SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 2001 - Commission File No. 0-17196
MIDWEST GRAIN PRODUCTS, INC.
(Exact Name of Registrant as Specified in Its Charter)
KANSAS 48-0531200
(State or Other Jurisdiction of IRS Employer
Incorporation or Organization) Identification No.
1300 Main Street, Atchison, Kansas 66002
(Address of Principal Executive Offices and Zip Code)
(913) 367-1480
(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 (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to the filing
requirements for at least the past 90 days. [X] Yes [ ] No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common stock, no par value
8,229,844 shares outstanding
as of May 1, 2001
INDEX
PART I. FINANCIAL INFORMATION Page
Item 1. Financial Statements
Independent Accountants' Review Report............................. 1
Condensed Consolidated Balance Sheets as of
March 31, 2001 and June 30, 2000................................... 2
Condensed Consolidated Statements of Income (Loss) for
the Three Months and Nine Months Ended March 31, 2001 and 2000..... 4
Condensed Consolidated Statements of Cash Flows for
the Nine Months Ended March 31, 2001 and 2000...................... 5
Note to Condensed Consolidated Financial Statements................ 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations................................ 7
Item 3. Quantitative and Qualitative Disclosures About Market Risk......... 11
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K................................... 12
Independent Accountants' Review Report
Board of Directors and Stockholders
Midwest Grain Products, Inc.
Atchison, Kansas 66002
We have reviewed the condensed consolidated balance sheets of MIDWEST GRAIN
PRODUCTS, INC. and subsidiaries as of March 31, 2001, and the related condensed
consolidated statements of income for the three-month and nine-month periods
ended March 31, 2001 and 2000, and the related condensed consolidated statements
of cash flows for the nine-month periods ended March 31, 2001 and 2000. These
financial statements are the responsibility of the Company's management.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that
should be made to the accompanying condensed consolidated financial statements
for them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of June 30, 2000, and the related
consolidated statements of income, stockholders' equity, and cash flows for the
year then ended (not presented herein); and, in our report dated August 1, 2000,
we expressed an unqualified opinion on those consolidated financial statements.
In our opinion, the information set forth in the accompanying condensed
consolidated balance sheet as of June 30, 2000, is fairly stated in all material
respects in relation to the consolidated balance sheet from which it has been
derived.
/s/ BAIRD, KURTZ & DOBSON
Kansas City, Missouri
April 25, 2001
MIDWEST GRAIN PRODUCTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
ASSETS
March 31, June 30,
2001 2000
-------------- --------------
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 6,396 $ 7,728
Receivables (less allowance for doubtful accounts of $252 23,475 30,272
Inventories 18,325 19,246
Prepaid expenses 2,485 1,617
Deferred income taxes 4,257 4,058
Refundable income taxes 158
------- -------
Total Current Assets 55,096 62,921
------- -------
PROPERTY AND EQUIPMENT, At cost 243,603 232,508
Less accumulated depreciation 149,631 139,737
------- -------
93,972 92,771
------- -------
OTHER ASSETS 87 87
------- -------
TOTAL ASSETS $ 149,155 $ 155,779
============ ===========
See Accompanying Notes to Condensed Consolidated Financial
Statements and Independent Accounts' Review Report
2
MIDWEST GRAIN PRODUCTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(In Thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31 June 30,
2001 2000
--------- ---------
(Unaudited)
CURRENT LIABILITIES
Notes payable $ 3,000
Current maturities of long-term debt 2,273 $ 2,273
Accounts payable 8,972 10,563
Accrued expenses 2,510 4,044
Income taxes payable 952
--------- ---------
Total Current Liabilities 16,755 17,832
--------- ---------
LONG-TERM DEBT 15,908 18,181
--------- ---------
POST-RETIREMENT BENEFITS 6,042 6,170
--------- ---------
DEFERRED INCOME TAXES 11,222 11,218
--------- ---------
STOCKHOLDERS' EQUITY
Capital stock
Preferred, 5% noncumulative, $10 par value; authorized
1,000 shares; issued and outstanding 437 shares 4 4
Common, no par; authorized 20,000,000 shares; issued
9,765,172 shares 6,715 6,715
Additional paid-in capital 2,485 2,485
Retained earnings 104,329 104,073
Accumulated other comprehensive loss
Cash flow hedges (300)
--------- ---------
113,233 113,277
Treasury stock, at cost
Common;
March 31, 2001 - 1,527,128 shares
June 30, 2000 - 1,181,775 shares (14,005) (10,899)
--------- ---------
99,228 102,378
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 149,155 $ 155,779
========= =========
