UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For quarterly period ended February 28, 1994
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 : 0-7908
PIONEER HI-BRED INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Iowa 42-0470520
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
700 Capital Square, 400 Locust, Des Moines, Iowa 50309
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (515) 245-3500
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 the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at April 8, 1994
Common Stock ($1.00 par value) 88,836,869
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PIONEER HI-BRED INTERNATIONAL, INC.
INDEX
PART I. FINANCIAL INFORMATION PAGE NO.
ITEM 1 FINANCIAL STATEMENTS
CONSOLIDATED CONDENSED BALANCE SHEETS-
FEBRUARY 28, 1994, AUGUST 31, 1993,
AND FEBRUARY 28, 1993 3-4
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS- 5
THREE MONTHS AND SIX MONTHS ENDED
FEBRUARY 28, 1994 AND FEBRUARY 28,
1993
CONSOLIDATED CONDENSED STATEMENTS OF
CASH FLOWS- 6
SIX MONTHS ENDED
FEBRUARY 28, 1994 AND FEBRUARY 28,
1993
NOTES TO CONSOLIDATED CONDENSED
FINANCIAL STATEMENTS 7-8
ITEM 2 MANAGEMENT'S DISCUSSION AND 9-19
ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
PART II. OTHER INFORMATION
ITEM 6(a) EXHIBITS 20
ITEM 6(b) REPORTS ON FORM 8-K 21
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PIONEER HI-BRED INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited, in thousands)
<TABLE>
February 28, August 31, February 28,
ASSETS 1994 1993 1993
CURRENT ASSETS
<S> <C> <C> <C>
Cash and cash equivalents $ 376,885 $ 91,976 $ 262,895
Accounts and notes receivable, net 188,482 196,063 110,715
Inventories:
Finished seed 500,438 229,550 464,637
Unfinished seed 61,818 149,299 167,551
Other 4,651 3,935 7,227
Prepaid expenses 12,469 3,979 14,332
Income taxes - - - - 16,107
Deferred income taxes 76,736 42,180 64,123
Total current assets $1,221,479 $ 716,982 $1,107,587
LONG-TERM ASSETS 37,891 39,195 31,121
PROPERTY AND EQUIPMENT, net of
accumulated depreciation and
allowances
February 28, 1994 $369,856
August 31, 1993 $356,479
February 28, 1993 $349,352 444,463 437,660 463,596
INTANGIBLES 24,356 27,527 25,374
$1,728,189 $1,221,364 $1,627,678
See Notes to Consolidated Condensed Financial Statements.
</TABLE>
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PIONEER HI-BRED INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited, in thousands)
<TABLE>
February 28, August 31, February 28,
1994 1993 1993
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
<S> <C> <C> <C>
Short-term borrowings $ 47,738 $ 64,029 $ 60,356
Current maturities of long-term
debt 1,070 2,250 2,318
Accounts payable, trade 95,050 79,386 197,966
Customer deposits 587,107 - - 473,902
Accrued compensation 29,522 42,080 26,928
Income taxes payable 18,921 17,522 - -
Other 52,506 55,846 31,701
Total current liabilities $ 831,914 $ 261,113 $ 793,171
LONG-TERM DEBT $ 65,530 $ 68,127 $ 76,343
DEFERRED ITEMS, primarily income
taxes and retirement benefits $ 60,085 $ 60,587 $ 62,613
MINORITY INTEREST IN SUBSIDIARIES $ 6,315 $ 6,098 $ 9,342
SHAREHOLDERS' EQUITY
Preferred stock, no par value $ - - $ - - $ - -
Common stock, $1 par value 92,694 92,694 92,694
Additional paid-in capital 14,318 12,962 12,961
Retained earnings 782,009 835,466 667,006
Cumulative translation adjustment (11,333) (6,982) (1,912)
$ 877,688 $ 934,140 $ 770,749
Less: Cost of common shares
acquired for the treasury (98,765) (97,078) (70,952)
Unearned compensation (14,578) (11,623) (13,588)
$ 764,345 $ 825,439 $ 686,209
$1,728,189 $1,221,364 $1,627,678
See Notes to Consolidated Condensed Financial Statements.
