<Page 1>
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 the quarterly period ended October 31, 1995
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 0-1287
STERLING SUGARS, INC.
____________________________________________________________________
Exact name of registrant as specified in its charter
Delaware 72-0327950
_______________________________ ______________________________
State or other jurisdiction of IRS employer identification
incorporation or organization number
P. O. Box 572, Franklin, La. 70538
____________________________________________________________________
Address of principal executive offices Zip Code
Registrant's telephone number including area code 318 828 0620
Not Applicable
____________________________________________________________________
Former name, former address and former fiscal year, if changed since
last report.
Indicate by check mark whether 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 such shorter
period that the registrant was required to file such reports), and
(2) has been subject to such filing requirments for the past 90 days.
YES X NO
There were 2,500,000 common shares outstanding at November 30, 1995.
Total number of pages 15
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STERLING SUGARS, INC.
I N D E X
PAGE
NUMBER
PART I: FINANCIAL INFORMATION:
ITEM 1. FINANCIAL STATEMENTS
Condensed balance sheets October 31, 1995
(unaudited) and January 31, 1995 I-1
Statements of earnings and retained earnings
Nine months ended October 31, 1995 and 1994
(unaudited) I-2
Statements of earnings and retained earnings I-3
Three months ended October 31, 1995 and 1994
(unaudited)
Statements of cash flows
Nine months ended October 31, 1995 and 1994
(unaudited) I-4
Notes to condensed financial statements
Three & nine months ended October 31, 1995 and I-6
1994
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS I-8
PART II. OTHER INFORMATION:
ITEM 6. EXHIBITS AND REPORTS ON FORM 8K II-1
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STERLING SUGARS, INC.
CONDENSED BALANCE SHEETS
October 31, January 31,
1995 1995
UNAUDITED NOTE
ASSETS: ---------------------------
CURRENT ASSETS:
Cash and short-term investments $ 78,452 $ 623,237
Accounts receivable 6,140,355 2,276,977
Inventories 3,155,014 4,966,260
Expenditures for future crops (Note B) 1,074,011 158,147
Deferred income taxes 562,200 562,200
Other current assets 277,343 186,686
------------- -------------
TOTAL CURRENT ASSETS $ 11,287,375 $ 8,773,507
------------- -------------
Property, plant and equipment - net $ 11,864,078 $ 11,027,196
------------- -------------
Expenditures for future crops $ 514,976 $ 382,938
------------- -------------
Notes receivable - net of allowance $ 745,423 $ 614,284
------------- -------------
Deferred loan acquisition costs $ 72,846 $ 81,706
------------- -------------
$ 24,484,698 $ 20,879,631
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 4,225,159 $ 4,333,786
Short-term debt 3,500,000 -
------------- -------------
TOTAL CURRENT LIABILITIES $ 7,725,159 $ 4,333,786
------------- -------------
Long-term debt $ 4,093,902 $ 4,371,434
------------- -------------
Deferred income taxes $ 828,000 $ 828,000
------------- -------------
STOCKHOLDERS' EQUITY:
Common stock $ 2,500,000 $ 2,500,000
Additional paid in capital (Note C) 40,455 -
Retained earnings 9,297,182 8,968,456
------------- -------------
$ 11,837,637 $ 11,468,456
Less common stock in treasury (Note C) - (122,045)
------------- -------------
$ 11,837,637 $ 11,346,411
------------- -------------
$ 24,484,698 $ 20,879,631
============= =============
NOTE: The balance sheet at January 31, 1995 has been taken from the
audited financial statements at that date, and condensed.
See notes to condensed financial statements
I-1 -3-
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STERLING SUGARS, INC.
