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CURTICE BURNS REPORTS 3RD QUARTER F/93 SALES AND EARNINGS

 ROCHESTER, N.Y., April 27 /PRNewswire/ -- Curtice Burns Foods (AMEX: CBI), a food processor, today reported third quarter fiscal 1993 net earnings of $707,000 or $.08 per share, compared to $398,000 or $.05 per share one year ago. This is the fifth consecutive quarter of increased earnings per share from operations.
 For the nine months ending March 26, 1993, net earnings were up 5.5 percent, to $4,197,000, versus $3,977,000 in the prior year. Year-to- date, per share earnings rose to $.49 over last year's $.46. Net sales declines were experienced in the third quarter and in the first nine months of fiscal 1993, primarily as a result of the previously announced divestiture of business which did not fit Curtice Burns long-term strategic plan. Net sales for the quarter were $211,102,000, 5 percent less than last year's $222,034,000. Net sales for the nine months were $666,625,000, down from $680,259,000 last year.
 "All of our product lines were helped by a reduction in interest costs," Curtice Burns President J. William Petty said. "Two-thirds of this reduction came from lower rates and one-third from an aggressive program to manage capital usage. But beyond this interest benefit, the fact that Curtice Burns is a diversified company, not completely reliant upon cyclical commodities, provided insulation in total earnings against the negative pressures we continue to feel in three key areas: the national oversupply of frozen and canned vegetables, the national (international when Canada is included) excess capacity in bulk oats milling, and the increasingly competitive economics of the salty snack business. During this period, the principal positive contributors from this diversification were our branded pie fillings, our Northwest pickle business, and the impressive year-to-year operational turnaround in our can-making business.
 "As we continue to rebuild Curtice Burns earnings to historical levels, it is important to note that although we are focusing our efforts more tightly, we have not ceased the development and testing of new products and marketing programs. Our Nalley's U.S. division is currently in test market with a refrigerated version of Bernstein's salad dressing, and also with a 'no-stir' (non-separating) version of Adam's Natural Peanut Butter, which holds a large market share in the Northwest. Our Comstock Michigan Fruit division has just completed market testing of an improved pie filling, and is currently working on a 'joint venture' with Nalley's to introduce Bernstein's salad dressings into the Eastern United States."
 Curtice Burns Foods processes and markets 24 product lines of regional branded, private label and foodservice products through nine autonomously managed divisions and 55 plants and warehouses located throughout the United States and Western Canada.
 Curtice Burns Foods
 Consolidated Statement of Income
 (Unaudited)
 ($000 except share data)
 Quarter Ended
 3/26/93 3/27/92
 Net Sales $211,102 $222,034
 Earnings from Division Operations $ 2,262 $ 1,115
 Provision for Costs of Lucca
 Disposition --- ---
 Income before taxes $ 1,408 $ 747
 Net income $ 707 $ 398
 Net income per share $ .08 $ .05
 Avg. number of shares
 outstanding 8,614,558 8,571,712
 Nine Months Ended
 3/26/93 3/27/92
 Net Sales $666,625 $680,259
 Earnings from Division Operations $ 15,590 $ 13,509
 Provision for Costs of Lucca
 Disposition $ 2,152 ---
 Income before taxes $ 7,371 $ 7,269
 Net income $ 4,197 $ 3,977
 Net income per share $ .49 $ .46
 Avg. number of shares
 outstanding 8,594,827 8,698,720
 -0- 4/27/93
 /CONTACT: Bea Slizewski of Curtice Burns Foods, 716-383-1850/
 (CBI)


CO: Curtice Burns Foods, Inc. ST: New York IN: FOD SU: ERN

BM -- CL004 -- 1138 04/27/93 08:33 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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