UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934. For the quarter ended February 29, 1996
Commission File Number 0-17594
AMCOR CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 33-0329559
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
52300 ENTERPRISE WAY, COACHELLA, CALIFORNIA 92236
(Address of principal executive offices) (Zip Code)
(619) 398-9520
(Registrants telephone number, including area code)
Check whether the registrant (1) has filed all reports required by
Section 13 or 15(d) of the Securities Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
The number of shares outstanding of issuer's only class of Common
Stock, $.002 par value, was 10,335,631 on April 17, 1996.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Introduction
The consolidated financial statements included herein have been
prepared by AMCOR Capital Corporation ("Company"), without audit,
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant
to such rules and regulations. The Company believes that the disclo-
sures are adequate to make the information presented not misleading when
read in conjunction with the Company's consolidated financial statements
for the year ended August 31, 1995. The financial information
presented reflects all adjustments, consisting only of normal recurring
adjustments, which are, in the opinion of management, necessary for a
fair statement of the results for the interim periods presented.
In prior quarters the Company reported its operating results
on the basis of a full twelve-month period. As a result of the Company's
change to an August 31 year-end to conform to its natural crop cycle,
the Company is now reporting its operating results on a normal fiscal
quarterly basis.
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED BALANCE SHEET
February 29, 1996 and August 31, 1995
(Amounts in thousands)
<CAPTION>
February 29,
1996 August 31,
(Unaudited) 1995
--------- ---------
<S> <C> <C>
ASSETS
Current assets:
Cash $ 1,538 $ 1,809
Accounts receivable, prepaids
and accrued interest 362 328
Notes receivable 241 3,700
Advances and accounts receivable due
from affiliated partnerships and
related parties 6,910 3,249
Inventories 1,851 425
_________ _________
Total current assets 10,902 9,511
Property and equipment, net 7,996 10,475
Leased equipment under capital leases, net 183 0
Notes receivable:
Affiliates and related parties 0 262
Other 2,257 1,145
Investments 2,426 314
_________ _________
Total assets $ 23,764 $ 21,707
========= =========
<FN>
The accompanying footnotes are an integral part of the consolidated
financial statements.
</TABLE>
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED BALANCE SHEET, CONT.
February 29, 1996 and August 31, 1995
(Amounts in thousands)
<CAPTION>
February 29,
1996 August 31,
(Unaudited) 1995
--------- ----------
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,167 $ 2,684
Advances from affiliated partnerships 683 957
Notes and loans payable 2,099 345
Accrued interest and other payables 446 1,469
Obligations under capital leases 52 0
_________ _________
Total current liabilities 5,447 5,455
Deferred tax liability 140 0
Notes and loans payable, net of
current portion:
Affiliates 2,828 2,218
Other 4,161 3,326
Obligations under capital leases, net of
current portion 127 0
_________ _________
Total liabilities 12,703 10,999
Shareholders' equity:
Preferred stock (250,000 shares
authorized, no shares outstanding) - -
Series A Convertible Preferred
Stock ($.01 par value; 750,000
shares authorized, 618,972
and 618,972 shares issued and
outstanding) 6 6
Common stock ($.002 par value;
15,000,000 shares authorized,
10,335,631 shares and 10,331,288
shares issued and outstanding
at February 29, 1996 and August 31,
1995, respectively) 21 21
Paid-in capital 10,637 10,633
Accumulated earnings 397 48
_________ _________
Total shareholders' equity 11,061 10,708
_________ _________
Total liabilities and
shareholders' equity $ 23,764 $ 21,707
========= =========
<FN>
The accompanying footnotes are an integral part of the consolidated
financial statements.
