SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 1998
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 0-16130
NORTHLAND CRANBERRIES, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 39-11583759
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
800 First Avenue South
P.O. Box 8020
Wisconsin Rapids, Wisconsin 54495-8020
(Address of principal executive offices)
Registrant's telephone number, including area code (715) 424-4444
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 (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
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of
shares outstanding of each of the issuer's classes of common stock,
as of the latest practicable date:
Class A Common Stock March 31, 1998 13,227,498
Class B Common Stock March 31, 1998 636,202
<PAGE>
NORTHLAND CRANBERRIES, INC.
FORM 10-Q INDEX
PART I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements
Condensed Consolidated Balance Sheets . . . . . . . 3
Condensed Consolidated Statements of Operations . . 4-5
Condensed Consolidated Statements of Cash Flow . . 6
Notes to Condensed Consolidated Financial
Statements . . . . . . . . . . . . . . . . . . . . 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations . . 8-10
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security
Holders . . . . . . . . . . . . . . . . . . . . . 11
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . 11
SIGNATURE . . . . . . . . . . . . . . . . . . . . . 12
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NORTHLAND CRANBERRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
ASSETS
(Unaudited)
February 28, August 31,
1998 1997
Current assets:
Cash and cash equivalents $ 207 $ 231
Accounts and note receivable 16,491 6,996
Investments 0 1,260
Inventories 37,414 26,454
Prepaid Expenses 2,761 1,715
Deferred income taxes 3,035 3,035
------- -------
Total current assets 59,908 39,691
------- -------
Property and equipment-at cost 166,124 161,865
Less accumulated depreciation 26,540 23,592
------- -------
Net property and equipment 139,584 138,273
Leasehold interest, net 960 1,039
Other 2,097 1,929
------- -------
Total assets $202,549 $180,932
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY,
Current liabilities:
Accounts payable $ 5,013 $ 3,806
Accrued liabilities 7,353 4,092
Current portion of long-term
obligations 3,844 3,647
------- -------
Total current liabilities 16,210 11,545
Long-term obligations 100,784 83,130
Deferred income taxes 9,574 9,446
------- -------
Total liabilities 126,568 104,121
------- -------
Shareholders' equity:
Common stock-Class A 132 132
Common stock-Class B 6 6
Additional paid-in capital 67,946 67,889
Retained earnings 7,897 8,784
------- -------
Total shareholders' equity 75,981 76,811
------- -------
Total liabilities and
shareholders' equity $202,549 $180,932
======= =======
See accompanying notes to condensed consolidated financial statements.
<PAGE>
NORTHLAND CRANBERRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(Unaudited)
For the 3 months
ended February 28,
1998 1997
Revenues $ 30,296 $ 13,513
Cost of sales 17,203 6,498
------- -------
Gross profit 13,093 7,015
Cost and expenses:
Selling, general and 10,971 3,369
administrative
Interest 1,910 1,115
------ ------
Total costs and expenses 12,881 4,484
------ ------
Income before income taxes 212 2,531
Income taxes 97 1,005
------ ------
Net income $ 115 $ 1,526
====== ======
Basic income per share $0.01 $0.11
====== ======
Diluted income per share $0.01 $0.11
====== ======
See accompanying notes to condensed consolidated financial statements.
<PAGE>
NORTHLAND CRANBERRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(Unaudited)
For the 6 months
ended February 28,
1998 1997
Revenues $ 48,727 $ 24,433
Cost of sales 26,017 11,173
------- -------
Gross profit 22,710 13,260
Cost and expenses:
Selling, general and
administrative 18,975 6,334
Interest 3,342 1,910
------- -------
Total costs and expenses 22,317 8,244
------- -------
Income before income taxes 393 5,016
Income taxes 176 1,988
------- -------
Net income $ 217 $ 3,028
====== =======
Basic income per share $0.02 $0.22
====== =======
Diluted income per share $0.02 $0.21
====== ======
See accompanying notes to condensed consolidated financial statements.
