AMERICAN CRYSTAL SUGAR CO /MN/

CIK:0000004828|SEC Filings

Consolidated Statements of Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	May 31, 2013	May 31, 2012	May 31, 2013	May 31, 2012
Consolidated Statements of Operations
Net Revenue	$ 403,145	$ 372,537	$ 1,207,488	$ 1,079,784
Cost of Sales	43,308	158,988	77,841	227,608
Gross Proceeds	359,837	213,549	1,129,647	852,176
Selling, General and Administrative Expenses	70,844	75,148	219,249	217,674
Accrued Continuing Costs	33,968	(15,660)	128,784	69,609
Operating Proceeds	255,025	154,061	781,614	564,893
Other Income (Expense):
Interest Income	11	2	58	21
Interest Expense, Net	(2,243)	(1,987)	(6,365)	(5,868)
Other, Net	21	(248)	(394)	(182)
Total Other Income (Expense)	(2,211)	(2,233)	(6,701)	(6,029)
Proceeds Before Income Tax Expense	252,814	151,828	774,913	558,864
Income Tax Expense	(613)	(663)	(4,199)	(5,646)
Consolidated Net Proceeds	252,201	151,165	770,714	553,218
Less: Net Proceeds Attributable to Noncontrolling Interests	(1,434)	(1,680)	(4,467)	(4,756)
Net Proceeds Attributable to American Crystal Sugar Company	250,767	149,485	766,247	548,462
Credited (Charged) to American Crystal Sugar Company's Members' Investments:
Non-Member Business Income	883	954	6,043	8,125
Net Credit to American Crystal Sugar Company's Members' Investments	883	954	6,043	8,125
Payments To/Due Members for Sugarbeets, Net of Unit Retains Declared	249,884	148,531	760,204	540,337
Total	$ 250,767	$ 149,485	$ 766,247	$ 548,462

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	May 31, 2013	May 31, 2012
Cash Provided By (Used In) Operating Activities:
Net Proceeds Attributable to American Crystal Sugar Company	$ 766,247	$ 548,462
Payments To/Due Members for Sugarbeets, Net of Unit Retains Declared	(760,204)	(540,337)
Add (Deduct) Non-Cash Items:
Depreciation and Amortization	49,280	49,412
Income from Equity Method Investees		(82)
Loss on the Disposition of Property and Equipment	475	299
Non-Cash Portion of Patronage Dividend from CoBank, ACB		(49)
Deferred Gain Recognition	(47)	(47)
Noncontrolling Interests	4,467	4,756
Changes in Assets and Liabilities:
Receivables	5,849	12,135
Inventories	(326,558)	(241,052)
Prepaid Expenses	(902)	(889)
Advances To/Due to Related Parties	(3,998)	2,992
Accounts Payable	(20,216)	1,058
Accrued Continuing Costs	128,784	69,609
Other Liabilities	(8,176)	(1,334)
Amounts Due Growers	54,478	(77,379)
Net Cash Used In Operating Activities	(110,521)	(172,446)
Cash Provided By (Used In) Investing Activities:
Purchases of Property and Equipment	(40,326)	(25,392)
Purchases of Property and Equipment Held for Lease	(1,534)	(2,154)
Proceeds from the Sale of Property and Equipment	10	1
Equity Refund from CoBank, ACB	1,157	1,266
Changes in Other Assets	(770)	(184)
Net Cash Used In Investing Activities	(41,463)	(26,463)
Cash Provided By (Used In) Financing Activities:
Net Proceeds from Short-Term Debt	186,621	230,810
Long-Term Debt Repayment	(280)	(5,765)
Payment of Unit Retains	(26,203)	(18,793)
Distributions to Noncontrolling Interests	(8,153)	(7,350)
Net Cash Provided By Financing Activities	151,985	198,902
Increase (Decrease) In Cash and Cash Equivalents	1	(7)
Cash and Cash Equivalents, Beginning of Year	123	127
Cash and Cash Equivalents, End of Period	124	120
Non-Cash Investing Activities:
Purchases of Property and Equipment not yet paid	$ (6,324)	$ (4,886)

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	May 31, 2013	Aug. 31, 2012	May 31, 2012
Current Assets:
Cash and Cash Equivalents	$ 124	$ 123	$ 120
Receivables:
Trade	71,644	72,314	70,770
Members	4,801	4,817	4,828
Other	775	5,938	1,332
Advances to Related Parties	36,922	34,619	26,488
Inventories	599,244	272,686	485,090
Prepaid Expenses	1,806	904	1,624
Total Current Assets	715,316	391,401	590,252
Property and Equipment:
Land and Land Improvements	88,826	88,186	84,054
Buildings	137,562	137,156	135,987
Equipment	1,037,026	1,023,625	999,006
Construction in Progress	26,773	9,353	14,041
Less Accumulated Depreciation	(890,632)	(852,369)	(854,471)
Net Property and Equipment	399,555	405,951	378,617
Net Property and Equipment Held for Lease	76,856	84,095	86,173
Other Assets:
Investments in CoBank, ACB	4,974	6,131	6,131
Investments in Marketing Cooperatives	82	82	1,326
Other Assets	11,994	11,820	11,951
Total Other Assets	17,050	18,033	19,408
Total Assets	1,208,777	899,480	1,074,450
Current Liabilities:
Short-Term Debt	297,261	110,640	297,007
Current Maturities of Long-Term Debt	300	280	280
Accounts Payable	28,371	54,911	29,813
Advances Due to Related Parties	3,612	5,307	2,127
Accrued Continuing Costs	128,784		69,609
Other Current Liabilities	44,277	50,055	42,952
Amounts Due Growers	153,837	99,359	83,507
Total Current Liabilities	656,442	320,552	525,295
Long-Term Debt, Net of Current Maturities	128,060	128,360	128,360
Accrued Employee Benefits	88,041	94,653	56,112
Advances Due to Related Parties	4,378	5,033
Other Liabilities	6,870	10,692	11,731
Total Liabilities	883,791	559,290	721,498
Commitments and Contingencies
Members' Investments:
Preferred Stock, Shares Outstanding: 498,570; 498,570 and 498,570	38,275	38,275	38,275
Common Stock, Shares Outstanding: 2,760; 2,760 and 2,764	28	28	28
Additional Paid-in Capital	152,261	152,261	152,261
Unit Retains	189,832	216,035	188,806
Accumulated Other Comprehensive Income (Loss)	(100,328)	(108,970)	(67,188)
Retained Earnings (Accumulated Deficit)	7,223	1,180	(1,590)
Total American Crystal Sugar Company Members' Investments	287,291	298,809	310,592
Noncontrolling Interests	37,695	41,381	42,360
Total Members' Investments	324,986	340,190	352,952
Total Liabilities and Members' Investments	$ 1,208,777	$ 899,480	$ 1,074,450