STATEMENT OF EARNINGS AND RETAINED EARNINGS
(UNAUDITED)
NINE MONTHS ENDED OCTOBER 31
----------------------------
1995 1994
------ ------
REVENUES:
Sugar and molasses sales $ 5,165,170 $10,675,235
Interest earned 43,501 10,434
Mineral leases and royalties 91,475 26,630
Gain on sale of land - 40,588
Gain on sale of depreciable assets 134,250 499
Other 441,521 463,743
------------ ------------
$ 5,875,917 $11,217,129
------------ ------------
COSTS AND EXPENSES:
Cost of products sold $ 4,502,500 $10,441,210
General and administrative 489,939 519,729
Interest expense 353,274 420,452
------------ ------------
$ 5,345,713 $11,381,391
------------ ------------
NET EARNINGS (LOSS) BEFORE INCOME TAXES $ 530,204 $( 164,262)
INCOME TAX EXPENSE (CREDIT) 201,478 ( 62,420)
------------ ------------
NET EARNINGS (LOSS) $ 328,726 $( 101,842)
RETAINED EARNINGS AT BEGINNING OF PERIOD 8,968,456 8,226,073
------------ ------------
RETAINED EARNINGS AT END OF PERIOD $ 9,297,182 $ 8,124,231
============ ============
NET EARNINGS (LOSS) PER SHARE $ .13 $( .04)
============ ============
See notes to condensed financial statements
I-2 -4-
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STERLING SUGARS, INC.
STATEMENT OF EARNINGS AND RETAINED EARNINGS
(UNAUDITED)
THREE MONTHS ENDED OCTOBER 31
-----------------------------
1995 1994
------ ------
REVENUES:
Sugar and molasses sales $ 1,458,092 $ -
Interest earned 633 3,032
Mineral leases and royalties 32,766 9,196
Gain on sale of depreciable assets 14,250 -
Other 91,269 415,027
------------ ------------
$ 1,597,010 $ 427,255
------------ ------------
COSTS AND EXPENSES:
Cost of products sold $ 1,323,365 $ -
General and administrative 141,233 163,291
Interest expense 141,761 153,107
------------ ------------
$ 1,606,359 $ 316,398
------------ ------------
NET EARNINGS (LOSS) BEFORE INCOME TAXES $( 9,349) $ 110,857
INCOME TAX EXPENSE (CREDIT) ( 3,552) 42,126
------------ ------------
NET EARNINGS (LOSS) $( 5,797) $ 68,731
RETAINED EARNINGS AT BEGINNING OF PERIOD 9,302,979 8,055,500
------------ ------------
RETAINED EARNINGS AT END OF PERIOD $ 9,297,182 $ 8,124,231
============ ============
NET EARNINGS (LOSS) PER SHARE $ .00 $ .03
============ ============
See notes to condensed financial statements
I-3 -5-
<Page 6>
STERLING SUGARS, INC.
STATEMENT OF CASH FLOWS
(UNAUDITED)
NINE MONTHS ENDED OCTOBER 31
----------------------------
1995 1994
------ ------
OPERATING ACTIVITIES:
Net earnings (Loss) $ 328,726 $( 101,842)
Adjustments to reconcile net earnings (loss) to
net cash provided by (used in) operating activities:
Amoritization of loan costs 8,860 8,859
Depreciation 1,307,402 1,043,682
Gain on sale of land - ( 40,588)
Gain on sale of depreciable assets ( 134,250) ( 499)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable (3,863,378) (3,710,275)
Increase in notes receivable ( 131,139) ( 191,674)
Decrease in inventories 1,811,246 8,830,176
(Increase) decrease in other current assets ( 90,657) 82,853
Increase in expenditures for future crops ( 915,864) (1,813,105)
Increase (decrease) in accounts payable
and accrued expenses ( 108,627) 885,002
Other items - net 155,778 ( 1,886)
------------ ------------
Net cash provided by (used in) operating $(1,631,903) $ 4,990,703
activities ------------ ------------
INVESTING ACTIVITIES:
Purchase of property, plant and equipment $(2,144,284) $( 500,192)
Proceeds from sale of land - 40,588
Proceeds from sale of depreciable assets 134,250 499
----------- ------------
Net cash used in investing activities $(2,010,034) $( 459,105)
------------ ------------
FINANCING ACTIVITIES:
Proceeds from short-term debt $ 6,538,398 $ 3,557,050
Proceeds from long-term debt - 82,157
Payments on short-term debt (3,038,398) (7,529,003)
Payments on long-term debt ( 514,713) ( 284,180)
Proceeds from sale of treasury stock 111,865 -
------------ ------------
Net cash provided by (used in) financing
activities $ 3,097,152 $(4,173,976)
------------ ------------
Decrease in cash and temporary investments $( 544,785) $ 357,622
Cash and temporary investments at the
beginning of the period 623,237 543,963
------------ ------------
Cash and temporary investments at the
end of the period $ 78,452 $ 901,585
============ ============
Continued
See notes to condensed financial statements
I-4 -6-
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STERLING SUGARS, INC.
