USA: Ag Services announces second quarter results
Ag Services of America, Inc. (NYSE:ASV) yesterday announced that net revenues for the three months ended August 31, 2001 increased to $110.3 million compared to $103.5 million one year ago. Net earnings for the quarter was $2.0 million, or $0.37 per diluted share compared to $2.7 million, or $0.50 per diluted share for the same period last year. Decreased interest rates reduced earnings on invested capital and negatively affected an interest rate swap agreement for the second quarter of Fiscal 2002. Net revenues for the six months ended August 31, 2001 increased 6% to $274.5 million from $259.3 million one year ago. Net income for the first six months of Fiscal 2002 was $3.9 million, or $0.70 per diluted share, compared to $5.9 million, or $1.06 per diluted share for the first six months of Fiscal 2001. These results were slightly better than the Company initially indicated.
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