</TABLE>
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For the three months ended February 29, 1996 and
February 28, 1995
(Unaudited)
(Amounts in thousands, except per share data)
<CAPTION>
1996 1995
--------- ---------
<S> <C> <C>
Revenues:
Crop sales and other farm income $ 12 $ 28
Management and other fees 336 163
Equity in income of investee 0 (104)
Other income 260 429
_________ _________
608 516
_________ _________
Operating costs and expenses:
Farming costs and cost of crops sold 79 179
Other operating expenses 33 255
Wages and salaries 168 159
Depreciation 7 3
_________ _________
287 596
_________ _________
Income (loss) from operations 321 (80)
Other income/expense:
Gain (loss) on sale of assets (5) (45)
Interest expense (148) (213)
_________ _________
(153) (258)
_________ _________
Income (loss) before income taxes 168 (338)
Provision for income taxes 58 2
_________ _________
Net income (loss) $ 110 $ (340)
========= =========
Net income (loss) per common share, share
equivalent primary $ .01 $ (.03)
Net income per common share, share
equivalent fully diluted $ .01 n/a
<FN>
The accompanying footnotes are an integral part of the consolidated
financial statements.
</TABLE>
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For the six months ended February 29, 1996 and
February 28, 1995
(Unaudited)
(Amounts in thousands, except per share data)
<CAPTION>
1996 1995
--------- ---------
<S> <C> <C>
Revenues:
Crop sales and other farm income $ 49 $ 66
Management and other fees 484 413
Equity in income of investee 0 233
Other income 390 540
_________ _________
923 1,252
_________ _________
Operating costs and expenses:
Farming costs and cost of crops sold 209 228
Other operating expenses 240 400
Wages and salaries 332 327
Depreciation 10 6
_________ _________
791 961
_________ _________
Income from operations 132 291
Other income/expense:
Gain (loss) on sale of assets 828 (190)
Interest expense (283) (352)
_________ _________
545 (542)
_________ _________
Income (loss) before income taxes 677 (251)
Provision for income taxes 142 2
_________ _________
Net income (loss) $ 535 $ (253)
========= =========
Net income (loss) per common share, share
equivalent primary $ .05 $( .02)
Net income (loss) per common share, share
equivalent fully diluted $ .05 n/a
<FN>
The accompanying footnotes are an integral part of the consolidated
financial statements.
</TABLE>
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended February 29, 1996 and
February 28, 1995
Increase (Decrease) in Cash and Cash Equivalents
(Amounts in thousands)
<CAPTION>
1996 1995
--------- ---------
<S> <C> <C>
Cash flows provided (used) in operating
activities $ (2,464) $ (916)
_________ _________
Cash flows provided (used) in investing
activities:
Payments received on notes receivable 2,765 0
Purchases of property and equipment (361) 0
Sales of property and equipment 19 719
Advances to affiliates (2,489) 0
_________ _________
Net cash provided (used) for investing
activities (66) 719
_________ _________
Cash flows provided (used) in financing
activities:
Proceeds from notes, loans, capital
leases, and advances payable 2,424 2,345
Repayments of notes and advances payable (165) (2,465)
_________ _________
Net cash provided (used) in financing
activities 2,259 (120)
_________ _________
Net decrease in cash (271) (317)
Cash at beginning of period 1,809 384
_________ _________
Cash at end of period $ 1,538 $ 67
========= =========
Supplemental Disclosure of Cash Flow Information
1996 1995
---------- --------
Cash paid during the period for:
Interest $ 117 $ 96
<FN>
The accompanying footnotes are an integral part of the consolidated
financial statements.
</TABLE>
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS, CONT.
For the six months ended February 29, 1996 and
February 28, 1995
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
Supplemental Schedule of Noncash Investing
and Financing Activities
(Amounts in thousands)
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
Assets acquired in noncash transactions
Assets acquired $ 0 $ 6,337
Liabilities assumed 0 (1,147)
Issuance of preferred stock 0 (5,190)
Satisfaction of debt through issuance of stock
Liabilities satisfied 4 407
Stock issued (4) (407)
Accrual of dividends on preferred stock
Liabilities incurred 186 164
Reduction in retained earnings (186) (164)
Satisfaction of debt through offset of related
receivables
Receivables satisfied 0 2,804
Liabilities satisfied 0 (2,804)
Acquisition of notes receivable
Notes and accrued interest received 1,306 0
Reduction of receivables (189) 0
Liabilities incurred (1,117) 0
Sale of vineyard and repurchase option
Vineyard property (2,365) 0
Acquisition of investment interest 2,426 0
Reduction of deposit liability 1,278 0
Reduction of receivable (508) 0
Gain on sale (831) 0
The accompanying footnotes are an integral part of the consolidated
financial statements.
