<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 July 31, 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 September 6,1995
--------------------- ----------------
$.01 Par Value 5,877,025
1 of 13
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AEP INDUSTRIES INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
July 31, October 31,
1995 1994
----------- ------------
<S> <C> <C>
ASSETS (Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 396,000 $ 258,000
Marketable securities 1,719,000 3,643,000
Accounts receivable, less allowance of $1,865,000 in
1995 and $1,498,000 in 1994 for doubtful accounts 29,965,000 24,083,000
Inventories 15,404,000 17,698,000
Other current assets 297,000 288,000
Deferred federal income tax benefit 674,000 549,000
------------ ------------
Total current assets 48,455,000 46,519,000
------------ ------------
PROPERTY, PLANT AND EQUIPMENT, at cost, less
accumulated depreciation and amortization of
$50,654,000 in 1995 and $45,853,000 in 1994 86,098,000 71,684,000
OTHER ASSETS 297,000 293,000
------------ ------------
TOTAL ASSETS $134,850,000 $118,496,000
------------ ------------
------------ ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt $ 2,000 $ 95,000
Accounts payable 21,658,000 21,631,000
Accrued expenses 3,026,000 4,201,000
------------ ------------
Total current liabilities 24,686,000 25,927,000
------------ ------------
LONG-TERM DEBT 30,500,000 23,500,000
DEFERRED FEDERAL INCOME TAXES 8,058,000 7,280,000
------------ ------------
Total liabilities 63,244,000 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; 7,420,041 and
7,367,921 shares issued and outstanding in
1995 and 1994, respectively 74,000 74,000
Additional paid-in capital 7,407,000 7,009,000
Retained earnings 64,125,000 54,706,000
------------ ------------
Total shareholders' equity 71,606,000 61,789,000
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $134,850,000 $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 Nine Months
Ended July 31, Ended July 31,
--------------------------- ---------------------------
1995 1994 1995 1994
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NET SALES $ 64,218,000 $ 46,895,000 $181,252,000 $129,049,000
COST OF SALES 50,140,000 33,788,000 138,329,000 90,202,000
------------ ------------ ------------ ------------
Gross Profit 14,078,000 13,107,000 42,923,000 38,847,000
OPERATING EXPENSES:
Delivery and Warehousing 4,237,000 4,323,000 12,480,000 12,261,000
Selling 3,132,000 3,035,000 9,476,000 8,775,000
General & Administrative 1,352,000 1,208,000 3,990,000 3,945,000
------------ ------------ ------------ ------------
Total Operating Expenses 8,721,000 8,566,000 25,946,000 24,981,000
------------ ------------ ------------ ------------
5,357,000 4,541,000 16,977,000 13,866,000
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSE):
Interest Expense (547,000) (349,000) (1,375,000) (1,032,000)
Other, Net 129,000 68,000 640,000 301,000
------------ ------------ ------------ ------------
(418,000) (281,000) (735,000) (731,000)
------------ ------------ ------------ ------------
Income before provision
for income taxes 4,939,000 4,260,000 16,242,000 13,135,000
PROVISION FOR INCOME TAXES 1,936,000 1,697,000 6,306,000 5,065,000
------------ ------------ ------------ ------------
NET INCOME 3,003,000 2,563,000 9,936,000 8,070,000
Retained earnings,
beginning of period 61,307,000 49,103,000 54,706,000 43,865,000
Cash dividends paid (185,000) (147,000) (517,000) (416,000)
------------ ------------ ------------ ------------
Retained earnings,
end of period $64,125,000 $51,519,000 $ 64,125,000 $ 51,519,000
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
INCOME (LOSS) PER SHARE
OF COMMON STOCK $.41 $.35 $1.34 $1.10
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Weighted Average Number
of Shares Outstanding 7,412,354 7,346,048 7,391,049 7,333,948
------------ ------------ ------------ ------------
</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 Nine Months
Ended July 31,
--------------------------
1995 1994
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATIONS:
Net Income $ 9,936,000 $ 8,070,000
Adjustments to reconcile net income to net cash
provided by (used in) operating activities -
Depreciation and amortization 7,096,000 5,385,000
Provision for losses on accounts receivable 505,000 480,000
Increase in accounts receivable (6,387,000) (4,164,000)
Decrease (Increase) in inventories 2,294,000 (5,154,000)
(Increase) Decrease in other current assets (9,000) 161,000
Increase in other assets (4,000) (427,000)
Increase in accounts payable 27,000 9,752,000
Increase (Decrease) in accrued expenses (1,175,000) 399,000
Increase in deferred federal income taxes 653,000 314,000
----------- -----------
Net cash provided by operating activities 12,936,000 14,816,000
----------- -----------
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Capital expenditures (21,515,000) (16,724,000)
Sales and retirements of property, plant
and equipment, net 5,000 534,000
Sale of marketable securities 1,924,000 492,000
----------- -----------
Net cash used in investing activities (19,586,000) (15,698,000)
----------- -----------
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Net (payments) borrowings under revolving credit facility 7,000,000 900,000
Net repayments on long-term debt (93,000) (119,000)
Proceeds from issuance of common stock 398,000 232,000
Dividends paid (517,000) (416,000)
----------- -----------
Net cash provided by financing activities 6,788,000 597,000
----------- -----------
NET INCREASE (DECREASE) IN CASH: 138,000 (285,000)
CASH AT BEGINNING OF FISCAL PERIOD: 258,000 495,000
----------- -----------
CASH AT END OF PERIOD: $ 396,000 $ 210,000
----------- -----------
----------- -----------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for - interest $ 1,815,000 $ 1,301,000
----------- -----------
- income taxes $ 4,157,000 $ 3,635,000
----------- -----------
</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.
