------
Total shareholders' equity 68,650,000 61,789,000
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $134,077,000 $118,496,000
============ ============
</TABLE>
The accompanying notes to financial statements are an integral part of these
balance sheets.
2 of 13
<PAGE>
AEP INDUSTRIES INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
(Unaudited)
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended April 30, Ended April 30,
----------------------------------- -----------------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
NET SALES $ 58,347,000 $ 43,046,000 $ 117,034,000 $ 82,154,000
COST OF SALES 45,638,000 29,554,000 88,189,000 56,414,000
------------- ------------- ------------- -------------
Gross Profit 12,709,000 13,492,000 28,845,000 25,740,000
OPERATING EXPENSES:
Delivery and Warehousing 3,846,000 4,202,000 8,243,000 7,938,000
Selling 3,000,000 2,921,000 6,344,000 5,740,000
General and Administrative 1,216,000 1,391,000 2,638,000 2,737,000
------------- ------------- ------------- -------------
Total Operating Expenses 8,062,000 8,514,000 17,225,000 16,415,000
------------- ------------- ------------- -------------
4,647,000 4,978,000 11,620,000 9,325,000
------------- ------------- ------------- -------------
OTHER INCOME (EXPENSE):
Interest Expense (425,000) (341,000) (828,000) (684,000)
Other, Net 448,000 (14,000) 511,000 234,000
------------- ------------- ------------- -------------
23,000 (355,000) (317,000) (450,000)
------------- ------------- ------------- -------------
Income before provision
for income taxes 4,670,000 4,623,000 11,303,000 8,875,000
PROVISION FOR INCOME TAXES 1,796,000 1,734,000 4,370,000 3,368,000
------------- ------------- ------------- -------------
Net Income 2,874,000 2,889,000 6,933,000 5,507,000
Retained earnings,
beginning of period 58,617,000 46,362,000 54,706,000 43,866,000
Cash dividends paid 184,000 147,000 332,000 269,000
------------- ------------- ------------- -------------
Retained earnings,
end of period $ 61,307,000 $ 49,104,000 $ 61,307,000 $ 49,104,000
============= ============= ============= =============
NET INCOME PER SHARE
OF COMMON STOCK $ .39 $ .39 $ .94 $ .75
============= ============= ============= =============
Weighted average number
of shares outstanding 7,388,895 7,335,634 7,380,616 7,327,798
------------- ------------- ------------- -------------
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements.
3 of 13
<PAGE>
AEP INDUSTRIES INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
For the Six Months
Ended April 30,
---------------------------------------
1995 1994
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 6,933,000 $ 5,507,000
Adjustments to reconcile net income to net cash
provided by (used in) operating activities -
Depreciation and amortization 4,641,000 3,493,000
Provision for losses on accounts receivable 320,000 370,000
Increase in accounts receivable (2,657,000) (748,000)
Increase in inventories (8,034,000) (2,554,000)
Increase (decrease) in current assets (100,000) 246,000
Increase in other assets (46,000) (356,000)
Increase in accounts payable 5,836,000 4,421,000
Increase (decrease) in accrued expenses (2,277,000) 634,000
Increase in deferred federal income taxes 436,000 209,000
------------ ------------
Net cash provided by operating
activities 5,052,000 11,222,000
------------ ------------
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Capital expenditures (11,846,000) (12,038,000)
Sales and retirements of property, plant and
equipment, net 4,000 540,000
Sale of marketable securities 2,036,000 492,000
------------ ------------
Net cash used in investing activities (9,806,000) (11,006,000)
------------ ------------
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Net borrowings under revolving credit facility 4,800,000 --
Net repayments on long-term debt (75,000) (80,000)
Proceeds from issuance of common stock 260,000 140,000
Payment of cash dividends (332,000) (269,000)
------------ ------------
Net cash provided by financing
activities 4,653,000 (209,000)
------------ ------------
NET INCREASE (DECREASE) IN CASH: (101,000) 7,000
CASH AT BEGINNING OF FISCAL PERIOD: 258,000 495,000
------------ ------------
CASH AT END OF FISCAL PERIOD: $ 157,000 $ 502,000
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for - interest $ 869,000 $ 642,000
------------ ------------
- income taxes $ 3,228,000 $ 1,957,000
------------ ------------
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements.
4 of 13
<PAGE>
AEP INDUSTRIES INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial information included herein has been prepared by the
Company without audit, for filing with the Securities and Exchange
Commission pursuant to the rules and regulations of said Commission.