<PAGE>
NORTHLAND CRANBERRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
(Unaudited)
For the 6 months
ended February 28,
1998 1997
Cash flows from operating activities:
Net income $ 217 $ 3,028
Adjustments to reconcile net income
to net cash provided by (used for)
operating activities:
Depreciation and amortization 3,158 2,445
Changes in assets and
liabilities:
Receivables and other current
assets (9,281) (6,159)
Inventories (10,960) (7,133)
Accounts payable and accrued
liabilities 4,468 1,227
Deferred income taxes 128 1,601
------- -------
Net cash used for operating
activities (12,270) (4,991)
------- -------
Investment activities:
Acquisitions of cranberry operations 0 (7,025)
Property and equipment additions,
net (4,265) (5,012)
Investments 0 1,202
Other (120) (762)
-------- -------
Net cash used for investing
activities (4,385) (11,597)
-------- -------
Financing activities:
Increase in debt 17,851 18,330
Dividends paid (1,104) (1,089)
Exercise of stock options 57 732
Other (173) (170)
------- -------
Net cash provided by
financing activities 16,631 17,803
------- -------
Net decrease in cash and cash
equivalents (24) 1,215
Cash and cash equivalents:
Beginning of period 231 266
------- -------
End of period $ 207 $ 1,481
======= =======
Supplements disclosures of cash flow
information:
Cash paid for:
Interest (net of amount
capitalized) $ 3,385 $ 1,919
======= ======
See accompanying notes to condensed consolidated financial statements.
<PAGE>
NORTHLAND CRANBERRIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 BASIS OF PRESENTATION
The condensed consolidated financial statements included herein have
been prepared by the Company without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. In the opinion of
the Company, the foregoing statements contain all adjustments necessary to
present fairly the financial position of the Company as of February 28,
1998, and its results of operations and cash flows for the three- and six-
month periods ended February 28, 1998 and 1997, respectively. The
Company's consolidated balance sheet as of August 31, 1997 included herein
has been taken from the Company's audited financial statements of that
date included in the Company's latest annual report.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are
adequate to make the information presented not misleading. It is
suggested that these condensed financial statements can be read in
conjunction with the financial statements and the notes thereto included
in the Company's latest annual report.
The Company periodically reviews long-lived assets to assess
recoverability and impairments will be recognized in operating results if
a permanent diminution in value were to occur.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Total revenues for the three months ended February 28, 1998 were
$30.3 million, a 124% increase over revenues of $13.5 million in the prior
year's second quarter. Revenues for the six-month period ended February
28, 1998 increased 99% to $48.7 million from $24.4 million during the same
period in fiscal 1997. The increased fiscal 1998 revenues for both
periods were due to increased sales of Northland brand 100% juice
products. Trade industry data for the 12-week period ended March 1, 1998
indicated Northland juice products achieved distribution penetration into
approximately 74% of the nation's 30,000 supermarkets and a 12.7% market
share of supermarket bottled shelf-stable cranberry beverage dollar sales
on a national basis, up from a 10.6% market share for the previous 12-week
period. The Company believes its increased branded juice sales and
resulting increased market share were primarily due to its aggressive
branded product marketing campaign, which included over $13 million in
media and trade spending during the first six months of fiscal 1998. The
Company plans to continue to aggressively market its branded juice
products throughout the remainder of the fiscal year. The Company
continues to experience intense competition in its efforts to expand its
current limited presence in the private label juice market and in its
efforts to sell concentrate and bulk frozen fruit. Sales of these
products in the first half of 1998 were substantially below initially
budgeted expectations principally as a result of intense price
competition.
Cost of sales for the second quarter of fiscal 1998 was $17.2
million compared to $6.5 million for the second quarter of fiscal 1997,
resulting in gross margins of 43.2% and 51.9% in each respective period.
Cost of sales for the six-month period ended February 28, 1998 was $26.0
million compared to $11.2 million in the fiscal 1997 period, with gross
margins of 46.6% and 54.3%, respectively. The decrease in gross margin
for both fiscal 1998 periods was primarily due to the Company's changing
product mix and reduced pricing for cranberry concentrate. A majority of
fiscal 1998 period revenues was generated by the Company's branded juice
sales compared to fiscal 1997 revenues which were more heavily weighted
toward higher margin fresh fruit and concentrate sales at substantially
higher pricing levels. The Company's gross margins during the remainder
of fiscal 1998 will be dependent upon its product mix and then existing
market conditions.