</TABLE>
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<PAGE>
PIONEER HI-BRED INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited, in thousands)
<TABLE>
Three Months Ended Six Months Ended
February 28, February 28,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Net sales $250,038 $156,650 $316,706 $225,007
Operating costs and expenses:
Cost of goods sold $110,687 $ 79,412 $149,421 $114,843
Research and development 26,123 24,124 50,758 46,768
Selling 55,617 47,032 99,278 89,905
General and administrative 26,720 26,218 56,534 51,451
Restructuring of operations - - 7,200 - - 7,200
$219,147 $183,986 $355,991 $310,167
Operating income (loss) $ 30,891 $(27,336) $(39,285) $(85,160)
Investment income 3,734 4,944 7,313 8,419
Interest expense (6,077) (5,231) (9,293) (9,417)
Net exchange gain (loss) 50 10 (2,290) (4,226)
Income (loss) before items
below $ 28,598 $(27,613) $(43,555) $(90,384)
Provision for income taxes (11,611) 10,849 16,551 34,346
Minority interest and other (834) 1,560 (693) 2,027
Income (loss) before
cumulative effect of
accounting change $ 16,153 $(15,204) $(27,697) $(54,011)
Cumulative effect of
accounting change, net of
income taxes of $10,849 - - - - - - (16,969)
Net income (loss) $ 16,153 $(15,204) $(27,697) $(70,980)
Income (loss) per common share:*
Income (loss) before cumulative
effect of accounting
change $ .18 $ (.17) $ (.31) $ (.60)
Cumulative effect of
accounting change - - - - - - (.19)
Net income (loss) $ .18 $ (.17) $ (.31) $ (.79)
Dividends per common
share* $ .14 $ .12 $ .28 $ .24
Weighted average number of
common shares
outstanding 89,370 90,349 89,386 90,311
* Not in thousands
See Notes to Consolidated Condensed Financial Statements.
</TABLE>
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<PAGE>
PIONEER HI-BRED INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
<TABLE>
Six Months Ended
February 28,
1994 1993
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net (loss) $(27,697) $(70,980)
Noncash items included in net (loss):
Depreciation and amortization 33,133 29,120
Cumulative effect of accounting change - - 16,969
Other (37,552) (20,704)
Net change in assets and liabilities 383,340 293,561
Net cash provided by operating
activities $351,224 $247,966
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investment $ - - $ 15,400
Payments received on notes receivable 7,034 10,372
Disbursements for notes receivable (3,164) (3,053)
Capital expenditures (33,176) (58,087)
Other (743) 4,800
Net cash used in investing activities $(30,049) $(30,568)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net payments on short-term borrowings $ (7,773) $(26,451)
Proceeds from long-term borrowings 295 11,047
Principal payments on long-term borrowings (1,717) (7,874)
Purchase of common stock (5,183) - -
Dividends paid (25,024) (21,664)
Net cash used in financing activities $(39,402) $(44,942)
Effect of exchange rate changes on cash
and cash equivalents $ (1,302) $ (7,152)
Effect of change in year-end of the
Company's international subsidiaries
on cash and cash equivalents $ 4,438 $ - -
Net increase in cash and cash
equivalents $284,909 $165,304
Cash and cash equivalents, beginning 91,976 97,591
CASH AND CASH EQUIVALENTS, ENDING $376,885 $262,895
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest $ 11,135 $ 11,981
Income taxes $ 31,255 $ 46,093
See Notes to Consolidated Condensed Financial Statements.
</TABLE>
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<PAGE>
PIONEER HI-BRED INTERNATIONAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. In the opinion of the Company, the accompanying unaudited
consolidated condensed financial statements contain all
adjustments (consisting of only normal recurring accruals)
necessary to fairly present the financial position as of
February 28, 1994 and 1993, and the results of operations and
cash flows for the six months ended February 28, 1994 and
1993. Because of the seasonal nature of the Company's
business, the results of operations for the six months ended
February 28, 1994, are not indicative of the results to be
expected for the full year.
2. The Company is involved in litigation and disputes which are
normal to its business. In March, 1994, the Company was
granted a summary judgment dismissal of antitrust
counterclaims made by Bob Groulx, a Michigan dealer in field
seeds, after the Company instituted suits against him for
trademark infringement, unfair competition and other claims.
