UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

 

ý  Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the period ended November 30, 2003

 

Commission file number:  33-83868

 

 

AMERICAN CRYSTAL SUGAR COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

 

101 North Third Street

Moorhead, Minnesota  56560

(Address of principal executive offices)

 

Telephone Number (218) 236-4400

(Registrant’s telephone number, including area code)

 

 

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.

 

 

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in rule 12b-2 of the Act).

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

 

 

AMERICAN CRYSTAL SUGAR COMPANY

 

FORM 10-Q

 

INDEX

 

 

PART I		FINANCIAL INFORMATION
	ITEM 1.	CONSOLIDATED FINANCIAL STATEMENTS
		CONSOLIDATED BALANCE SHEETS
		CONSOLIDATED STATEMENTS OF OPERATIONS
		CONSOLIDATED STATEMENTS OF CASH FLOWS
		NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
	ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
	ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
	ITEM 4.	DISCLOSURE CONTROLS
PART II		OTHER INFORMATION
	ITEM 1.	LEGAL PROCEEDINGS
	ITEM 2.	CHANGES IN SECURITIES AND USE OF PROCEEDS
	ITEM 3.	DEFAULTS UPON SENIOR SECURITIES
	ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	ITEM 5.	OTHER INFORMATION
	ITEM 6.	EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

AMERICAN CRYSTAL SUGAR COMPANY

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

 

ASSETS

 

		November 30						August 31, 2003*
		2003			2002
Current Assets:
Cash and Cash Equivalents		$	846		$	28		$	859
Accounts Receivable:
Trade		65,662			60,404			64,056
Members		2,582			2,631			3,993
Other		3,617			3,764			4,403
Advances to Related Parties		9,070			7,022			4,891
Inventories		530,179			407,554			130,981
Prepaid Expenses		6,133			5,553			7,062
Total Current Assets		618,089			486,956			216,245
Property and Equipment:
Land		39,518			36,095			39,393
Buildings		90,206			88,854			90,181
Equipment		795,917			775,108			794,416
Construction-in-Progress		4,646			6,942			4,989
Less: Accumulated Depreciation		(596,521		)	(559,619		)	(586,167		)
Net Property and Equipment		333,766			347,380			342,812
Net Property and Equipment Held for Lease		167,932			—			170,446
Other Assets:
Investments in CoBank, ACB		20,618			15,089			21,685
Investments in Marketing Cooperatives		5,186			2,594			6,166
Investments in ProGold Limited Liability Company		—			41,516			—
Investments in Crystech, LLC		15,597			1,358			15,330
Notes Receivable - Crystech, LLC		—			13,905			—
Other Assets		48,109			30,550			37,067
Total Other Assets		89,510			105,012			80,248
Total Assets		$	1,209,297		$	939,348		$	809,751

 

The Accompanying Notes are an Integral Part of These Consolidated Financial Statements.

 

* Derived from Audited Financial Statements.

 

1

 

AMERICAN CRYSTAL SUGAR COMPANY

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

 

LIABILITIES AND MEMBERS’ INVESTMENTS

 

		November 30						August 31, 2003*
		2003			2002
Current Liabilities:
Short-Term Debt		$	247,332		$	194,751		$	49,989
Current Maturities of Long-Term Debt		21,067			18,045			11,282
Accounts Payable		26,189			26,824			23,192