Selling, general and administrative expenses were $11.0 million,
or 36.2% of total revenues, for the three-month period ended February 28,
1998 compared to $3.4 million, or 24.9% of total revenues, in the prior
year's second fiscal quarter. Selling, general and administrative
expenses were $19.0 million, or 38.9% of total revenues, for the six-month
period ended February 28, 1998, compared to $6.3 million, or 25.9% of
total revenues, during the same period in the prior fiscal year. This
planned increase in selling, general and administrative expenses was
primarily attributable to the Company's ongoing aggressive marketing
campaign to support the development and growth of its Northland brand 100%
juice products.
Interest expense was $1.9 million and $3.3 million for the
three- and six-month periods ended February 28, 1998, respectively,
compared to $1.1 million and $1.9 million, respectively, during the same
periods in fiscal 1997. The increase in interest expense was due to
increased debt levels, which resulted from funding increasing levels of
inventory and accounts receivable to support the Company's growing
consumer cranberry product business, as well as funding marsh acquisitions
and seasonal operating activities.
Consistent with the Company's expectation given its aggressive
promotional activity in support of the growth of its branded juice
products, net income and per share earnings for the three- and six-month
periods ended February 28, 1998 decreased to $115,000, or $0.01 per share,
and $217,000, or $0.02 per share, respectively, from fiscal 1997 second
quarter and first half net income and per share earnings of $1.5 million,
or $0.11 per share and $3.0 million, or $0.22 per share, respectively.
FINANCIAL CONDITION
Net cash used for operating activities in the first six months
of fiscal 1998 was $12.3 million compared to $5.0 million used for
operating activities in the same period in fiscal 1997. The increased net
cash used for operating activities during the first half of fiscal 1998
was the result of working capital increases to support the Company's
growing juice business and the continuing evolving nature of the Company's
business into a consumer products company. Accounts receivable increased
$9.3 million primarily due to increased branded juice sales. Inventory
increased $11.0 million due to the purchase of 104,000 barrels of fruit
from other independent cranberry growers and increased raw materials and
finished goods inventories necessary to support the Company's increasing
branded juice sales. Accounts payable increased $4.5 million in the first
half of fiscal 1998 primarily due to contract installment payments due
independent cranberry growers for the purchase of their fruit, as well as
purchases of other raw materials inventory to support the Company's
growing branded product sales.
Net cash used for investing activities decreased during the six-
month period ended February 28, 1998 to $4.4 million from $11.6 million
during the same period in the prior fiscal year. The decrease was
principally the result of reduced property and equipment additions.
Fiscal 1998 property and equipment additions were $4.3 million compared to
total property and equipment additions of $12.0 million in the first half
of the prior year. Fiscal 1997 property and equipment additions included
$7.1 million for the acquisition of two cranberry properties.
Net cash provided by financing activities in the six-month
period ended February 28, 1998 was $16.6 million, compared to $17.8
million during the same period in the prior fiscal year. The Company's
debt increased $17.9 million during the first half of fiscal 1998
primarily due to the $15.6 million increase in seasonal and growth working
capital and $4.3 million for property and equipment additions. Working
capital was $43.7 million at February 28, 1998 compared to working capital
of $28.1 million at August 31, 1997. The Company's total debt (including
current portion) was $104.6 million at February 28, 1998 for a total debt-
to-equity ratio of 1.38 to 1 compared to total debt of $86.8 million and a
total debt-to-equity ratio of 1.13 to 1 at August 31, 1997. Depending
upon the future sales levels and relative sales mix of the Company's
products over the remainder of the fiscal year, the Company does not
believe that its working capital requirements will materially increase
during the last half of fiscal 1998. However, the Company believes that
its $75 million revolving credit facility, together with cash generated
from operations, would be sufficient to fund any such materially increased
working capital requirements, as well as the Company's ongoing operational
needs, over the remainder of fiscal 1998. As of February 28, 1998, the
principal amount outstanding under the Company's revolving credit facility
was $67.7 million, with an additional $7.3 million available under its
credit facility with a syndicate of regional banks until December 2000.