<FN>
</TABLE>
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
For the six months ended February 29, 1996 and the year
ended August 31, 1995
<CAPTION>
Common Preferred Treasury
Shares Shares Shares
____________ _________ _________
<S> <C> <C> <C>
Balance, August 31, 1994 11,748,469 518,994 -
Net Income - - -
Common shares retired (1,279,182) - -
Shares issued in acquisition
of vineyards - 60,081 -
Convert stock to debt (500,000) - -
Shares issued in payment
of debt 362,001 - -
Preferred stock dividends,
accrued - - -
Issue preferred stock for
dividends - 39,897 -
____________ _________ _________
Balance, August 31, 1995 10,331,288 618,972 -
Net income - - -
Shares issued in payment
of debt 4,343 - -
____________ _________ _________
Balance, February 29, 1996 10,335,631 618,972 -
============ ========= =========
<FN>
The accompanying footnotes are an integral part of the consolidated
financial statements.
</TABLE>
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY, CONT.
For the six months ended February 29, 1996 and the year
ended August 31, 1995
(Amounts in thousands)
<CAPTION>
-------------- Par Value -----------------
Common Preferred Paid-in
Stock Stock Capital
--------- --------- ---------
<S> <C> <C> <C>
Balance, August 31, 1994 $ 23 $ 5 $10,594
Net Income 0 0 0
Common shares retired (2) 0 (918)
Shares issued in acquisition
of vineyards 0 1 600
Convert stock to debt (1) 0 (449)
Shares issued in payment
of debt 1 0 407
Preferred stock dividends,
accrued 0 0 0
Issue preferred stock for
dividends 0 0 399
_________ _________ _________
Balance, August 31, 1995 21 6 10,633
Net income 0 0 0
Shares issued in payment
of debt 0 0 4
Preferred stock dividends,
accrued 0 0 0
_________ _________ _________
Balance, February 29, 1996 $ 21 $ 6 $ 10,637
========= ========= =========
<FN>
The accompanying footnotes are an integral part of the consolidated
financial statements.
</TABLE>
<PAGE>
<TABLE>
AMCOR CAPITAL CORPORATION
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY, CONT.
For the six months ended February 29, 1996 and the year
ended August 31, 1995
(Amounts in thousands)
<CAPTION>
Accumulated Total
Earnings Treasury Shareholders'
(Deficit) Stock Equity
----------- --------- ------------
<S> <C> <C> <C>
Balance, August 31, 1994 $ (796) $ 0 $ 9,827
Net Income 1,173 0 1,173
Common shares retired 0 0 (920)
Shares issued in acquisition
of vineyards 0 0 601
Convert stock to debt 0 0 (450)
Shares issued in payment
of debt 0 0 407
Preferred stock dividends, 0 0 0
accrued (329) 0 (329)
Issue preferred stock for
dividends 0 0 399
_________ _________ _________
Balance, August 31, 1995 $ 48 $ 0 $ 10,708
Net income 535 0 535
Shares issued in payment
of debt 0 0 4
Preferred stock dividends,
accrued (186) 0 (186)
_________ _________ _________
Balance, February 29, 1996 $ 397 $ 0 $ 11,061
========= ========= =========
<FN>
The accompanying footnotes are an integral part of the consolidated
financial statements.
</TABLE>
<PAGE>
AMCOR CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
February 29, 1996
1. Income (loss) Per Common Share
Primary and fully diluted earnings per common and common equivalent
share are computed based on the weighted average number of shares
of common stock and common stock equivalents outstanding during each
period. The computation takes into effect common shares issuable
under stock option plans. No effect has been given to convertible
preferred stock as the market price did not exceed the liquidation value
of $10 per share. The primary weighted average common and common equiva-
lent shares, as applicable, outstanding during the three months ended
February 29, 1996 and February 28, 1995 was 10,989,145 and 10,961,755,
respectively. The fully diluted average common and common equivalent
shares, as applicable, outstanding during the three months ended
February 29, 1996 was 11,039,583. Fully diluted per share data is
not presented for the period ending February 28, 1995, as the
effects would not be dilutive.