Management does not believe that the disposition of pending
litigation will have a material adverse impact on the
consolidated financial position and result of operations of
the Company.
The Company has guaranteed the repayment of principal and
interest on certain obligations of Village Court Associates,
an affiliated real estate venture. At February 28, 1994,
such guarantees totaled approximately $23 million.
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<PAGE>
On February 5, 1981, the Company initiated litigation in the
Federal District Court for the Southern District of Iowa
against Holden Foundation Seeds, Inc. alleging that the named
defendants had improperly obtained and used one of the
Company's proprietary lines of corn breeding material. On
October 30, 1987, a judgment was entered against Holden
Foundation Seeds, Inc. on the issue of liability. On
December 30, 1991, the court entered a judgment against
Holden in the sum of $46.7 million plus interest from
December 30, 1991. On September 23, 1992, the court issued
its final order in the case. Both parties have appealed. The
Company has not recognized any benefit in the financial
statements related to this judgment.
3. During the first quarter of fiscal 1994, the Company changed
the reporting year-end of its international subsidiaries from
June to August to have the subsidiaries' accounting period
match the Company's. The effect of this change, a net loss
of $.7 million, was recorded as a reduction in retained
earnings.
-8-
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with
the attached unaudited condensed consolidated financial
statements and notes, and with the Company's audited financial
statements and notes for the fiscal year ended August 31, 1993.
MATERIAL CHANGES IN FINANCIAL CONDITION:
Due to the seasonal nature of the agricultural seed business,
the Company generates most of its cash from operations during the
second and third quarters of the fiscal year. Cash generated
during this time is used to meet the cash needs of the period and
to pay the commercial paper and accounts payable which are the
Company's primary sources of financing during the first and
fourth quarters of the fiscal year. Any excess funds are
invested, primarily in short-term commercial paper.
Most of the Company's financing is done through the issuance
of commercial paper in the U.S., backed by revolving and seasonal
lines of credit. In addition, foreign lines of credit and direct
borrowing agreements are relied upon to support overseas
financing needs. Short-term debt at February 28, 1994, consisted
of $47.7 million in direct short-term borrowings from foreign
banks.
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<PAGE>
<TABLE>
The Company has the following domestic lines of credit available
for fiscal 1994:
(in thousands)
<S> <C> <C> <C>
Revolving Seasonal Total
First quarter $100,000 $75,000 $175,000
Second quarter $100,000 $99,000 $199,000
Third quarter $ 50,000 none $ 50,000
Fourth quarter $ 50,000 none $ 50,000
</TABLE>
The Company also has available a $100 million private medium-
term note program of which $50 million was outstanding as of
February 28, 1994. The medium-term note matures in February,
1996.
Cash and cash equivalents and customer deposits at February
28, 1994, are higher than last year primarily due to timing of
collections and increased sales. A change in the discount
offered during "Pioneer Days", the Company's sales promotion and
discount period, made it more advantageous for customers to pay
for seed during the early pay discount period before Pioneer
Days.
At February 28, 1994, accounts and notes receivable increased
from the same time a year ago primarily due to increased sales
outside North America.
February 28, 1994, seed inventories are down from the
previous year due to lower production levels associated with the
below-average yields harvested last fall and earlier seed sales.
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<PAGE>
Lower grower liabilities associated with decreased production
levels and below-average yields resulted in lower levels of
accounts payable at February 28, 1994, compared to February 28,
1993.
For the six months ended February 28, 1994, treasury stock
increased principally due to the additional purchase of 140,000
shares of the Company's stock totaling $5.2 million. To date, of
the 5.3 million shares authorized for purchase by the Board of
Directors, 3.7 million have been repurchased. The Company also
transferred 99,500 shares totaling $3.5 million to the Company's
restricted stock plan since August 31, 1993.
MATERIAL CHANGES IN RESULTS OF OPERATIONS:
Net loss for the six months ended February 28, 1994, was
$27.7 million, or $.31 per share, compared to a net loss of $71
million, or $.79 per share, for the same period a year ago. Net
loss for the first six months of fiscal 1993 includes the
cumulative effect of adopting Financial Accounting Standards
Board Statement No. 106 which reduced fiscal 1993 results $.19
per share. Excluding the effect of this accounting change, per-
share net loss for the first six months of fiscal 1993 was $.60
per-share compared to a net loss of $.31 per-share for the
current period.