__________________________________________________________________________
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain matters discussed in this Management's Discussion
and Analysis of Financial Condition and Results of Operations
are "forward-looking statements" intended to qualify for the
safe harbors from liability established by the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can generally be identified as such because the
context of the statement will include such words as the Company
"believes," "anticipates," "expects," or words of similar
import. Similarly, statements that describe the Company's
future plans, objectives or goals are also forward-looking
statements. Such forward-looking statements are subject to
certain risks and uncertainties which are described in close
proximity to such statements and which could cause actual
results to differ materially from those currently anticipated.
Shareholders, potential investors and other readers are urged to
consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undo
reliance on such forward-looking statements. The
forward-looking statements made herein are only made as of the
date of this Form 10-Q and the Company undertakes no obligation
to publicly update such forward-looking statements to reflect
subsequent events or circumstances.
__________________________________________________________________________
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the Company's annual meeting of shareholders held on January 7,
1998, Jerold D. Kaminski, John C. Seramur, Jeffrey J. Jones, John
Swendrowski, Patrick F. Brennan, Robert E. Hawk, LeRoy J. Miles and Pat
Richter were elected as directors of the Company for terms expiring at the
1999 annual meeting of shareholders and until their successors are duly
qualified and elected. As of the November 20, 1997 record date for the
annual meeting, 13,220,370 shares of Class A Common Stock and 636,202
shares of Class B Common Stock were outstanding and eligible to vote. Of
these, 11,814,742 shares of Class A Common Stock and all shares of Class B
Common Stock voted at the meeting in person or by proxy. Class A shares
are entitled to one vote each, while Class B shares are entitled to three
votes each. The following table sets forth certain information with
respect to the election of directors at the annual meeting:
Shares
Name of Nominee Shares Voted For Withholding Authority
Jerold D. Kaminski 13,672,240 51,108
John C. Seramur 13,672,240 51,108
Jeffrey J. Jones 13,672,240 51,108
John Swendrowski 13,671,490 51,858
Patrick F. Brennan 13,672,085 51,263
Robert E. Hawk 13,672,320 51,028
LeRoy J. Miles 13,671,940 51,408
Pat Richter 13,666,705 56,643
The tabulation votes for the election of directors resulted in no
broker non-votes or abstentions.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
Exhibits filed with this Form 10-Q report are incorporated
herein by reference to the Exhibit Index accompanying this report.
b. Form 8-K
No reports on Form 8-K were filed by the Company during the
quarterly period to which this Form 10-Q relates.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned Chief Financial Officer thereunto duly authorized.
NORTHLAND CRANBERRIES, INC.
DATE: April 13, 1998
By: /s/ John Pazurek
John Pazurek
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
(27.1) Financial Data Schedule
(27.2) Restated Financial Data Schedule for the third quarter
of fiscal 1997