STATEMENT OF CASH FLOWS
(UNAUDITED)
Supplemental information:
Interest paid $ 268,779 $ 373,288
=========== ===========
Income taxes paid $ 439,325 $ -
=========== ===========
Non-cash item:
Accrued management fee paid by
issuance of treasury stock $ 50,635 $ -
=========== ===========
I-5 -7-
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STERLING SUGARS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED OCTOBER 31, 1995 AND 1994
(UNAUDITED) (CONTINUED)
A. CONDENSED FINANCIAL STATEMENTS:
The condensed balance sheets as of October 31, 1995, the
statements of earnings and retained earnings for the three
and nine months ending October 31, 1995 and 1994, and the
condensed statements of cash flows for the nine month periods
then ended have been prepared by the Company, without audit. In
the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present
fairly the financial position, results of operations and
cash flows at October 31, 1995 and for all periods presented
have been made.
Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed
or omitted. It is suggested that these condensed financial
statements be read in conjunction with the 1995 annual report
to stockholders. The results of operations for the period
ending October 31, 1995 are not necessarily indicative of the
operating results expected for the full year.
I-6 -8-
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STERLING SUGARS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED OCTOBER 31, 1995 AND 1994
(UNAUDITED)
B. EXPENDITURES FOR FUTURE CROPS:
Due to the seasonality of the Company's business, recognition
of expenditures incurred and income earned from sugar operations for
the 1995 and 1994 crops have been deferred in order to properly
match revenues and expenses. The deferred items are as follows:
NINE MONTHS ENDED OCTOBER 31
----------------------------
1995 1994
------ ------
Sugar and molasses sales $ 7,402,789 $ 7,804,861
------------ ------------
Costs and expenses:
Factory $10,194,006 $10,936,247
Plantations 508,738 484,669
------------ ------------
$10,702,744 $11,420,916
------------ ------------
Excess costs over sales $ 3,299,955 $ 3,616,055
Raw sugar and molasses inventories (2,390,230) (1,672,938)
------------ ------------
$ 909,725 $ 1,943,117
Land preparation and planting costs
1996 and 1995 crops respectively 164,286 127,325
------------ ------------
$ 1,074,011 $ 2,070,442
============ ============
C. ADDITIONAL PAID IN CAPITAL:
As discussed in Form 10-K, filed for the year ended January 31,
1995, the Company entered into a technical service agreement with
M. A. Patout & Son, Ltd. (Patout). The agreement provided an
option for Patout to purchase 50,000 shares of the Company's
treasury stock at a price of $3.25 per share. In April, 1995
Patout exercised its option. For the 1994 period, there were no
transactions involving treasury stock.
I-7 -9-
<Page 10>
STERLING SUGARS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations:
General Information:
The Company's 1995 sugarcane grinding season (1995 crop) began on
October 9, 1995. Generally, the Company plans to begin operations on
or about October 1st of each year. However because of a possible
threat of a hurricane, the start of the grinding season was delayed.