2. Advances And Accounts Receivable Due From Affiliates and
Other Related Parties
Amounts receivable from affiliated partnerships consist primarily of
farming costs incurred by the Company on behalf of various partnerships,
and advances to certain partnerships collateralized by real and
personal property. These amounts are without interest and are due
on demand.
3. Inventories
Inventories consist primarily of farming costs incurred on the
Company's own behalf, and certain chemicals and other farming
supplies.
Continued
<PAGE>
4. Property and Equipment
February 29, August 31,
1996 1995
------------ ----------
(Amounts in thousands)
Property and equipment
consists of the following:
Vineyard development costs $ 5,225 $ 7,183
Vehicles and farm equipment 1,297 1,173
Office furniture and equipment 51 51
Leasehold improvements 61 61
Buildings 155 155
__________ __________
6,789 8,623
Less: accumulated depreciation (1,416) (1,413)
__________ __________
5,373 7,210
Land 2,623 3,265
__________ __________
$ 7,996 $ 10,475
========== ==========
5. Investments
February 29, August 31,
1996 1995
------------ ----------
(Amounts in thousands)
Investments consists of the
following:
Investment in P.S. III Farms,
L.L.C. utilizing the equity
method of accounting $ 2,426 $ 0
Investments accounted for by the
financial instruments - fair
value method:
Atlantic Holdings 0 300
Other 0 14
__________ __________
$ 2,426 $ 314
========== ==========
On November 30, 1995 the Company acquired a 50% interest in an Oregon
farming operation, P.S. III Farms, L.L.C., in exchange for its San Luis
Obispo vineyards and related repurchase option. The asset received in
the exchange (P.S. III Farms, L.L.C.) was recorded at fair market value
as it was not possible to readily determine the value of the vineyards
and option exchanged.
The Company is a general partner in a number of the affiliated partner-
ships, for which its investment and equity in operations is not
material.
Continued
<PAGE>
5. Investments, Continued
The Company assigned its interest in Atlantic Holdings to three affiliated
partnerships in satisfaction of, or in the occurrence of new debt, from
those partnerships, resulting in no gain or loss to the Company.
6. Deferred Income Taxes
The components of the provision for income taxes are as
follows:
February 29, February 28,
1996 1995
------------ ------------
(Amounts in thousands)
Current expense:
Federal $ 0 $ 0
State 2 2
Deferred:
Federal 140 0
State 0 0
__________ __________
Total provision $ 142 $ 2
========== ==========
7. Commitments And Contingencies
The Company has operating leases for certain of its facilities and
office equipment. The Company has capital leases with terms of 3
years for various of its farm vehicles. Future minimum lease
payments at February 29, 1996 are as follows:
(Amounts in thousands)
Capital Operating
Leases Leases
------- ---------
1996 $ 34 $ 245
1997 67 325
1998 67 323
1999 25 315
2000 and thereafter 900
_______ ________
Total future minimum
lease payments 193 $ 2,108
Less estimated executory ========
costs included in capital
leases ( 6)
_______
Net minimum lease payments 187
Less amount representing
interest ( 8)
_______
Present value of net
minimum lease payments under
capital leases $ 179
=======
Continued
<PAGE>
7. Commitments And Contingencies, Continued
The following is a summary of the debt service requirements for which
the Company is contingently liable relating to loans and other debts of
the affiliated partnerships guaranteed by the Company:
(Amounts in thousands)
1996 $ 472
1997 0
1998 0
1999 0
2000 and thereafter 0
________
$ 472
========
In 1994 the Company assigned its obligations under two settlement agree-
ments to a related party in consideration for a reduction in a note receiv-
able from the related party. The assignment requires the related party to
make settlement payments on behalf of the Company. The assignment does not
bar the plaintiffs from looking for satisfaction from the Company if the
related party fails to perform as required under the settlement.
8. Common Stock and Stock Options
During 1990, the Company granted options to purchase 2,169,201 shares of
its common stock to officers and directors of the Company. Of these
options, 1,260,935 are exercisable at $.33 per share and expire on
November 30, 1996. These options were granted in connection with the
1989 partnership restructure of two of the affiliated partnerships in
which the officers of the Company were general partners.