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<PAGE>
Net Sales and Operating Profit (Loss)
(Unaudited, in thousands)
<TABLE>
Quarter Ended Six Months Ended
February 28, Increase February 28, Increase
1994 1993 (Decrease) 1994 1993 (Decrease)
<S> <C> <C> <C> <C> <C> <C>
Net sales:
Corn $209,901 $128,152 $ 81,749 $235,970 $159,835 $ 76,135
Soybeans 8,016 4,555 3,461 8,061 4,651 3,410
Other 32,121 23,943 8,178 72,675 60,521 12,154
Total
net sales $250,038 $156,650 $ 93,388 $316,706 $225,007 $ 91,699
Operating profit (loss):
Corn $ 57,076 $ 7,450 $ 49,626 $ 12,469 $(27,687) $ 40,156
Soybeans (4,910) (5,781) 871 (11,088) (11,397) 309
Other (8,243) (16,615) 8,372 (14,550) (13,958) (592)
Restructuring of
operations - - - - - - - - (7,200) 7,200
Product operating
profit
(loss) $ 43,923 $(14,946) $ 58,869 $(13,169) $(60,242) $ 47,073
Indirect general &
administrative
expense (13,032) (12,390) (642) (26,116) (24,918) (1,198)
Operating profit
(loss) $ 30,891 $(27,336) $ 58,227 $(39,285) $(85,160) $ 45,875
Units delivered, North America:
Corn 1,567 1,447 120 1,585 1,453 132
Soybeans 664 353 311 664 353 311
</TABLE>
INTERNATIONAL SUBSIDIARIES - CHANGE IN REPORTING YEAR-END
A shift in seed sales recognition between quarters, resulting
from the change in the reporting year-end of the Company's
international subsidiaries, was the principal factor for the
quarter and year-to-date improvements in sales and operating
profit (loss).
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<PAGE>
In prior years, the quarterly reporting periods of the
Company's international subsidiaries ended in September,
December, March, and June, two months prior to the quarterly
periods of the fiscal year used in the United States. Due to the
seasonal nature of the seed business, changing the reporting
year-end of the international subsidiaries from June to August
had a significant impact on quarter results.
In regions outside North America, the change in reporting
periods shifted sales and operating profits typically recorded in
the first and third quarters of the reporting year to the fourth
and second quarters. For the first half of fiscal 1994, the
change in reporting periods accounted for approximately 75
percent, or $70 million, of the sales improvement and almost all
of the increase in operating results over the same period last
year.
In Europe, year-to-date sales increased $60.8 million, and
operating profit increased $38.6 million. A large portion of
European sales are recorded in January and February. Sales for
these months, which in prior years were reported as part of third
quarter results, are included in second quarter for fiscal 1994.
Year-to-date sales and operating profit in Central and South
America decreased $16.8 million and $13.7 million, respectively,
from 1993 levels. As discussed in the first quarter, certain
international subsidiaries record a large portion of their sales
in July and August and, prior to fiscal 1994, results for these
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<PAGE>
two months were included in the first quarter of the following
fiscal year. Beginning in fiscal 1994, the July and August
operating results of international subsidiaries will be included
in the fourth quarter of the current fiscal year.
In Mexico, Asia, and Africa and the Middle East year-to-date
sales increased $24.3 million and operating profit improved $23.7
million as sales shifted from third quarter to second quarter.
The remaining discussion primarily focuses on results of
operations excluding the effect of the international subsidiaries
change in reporting year-end.
SEED CORN
North American seed corn operations also contributed to the
current year improvements. Sales in North America improved $10.1
million and $10.8 million over 1993 second quarter and year-to-
date amounts. Increased unit sales, together with an increase in
the average sales price, were responsible for the improvements.
The Company does not record a sale until the seed has been
delivered to the customer. In North America, units delivered are
running approximately 9 percent ahead of fiscal 1993 through
second quarter, contributing $8.6 million to the year-to-date
sales increase. Deliveries in 1993 were hampered by poor weather
conditions causing some customers to delay taking delivery of
their seed until later in the Spring.