At the present time, the Company anticipates processing approximately
760,000 tons of cane and expects to end the processing season on or
about December 29, 1995. Initially the Company anticipated processing
about 710,000 tons of cane. However as the grinding season progressed,
growers recognized higher than normal yields of sugarcane per acre due
to favorable weather conditions during the cane growing season. Last
year for the 1994 crop, the Company processed a total of 606,112 tons
of cane. Thus far, this year grinding operations have progressed
extremely well. At present, the average daily grinding rate is 9,304
tons of cane compared to 8,159 tons of cane per day last year. Sugar
yields per ton of cane for the 1995 crop are estimated at 213 pounds
per ton of cane. For the 1994 crop, the sugar yield was 212 pounds
per ton of cane.
The market price to be received from sales of raw sugar produced
from the 1995 crop is expected to be up slightly from the $21.73 per
hundredweight (cwt.) received from the 1994 crop.
Sugar and Molasses Sales:
Sugar and molasses sales for the nine months ended October 31,
1995 and 1994 were as follows:
1995 1994
------ ------
Raw sugar sales $ 4,909,831 $ 10,538,915
Molasses sales 255,339 136,320
------------ -------------
$ 5,165,170 $ 10,675,235
============ =============
For the first nine months of the Company's fiscal year ending
January 31, 1996 (fiscal 1996), sales of raw sugar (1994 crop)
decreased compared to the same period ending in fiscal 1995 (1993
crop). This decrease is the result of the Company having marketed less
sugar during the current period due to the aggressive marketing by the
Company of its 1994 crop before fiscal 1995 year end as compared to
the Company's marketing of its 1993 crop. At January 31, 1995, the
Company had on hand approximately 11,315 tons of raw sugar available
as a result of such change in marketing strategy, for sale to refiners
compared to 24,209 tons of raw sugar at January 31, 1994. During the
first and second quarters of both years, the Company had sold and
shipped 7,542 tons and 24,209 tons of raw sugar as of July 31, 1995
and July 31, 1994, respectively. The only sugar sales during the third
quarter of fiscal 1996 and fiscal 1995 occurred in fiscal 1996 when the
Company sold and shipped the remaining 1994 crop raw sugar inventory
which totaled 3,773 tons.
I-8 -10-
<Page 11>
As of January 31, 1995, the Company had on hand approximately
691,383 gallons of molasses all of which had been sold as of April 30,
1995. At January 31, 1994, the Company had approximately 394,726
gallons of molasses on hand all of which had been sold as of April 30,
1994. For the 1994 molasses crop, the Company received $.35 per gallon
compared to $.29 per gallon for the 1993 crop. There were no sales
of molasses during the third quarters of both years.
Interest Earned:
Interest earned increased to $43,501 for the nine month period ended
October 31, 1995 compared to $10,434 for the same period in 1994. The
increase for the current period is primarily attributable to the Company
receiving $25,528 in April, 1995 from the Sugarcane Safety Group for its
share of interest earned on workers compensation reserve funds held by
the group. The increase is also attributable to increases in short-term
investments. At January 31, 1995, the Company had short-term
investments of $437,303 compared to only $155,151 at January 31, 1994.
Interest earned for the quarter ended October 31, 1995 decreased and
was $633 compared to $3,032 for the same period ending in 1994. The
decrease is primarily attributable to a decrease in interest recognized
on outstanding notes receivable.
Mineral Leases and Royalties:
For the quarter and nine month period ended October 31, 1995,
income from mineral leases and royalties was $32,766 and $91,475,
respectively. For the same quarter and nine month period ending in
1994, mineral leases and royalties were $9,196 and $26,630, respect-
ively. The increases in income for the 1995 periods are attributable to
an option executed on February 1, 1995 whereby an oil and gas lease was
granted on 555 acres for $55,461. The lease contains a three year
primary term. The increase in the 1995 period is also attributable to
the Company granting another oil and gas lease in February, 1995 on 274
acres for $20,528. This lease also has a three year primary term. The
Company also entered into a geophysical option agreement on April 1,
1995 for $10,166 covering 985 acres. The agreement expires March 31,
1996. Royalty income remained consistent for the 1995 and 1994 periods.
Gain on sale of Land:
The Company, for the nine month period ending October 31, 1994,
recognized a gain of $40,588 on the sale of 2.6 acres of bayou front
property. This property, located in St. Mary Parish, was not suitable
for growing sugarcane. For the three and nine month periods ending
October 31, 1995, the Company did not incur transactions involving
the sale of land.