The financial information presented herein, while not necessarily
indicative of results to be expected for the year, reflects all
adjustments (which include only normal recurring adjustments) which
in the opinion of the Company are necessary for a fair presentation
of the results for the periods indicated.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been omitted. It is suggested that these
financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's Annual Report
to Shareholders for the fiscal year ended October 31, 1994.
AEP adopted statement of Financial Accounting Standards No. 105
"Accounting for Certain Debt and Equity Securities" during the
quarter ended January 31, 1995. Adoption of this Standard did not
have a material effect on the Company's financial position or results
of operations. Prior periods have not been restated to reflect this
Standard.
(2) NET INCOME PER SHARE OF COMMON STOCK
Net income per share of common stock is calculated using the weighted
average number of shares of common stock and common stock equivalents
(stock options) outstanding during each period.
(3) INVENTORIES
Inventories are comprised of the following:
<TABLE>
<CAPTION>
April 30, 1995 October 31, 1994
-------------- ----------------
<S> <C> <C>
Raw Materials $ 9,333,000 $ 7,699,000
Finished Goods 15,865,000 9,465,000
Supplies 534,000 534,000
----------- -----------
$25,732,000 $17,698,000
=========== ===========
</TABLE>
The Company uses the last-in, first-out (LIFO) method to price
substantially all of the raw materials and finished goods inventory.
(4) SHAREHOLDER'S EQUITY
In April, 1995, the shareholders of the Company approved an amendment
to the Certificate of Incorporation of the Company to increase the
number of the Company's authorized shares of common stock from
8,000,000 to 20,000,000.
5 of 13
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
RESULTS OF OPERATIONS
THREE MONTHS ENDED APRIL 30, 1995 AS COMPARED TO THE THREE MONTHS ENDED
APRIL 30, 1994
NET SALES AND GROSS PROFIT
Net sales during the second quarter ended April 30, 1995, increased 36% or
$15,301,000 to $58,347,000 over the same period in the prior year. This increase
in net sales is a result of a 40% increase in unit selling prices partially
offset by a 3% decrease in sales volume.
The Company's gross profit for the second quarter of Fiscal 1995 amounted to
$12,709,000, a 6% decrease from $13,492,000 in the prior fiscal year. The gross
profit reduction resulted from increases in raw material costs combined with
additional manufacturing costs incurred with the start-up of the Company's
Midwest plant. The Company increased its total plant manufacturing capacity by
17% during the current fiscal quarter, and such plants operated at 74% of total
capacity.
OPERATING EXPENSES
Operating expenses for the second quarter ended April 30, 1995 decreased by
$452,000 to $8,062,000 as compared to the same period in the prior fiscal year.
This 5% decrease can be primarily attributed to reduction in the Company's
delivery personnel costs and outside freight costs.
INTEREST EXPENSE
Interest expense for the period increased by $84,000 to $425,000 representing a
25% increase from the same period in the prior year. This increase was the
result of an increase in the average debt outstanding during the second quarter
ended April 30, 1995.
SIX MONTHS ENDED APRIL 30, 1995 AS COMPARED TO SIX MONTHS ENDED APRIL 30, 1994
NET SALES AND GROSS PROFIT
Net sales for the six months ended April 30, 1995 were $117,034,000, an increase
of $34,880,000 or 42% over the same period in the prior year. This increase in
net sales is the result of a 3% increase in sales volume combined with a 39%
increase in unit selling prices.
The gross profit for the current six month period increased by $3,105,000 or 12%
to $28,845,000. The gross profit margin for the six months ended April 30, 1995
was 25% as compared to 31% for the same period in the prior year. The decline in
gross profit margin is primarily attributed to increased raw material costs and
additional manufacturing costs relating to the start-up of the Company's Midwest
plant. The Company increased its total plant manufacturing capacity by 34%
during the current six month period when compared to the same period in the
prior year. The Company operated its plants at 78% of its capacity during the
current period as compared with 88% in the same period in the prior year.
OPERATING EXPENSES
Operating expenses for the current period increased 5%, or $810,000, to
$17,225,000 as compared to the same period in 1994. This increase can be
attributed to the 3% increase in the Company's sales volume for the period which
resulted in increased sales commissions earned and shipping and warehousing
charges incurred during the period.
