UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 August 31, 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: 000-19320
Ag Services of America, Inc.
(Exact name of registrant as specified in its charter)
Iowa 42-1264455
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2302 West First Street, Cedar Falls, Iowa 50613
(Address of principal executive offices) (Zip Code)
(319) 277-0261
(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 (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.
[X] Yes [ ] No
5,209,404 common shares were outstanding as of October 10, 1998.
<PAGE>
AG SERVICES OF AMERICA, INC.
INDEX
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial statements:
Consolidated condensed balance sheets, August 31, 1998
(unaudited) and February 28, 1998 1
Unaudited consolidated condensed statements of income,
three months and six months ended August 31, 1998 and 1997 2
Unaudited consolidated condensed statements of cash
flows, three months ended August 31, 1998 and 1997 3
Consolidated statement of stockholders' equity,
three months ended August 31, 1998 4
Notes to consolidated condensed financial statements
(unaudited) 4-6
Item 2. Management's discussion and analysis of
financial condition and results of operations 6-11
PART II. OTHER INFORMATION
Item 6. Exhibits and reports on form 8-K: 11
(a) Exhibits
(11) Statement re: computation of per share
earnings 12
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.
AG SERVICES OF AMERICA, INC.
(Registrant)
/s/ Brad D. Schlotfeldt
Brad D. Schlotfeldt
Vice President of Finance & Treasurer
(Principal Financial & Accounting Officer)
Date: October 16, 1998
-11-
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AG SERVICES OF AMERICA, INC. ARTICLE 5 OF REGULATION S-X
2ND QTR 10-Q FINANCIAL DATA SCHEDULE
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> AUG-31-1998
<CASH> 3,455,426
<SECURITIES> 0
<RECEIVABLES> 266,788,166
<ALLOWANCES> 7,571,000
<INVENTORY> 848,999
<CURRENT-ASSETS> 247,954,009
<PP&E> 2,859,082
<DEPRECIATION> 1,222,456
<TOTAL-ASSETS> 267,060,324
<CURRENT-LIABILITIES> 211,684,611
<BONDS> 0
0
0
<COMMON> 22,571,361
<OTHER-SE> 26,154,397
<TOTAL-LIABILITY-AND-EQUITY> 267,060,324
<SALES> 62,752,069
<TOTAL-REVENUES> 69,397,418
<CGS> 59,175,585
<TOTAL-COSTS> 59,175,585
<OTHER-EXPENSES> 2,076,067
<LOSS-PROVISION> 1,245,358
<INTEREST-EXPENSE> 3,372,244
<INCOME-PRETAX> 3,529,083
<INCOME-TAX> 1,253,000
<INCOME-CONTINUING> 2,276,083
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,276,083
<EPS-PRIMARY> 0.44
<EPS-DILUTED> 0.42
</TABLE>