The Company 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 result 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:
July 31, 1995 October 31, 1994
------------- ----------------
Raw Materials $ 4,151,000 $ 7,699,000
Finished Goods 10,719,000 9,465,000
Supplies 534,000 534,000
------------ -----------
$ 15,404,000 $17,698,000
------------ -----------
------------ -----------
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) SUBSEQUENT EVENTS
On August 2, 1995, the Company and J. Brendan Barba, the Chairman of the
Board, President and Chief Executive Officer of the Company, entered
into a Stock Purchase Agreement, pursuant to which the Company purchased
from Mr. Barba on such date an aggregate of 1,550,000 shares for a cash
purchase price of $21.04 per share. Additionally, on August 10, 1995,
the Company made a Tender Offer to purchase up to 1,083,000 shares of
its outstanding common stock at a price of $22.75 per share.
5 of 13
<PAGE>
Approximately 2,321,000 shares were tendered under this offer which
expired September 8, 1995. The Company will repurchase 1,083,000 of the
tendered shares on a prorata basis.
In order to finance the above transactions and refinance the Company's
current long-term debt, the Company entered into a Credit Agreement on
August 3, 1995, with The Chase Manhattan Bank, N.A., as Administrative
Agent, Mellon Bank, N.A., as Documentation Agent, and certain other
lenders party thereto. Pursuant to the Credit Agreement, the Banks have
agreed to provide the Company with a new $140,000,000 credit facility,
which will consist of a three-year Revolving Credit Facility in an
amount up to $30,000,000 and a seven year amortizing Term Loan Facility
in an amount of $110,000,000.
The interest rate under the Revolving Credit Facility will be, at the
option of the Company, at Base Rate (as defined in the Credit Agreement)
plus a margin of between 0 and 75 basis points or at LIBOR plus a margin
of between 100 and 200 basis points, the margin in each case being
adjusted quarterly based on the Company's ratio of Funded Indebtedness
(as defined in the Credit Agreement) to EBITDA (as defined in the Credit
Agreement) on a rolling four quarter basis. The interest rates under
the Term Loan Facility will be, at the option of the Company, at Base
Rate plus 125 basis points or LIBOR plus 250 basis points.
Supplementary proforma earning per share for the three months and nine
months ended July 31, 1995, reflecting the above transactions as if they
had occurred on November 1, 1994 are as follows:
3 months 9 months
ended ended
July 31, 1995 July 31, 1995
------------- -------------
Net income per share of common stock $0.45 $1.49
Net income per share of
common stock - fully diluted $0.43 $1.44
6 of 13
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
THIRD FISCAL QUARTER ENDED JULY 31, 1995 AS COMPARED TO THIRD FISCAL QUARTER
ENDED JULY 31, 1994
RESULTS OF OPERATIONS
NET SALES AND GROSS PROFIT
Net sales during the third Quarter ended July 31, 1995 were $64,218,000, an
increase of $17,323,000 or 37% over the same period in the prior year. This
increase in net sales is the result of a 6% increase in sales volume combined
with a 29% increase in unit selling prices.
Gross profits increased by $971,000 or 7% to $14,078,000. Gross margins were
22% for the three months ended July 31, 1995 as compared to 28% for the same
three months of the prior fiscal year. This decline in gross profit margin
is primarily attributed to underabsorption of manufacturing overhead costs
for the period and start up costs associated with the implementation of new
production lines in the Company's Midwest plant. These increases in
manufacturing costs can be attributed to a 6% decrease in plant utilization.