6 of 13
<PAGE>
INTEREST EXPENSE
Interest expense for the current six month period increased by $144,000 to
$829,000 representing a 21% increase from the same period in the prior year.
This increase was attributable to the increase in the Company's average debt
outstanding during the period.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital amounted to $25,442,000 at April 30, 1995, as
compared to $20,592,000 at October 31, 1994. The increase in working capital of
$4,850,000 at April 30, 1995 can be attributed to the increase in inventory
values related to increased raw material costs and the increased sales volume
during the first six months of the fiscal year offset by the Company's
investment in machinery and equipment and a new plant facility in Alsip,
Illinois, during the period. These purchases were funded by internally generated
cash flow and funding from available Company credit lines. The remaining
increases and decreases in components of the Company's financial position
reflect normal operating activity.
The Company's future capital requirements relate principally to the construction
of its new facility in Wright Township, Pennsylvania, purchasing machinery and
equipment for this facility and promoting new and existing products in the
polyethylene film market. The Company will receive financing from the State of
Pennsylvania to partially fund the construction of the facility and believes
that this borrowing combined with internally generated cash flow plus the
availability of the Company's credit facilities are sufficient to meet its
normal and additional capital requirements for the foreseeable future.
7 of 13
<PAGE>
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 thereunto duly authorized.
AEP INDUSTRIES INC.
Date: June 12, 1995 S/A J. BRENDAN BARBA
--------------------
J.Brendan Barba
Chairman of the Board,
President and Chief Executive
Officer
Date: June 12, 1995 S/A PAUL M. FEENEY
------------------
Paul M. Feeney
Executive Vice President-
Finance, Principal Financial
and Accounting Officer
8 of 13
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is involved in routine litigation in the normal course of its
business. The proceedings are not expected to have a material adverse impact on
the Company's results of operations or financial position.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Annual Meeting of Stockholders of AEP Industries Inc. was held on April 11,
1995, for the purpose of electing two Class C directors, approving the
appointment of auditors, and voting on proposals described below. Proxies for
the Meeting were solicited pursuant to Section 14(A) of the Securities and
Exchange Act of 1934 and there was no solicitation in opposition to management's
solicitations.
1. Management's nominees for Class C directors as listed in the Proxy
Statement were elected with the following vote:
Shares Voted Shares Shares Not
"For" Withheld Voted
----------- ----------- -----------
J. Brendan Barba 6,624,624 34,102 721,947
Lawrence R. Noll 6,624,624 34,102 721,947
2. The appointment of Arthur Andersen LLP as independent auditors was
approved by the following vote:
Shares Voted Shares Voted Shares Shares Not
"For" "Against" "Abstaining" Voted
------------ ------------ ------------ ----------
6,653,589 2,650 2,487 721,947
3. Management's proposal to amend the Certificate of Incorporation to
increase the number of the Company's authorized shares of common stock from
8,000,000 to 20,000,000 was approved by the following vote:
Shares Voted Shares Voted Shares Shares Not
"For" "Against" "Abstaining" Voted
------------ ------------ ------------ ----------
6,174,558 480,008 4,160 721,947
4. Management's proposal to adopt the 1995 Employee Stock Purchase Plan
was approved by the following vote:
Shares Voted Shares Voted Shares Shares Not
"For" "Against" "Abstaining" Voted
------------ ------------ ------------ ----------
6,301,867 26,256 4,112 1,048,438
5. Management's proposal to adopt the 1995 Stock Option Plan was
approved by the following vote:
Shares Voted Shares Voted Shares Shares Not
"For" "Against" "Abstaining" Voted
------------ ------------ ------------ ----------
5,412,197 911,376 8,662 1,048,438
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 11 - Computation of weighted average number of shares
outstanding. Page 13.
(b) No reports on Form 8-K were filed during the quarter ended
April 30, 1995.
27. Financial Data Schedule (for electronic submission only).
9 of 13
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibit
- ------- ----------------------
3(a) Certificate of Incorporation of the Company (incorporated by
reference to Exhibit 3(a) to Registration Statement on Form S-1
No. 33-2242)
3(a-1) Certificate of Amendment of Certificate of Incorporation of the
Company dated April 11, 1995.