See Accompanying Notes to Condensed Consolidated Financial
Statements and Independent Accounts' Review Report
3
MIDWEST GRAIN PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands)
THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
Three Months Nine Months
------------ -----------
2001 2000 2001 2000
--------- --------- --------- ---------
NET SALES $ 55,434 $ 57,656 $ 172,220 $ 172,593
COST OF SALES 52,893 51,610 160,761 156,367
--------- --------- --------- ---------
ROSS PROFIT 2,541 6,046 11,459 16,226
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 2,689 3,154 9,110 8,835
--------- --------- --------- ---------
(148) 2,892 2,349 7,391
OTHER OPERATING INCOME 14 1 19 45
--------- --------- --------- ---------
INCOME (LOSS) FROM OPERATIONS (134) 2,893 2,368 7,436
OTHER INCOME (LOSS)
Interest (348) (354) (996) (1,115)
Other 119 119 462 161
--------- --------- --------- ---------
INCOME (LOSS) BEFORE INCOME TAXES (363) 2,658 1,834 6,482
PROVISION (BENEFIT) FOR INCOME TAXES (145) 1,051 723 2,561
--------- --------- --------- ---------
NET INCOME (LOSS) $ (218) $ 1,607 $ 1,111 $ 3,921
========= ========= ========= =========
EARNINGS (LOSS) PER COMMON SHARE $ (0.03) $ 0.18 $ 0.13 $ 0.43
========= ========= ========= =========
DIVIDENDS PER COMMON SHARE $ 0.00 $ 0.00 $ 0.10 $ 0.00
========= ========= ========= =========
See Accompanying Notes to Condensed Consolidated Financial
Statements and Independent Accounts' Review Report
4
MIDWEST GRAIN PRODUCTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
NINE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,111 $ 3,921
Items not requiring cash:
Depreciation 10,076 10,095
Loss on sale of equipment 6 6
Changes in:
Accounts receivable 6,797 (3,380)
Inventories 426 706
Prepaid expenses (868) (276)
Accounts payable (1,241) (38)
Accrued expenses (1,662) (819)
Income taxes receivable/payable (1,110) 1,856
-------- --------
Net cash provided by operating activities 13,535 12,071
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (11,650) (4,594)
Proceeds from sale of equipment 17 6
-------- --------
Net cash used in investing activities (11,633) (4,588)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury stock (3,106) (5,162)
Net payments on long-term debt (2,273) (2,494)
Net proceeds from issuance of long-term debt 3,000
Dividends paid (855)
-------- --------
Net cash used in financing activities (3,234) (7,656)
-------- --------
DECREASE IN CASH AND CASH EQUIVALENTS (1,332) (173)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 7,728 4,054
-------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,396 $ 3,881
======== ========
See Accompanying Notes to Condensed Consolidated Financial
Statements and Independent Accounts' Review Report
5
MIDWEST GRAIN PRODUCTS, INC.
NOTE TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2001
(Unaudited)
NOTE 1: BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements
reflect all adjustments that are, in the opinion of the Company's management,
necessary to fairly present the financial position, results of operations and
cash flows of the Company. Those adjustments consist only of normal recurring
adjustments. The condensed consolidated balance sheet as of June 30, 2000 has
been derived from the audited consolidated balance sheet of the Company as of
that date. Certain information and note disclosures normally included in the
Company's annual financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. These condensed
consolidated financial statements should be read in conjunction with the
consolidated financial statements and notes thereto in the Company's Form 10-K
Annual Report for 2000 filed with the Securities and Exchange Commission. The
results of operations for the period are not necessarily indicative of the
results to be expected for the full year.
See Independent Accountants' Review Report
6
MIDWEST GRAIN PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001
RESULTS OF OPERATIONS
Overview
The Company incurred a net loss of $218,000 in the third quarter of fiscal
2001 compared to net income of $1,607,000 in the prior year's third quarter. The
loss was largely due to abnormally high energy costs resulting from a dramatic
rise in natural gas prices. Reduced sales of vital wheat gluten, wheat starch
and food grade alcohol were also affecting factors.
While natural gas prices currently remain higher than a year ago, they have
fallen substantially from third quarter prices, which reached record levels
during the first month of the quarter. Additionally, the Company is able to
satisfy a portion of the energy requirements at its Atchison, Kansas plant with
lower priced fuel oil, a situation that prevented energy costs from being
affected even more severely in the third quarter.
Reduced sales of vital wheat gluten in the third quarter occurred because the
Company elected to cut back production due to pricing pressures from
artificially low priced gluten imports from the European Union (E.U.).