The remaining 908,266 options are exercisable at $.80 per share and
expire in July, 2000. These options were granted in connection with the
repurchase by the Company of shares from the officers and directors.
During 1995, the Company adopted a new stock option plan for Company
employees and vendors. The Company granted no options to purchase
shares of its common stock under the plan during fiscal 1996 or 1995.
Continued
<PAGE>
9. Subsequent Event
On April 9, 1996, the Company purchased a note receivable secured
by real property of an affiliated partnership, and for which the Company
had been contingently liable, with a face value of $5,691,686 for
$5,600,000. The purchase price of $5,600,000 consists of three notes as
follows:
Note payable at bank prime rate plus 1%
with annual installment payments of principal
and interest due September 30, 1998. $3,900,000
Note payable, with no interest, with a face
value of $900,000, discounted for inputed
interest, due September 30, 1998. 716,517
Note payable, with no interest, with a face
value of $800,000, discounted for inputed
interest, due September 30, 1998 with a
discount up to $800,000 available depending
upon the amount of principal reduction in
the $3,900,000 note by June 30, 1997. 636,904
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
OVERVIEW
As outlined below, the Company's overall financial condition as compared
to August 31, 1995, has not changed significantly.
The Company's current ratio increased to 2.00 at February 29, 1996 from
1.74 at August 31, 1995, primarily due to the use of long-term borrowed funds
for current crop year inventories and affiliate advances.
RESULTS OF OPERATIONS
Revenues
The Company's revenues are derived from two principal sources:
(i) farming operations (including packing and cold storage
services), and (ii) management and marketing of transitional land and other
partnerships. For the six-months ended February 29, 1996, the Company's gross
revenues were significantly lower than the comparable six-months ended
February 28, 1995, due primarily to the absence of revenues from Desert
Valley Date, which was sold in May, 1995.
Crop Sales and Other Farm Income
The Company generates fees and profits from its table grape and date
operations, both from third parties and its affiliates. During a typical
season, the table grape packing facility (which is subleased to the Company
from a related party) processes approximately 1.5 million boxes of table
grapes, for which the combined gross processing and cooling fees typically
exceed $2 million. The Company expects its crop sales to continue to
increase as additional properties are acquired through further partnership
terminations and more acreage is farmed by the Company.
Crop sales and other farm income was relatively unchanged for the
six-months ended February 29, 1996 as compared to the comparable six-months
ended February 28, 1995. Substantially all of the Company's crop sales
occur in the third and fourth quarters of the fiscal year.
Management and Other Fees
The Company has earned in the past, and will continue to earn,
management and accounting fees from its managed affiliated partnerships,
although this source will continue to decrease as additional partnership
terminations and restructuring are completed. A substantial portion of the
management fees are earned as a share of crop profits, although this is a
contingent source and not realizable in unprofitable periods. The accounting
fees generally range from $5,000 to $10,000 per year per partnership.
<PAGE>
During the quarter ended February 29, 1996, the Company recognized
$188,000 of development fees related to a managed golf-course and real
estate project located southeast of San Antonio, Texas. This had the effect
of increasing overall management fee income by $71,000 over the prior
six-months, to $484,000.
Other Income
Other income consists primarily of interest and other income.
The Company generates interest income from note receivables from certain
related partnerships, affiliates and third parties.
Other income decreased by $150,000 to $310,000 in the six months ended
February 29, 1996, due primarily to reduced interest income resulting from
the collection of a $2,930,000 note receivable in January, 1996.
Desert Valley Date
The Company owned a 50% general partnership interest in Desert
Valley Date prior to its sale in 1995. Equity in income of Desert Valley Date
was $233,000 for the six-month period ended February 28, 1995 compared to
nothing for the six months ended February 29, 1996 due to non-ownership.
Real Estate Fees and Profit Participation
The Company earns fees in connection with the management of its
transitional land partnerships. Upon termination of these partnerships, the
Company can earn substantial incentive fees based on land sale profits.
However, due to the depressed real estate market and generally falling
prices, this income source has been minimal, and future income will depend
upon a real estate market recovery and resultant land sales.
