SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 7, 1994
IMC FERTILIZER GROUP, INC.
(Exact name of registrant as specified in charter)
Delaware 1-9759 36-3492467
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2100 Sanders Road, Northbrook, IL 60062
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (708) 272-9200
Item 5. Other Events
The following is the text of a press release relating to a
write-down on our oil and gas investment.
NORTHBROOK, IL., January 7, 1994 -- IMC Fertilizer Group, Inc.
(NYSE symbol: IFL) announced today that because of the recent decline
in oil prices, the value using current prices of the proved reserves
of the Company's oil and gas partnership is less than the carrying
value of its investment in the partnership. As a result, the Company
expects to record a noncash, nonoperating pre-tax charge to its
second quarter fiscal 1993/94 financial results of approximately $19
million (based on January 5, 1994 closing oil prices) in accordance
with SEC guidelines.
The amount of the charge will be adjusted based on the price of
oil at the time IFL closes its second fiscal quarter books later in
January.
The writedown will reflect the calculation of proved reserve
values pursuant to SEC guidelines for successful-efforts oil and gas
producers that require future net revenues reflect current contract
prices.
Wendell F. Bueche, President and Chief Executive Officer of IFL,
said: "The write-down of our oil and gas investment is required by
financial reporting requirements solely to reflect the impact of the
recent decline in oil prices."
IMC Fertilizer is a leading producer of potash and, through its
IMC-Agrico joint venture, also is one of the world's largest
producers of phosphate rock and concentrated phosphates. The Company
also produces sulphur, oil and natural gas.
SIGNATURE
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.
IMC FERTILIZER GROUP, INC.
Marschall I. Smith
Senior Vice President,
Secretary and General Counsel
Date: January 7, 1994