Currently, the Company is seeing no change in this situation and, therefore, is
maintaining the reduced production levels. The Company expects that competitive
pressures from the E.U. would be even more intense but for a three-year-long
quota that was placed on gluten imports by former President Clinton in 1998. The
quota has helped reduce the extent of injuries caused to U.S. producers by
excess amounts of low priced gluten imports from subsidized E.U. producers.
The Company expects that the quota will remain in place until May 31, 2001
despite recent efforts by the E.U. to have it terminated before that date.
Although a recent ruling by the Appellate Body of the World Trade Organization
(WTO) confirmed a previous ruling that the safeguard action implementing the
quota was inconsistent with the United States' obligations under the WTO
Agreement on Safeguards, the U.S. has a reasonable period of time to bring its
safeguard action into conformity with such obligations. This is expected to
occur prior to the end of the current fiscal year's fourth quarter. The Company
believes that the President may not withdraw the safeguard before the U.S.
International Trade Commission (USITC) has had an opportunity to bring it into
conformity with the Appellate Body decision and, therefore, expects that the
present quota will remain in place until its scheduled May 31 termination date.
Additionally, the USITC has unanimously recommended a two-year extension of
the quota, following a request for an extension by the Wheat Gluten Industry
Council of the U.S. The recommendation is based on grounds that through
circumvention and similar tactics, E.U. producers have deliberately and
effectively prevented the U.S. wheat gluten industry from receiving the full
extent of relief that the quota intended. A decision as to whether an extension
will be granted is expected to be made by the President by May 31, 2001. If the
extension is not granted, the Company expects the U.S. market to be inundated
further with artificially low priced E.U. gluten imports.
Due principally to increased customer interest and the effects of intensified
marketing programs, demand for the Company's specialty wheat proteins continued
to strengthen during the third quarter. As a result, third quarter sales of
these products showed an improvement over the same period the prior year.
Produced for a variety of food and non-food applications, these value-added
products include dough enhancers, meat extenders and replacers, ingredients for
hair care and skin care systems, and bio-polymers for producing pet treats as
well as degradable, plastic-like items.
7
MIDWEST GRAIN PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001
As previously announced, the Company was recently named the successful bidder
on a state-of-the-art manufacturing facility owned by a Kansas City, Kansas firm
that entered Chapter 11 bankruptcy proceedings. The Company is using the
facility primarily for the production of Wheatex, Midwest Grain's unique line of
textured wheat proteins that are sold to enhance the flavor and texture of
vegetarian and extended meat products, as well as wheat-based bio-polymers.
Finalized in February at a cost of approximately $6.5 million, the purchase
replaces the Company's earlier plan to build a Wheatex plant at a similar cost.
The Company expects the acquisition will allow it to increase the production of
textured wheat proteins and bio-polymers at a more accelerated rate. Also, the
Company anticipates that, in addition to providing more space than was
incorporated into the design for a new plant, the facility will provide greater
flexibility for producing other lines of value-added specialty wheat proteins.
The Company's wheat starch sales for the third quarter were down partially
due to a delay in export shipments resulting from production related issues.
However, those issues have since been resolved and the Company expects that
starch sales in the final three months of fiscal 2001 should begin showing an
improvement.
Increased demand for fuel grade alcohol, or ethanol as it is commonly known,
drove up third quarter sales of this product compared to a year ago. The
heightened market interest was partially attributable to a recent proposal by
the Environmental Protection Agency to phase out MTBE, a competing fuel
oxygenate that is synthetically derived and has been shown to be harmful to
groundwater supplies. In response to the increased demand, the Company raised
fuel alcohol production levels, while also experiencing substantial upward price
adjustments. The Company also experienced improved selling prices for its food
grade alcohol. However, the unit volume of food grade alcohol for beverage uses
declined compared to a year ago due largely to the Company's decision to reduce
sales to export markets.
A program developed by the U.S. Department of Agriculture (USDA) and
initiated in December 2000 provides a two-year cash incentive for ethanol
producers who increase their grain usage by specified amounts to raise fuel
alcohol production. The Company presently satisfies the program's eligibility
requirements and began experiencing its effects in the third quarter.
Additionally, the installation of new distillery columns to replace older
equipment at the Company's Atchison, Kansas plant during the current year's
first quarter has allowed the Company to improve food grade alcohol production
efficiencies at that location. This project also is allowing the Company to
serve beverage alcohol customers with an even higher purity, higher quality
premium product. Just recently, the Company's Board of Directors approved a $2.1
million distillery improvement project at the Atchison plant. Expected to be
completed early in the third quarter of fiscal 2002, the project is designed to
enhance the Company's production capabilities for both food grade and fuel grade
alcohol.
