Agribrands International, Inc. (NYSE: AGX) yesterday announced first quarter net earnings of $4.9 million compared to $13.9 million for the prior year. Diluted earnings per share for the quarter were $0.48 compared to $1.29 for the prior year. Excluding merger expenses and restructuring charges, operating profit for the current quarter was $14.5 million compared to $19.7 million for the same quarter last year.

On December 1, 2000, Agribrands and Cargill, Inc. entered into an Agreement and Plan of Merger, under which Cargill would acquire Agribrands in a cash merger at a price of $54.50 per share. Agribrands elected to terminate its prior merger agreement with Ralcorp Holdings, Inc. and, as a result, paid a $5 million termination fee to Ralcorp. The Company filed a preliminary proxy statement with respect to the Cargill merger with the SEC on January 9, 2001.

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Discussion and analysis of Agribrands’ financial condition and results of operations is available in the Company’s most recent Form 10-Q, which was filed with the Securities and Exchange Commission today. The report will be available free at the website maintained by the SEC, www.sec.gov .

Agribrands is a leading international manufacturer of animal feeds and agricultural products. 

                          AGRIBRANDS INTERNATIONAL, INC.

                  CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)

                   (Dollars in millions except per share data)

Quarter Ended
November 30,
2000 1999

Net Sales $302.0 $300.9
Costs and Expenses
Cost of products sold 245.4 240.3
Selling, general and administrative 42.1 40.9
Merger expenses 6.2 –
Interest 0.8 0.9
Provisions for restructuring 0.6 –
Other (income)/expense, net (0.8) (2.2)
294.3 279.9

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Earnings before Income Taxes 7.7 21.0
Income Taxes 2.8 7.1
Net Earnings $4.9 $13.9

Earnings Per Share
Basic $.50 $1.34
Diluted $.48 $1.29