3(b) By-Laws of the Company (incorporated by reference to Exhibit
3(b) to Registration Statement on Form S-1 No. 33-2242)
4 Form of Note Agreement dated as of May 15, 1995 among the
Company and certain institutional lenders providing for the
issuance of the Company's 6.59% Senior Notes due May 15, 2003
(incorporated by reference to Exhibit 4 to Registrant's
Quarterly Report on Form 10-Q for the period ended July 31,
1993)
10(a) Loan Agreement dated as of May 1, 1984 between the Company and
Waxahachie Industrial Development Authority (incorporated by
reference to Exhibit 10(g) to Registration Statement on Form S-1
No. 33-2242)
10(b) Trust Indenture dated as of May 1, 1984 between Waxahachie
Industrial Development Authority and Allied Bank of Texas
(incorporated by reference to Exhibit 10(h) to Registration
Statement on Form S-1 No. 33-2242)
10(c) Deed of Trust and Security Agreement dated as of May 1, 1984 by
the Company for the use and benefit of Allied Bank of Texas to
James H. Albert as mortgage trustee (incorporated by reference
to Exhibit 10(j) to Registration Statement on Form S-1 No.
33-2242)
10(d) Security Agreement dated May 1, 1984 between the Company and
Allied Bank of Texas (incorporated by reference to Exhibit 10(1)
to Registration Statement on Form S-1 No. 3-2242)
10(e) 1985 Stock Option Plan of the Company (incorporated by reference
to Exhibit 10(mm) to Amendment No. 2 to Registration Statement
on Form S-1 No. 33-2242)
10(f) 1985 Employee Stock Purchase Plan of the Company a amended April
11, 1989 (incorporated by reference to Exhibit 10(aa) to the
Annual Report on Form 10-K for the year ended October 31, 1989)
10(g) The Employees Profit Sharing Retirement Plan and Trust of the
Company (incorporated by reference to Exhibit 10(g) to
Registration Statement on Form S-1 No. 33-2242)
10(i) Lease dated as of March 20, 1990 between the Company and
Phillips and Huyler Assoc., L.P
10(l) 1985 Stock Option Plan of the Company (incorporated by reference
to Exhibit 4(i) to the Amendment No. 1 to the Registration
Statement No. 33-6365)
10(m) 1985 Employee Stock Purchase Plan of the Company (incorporated
by reference to Exhibit 4(i) to the Amendment No. 1 to the
Registration Statement No. 33-6355)
10(n) Amendment to loan agreement between the Company and Mellon Bank
dated October 21, 1991 (incorporated by reference to Exhibit
10(gg) to the Annual Report on Form 10-K for the year ended
October 31, 1991)
10 of 13
<PAGE>
Exhibit
Number Description of Exhibit
- ------- ----------------------
10(o) Loan Agreement dated as of October 25, 1992 between the Company
and Chase Manhattan Bank, N.A. (incorporated by reference to
Exhibit 10hh) to the Annual Report on Form 10-K for the year
ended October 31, 1191)
10(p) Amendment No. 1 to Revolving Credit Agreement and Revolving
Credit Note between the Company and Mellon Bank dated July 31,
1994 (incorporated by reference to Exhibit 10(p) to the Annual
Report on Form 10-K for the year ended October 31, 1994)
10(q) Amendment No. 1 to Revolving Credit Agreement and Revolving
Credit Note between the Company and Chase Manhattan Bank dated
October 19, 1994 (incorporated by reference to Exhibit 10(q) to
the Annual Report on Form 10-K for the year ended October 31,
1994)
10(r) 1995 Employee Stock Purchase Plan of the Company (incorporated
by reference to Exhibit 4 to the Registration Statement on Form
S-8 No. 33-58743).
10(s) 1195 Stock Option Plan of the Company (incorporated by reference
to Exhibit 4 to the Registration Statement on Form S-8 No.
33-58747).
11 of 13
<PAGE>
Exhibit 3(a-1)
CERTIFICATE OF AMENDMENT OF CERTIFICATE OF INCORPORATION
OF
AEP INDUSTRIES INC.
Pursuant to Section 242 of the
General Corporation Law of
The State of Delaware
It is hereby certified that:
1. The name of the corporation (hereinafter called the
"Corporation") is AEP Industries Inc.
2. The Corporation hereby amends its Certificate of
Incorporation as follows:
The first sentence of paragraph FOURTH of the
Certificate of Incorporation relating to the total
number of authorized shares of the Corporation, is
hereby deleted in its entirety and shall ow read as
follows:
"The total number of shares of Capital Stock
which the Corporation shall have authority to issue
is 1,000,000 shares of Preferred Stock, $1.00 par
value ("Preferred Stock") and 20,000,000 shares of
Common Stock, $.01 par value ("Common Stock").