The Company's total plants capacity increased by 31% over the same fiscal
quarter in the prior year. The Company operated its plants at 65% of
capacity for the three months ended July 31, 1995.
OPERATING EXPENSES
Operating expenses for the three months ended July 31, 1995 increased by 2%
to $8,721,000 over the same period in the prior fiscal year. This increase
of $155,000 over the same period in the prior year can be attributed to the
6% increase in sales volume during the period which resulted in increased
selling costs for the period.
INTEREST EXPENSE
Interest expense for the period increased by $188,000 to $547,000,
representing a 57% increase from the same period in the prior year. This
increase was attributable to an increase in average debt outstanding during
the current fiscal quarter.
OTHER INCOME (EXPENSE)
Other income for the three months ended July 31, 1995 amounted to $129,000.
This amount includes gains on sales of machinery and equipment, and dividend
and interest income earned for the period on investments.
NINE MONTHS ENDED JULY 31, 1995 AS COMPARED TO NINE MONTHS ENDED JULY 31, 1994
NET SALES AND GROSS PROFIT
Net sales for the nine months ended July 31, 1995 were $181,252,000 an
increase of $52,203,000 or 40% over the same period in the prior fiscal year.
This increase in net sales resulted from a 4% increase in sales volume
combined with a 35% increase in per unit selling prices.
Gross profit for the current nine months increased by $4,076,000 or 11% to
$42,923,000. The Company's gross profit decreased from 30% in Fiscal 1994 to
24% in Fiscal 1995. This 6% reduction in gross profit is attributed to
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 25% during the current
nine month period and such plants operated at 74% of total capacity.
OPERATING EXPENSES
The Company's operating expenses for the nine months ended July 31, 1995,
increased 17% or $965,000 to $25,946,000. The increase in operating costs
over the same period in the prior year primarily resulted from the Company's
increased sales volume of 4% which directly increased selling and delivery
and warehousing expenses for the period.
7 of 13
<PAGE>
INTEREST EXPENSE
Interest expense for the nine months ended July 31, 1994 increased by
$343,000 to $1,375,000 which represented a 33% increase from the same period
in the prior fiscal year. This increase was attributable to an increase in
average debt outstanding during the current nine month period.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital amounted to $23,644,000 at July 31, 1995, as
compared to $20,592,000 at October 31, 1994. The increase in working capital
of $3,052,000 at July 31, 1995 can be attributed to the growth in accounts
receivable from increased sales volume during the first nine 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.
On August 3, 1995, the Company entered into a credit agreement ("Credit
Agreement") with Chase Manhattan Bank, as administrative agent, Mellon Bank,
N.A., as documentation agent, and certain lenders party thereto. Pursuant to
the Credit Agreement, the Banks have agreed to provide the Company with a
$140,000,000 credit facility ("Credit Facility"). The Credit Facility will
consist of a three-year Revolving Credit Facility in the amount of
$30,000,000 and a seven year amortizing Term Loan Facility in the amount of
$110,000,000. As previously discussed in the Notes, the Company has used
$32,612,000 of borrowing under the Term Loan Facility to fund the Barba Share
purchase and approximately $29,638,000 to fund the purchase of Shares
pursuant to the Tender Offer. In addition, the Company has used
approximately $33,051,000 of such proceeds to refinance the Company's
indebtedness.
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 Commonwealth 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 new credit
facilities discussed above are sufficient to meet its normal and additional
capital requirements for the foreseeable future.
8 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: September 13, 1995 S/A J. Brendan Barba
--------------------------------
J. Brendan Barba
Chairman of the Board, President
and Chief Executive Officer
Date: September 13, 1995 S/A Paul M. Feeney
--------------------------------
Paul M. Feeney
Executive Vice President-Finance
Principal Financial and
Accounting Officer
9 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 financial position or results of operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 11 - Computation of weighted average number of shares
outstanding. Page 12.
(b) No reports on Form 8-K have been filed during the quarter
ended July 31, 1995.
27. Financial Data Schedule (for electronic submission only).
10 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(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(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)
11 of 13
<PAGE>
Exhibit
Number Description of Exhibit
------- ----------------------
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)
12 of 13
<PAGE>
EXHIBIT 11
AEP INDUSTRIES INC.