Operating Costs and Expenses
The Company's total operating costs and expenses were $791,000 and
$961,000 for the six months ended February 29, 1996, and February 28, 1995,
respectively. These costs and expenses include, among others, corporate
overhead expenses, farming costs and cost of crops sold.
Farming Costs and Cost of Crops Sold
Farming costs and costs of crops sold decreased $17,000 in the
six-month period ended February 29, 1996, as compared to the six-month
period ended February 28, 1995, as most such costs relate to the
pending 1996 harvest and have been deferred.
Other Operating Expenses
Other operating expenses decreased $160,000 (40%) to $240,000 for the
six months ended February 29, 1996, as compared to the six months ended
February 28, 1995, due to overall decreased overhead costs and the deferral
of $92,000 of such costs relating to the San Antonio development agreement.
<PAGE>
Income from Operations
The Company posted decreased operating income of $132,000 for the
six months ended February 29, 1996, as compared to $291,000 for the comparable
period ended February 28, 1995, primarily due to the absence of income from
Desert Valley Date combined with reduced operating costs associated with the
San Antonio project.
Gain (loss) On Asset Sales
Gain (loss) on asset sales increased to a gain of $828,000 for the
six months ended February 29, 1996 from a loss of $190,000 for the six
months ended February 28, 1995 due to the gain on sale of the San Luis Obispo
vineyards and repurchase option of $830,000.
LIQUIDITY AND CAPITAL RESOURCES
The Company's liquidity, including its ability to access conventional
credit sources, while still limited, has significantly improved over the last
two years primarily due to the following (i) consistent management of cash
flow, (ii) implementation of effective cost cutting measures, (iii)
successful crop harvests, and (iv) disposal of marginal or non-producing
assets. These changes have positioned the Company to obtain credit from more
conventional, and less costly sources, which the Company is actively seeking.
In 1992 the Company entered into two settlement agreements related to
civil lawsuits brought by investors. The settlements required the Company
to make payments over a six-year period. These settlements are secured by
certain of the Company's assets. In August, 1994, a related party assumed
from the Company the two settlements in return for a reduction in a note it
owed to the Company. The Company remains contingently liable for payments on
the settlements as the other parties to the settlements have not released the
Company from the liability.
On November 30, 1995 the Company sold, in a non-monetary transaction, its
San Luis Obispo vineyards and a related repurchase option to an affiliated
partnership for the entity's 50% interest in a farming operation in Oregon.
The transaction resulted in a gain of $830,000 and also reduced advances due
from an affiliated partnership by $508,000.
In January, 1996 the Company collected a $2,930,000 note
receivable and accrued interest which was due from a third-party.
In addition to current liabilities of $5,447,000 at February 29, 1996,
the Company has $6,989,000 of long-term debt. However, long and short term
liquidity are expected to continue to improve due to: (i) the successful
completion of the 1996 table grape harvest which should provide up to $10
million of revenues and (ii) obtaining term financing coupled with a
1996 working capital line with a bank or institution.
<PAGE>
The Company also believes that it will realize future earnings as a
result of development fees related to the sale of affiliates' transitional
land properties, particularly from development fees derived from the San
Antonio project. The anticipated general improvement of the real estate
market will be a key factor in the future success, if any, of the Company's
transitional land projects.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 5. Other Information
Not applicable
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit 27. Financial Data Schedule
Pursuant to the requirement 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.
Date: April 19, 1996 AMCOR CAPITAL CORPORATION
/S/FRED H. BEHRENS
Fred H. Behrens, Chairman and
Principal Executive and
Financial Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM THE FORM
10-QSB FOR THE QUARTER ENDED FEBRUARY 29, 1996 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> AUG-31-1996
<PERIOD-END> FEB-29-1996
<CASH> 1538
<SECURITIES> 0
<RECEIVABLES> 7513
<ALLOWANCES> 0
<INVENTORY> 1851
<CURRENT-ASSETS> 10902
<PP&E> 9412
<DEPRECIATION> 1416
<TOTAL-ASSETS> 23764
<CURRENT-LIABILITIES> 5447
<BONDS> 0
<COMMON> 21
0
6
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</TABLE>