3. This Certificate of Amendment has been duly adopted
in accordance with the provisions of Section 242 of the General Corporation Law
of the State of Delaware.
4. The effective time of the amendment herein certified
shall be upon the filing of this Certificate with the Secretary of State.
IN WITNESS WHEREOF, we have hereunto signed our names and affirm that
the statements herein are true under the penalties of perjury, as of the 11th
day of April, 1995.
AEP INDUSTRIES INC.
S/A J. Brendan Barba
----------------------
J. Brendan Barba,
President
Attest:
S/A Lawrence R. Noll
- ---------------------------
Lawrence R. Noll, Secretary
12 of 13
<PAGE>
Exhibit 11
AEP INDUSTRIES INC
COMPUTATION OF THE WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
For the Three and Six Months Ended April 30, 1995
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
April 30, April 30,
----------------------------------------- -------------------------------------
Number of Days Weighted Average Number of Days Weighted Average
Shares of Days In Number of Shares Days In Number of Shares
Common Stock Outstanding Period Outstanding Outstanding Period Outstanding
------------ ----------- ------ ---------------- ----------- ------ ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
1995
- --------------
November 1 - April 30 7,367,921 7,367,921 7,367,921
Shares Issued:
December 7, 1994 2,400 89 89 2,400 175 181 2,320
December 19, 1994 600 89 89 600 163 181 540
January 1, 1995 4,652 89 89 4,652 120 181 3,084
January 24, 1995 3,000 89 89 3,000 97 181 1,608
January 24, 1995 1,500 89 89 1,500 97 181 804
February 15, 1995 600 75 89 505 75 181 249
March 1, 1995 600 61 89 411 61 181 202
March 15, 1995 2,400 47 89 1,267 47 181 623
March 15, 1995 2,000 47 89 1,056 47 181 519
March 16, 1995 4,500 46 89 2,326 46 181 1,144
April 12, 1995 10,000 19 89 2,135 19 181 1,050
April 12, 1995 200 19 89 43 19 181 21
April 13, 1995 3,000 18 89 607 18 181 299
April 17, 1995 3,000 14 89 472 14 181 232
--------- --------- ---------
Total 7,406,373 7,388,895 7,380,616
========= ========= =========
1994
- --------------
November 1 - April 30 7,317,014 7,317,014 7,317,014
Shares Issued:
November 23, 1993 1,500 89 89 1,500 159 181 1,318
November 24, 1993 400 89 89 400 158 181 349
December 2, 1993 1,500 89 89 1,500 150 181 1,243
December 22, 1993 800 89 89 800 130 181 575
January 27, 1994 7,500 89 89 7,500 94 181 3,895
January 31, 1994 300 89 89 300 90 181 149
February 2, 1994 2,000 86 89 1,933 86 181 950
March 1, 1994 450 61 89 308 61 181 152
March 14, 1994 6,300 48 89 3,398 48 181 1,671
March 17, 1994 900 45 89 455 45 181 224
March 22, 1994 1,200 39 89 526 39 181 259
--------- --------- ---------
Total 7,339,864 7,335,634 7,327,798
========= ========= =========
</TABLE>
13 of 13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AEP
INDUSTRIES INC. FORM 10-Q FOR THE SIX MONTHS ENDED 04-30-95 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> APR-30-1995
<CASH> 157
<SECURITIES> 1,607
<RECEIVABLES> 28,099
<ALLOWANCES> 1,679
<INVENTORY> 25,732
<CURRENT-ASSETS> 54,853
<PP&E> 127,139
<DEPRECIATION> 48,254
<TOTAL-ASSETS> 134,077
<CURRENT-LIABILITIES> 29,411
<BONDS> 0
<COMMON> 74
0
0
<OTHER-SE> 68,576
<TOTAL-LIABILITY-AND-EQUITY> 134,077
<SALES> 117,034
<TOTAL-REVENUES> 117,545
<CGS> 88,189
<TOTAL-COSTS> 88,189
<OTHER-EXPENSES> 17,225
<LOSS-PROVISION> 320
<INTEREST-EXPENSE> 828
<INCOME-PRETAX> 11,303
<INCOME-TAX> 4,370
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,933
<EPS-PRIMARY> .94
<EPS-DILUTED> .94
</TABLE>