COMPUTATION OF THE WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
For the Three and Nine Months Ended July 31, 1995
<TABLE>
<CAPTION>
For the Three Months Ended July 31 For the Nine Months Ended July 31
-------------------------------------- --------------------------------------
Number of Weighted Average Number of Weighted Average
Shares of Days Days in Number of Shares Days Days in Number of Shares
Common Stock Outstanding Period Outstanding Outstanding Period Outstanding
1995 ------------ ----------- ------- ---------------- ----------- ------- ----------------
--------------------
<S> <C> <C> <C> <C> <C> <C> <C>
November 1 - July 31 7,367,921 7,367,921 7,367,921
Shares Issued:
December 7, 1994 2,400 92 92 2,400 237 273 2,084
December 19, 1994 600 92 92 600 225 273 495
January 1, 1995 4,652 92 92 4,652 212 273 3,613
January 24, 1995 3,000 92 92 3,000 189 273 2,077
January 24, 1995 1,500 92 92 1,500 189 273 1,038
February 15, 1994 600 92 92 600 167 273 367
March 1, 1995 600 92 92 600 153 273 336
March 15, 1995 2,400 92 92 2,400 139 273 1,222
March 15, 1995 2,000 92 92 2,000 139 273 1,018
March 16, 1995 4,500 92 92 4,500 138 273 2,275
April 12, 1995 10,000 92 92 10,000 111 273 4,066
April 12, 1995 200 92 92 200 111 273 81
April 13, 1995 3,000 92 92 3,000 110 273 1,209
April 17, 1995 3,000 92 92 3,000 106 273 1,165
May 10, 1995 900 83 92 812 83 273 274
May 11, 1995 600 82 92 535 83 273 182
May 30, 1995 3,000 63 92 2,054 63 273 692
June 30, 1995 5,193 32 92 1,806 32 273 609
July 7, 1995 300 25 92 82 84 273 92
July 11, 1995 1,425 21 92 325 21 273 110
July 17, 1995 2,250 15 92 367 15 273 124
--------- --------- ---------
Total 7,420,041 7,412,354 7,391,049
--------- --------- ---------
--------- --------- ---------
1994
--------------------
November 1 - July 31 7,317,014 7,317,014 7,317,014
Shares Issued:
November 23, 1993 1,500 92 92 1,500 251 273 1,379
November 24, 1993 400 92 92 400 250 273 366
December 2, 1993 1,500 92 92 1,500 242 273 1,330
December 22, 1993 800 92 92 800 222 273 651
January 27, 1994 7,500 92 92 7,500 186 273 5,110
January 31, 1994 300 92 92 300 182 273 200
February 4, 1994 2,000 92 92 2,000 178 273 1,304
March 1, 1994 450 92 92 450 153 273 252
March 14, 1994 6,300 92 92 6,300 140 273 3,231
March 17, 1994 900 92 92 900 137 273 452
March 22, 1994 1,200 92 92 1,200 131 273 576
May 9, 1994 2,250 84 92 2,054 84 273 692
May 19, 1994 600 74 92 483 74 273 163
June 16, 1994 1,000 46 92 500 46 273 168
June 22, 1994 300 40 92 130 40 273 44
June 23, 1994 1,750 39 92 742 39 273 250
June 23, 1994 600 39 92 254 39 273 86
July 1, 1994 5,995 31 92 2,020 31 273 681
--------- --------- ---------
Total 7,352,359 7,346,048 7,333,948
--------- --------- ---------
--------- --------- ---------
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AEP
INDUSTRIES INC. FORM 10-Q FOR THE NINE MONTHS ENDED 07-31-95 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> JUL-31-1995
<CASH> 396
<SECURITIES> 1,719
<RECEIVABLES> 31,830
<ALLOWANCES> 1,865
<INVENTORY> 15,404
<CURRENT-ASSETS> 48,455
<PP&E> 136,752
<DEPRECIATION> 50,654
<TOTAL-ASSETS> 134,850
<CURRENT-LIABILITIES> 24,686
<BONDS> 30,500
<COMMON> 74
0
0
<OTHER-SE> 71,532
<TOTAL-LIABILITY-AND-EQUITY> 134,850
<SALES> 181,252
<TOTAL-REVENUES> 181,769
<CGS> 138,329
<TOTAL-COSTS> 138,329
<OTHER-EXPENSES> 25,946
<LOSS-PROVISION> 505
<INTEREST-EXPENSE> 1,375
<INCOME-PRETAX> 16,242
<INCOME-TAX> 6,306
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,936
<EPS-PRIMARY> 1.34
<EPS-DILUTED> 1.34
</TABLE>