Gain on the Sale of Depreciable Assets:
The Company, for the three and nine month periods ending October
31, 1995 recognized gains of $14,250 and $134,250, respectively,
from the sale of obsolete machinery and equipment. For the third
quarter ending October 31, 1994, the Company had no gains from the
sale of obsolete machinery and equipment. However, a gain of $499
was recognized for the nine month period ending in 1994.
I-9 -11-
<Page 12>
Other Revenues:
Other revenues decreased for the three and nine month periods ended
October 31, 1995 compared to the same periods in 1994 and were $441,521
for the nine month period ending October 31, 1995 and $463,743 for the
same period ending October 31, 1994. These revenues, which can vary
considerably from year to year, generally include amounts received for
the sale of scrap, permitting seismic surveys conducted for oil and gas
exploration on Company owned land and other miscellaneous items. For
the three month period ending October 31, 1994, other revenues included
$29,565 received for granting a pipeline right of way on approximately
.12 acres of land. Also, the Company received $221,086 from an insurance
claim settlement for losses resulting from mechanical equipment failure
during the 1993 processing season.
Cost of Products Sold:
Cost of products sold decreased for the three and nine month
periods ending October 31, 1995 and were $1,323,365 and $4,502,500,
respectively. For the nine month period ending in 1994, cost of
products sold was $10,441,210. Generally, cost of products sold are
relative to increases or decreases in sales for the period. However
for the 1994 period, costs included adjustments for variations in
market prices and estimated quantities.
General and Administrative Expenses:
General and administrative expenses decreased for the three and
nine month periods ended October 31, 1995 and were $141,233 and
$489,939, respectively. These expenses for the same periods ending in
1994 were $163,291 and $519,729, respectively. The decrease in these
expenses during the current periods is primarily the result of
reductions in miscellaneous expense items.
Interest Expense:
Interest expense decreased for the three and nine month periods
ending October 31, 1995 compared to the same periods in 1994 and were
$353,274 for the nine month period ending in 1995 and $420,452 for the
nine month period ending October 31, 1994. Although the Company
retired $514,714 of long-term debt during the current nine month period,
the decrease in interest expense is primarily the result of decreases
in short-term debt. At January 31, 1994, short- term debt outstanding
totaled $7,529,003 whereas at January 31, 1995 the Company had no
outstanding short-term debt.
Income Taxes:
The income tax expense (credit) for the three and nine month periods
ending October 31, 1995 and 1994 was recorded at the statutory rate of
38 percent which reflects the 34 percent federal corporate rate plus 4
percent state income taxes.
Liquidity and Capital Resources:
At October 31, 1995, the Company had working capital of $3,562,216
compared to $4,439,721 at January 31, 1995. The working capital ratios
were 1.5 to 1 and 2.0 to 1, respectively.
I-10 -12-
<Page 13>
For the 1995 crop, the Company incurred $2,144,284 for capital
improvements. A major portion of the capital improvements included
$1,519,000 for the expansion of the raw house and an electrical
substation. The expansion of the raw house is expected to increase the
average grinding rate for the 1995 crop to an excess of 9,000 tons of
cane per day. Thus far, the Company has sustained a 9,304 ton per day
average daily grinding rate after 64 days of the grinding season. The
Company presently predicts the season will go 82 days and process about
760,000 tons of cane up from 606,112 tons of cane processed for the
1994 crop which was processed in 74 days. As in past years, the
Company began making short-term loans during the idle season to fund
idle season costs, capital addtions, as well as, the first weeks of
grinding operations. The short-term funding requirement has not
exceeded $4,400,000 for the 1995 crop and is expected to be paid in
full by the end of the fiscal year.