(27.3) Restated Financial Data Schedule for the second quarter
of fiscal 1997
(27.4) Restated 1996 Financial Data Schedule
(27.5) Restated Financial Data Schedule for the third quarter
of fiscal 1996
(27.6) Restated Financial Data Schedule for the second quarter
of fiscal 1996
(27.7) Restated Financial Data Schedule for the first quarter
of fiscal 1996
(27.8) Restated Financial Data Schedule for the five months
ended August 31, 1995
*(27.9) Restated Financial Data Schedules for the first quarter
of fiscal 1997 and fiscal 1997 year end
_________________________________
* Not applicable - no amounts reported in these previously filed
Financial Data Schedules change as a result of the adoption of
Statement of Financial Accounting Standards No. 128.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF NORTHLAND CRANBERRIES, INC. AS OF AND FOR
THE 6 MONTHS ENDED FEBRUARY 28, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
<CASH> 207
<SECURITIES> 0
<RECEIVABLES> 16,491
<ALLOWANCES> 0
<INVENTORY> 37,414
<CURRENT-ASSETS> 59,908
<PP&E> 166,124
<DEPRECIATION> 26,540
<TOTAL-ASSETS> 202,549
<CURRENT-LIABILITIES> 16,193
<BONDS> 100,801
0
0
<COMMON> 138
<OTHER-SE> 67,946
<TOTAL-LIABILITY-AND-EQUITY> 202,549
<SALES> 48,441
<TOTAL-REVENUES> 48,727
<CGS> 26,017
<TOTAL-COSTS> 18,975
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,342
<INCOME-PRETAX> 393
<INCOME-TAX> 176
<INCOME-CONTINUING> 217
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 217
<EPS-PRIMARY> 0.02
<EPS-DILUTED> 0.02
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF NORTHLAND CRANBERRIES, INC. AS OF AND FOR
THE 9 MONTHS ENDED MAY 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1996
<PERIOD-END> MAY-31-1997
<CASH> 186
<SECURITIES> 1,260
<RECEIVABLES> 8,635
<ALLOWANCES> 0
<INVENTORY> 21,787
<CURRENT-ASSETS> 34,452
<PP&E> 159,959
<DEPRECIATION> 22,189
<TOTAL-ASSETS> 176,129
<CURRENT-LIABILITIES> 10,160
<BONDS> 79,669
0
0
<COMMON> 138
<OTHER-SE> 67,788
<TOTAL-LIABILITY-AND-EQUITY> 176,129
<SALES> 34,496
<TOTAL-REVENUES> 34,810
<CGS> 16,233
<TOTAL-COSTS> 10,010
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,156
<INCOME-PRETAX> 5,411
<INCOME-TAX> 2,157
<INCOME-CONTINUING> 3,254
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,254
<EPS-PRIMARY> 0.24
<EPS-DILUTED> 0.23
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF NORTHLAND CRANBERRIES, INC. AS OF AND FOR
THE 6 MONTHS ENDED FEBRUARY 28, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1996
<CASH> 1,481
<SECURITIES> 1,260
<RECEIVABLES> 8,883
<ALLOWANCES> 0
<INVENTORY> 19,547
<CURRENT-ASSETS> 33,124
<PP&E> 158,337
<DEPRECIATION> 20,912
<TOTAL-ASSETS> 174,489
<CURRENT-LIABILITIES> 12,881
<BONDS> 75,265
0
0
<COMMON> 138
<OTHER-SE> 67,390
<TOTAL-LIABILITY-AND-EQUITY> 174,489
<SALES> 23,190
<TOTAL-REVENUES> 24,433
<CGS> 11,173
<TOTAL-COSTS> 6,334
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,910
<INCOME-PRETAX> 5,016
<INCOME-TAX> 1,988
<INCOME-CONTINUING> 3,028
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,028
<EPS-PRIMARY> 0.22
<EPS-DILUTED> 0.21
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF NORTHLAND CRANBERRIES, INC. AS OF AND FOR
THE 12 MONTHS ENDED AUGUST 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<CASH> 266,467
<SECURITIES> 1,259,548
<RECEIVABLES> 2,631,434
<ALLOWANCES> 0
<INVENTORY> 12,414,426
<CURRENT-ASSETS> 18,617,497
<PP&E> 141,098,591
<DEPRECIATION> 18,609,490
<TOTAL-ASSETS> 145,484,619
<CURRENT-LIABILITIES> 12,067,187
<BONDS> 52,978,095
0
0
<COMMON> 133,705