Raw material costs for grain on a per bushel basis, although slightly higher
than they were a year ago, have continued to remain relatively low and,
therefore, should benefit production cost efficiencies throughout the Company's
entire operation in the current year's fourth quarter. However, that benefit is
expected to be partially offset by increased natural gas prices that, even
though reduced from their winter peaks during the third quarter, are expected be
at higher levels than were experienced during the prior year's fourth quarter.
The continued use of less expensive fuel oil to supply energy to a portion of
the Company's Atchison operations during this period should help soften that
impact. Meanwhile, the Company is exploring ways to make more efficient use of
its energy, both short-term and long-term, and is taking steps to further
enhance its risk management program.
8
MIDWEST GRAIN PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001
Sales
Net sales in the third quarter of fiscal 2001 decreased approximately $2.2
million below net sales in the third quarter of fiscal 2000. The decrease
resulted principally from lower sales of vital wheat gluten, wheat starch and
food grade alcohol, which offset increased sales of fuel grade alcohol.
Sales of vital wheat gluten dropped due to reductions in both unit sales and
selling prices. This decrease was partially offset by increased unit sales of
the Company's specialty wheat proteins. Wheat starch sales declined primarily
due to lower unit sales. Selling prices for wheat starch were approximately even
with selling prices experienced during the same period a year ago. Sales of food
grade alcohol fell primarily as the result of decreased unit sales for export in
the beverage market. This offset an increase in unit sales of food grade alcohol
for industrial uses, as well as improved selling prices in both the beverage and
industrial markets. Sales of fuel grade alcohol rose compared to a year ago as
the result of slightly higher unit sales and substantially higher prices caused
by increased demand. Sales of distillers' feed, the principal by-product of the
Company's alcohol production process, were above the prior year's third quarter
level due to increased unit sales.
Net sales for the first nine months of fiscal 2001 decreased by approximately
$373,000 below net sales for the first nine months of fiscal 2000. This resulted
from lowered sales of vital wheat gluten for all nine months of fiscal 2001, and
reduced sales of wheat starch and food grade alcohol for beverage applications
in the second and third quarters. These decreases offset increased fuel alcohol
sales in all three quarters of fiscal 2001 and higher sales of food grade
alcohol for industrial uses in the first and third quarters.
Cost of Sales
The cost of sales in the third quarter of fiscal 2001 rose by approximately
$1.3 million above the cost of sales for the same period the prior year. This
principally was due to a significant increase in energy costs resulting from
higher natural gas prices, which more than offset a decrease in raw material
costs for grain. The decrease in raw material costs was partially the result of
lower unit sales combined with the previously discussed incentive program
developed by the USDA.
For the first nine months of fiscal 2001, the cost of sales increased by
approximately $4.4 million above costs of sales for the first nine months of
fiscal 2000. This was largely attributable to higher energy costs that were
experienced throughout that entire period. Non-recurring costs related to the
final installation of new distillation equipment at the Company's Atchison plant
in the first quarter also contributed to the increase. Lower raw material costs
for grain partially offset the higher costs resulting from the above.
In connection with the purchase of raw materials, principally corn and wheat,
for anticipated operating requirements, the Company enters into commodity
contracts to reduce or hedge the risk of future grain price increases.
Additionally, the Company uses gasoline futures to hedge fuel alcohol sales
contractually sold at prices fluctuating with gasoline futures. For the third
quarter of fiscal 2001, raw material costs included a net hedging loss of
$25,000 on contracts compared to a net hedging loss of $836,000 on contracts for
the third quarter of fiscal 2000. For the first nine months of fiscal 2001, raw
material costs included a net hedging loss of $355,000 on contracts compared to
a net hedging loss of $1,204,000 for the first nine months of the prior year.
9
MIDWEST GRAIN PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001
Selling, General and Administrative Expenses
Selling, general and administrative expenses in the third quarter of fiscal
2001 were approximately $465,000 lower than selling, general and administrative
expenses in the third quarter of fiscal 2000. The decrease was due largely to a
reduction in costs associated with employee-related benefits.
Selling, general and administrative expenses for the first nine months of
fiscal 2001 increased by approximately $275,000 above selling, general and
administrative costs for the first nine months of the prior year. This was
principally due to various factors, including increased marketing-related
expenses, industry-related fees and higher technology costs, mainly in the first
half of the year.
The consolidated effective income tax rate is consistent for all periods. The
general effects of inflation were minimal.
