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ARDEN REVISES TAX TREATMENT OF SECOND AND THIRD QUARTER RESULTS

 ARDEN REVISES TAX TREATMENT OF SECOND AND THIRD QUARTER RESULTS
 MINNEAPOLIS, Dec. 13 /PRNewswire/ -- Arden International Kitchens, Inc. (NASDAQ: AIKI), today reported that a misinterpretation of accounting practices regarding the handling of net operating loss carryforwards and business tax credits caused them to incorrectly state previously reported net income figures for both the second and third quarters of 1991. The misinterpretation arose because of the differences in accounting treatment of the items for tax and financial reporting. The effects of the accounting entries made at this time reduce net income after tax by $50,500 and $78,000 in the second and third quarters, respectively. The company now reports year to date net earnings through the third quarter of $415,063 rather than the previously announced $545,563.
 R. Stephen Tanner, chief executive officer, said, "We understood that these loss carryforwards and business tax credits would not be up until well into the fourth quarter. It is important to note, however, that these corrections are of an accounting nature only, do not affect cash and, more importantly, do not diminish the excellent sales and operating profits we have posted to date.
 "We still anticipate that fourth quarter sales increases in the 10-15 percent range will provide another record year for Arden in both revenues and profits."
 Arden International Kitchens, Inc., headquartered in Lakeville, Minn., produces and markets frozen prepared food entrees for the food service industry. Annual sales are projected to reach approximately $19 million in 1991.
 The company's stock is traded on the national over-the-counter market under the symbol AIKI.
 ARDEN INTERNATIONAL KITCHENS, INC.
 REVISED THIRD QUARTER FINANCIAL SUMMARY
 (Unaudited)
 Three Months Ended Nine Months Ended
 9/28/91 9/29/90 9/28/91 9/29/90
 Net sales $4,866,562 $4,445,128 $13,931,443 $11,378,176
 Net income 156,672 157,828 415,063 340,859
 Common shares
 outstanding at the
 end of quarter 3,008,073 2,970,773 3,008,073 2,970,773
 Earnings per share $.05 $.05 $.14 $.11
 -0- 12/13/91
 /CONTACT: Brian E. MacKenzie of Arden International Kitchens,
 612-469-2000/
 (AIKI) CO: Arden International Kitchens, Inc. ST: Minnesota IN: SU: ERN


AL -- MN012 -- 2383 12/13/91 12:58 EST
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Publication:PR Newswire
Date:Dec 13, 1991
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