UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the period ended May 31, 2002
Commission file number: 33-83868
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AMERICAN CRYSTAL SUGAR COMPANY |
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(Exact name of registrant as specified in its charter) |
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Minnesota |
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84-0004720 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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101 North Third Street |
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(Address of principal executive offices) |
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Telephone Number (218) 236-4400 |
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(Registrant’s telephone number, including area code) |
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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, and (2) has been subject to such filing requirements for the past 90 days.
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YES |
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NO |
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class of Common Stock |
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Outstanding
at |
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$10 Par Value |
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3,035 |
AMERICAN CRYSTAL SUGAR COMPANY
FORM 10-Q
INDEX
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
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AMERICAN CRYSTAL SUGAR COMPANY
(Unaudited)
(Dollars in Thousands)
ASSETS
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May 31 |
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August 31, |
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2002 |
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2001 |
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2001* |
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Current Assets: |
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Cash and Cash Equivalents |
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$ |
21 |
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$ |
26 |
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$ |
5,902 |
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Accounts Receivable: |
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Trade |
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60,315 |
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67,681 |
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67,332 |
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Members |
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3,716 |
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3,230 |
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3,300 |
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Other |
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839 |
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889 |
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1,553 |
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Advances to Related Parties |
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15,786 |
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5,944 |
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14,924 |
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Inventories |
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268,692 |
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274,488 |
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104,269 |
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Prepaid Expenses |
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3,637 |
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2,099 |
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2,758 |
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Total Current Assets |
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353,006 |
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354,357 |
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200,038 |
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Property and Equipment: |
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Land |
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32,940 |
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31,179 |
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32,511 |
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Buildings and Equipment |
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842,216 |
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831,624 |
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839,431 |
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Construction-in-Progress |
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4,593 |
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7,088 |
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1,453 |
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Less: Accumulated Depreciation |
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(546,926 |
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(511,285 |
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(510,015 |
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Net Property and Equipment |
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332,823 |
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358,606 |
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363,380 |
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Other Assets: |
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Investments in CoBank, ACB |
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15,772 |
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15,676 |
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15,676 |
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Investments in Marketing Cooperatives |
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2,294 |
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3,352 |
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1,638 |
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Investments in ProGold Limited Liability Company |
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40,350 |
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38,559 |
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38,533 |
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Investments in Crystech, LLC |
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1,416 |
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1,489 |
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1,545 |
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Notes Receivable - Crystech, LLC |
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13,905 |
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13,905 |
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13,905 |
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Long-Term Prepaid Pension Expense |
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8,156 |
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3,423 |
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3,231 |
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Other Assets |
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3,949 |
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2,029 |
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3,499 |
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Total Other Assets |
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85,842 |
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78,433 |
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78,027 |
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Total Assets |
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$ |
771,671 |
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$ |
791,396 |
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$ |
641,445 |
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The Accompanying Notes are an Integral Part of These Financial Statements.
* Derived from Audited Financial Statements.
1
AMERICAN CRYSTAL SUGAR COMPANY
Balance Sheets
(Unaudited)
(Dollars in Thousands)
LIABILITIES AND MEMBERS’ INVESTMENTS
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May 31 |
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August 31, |
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2002 |
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2001 |
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2001* |
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Current Liabilities: |
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Short-Term Debt |
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$ |
136,787 |
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$ |
134,264 |
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$ |
13,963 |
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Current Maturities of Long-Term Debt |
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19,045 |
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18,930 |
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19,070 |
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Accounts Payable |
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5,970 |
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7,076 |
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19,775 |
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Advances Due to Related Parties |
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5,762 |
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5,786 |
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3,568 |
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Accrued Continuing Costs (see note 3) |
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79,529 |
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93,220 |
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— |
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Other Current Liabilities |
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17,208 |
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16,064 |
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15,555 |
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Amounts Due Members |
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49,947 |
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52,806 |
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82,766 |
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Total Current Liabilities |
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314,248 |
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