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<PAGE>
On an annual basis, unit sales are expected to remain above
prior year levels. An expected North American acreage increase
of 7 percent to 9 percent together with strong product
performance and focused marketing and sales efforts, are the
primary driving forces behind the expected increase in unit
sales. As always, weather is an unknown variable which could
cause actual results to differ significantly from our current
expectations.
The average sales price of seed corn in North America for the
first six months of fiscal 1994 increased 2.4 percent over 1993
levels, contributing $2.2 million to the increase in sales. For
the year, however, the average sales price is expected to only
increase approximately 1 percent. The mix of sales through
second quarter of fiscal 1994 compared to the same period last
year is responsible for the higher year-to-date increase.
SOYBEAN AND OTHER PRODUCTS
<TABLE>
Other Products Net Sales
(In thousands)
Quarter Ended Six Months Ended
February 28, Increase February 28, Increase
1994 1993 (Decrease) 1994 1993 (Decrease)
<S> <C> <C> <C> <C> <C> <C>
Net sales:
Wheat $ 921 $ 2,158 $ (1,237) $ 17,382 $ 17,542 $ (160)
Other seed 16,926 11,328 5,598 24,135 18,291 5,844
Microbial
products 2,578 2,446 132 10,909 10,734 175
Developing
products 11,696 8,011 3,685 20,249 13,954 6,295
Total
net sales $ 32,121 $ 23,943 $ 8,178 $ 72,675 $ 60,521 $ 12,154
</TABLE>
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<PAGE>
Additional sales improvements were recognized from the
soybean, specialty plant product, and alfalfa product lines.
North American soybean sales increased $3.6 million through
second quarter over fiscal 1993, a result of earlier units
delivered. Developing product sales improved as a result of
increased specialty plant product sales totaling $7 million
during the first half of fiscal 1994. Current year alfalfa sales
increased $1.5 million year-to-date over 1993 levels due to
additional unit sales in western North America.
OPERATING PROFIT
Year-to-date operating profit was positively impacted by the
change in reporting period of the Company's international
subsidiaries and increased contributions from North American seed
corn. North American seed corn gross profit improved $6.2
million as more seed corn units were delivered in the first half
of fiscal 1994.
Year-to-date research expenses increased $4 million, or 9
percent, over the same period last year. Total research expenses
are expected to increase approximately 9 percent on an annual
basis as well. Planned growth in field testing and winter
nursery costs and additional costs related to technology
acquisitions were the main components of the increase.
Selling and general and administrative expenses for the first
six months of fiscal 1994, excluding variable costs, increased
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<PAGE>
$8.2 million over the same period a year ago. Fiscal 1993
results included the recovery of $6 million of accounts
previously written-off in East Europe. Current year variable
costs (commission and shipping costs) as a percentage of sales
decreased from the same period a year ago as a result of a change
in the mix of North American seed sales to seed sales in other
regions through second quarter. The change in the reporting
year-end of the Company's international subsidiaries caused more
of their sales to be reported in the second quarter. Commission
expense as a percent of sales is lower for the Company's
international subsidiaries as a majority of their sales are made
to independent dealers who are not paid a commission.
NET FINANCIAL AND OTHER
Interest expense, net of investment income, for the first six
months of fiscal 1994 increased $1 million from the same period a
year ago. Prior year results include a $1 million gain on the
redemption of the Company's investment in Norand Corporation, a
former subsidiary.
Net exchange loss decreased $1.9 million through second
quarter of fiscal 1994 compared to the same period a year earlier
principally due to decreased exchange losses in Europe.
The estimated fiscal 1994 world-wide effective tax rate
reflected in the second quarter is 38 percent. The actual world-
wide effective tax rate for fiscal 1993 was 39.1 percent.
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<PAGE>
Financial Accounting Standards Board Statement No. 106
"Employers' Accounting for Postretirement Benefits Other Than
Pensions" was adopted for U.S. based employees in fiscal 1993.
The Company elected to immediately recognize the transition
obligation, which totaled $27.8 million before tax, as a
cumulative effect of accounting change.
