CPC INTL. REPORTS 16% 1ST QTR. GROWTH IN EARNINGS PER SHARE.

ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--April 17, 1995--CPC International Inc. today reported an advance in the company's first quarter earnings per common share of 16% to $.73, compared to $.63 per share in the same quarter of 1994. First quarter net income rose 13% to $111 million from $98.1 million for the same period last year. The results reflect strong operating gains in most areas of the business.

Worldwide Sales Rise 13%

CPC's first quarter worldwide sales rose 13% to $1.95 billion from $1.74 billion. Volume growth of 7.7%, about half of which came from acquisitions, was the chief factor in the sales gain. Favorable currency effects also contributed.

Operating income for the quarter was up 13%, to $217.5 million, compared to $192.7 million in the same period last year. Financing costs increased in the quarter on higher borrowing levels and interest rates. A slightly lower effective tax rate of 38.5%, compared with 39.5% for 1994, benefited results.

Chairman's Comments: "An Excellent Quarter"

Commenting on the first quarter results, C. R. Shoemate, chairman and chief executive officer, said, "This has been an excellent quarter for all of our international consumer foods operations and for our North American and Latin American corn refining businesses. By far the most important factor in the progress of all these operations was volume growth. This included a dramatic volume increase in Latin American corn refining, coming chiefly from the addition of a highly successful new product in Brazil, high maltose corn syrup for the brewing industry. Our Brazilian consumer foods business also posted outstanding results.

"After strong fourth quarter sales and volume growth in North America last year, Best Foods' first quarter sales increased 4%, while operating income declined 7.9%. The drop in operating income, however, needs to be seen in relation to an aggressive boost in marketing spending, up over 18%, and our new product launches. We introduced Hellmann's and Best Foods low fat mayonnaise during the first quarter, and are currently launching nationally Hellmann's and Best Foods One Step dressings. We expect that our businesses will benefit from the heavier first quarter spending later in the year."

Worldwide Sales of Consumer Foods Up 13%

CPC's worldwide sales of consumer foods in the first quarter advanced 13% to $1.65 billion compared to first quarter sales in 1994. First quarter operating income from consumer foods was 14% higher, advancing to $186.3 million.

Best Foods posted sales growth of 4% from growth in the Knorr business and from acquisitions. Volumes of specialty baking, Knorr, and Hispanic products as well as pasta were all higher, while Mazola corn oil volumes were significantly lower, after a solid increase in the fourth quarter of 1994. Volumes of Hellmann's mayonnaise and Skippy peanut butter declined more modestly.

Best Foods' operating income declined 7.9% as a result of the strengthened marketing expenditures previously discussed.

CPC's European consumer foods business recorded a sales gain of 14%, half of which was due to higher volumes from acquisitions, primarily the company's new business in South Africa. Operating income from European operations grew 13%, with most of the increase coming from existing businesses. The strength of European currencies, when translated into dollars, contributed importantly to the gains.

CPC's Latin American consumer foods business recorded first quarter sales growth of 20% and a 45% increase in operating income, compared to sales and earnings in a strong first quarter last year. The sales gains reflected 12% volume growth and healthy pricing levels. Higher volumes, combined with better margins, accounted for the advance in operating income.

In Mexico, where the value of the peso dropped substantially at the end of our first quarter, CPC's operations are performing strongly. The company expects that second quarter results in Mexico as well as the rest of Latin America will also be strong, although the first quarter Latin American gain levels are likely to moderate somewhat for the year as a whole, as the division boosts marketing expenditures.

CPC's Asian consumer foods operations posted a 26% sales gain. The company continues to invest aggressively in infrastructure, selling, and marketing in its new operations. As a result operating income increased only slightly for the quarter. CPC is currently renovating a plant in North China for production of Knorr products and mayonnaise. This is the company's second venture in China; in South China a newly-constructed CPC plant is now in operation.

Corn Refining Sales and Earnings Climb Steeply

First quarter sales of CPC's corn refining business rose 11.2%, on sharply higher volumes, while operating income rose 13%. North American corn refining operations posted a strong gain in operating income of 9.1%, resulting from good volumes and better margins. The Latin American corn refining business reported an operating income gain of 19% on the strength of sharply increased volumes, which overcame lower margins.

Looking ahead, the company's corn refining business expects to continue building its dynamic new business in high maltose corn syrup, extending the product from Brazil to other countries in Latin America.

ABOUT CPC INTERNATIONAL: With sales of over $7.4 billion, CPC International Inc. is among the largest U.S. food companies and ranks as one of the 100 largest industrial companies in the U.S. Consumer foods account for 84% of the company's total sales. Best known among CPC's U.S. products are: Hellmann's and Best Foods mayonnaise, Mazola corn oil and margarine, Skippy peanut butter, Thomas' English muffins, Arnold breads, Mueller's pasta products, Karo syrup, and Knorr sauces, soups, and bouillons. Deriving more than 60% of its sales from operations outside the U.S., CPC is one of the nation's most international food companies. CPC is also one of the largest corn refiners, with operations in North America and Latin America. Worldwide, CPC International has operations in 60 countries. -0-

CPC International Inc. and Subsidiaries
Consolidated Statements of Income
(All figures are in thousands
 except per share amounts)

                               Three Months Ended March 31,
                                      1995      1994

Net sales                         $1,954,611     $1,737,674

Cost of sales                      1,172,841      1,062,598
Operating expenses                   564,247        482,412
                                   1,737,088      1,545,010

Operating income                     217,523        192,664

Financing costs                       26,045         20,213

Income before income taxes           191,478        172,451
Provision for income taxes            73,719         68,118
                                     117,759        104,333

Minority stockholders' interest        6,712          6,243

Net income                          $111,047        $98,090

Average common shares
outstanding                          146,486        149,559

Earnings per common share based
on net income reduced by "ESOP"
preferred stock dividends net
of taxes                              $  .73         $  .63

Cash dividends declared
per common share                      $  .36         $  .34

This is an unaudited interim statement prepared by management and reflects all adjustments which are, in the opinion of management, necessary to a fair statement of results for the interim periods.

Englewood Cliffs, NJ, April 17, 1995 James E. Healey, Comptroller

CONTACT: CPC International Inc., Englewood Cliffs

Gale Griffin, 201/894-2407 (media contact);

John W. Scott, 201/894-2837 (investor contact)