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CED-81-113 1 (1981-05-29)

handle is hein.gao/gaobabbzf0001 and id is 1 raw text is: -'UNITED STTSGENERAL ACCOUNTING OFFICE 5:373 >A. 4},'i' WASHINGTON, D.C. 20548 COMMUNITY AND ECONOMIC DEVELOPMENT DIVISION MAY 29, 1981 B-203445 The Honorable Thomas J. Downey The Honorable Frank J. Guarini 115373 The Honorable James M. Shannon House of Representatives Subject: LGross and Net Income of Major U.S. Sugar Cane and Beet Producers (CED-81-113) Your May 1981 letter asked us to report the gross and net incomes of the Nation's major sugar cane and beet producers from annual public reports and financial statements for 1978, 1979, 1980, and 1981. You stipulated that for the purpose of your inquiry sugar cane and beet producers should be considered to be those companies that grow and process cane or beets--not refiners of cane sugar. In addition, you requested that we limit our work to major corporations (other than cooperatives) that are required to file annual reports with the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934. Also, as agreed, we have not attempted to obtain 1981 data because the companies have not yet filed annual finan- cial statements for 1981. We obtained information on three sugar cane and three sugar beet producers that, according to a U.S. Department of Agriculture (USDA) official, accounted for about 39 oercent of the 1980 U.S. domestic (excluding Puerto Rico) sugar production, raw value. The enclosure shows each company's gross income (hereafter referred to as revenues) and net income. As you are aware, the data may have limited usefulness. All of the companies are diversified by product or process, and there- fore the revenues and net income figures do not necessarily represent profitability from growing and processing cane or beet sugar. These companies are involved in different business lines, such as corn sweeteners, citrus, rice, cattle, real estate, and merchandising. In addition, some companies only process the cane or beets and do not grow them, while others refine cane sugar. On May 28, 1981, we provided you with a copy of each company's recent (1980) annual stockholders report and Form 10K--Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934--totaling over 500 pages of data. (097590) O'?~ $

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