ANNUAL EXPECTATIONS
On an annual basis, North American seed corn sales and
operating profit are expected to increase from fiscal 1993. Unit
sales are expected to increase as a result of acreage increases
and anticipated market share gains. An increase in the average
sales price per unit will also positively impact sales and
operating profit. Fiscal 1994 per-unit cost of goods sold is
expected to be comparable to the prior year. As noted
previously, the weather could cause actual results to differ from
our current expectations.
North American soybean sales, which represent approximately
97 percent of total soybean sales, are also expected to grow as a
result of increased unit sales. Total current year soybean unit
sales are expected to exceed the 8.9 million units sold in fiscal
1993. The average sales price per-unit is also estimated to
increase, positively impacting annual sales. However, operating
results will likely be comparable to fiscal 1993, as per-unit
cost of sales are expected to increase due to higher commodity
prices. As with corn, weather is an unknown variable.
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<PAGE>
Seed corn sales and operating results outside North America
are also expected to grow. In Europe, operating results should
be comparable to fiscal 1993. Fiscal 1994 acreage is expected to
stabilize following implementation of the Common Agricultural
Policy. Although unit sales are expected to increase in the
region, the strengthening of the U.S. dollar against the Italian
lira is expected to reduce revenues and operating results in
Italy. Additional sales in other European countries and lower
fixed costs for the region are expected to offset the negative
impact of the change in the value of the dollar against the lira.
Continued sales growth is expected in Mexico, although not at
the levels sustained the past few years. Results from Central
and South America and Asia are expected to show modest growth in
1994. The remaining key markets in Africa and the Middle East
should also provide increased sales and operating results from
the levels they recorded in fiscal 1993.
Due to the seasonality of the seed business, single quarter
results are seldom indicative of year-end results and quarter-to-
quarter comparisons are not always meaningful. Accordingly, such
comparisons are not emphasized. Typically, most of the Company's
revenue and operating profit is generated in the third quarter.
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<PAGE>
[ARTICLE] 5
[MULTIPLIER] 1,000
<TABLE>
EXHIBIT 27
FINANCIAL DATA SCHEDULE
<S> <C> <C> <C> <C> <C>
REGULATION STATEMENT CAPTION QTR - 2 QTR - 2 6 - MOS 6 - MOS
1994 1993 1994 1993
5-02(1) Cash and cash equivalents 376885 262895
5-02(3)(a)(1) Accounts and notes receivable, net 188482 110715
5-02(6)(a)(1) Inventory 566907 639415
5-02(9) Total current assets 1221479 1107587
5-02(13) Property, plant and equipment 814319 812948
5-12(14) Accumulated depreciation 369856 349352
5-02(18) Total assets 1728189 1627678
5-02(21) Total current liabilities 831914 793171
5-02(22) Long-term debt 65530 76343
5-02(30) Common stock 92694 92694
5-02(31) Other shareholder's equity 671651 593515
5-03(b)(1)(a) Net sales 250038 156650 316706 225007
5-03(b)(2)(a) Cost of goods sold and research 136810 103536 200179 161611
5-03(b)(3) Restructuring of operations - - 7200 - - 7200
5-03(b)(4) Selling, general and admin. 82337 73250 155812 141356
5-03(b)(8) Financial expense, net 2343 287 1980 998
5-03(b)(10) Income/(loss) before taxes & other items 28598 (27613) (43555) (90384)
5-03(b)(11) Income tax (expense) benefit (11611) 10849 16551 34346
5-03(b)(14) Income/(loss) continuing operations 16153 (15204) (27697) (54011)
5-03(b)(18) Cumulative effect-chngs in acctg. prin. - - - - - - (16969)
5-03(b)(19) Net income/(loss) 16153 (15204) (27697) (70980)
6-03(b)(20) Earnings/(loss) per share .18 (.17) (.31) (.79)
</TABLE>
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<PAGE>
PIONEER HI-BRED INTERNATIONAL, INC.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(b) Reports on Form 8-K.
No reports on Form 8-K were filed with the Commission
during the three months ended February 28, 1994.
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.
PIONEER_HI-BRED_INTERNATIONAL,_INC.
(Registrant)
Date
THOMAS N. URBAN, CHAIRMAN OF THE
BOARD AND PRESIDENT
Date
JERRY L. CHICOINE, SENIOR VICE
PRESIDENT AND CHIEF
FINANCIAL OFFICER
-21-
