CFP Holdings Inc. Reports Results for the Quarter Ended Sept. 30, 1999.

PHILADELPHIA--(BUSINESS WIRE)--Nov. 2, 1999--

CFP Holdings Inc., a leading developer, manufacturer and marketer of value-added meat and poultry products, Tuesday announced the following financial results for the quarter ended Sept. 30, 1999. -0-

                           Quarter Ended           Six Months Ended
                              Sept. 30,                Sept. 30,
($ in millions)         1998     1999            1998     1999

Sales                  $45.1    $51.2  13.5%    $89.3    $98.7  10.5%
Net (Loss)
 Income before
 Extraordinary
 Loss                  $(0.2)   $ 0.6   400%    $(1.4)   $ 0.8   157%
Extraordinary Loss       --       --    --      $(1.0)     --    N/A
Net (Loss) Income      $(0.2)   $ 0.6   400%    $(2.5)   $ 0.8   132%
EBITDA                 $ 5.9    $ 7.0  18.6%    $10.7    $13.4  25.2%
Terminated
 Transaction
 Related Costs           --       --    --      $ 0.3      --    N/A
Adjusted EBITDA        $ 5.9    $ 7.0  18.6%    $11.0    $13.4  21.8%

The company reported net income for the quarter ended Sept. 30, 1999, of $0.6 million compared with prior year quarters net loss of $0.2 million. The company's considerable improvement in net income reflects an increase in sales of the company's higher margin value-added products and the positive impact of lower selling, general and administrative expenses.

EBITDA was $7.0 million for the quarter ended Sept. 30, 1999, compared with $5.9 million for the quarter ended Sept. 30, 1998, representing an increase of 18.6 percent. This increase is due to the aforementioned increase in sales of the company's higher margin value-added products and the positive impact of improved operations.

"We are extremely pleased with our quarterly results, which reflect significant gains from our sales initiatives and infrastructure improvements across both of our divisions. We are confident that we will continue to recognize the positive benefits of increased sales and improved operations," said William Del Chiaro, president and chief executive officer of CFP Holdings.

Eric W. Ek, senior vice president and chief financial officer, said, "We are extremely pleased with our financial progress, as evidenced by our 18.6 percent increase in EBITDA for the quarter when compared to the prior year's quarter and our 169 percent increase in net income when compared to the quarter ended June 30, 1999."

"We are also pleased to announce that Dr. Ahmed Z. Daoud has joined CFP Group as director of technical services. Dr. Daoud, who was previously with Jac Pac Foods, has more than 20 years' combined experience in the areas of product and business development, technical services and account relations. We are looking forward to the value Dr. Daoud will provide to the company and our customers," added Del Chiaro.

Note: The company has scheduled a conference call for investors to discuss the quarterly results on Tuesday, Nov. 2, 1999, at 2 p.m. ET. The dial-in number is 800/245-3043 and the dial-in code is CFP.

CFP Holdings is a leading developer, manufacturer and marketer of value-added meat and poultry products sold to the food service industry and manufacturers of packaged foods.

This statement includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations ("Cautionary Statements") are disclosed in the company's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission and in this statement. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements.