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CAMPBELL REPORTS ANOTHER QUARTER OF RECORD EARNINGS

 CAMPBELL REPORTS ANOTHER QUARTER OF RECORD EARNINGS
 CAMDEN, N.J., May 13 /PRNewswire/ -- Campbell Soup Company


(NYSE: CPB) today reported record earnings for the third quarter, ended April 26, driven by strong volume gains in soup.
 Earnings per share for the third quarter rose 20 percent to 36 cents per share, compared with 30 cents per share for the comparable period of fiscal 1991. Net earnings also increased 20 percent to $91.5 million compared with $76.4 million last year. Net sales rose 3 percent to $1.54 billion, compared with $1.49 billion last year. Sales from continuing businesses were up 6 percent, excluding the effect of unfavorable exchange rates.
 Commenting on the third quarter results, David W. Johnson, president and chief executive officer, said, "This was a very good quarter considering the recession and generally drab competitive results. Our vital soup business grew strongly in the U.S., Canada and the U.K. We continue to spend aggressively on both advertising and promotion to support a wide array of new product initiatives."
 For the nine months ended April 26, net earnings rose 20 percent to $381.3 million, or $1.51 per share, from $316.8 million, or $1.25 per share. Sales for the nine months were $4.83 billion vs. $4.86 billion last year. Sales from continuing businesses increased 4 percent, excluding the effect of unfavorable exchange rates.
 Campbell North America
 Operating earnings in the third quarter rose 9 percent to $155.7 million from $143.2 million last year. Net sales increased 6 percent to $1.09 billion, from $1.03 billion last year. Sales from continuing businesses were up 7 percent. For the quarter, total soup volume climbed 11 percent above last year, driven by the acquisition of Sanwa Foods, a manufacturer of ramen noodles, and pricing and promotional activities in other key soup lines. Strong volume performances were also achieved in "V8" juices and "Prego" spaghetti sauces. Food Service products and "Godiva" chocolates were also up, and Campbell's new "Healthy Request" lines have received broad trade acceptance.
 Frozen food sales were down substantially as a result of heavy price competition in the category. Earnings were also lower because of heavy marketing support behind the national introduction of "LeMenu New American Cuisine" dinners and the rollout of other new products in the "Swanson" line.
 Campbell Biscuit and Bakery
 Operating earnings in the third quarter were up 11 percent, to $16.3 million, from $14.7 million last year. Sales rose 2 percent to $187.5 million, from $183.8 million last year. Pepperidge Farm sales increased 5 percent reflecting volume increases in the Biscuit unit, which introduced several new products, including "Soft Bake" cookies and "Campbell" crackers. "Wholesome Choice" cookies, introduced earlier in the year, continued to do well. Earnings at Arnotts Limited, an Australian biscuit company in which Campbell has a minority interest, rebounded substantially from last year.
 Campbell International
 Operating earnings in the third quarter declined to $8.9 million from $11.7 million last year. Sales were $271.9 million compared with $295.2 million. Sales from continuing businesses were up 3 percent, excluding the effect of unfavorable exchange rates. Strong earnings performances in Germany and Mexico were more than offset by declines in Argentina, and in the United Kingdom, where soup volume rose sharply but earnings were impacted by weakness in frozen foods and high advertising expenditures.
 CAMPBELL SOUP COMPANY
 Consolidated Statements of Earnings
 (Unaudited; millions except per-share amounts)
 Three months ended April 26 April 28 Percent
 1992 1991 Change
 Net sales $1,536.2 $1,490.8 3
 Costs and expenses:
 Cost of products sold 986.7 981.6
 Selling, general and
 administrative expenses 377.5 356.2
 Interest, net 21.7 20.5
 Total 1,385.9 1,358.3 2
 Earnings before taxes 150.3 132.5 13
 Taxes on earnings 58.8 56.1
 Net earnings $91.5 $76.4 20
 Per share:
 Net earnings $.36 $.30 20
 Dividends $.195 $.145
 Average shares outstanding
 (weighted) 251.3 253.1
 Nine months ended April 26 April 28 Percent
 1992 1991 Change
 Net sales $4,829.8 $4,855.9 (1)
 Costs and expenses:
 Cost of products sold 3,058.4 3,217.0
 Selling, general and
 administrative expenses 1,072.3 1,037.3
 Interest, net 70.2 67.0
 Total 4,200.9 4,321.3 (3)
 Earnings before taxes 628.9 534.6 18
 Taxes on earnings 247.6 217.8
 Net earnings $381.3 $316.8 20
 Per share:
 Net earnings $1.51 $1.25 21
 Dividends $.545 $.415
 Average shares outstanding
 (weighted) 251.9 254.0
 CAMPBELL SOUP COMPANY
 Consolidated Supplemental Schedule of Sales and Earnings
 (Unaudited; million dollars except per-share amounts)
 Three months ended April 26 April 28 Percent
 1992 1991 Change
 Sales
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $1,008.7 $948.5
 Campbell Canada 83.9 85.4
 Total 1,092.6 1,033.9 6
 Campbell Biscuit and Bakery
 Pepperidge Farm 141.0 134.4
 International Biscuit 46.5 49.4
 Total 187.5 183.8 2
 Campbell International 271.9 295.2 (8)
 Interdivision (15.7) (22.1)
 Total sales $1,536.3 $1,490.8 3
 Earnings
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $146.1 $134.4
 Campbell Canada 9.6 8.8
 Total 155.7 143.2 9
 Campbell Biscuit and Bakery
 Pepperidge Farm 13.4 12.9
 International Biscuit 2.9 1.8
 Total 16.3 14.7 11
 Campbell International 8.9 11.7 (24)
 Total operating earnings 180.9 169.6 7
 Unallocated corporate expenses (8.4) (19.7)
 Earnings before interest,
 translation and taxes 172.5 149.9 15
 Interest, net (21.7) (20.5)
 Foreign currency translation (.5) 3.1
 Taxes on earnings (58.8) (56.1)
 Net earnings $91.5 $76.4 20
 Net earnings per share $.36 $.30 20
 Nine months ended April 26 April 28 Percent
 1992 1991 Change
 Sales
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $3,190.8 $3,075.6
 Campbell Canada 263.0 278.7
 Total 3,453.8 3,354.3 3
 Campbell Biscuit and Bakery
 Pepperidge Farm 446.9 433.5
 International Biscuit 163.5 170.9
 Total 610.4 604.4 1
 Campbell International 820.2 948.9 (14)
 Interdivision (54.6) (51.7)
 Total sales $4,829.8 $4,855.9 (1)
 Earnings
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $602.3 $513.3
 Campbell Canada 31.8 29.6
 Total 634.1 542.9 17
 Campbell Biscuit and Bakery
 Pepperidge Farm 47.0 50.4
 International Biscuit 17.9 16.3
 Total 64.9 66.7 (3)
 Campbell International 30.2 29.7 2
 Total operating earnings 729.2 639.3 14
 Unallocated corporate expenses (28.9) (37.0)
 Earnings before interest,
 translation and taxes 700.3 602.3 16
 Interest, net (70.2) (67.0)
 Foreign currency translation (1.2) (.7)
 Taxes on earnings (247.6) (217.8)
 Net earnings $381.3 $316.8 20
 Net earnings per share $1.51 $1.25 21
 CAMPBELL SOUP COMPANY
 Consolidated Balance Sheets
 (Unaudited; million dollars)
 April 26, 1992 April 28, 1991
 Current assets $1,476.8 $1,551.0
 Plant assets, net 1,862.9 1,741.9
 Intangible assets, net 435.8 323.4
 Other assets 444.2 374.0
 Total $4,219.7 $3,990.3
 Current liabilities $1,158.8 $ 996.3
 Long-term debt 797.2 906.9
 Other liabilities, principally
 deferred income taxes 337.7 347.5
 Shareowners' equity 1,926.0 1,739.6
 Total $4,219.7 $3,990.3
 /delval/
 -0- 5/13/92
 /CONTACT: Leonard Griehs of Campbell Soup, 609-342-6428/
 (CPB) CO: Campbell Soup Company ST: New Jersey IN: FOD SU: ERN


KA -- PH002 -- 9456 05/13/92 07:59 EDT
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