<OTHER-SE> 60,183,370
<TOTAL-LIABILITY-AND-EQUITY> 145,484,619
<SALES> 36,390,156
<TOTAL-REVENUES> 37,607,845
<CGS> 16,516,785
<TOTAL-COSTS> 7,020,416
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,657,067
<INCOME-PRETAX> 11,413,577
<INCOME-TAX> 4,509,000
<INCOME-CONTINUING> 6,904,577
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,904,577
<EPS-PRIMARY> 0.48
<EPS-DILUTED> 0.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF NORTHLAND CRANBERRIES, INC. AS OF AND FOR
THE PERIOD ENDED MAY 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> MAY-31-1996
<CASH> 182
<SECURITIES> 1,260
<RECEIVABLES> 3,736
<ALLOWANCES> 0
<INVENTORY> 9,829
<CURRENT-ASSETS> 19,143
<PP&E> 131,925
<DEPRECIATION> 17,572
<TOTAL-ASSETS> 138,910
<CURRENT-LIABILITIES> 15,311
<BONDS> 41,685
0
0
<COMMON> 67
<OTHER-SE> 59,850
<TOTAL-LIABILITY-AND-EQUITY> 138,910
<SALES> 31,299
<TOTAL-REVENUES> 32,359
<CGS> 13,748
<TOTAL-COSTS> 4,108
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,998
<INCOME-PRETAX> 12,505
<INCOME-TAX> 4,931
<INCOME-CONTINUING> 7,574
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,574
<EPS-PRIMARY> 0.57
<EPS-DILUTED> 0.55
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF NORTHLAND CRANBERRIES, INC. AS OF AND FOR
THE PERIOD ENDED FEBRUARY 29, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> FEB-29-1996
<CASH> 200
<SECURITIES> 1,260
<RECEIVABLES> 16,818
<ALLOWANCES> 0
<INVENTORY> 4,302
<CURRENT-ASSETS> 28,865
<PP&E> 125,322
<DEPRECIATION> 16,649
<TOTAL-ASSETS> 142,291
<CURRENT-LIABILITIES> 10,602
<BONDS> 51,393
0
0
<COMMON> 66
<OTHER-SE> 59,815
<TOTAL-LIABILITY-AND-EQUITY> 142,291
<SALES> 24,714
<TOTAL-REVENUES> 25,684
<CGS> 11,188
<TOTAL-COSTS> 2,088
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,338
<INCOME-PRETAX> 11,070
<INCOME-TAX> 4,351
<INCOME-CONTINUING> 6,719
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,719
<EPS-PRIMARY> 0.51
<EPS-DILUTED> 0.49
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF NORTHLAND CRANBERRIES, INC. AS OF AND FOR
THE PERIOD ENDED NOVEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> NOV-30-1995
<CASH> 250
<SECURITIES> 1,260
<RECEIVABLES> 19,563
<ALLOWANCES> 0
<INVENTORY> 5,751
<CURRENT-ASSETS> 29,129
<PP&E> 121,794
<DEPRECIATION> 15,742
<TOTAL-ASSETS> 141,156
<CURRENT-LIABILITIES> 13,088
<BONDS> 48,028
0
0
<COMMON> 66
<OTHER-SE> 59,307
<TOTAL-LIABILITY-AND-EQUITY> 141,156
<SALES> 20,840
<TOTAL-REVENUES> 21,703
<CGS> 9,534
<TOTAL-COSTS> 737
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 616
<INCOME-PRETAX> 10,816
<INCOME-TAX> 4,246
<INCOME-CONTINUING> 6,570
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,570
<EPS-PRIMARY> 0.50
<EPS-DILUTED> 0.48
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS OF NORTHLAND CRANBERRIES, INC. AS OF AND FOR
THE 5 MONTHS ENDED AUGUST 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> AUG-31-1995
<CASH> 361
<SECURITIES> 1,260
<RECEIVABLES> 710
<ALLOWANCES> 0
<INVENTORY> 654
<CURRENT-ASSETS> 11,740
<PP&E> 118,988
<DEPRECIATION> 14,879
<TOTAL-ASSETS> 121,745
<CURRENT-LIABILITIES> 10,583
<BONDS> 45,538
0
0
<COMMON> 63
<OTHER-SE> 59,050
<TOTAL-LIABILITY-AND-EQUITY> 121,745
<SALES> 781
<TOTAL-REVENUES> 890
<CGS> 1,400
<TOTAL-COSTS> 1,907
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,920
<INCOME-PRETAX> (4,337)
<INCOME-TAX> (1,689)
<INCOME-CONTINUING> (2,648)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 1,249
<NET-INCOME> (1,399)
<EPS-PRIMARY> (0.15)
<EPS-DILUTED> (0.15)
</TABLE>