Expenditures for Future Crops - Note B:
In order to match revenue and expenses, sugar and molasses sales
relating to the 1995 crop of $7,402,789 have been deferred. Sales
of $7,804,861 relating to the 1994 crop were deferred last year.
Processing for the 1995 crop began October 9, 1995 and for the 1994
crop processing began October 3, 1994. The increase in deferred
sales in 1994 is attributable to the Company shipping more raw sugar
during the month of October, 1994 compared to the same period in 1995.
In October, 1994, the Company had 29 grinding days compared to 23
grinding days in 1995.
Factory Deferred Costs:
Factory deferred costs decreased to $10,194,006 for the nine months
ended October 31, 1995 from $10,936,247 for the nine months ended
October 31, 1994. The decrease in deferred costs is primarily
attributable to a decrease in the amount of sugarcane processed as of
October 31, 1995 as compared to October 31, 1994. For the 1995 crop,
the Company has processed a total of 199,126 tons of cane compared to
229,358 tons of cane for the 1994 crop as of October 31, 1994.
Plantation Deferred Costs:
Plantation deferred costs were $508,738 for the nine month period
ending October 31, 1995 compared to $484,669 for the same period in
1994. The increase in the current period primarily results from the
Company incurring an increase in cultivation costs to improve the
cane crop on 1,192 acres of land farmed by the Company.
Land Preparation and Deferred Planting Costs:
Land preparation and deferred planting costs for the 1996 and 1995
crops have increased for the nine month period ending in 1995 and were
$164,286 for the period ending October 31, 1995 and $127,325 for the
period ending October 31, 1994. For the 1995 crop, the Company
maintained approximately 428 acres of fallow land. For the 1996 crop,
fallow land totaled approximately 327 acres. Although fallow acreage
has decreased from 1995 to 1996, the deferred land preparation and
planting costs have increased as a result of the Company incurring costs
to improve drainage systems and planting good quality seed cane.
I-11 -13-
<Page 14>
PART II - OTHER INFORMATION
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8K
(a) Exhibits - None
(b) Reports on Form 8K
No reports on Form 8K have been filed during the
quarter for which this report is filed.
II-1 -14-
<Page 15>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
STERLING SUGARS, INC.
---------------------
(REGISTRANT)
DATE December 13, 1995 By /S/ Craig P. Caillier
--------------------------- ------------------------
CRAIG P. CAILLIER
SENIOR VICE PRESIDENT
AND GENERAL MANAGER
DATE December 13, 1995 By /S/ Stanley H. Pipes
---------------------------- -------------------------
STANLEY H. PIPES
VICE PRESIDENT AND TREASURER
II-2 -15-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-31-1995
<PERIOD-END> OCT-31-1995
<CASH> 78452
<SECURITIES> 0
<RECEIVABLES> 6140355
<ALLOWANCES> 0
<INVENTORY> 3155014
<CURRENT-ASSETS> 11287375
<PP&E> 11864078
<DEPRECIATION> 1307402
<TOTAL-ASSETS> 24484698
<CURRENT-LIABILITIES> 7725159
<BONDS> 4093902
<COMMON> 2500000
0
0
<OTHER-SE> 9297182
<TOTAL-LIABILITY-AND-EQUITY> 24484698
<SALES> 5165170
<TOTAL-REVENUES> 5875917
<CGS> 4502500
<TOTAL-COSTS> 5345713
<OTHER-EXPENSES> 489939
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 353274
<INCOME-PRETAX> 530204
<INCOME-TAX> 201478
<INCOME-CONTINUING> 328726
<DISCONTINUED> 0
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<NET-INCOME> 328726
<EPS-PRIMARY> .13
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