Net Income
As the result of the foregoing factors, the Company incurred a net loss of
$218,000 in the third quarter of fiscal 2001 versus net income of $1,607,000 in
the third quarter of fiscal 2000. For the first nine months of fiscal 2001, the
Company had net income of $1,111,000 compared to a net income of $3,921,000 for
the first nine months of fiscal 2000.
LIQUIDITY AND CAPITAL RESOURCES
The following table is presented as a measure of the Company's liquidity and
financial condition:
March 31, June 30,
2001 2000
------------- --------
Cash and cash equivalents $ 6,396 $ 7,728
Working capital 38,341 45,089
Amounts available under lines of credit 16,000 23,000
Notes payable and long-term debt 21,181 20,454
Stockholders equity 99,228 102,378
Inventory and receivable levels are lower than the levels at June 30, 2000
due to lower sales. Short-term liquidity has been impacted by additions to
property and equipment ($11.6 million), purchases of the Company's common stock
($3.1 million) and dividends ($.9 million). Property and equipment additions
included the $6.5 million acquisition of the new facility for the production of
Wheatex.
10
MIDWEST GRAIN PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001
The Company made open market purchases of 345,353 shares of its common stock
during the nine-month period. These purchases were made to fund the Company's
stock option plans and for other corporate purposes. As of March 31, 2001, the
Board has authorized the purchase of an additional 472,872 shares of the
Company's common stock.
At March 31, 2001, the Company had $4.7 million committed to improvements and
replacements of existing equipment. Included in this amount is the previously
discussed $2.1 million distillery improvement project at the Atchison plant.
The Company has been approved by Kansas City, Kansas for the issuance of
Industrial Revenue Bonds in the amount of $8.0 million to finance its new
Wheatex production facility. The Company anticipates completing its financing by
July 31, 2001. A portion of the proceeds will be used to repay borrowings made
under the Company's line of credit facility to finance the facility's
acquisition.
The Company continues to maintain a strong working capital position and a low
debt-to-equity ratio while generating strong earnings before interest, taxes and
depreciation. Management believes this strong financial position and available
lines-of-credit will allow the Company to effectively expand its production of
specialty products as well as supply customer needs for all its other products.
FORWARD-LOOKING INFORMATION
This report contains forward-looking statements as well as historical
information. Forward-looking statements are identified by or are associated with
such words as "intend," "believe," "estimate," "expect," "anticipate," "hopeful"
and similar expressions. They reflect management's current beliefs and estimates
of future economic circumstances, industry conditions, Company performance and
financial results, and are not guarantees of future performance. The
forward-looking statements are based on many assumptions and factors including
those relating to grain prices, energy costs, product pricing, competitive
environment and related market conditions, operating efficiencies, access to
capital and actions of governments. Any changes in the assumptions or factors
could produce materially different results than those predicted and could impact
stock values.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company produces its products from wheat, corn and milo and, as such, is
sensitive to changes in commodity prices. Grain futures and/or options are used
as a hedge to protect against fluctuations in the market. The information
regarding inventories and futures contracts at June 30, 2000, as presented in
the annual report, is not significantly different from March 31, 2001.
11
MIDWEST GRAIN PRODUCTS, INC.
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
15.1 Letter from independent public accountants pursuant to
paragraph (d) of Rule 10-01 of Regulation S-X (incorporated
by reference to Independent Accountants' Review Report at
page 1 hereof).
15.2 Letter from independent public accountants concerning the use
of its Review Report in the Company's Registration Statement
No. 333-51849.
99 Press Release dated May 7, 2001 (w/o financial statements).
(b) Reports on Form 8-K
The Company has filed no reports on Form 8-K during the quarter
ended March 31, 2001.
12
MIDWEST GRAIN PRODUCTS, INC.
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.
MIDWEST GRAIN PRODUCTS, INC.
Date: May 9, 2001 By /s/ Ladd M. Seaberg
Ladd M. Seaberg, President
and Chief Executive Officer
Date: May 9, 2001 By /s/ Robert G. Booe
Robert G. Booe, Vice President
and Chief Financial Officer
13
EXHIBIT INDEX
Exhibit
No. Description
15.1 Letter from independent public accountants pursuant to paragraph
(d) of Rule 10-01 of Regulation S-X (incorporated by reference to
Independent Accountants' Review Report at page 1 hereof).
15.2 Letter from independent public accountants concerning the use of
its Review Report in the Company's Registration Statement No.
333-51849.
99 Press Release dated May 7, 2001 (w/o financial statements).
14