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CURTICE BURNS REPORTS 3RD QUARTER SALES AND EARNINGS

 CURTICE BURNS REPORTS 3RD QUARTER SALES AND EARNINGS
 ROCHESTER, N.Y., April 23 /PRNewswire/ -- Curtice Burns Foods (AMEX: CBI), a food processor, today reported third quarter fiscal 1992 net earnings of $398,000 or $.05 per share. This compares to a loss of $156,000 or $.02 per share in the third quarter last year, resulting in a threefold increase in per share earnings. Net sales for the quarter were $222,034,000, down 2.9 percent from $228,567,000 one year ago.
 For the nine months ended March 27, 1992, net earnings were $3,977,000, or $.46 per share, down from $4,885,000 or $.56 per share in the same period last year. This represents an 18.6 percent drop in earnings. Net sales in the nine month period were $680,259,000, down 4.6 percent from last year's $713,689,000.
 "The upturn in the quarter's earnings," said Curtice Burns President David J. McDonald, "reflects the many cost reduction programs implemented in the last few months. For example, compared to the same period last year, overhead expenses dropped $4.5 million. On the downside, our private label vegetables still face earnings pressures due to the general oversupply situation.
 "During the quarter, only two divisions failed to outperform last year...Meat Snacks and Finger Lakes Packaging. Aggressive programs to reverse the sales problems of CB Meat Snacks are in place, but to date have not had the desired impact on earnings. With one time expansion costs behind us, however, the Finger Lakes Packaging division is expected to turn around by fiscal 1993.
 "On a year-to-year basis, our Nalley's U.S. and Canadian divisions are earning at record levels and earnings for Comstock Michigan Fruit are at the highest levels since 1987."
 Curtice Burns Foods processes and markets 26 product lines of regional branded, private label and foodservice products through nine autonomously managed divisions and 58 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 Nine Months Ended
 3/27/92 3/29/91 3/27/92 3/29/91
 Net sales $222,034 $228,567 $680,259 $713,689
 Income Before Taxes $ 747 $ 137 $ 7,269 $ 8,631
 Net Income/(Loss) $ 398 $ (156) $ 3,977 $ 4,885
 Net Income/(Loss)
 per share $ .05 $ (.02) $ .46 $ .56
 Average Number of
 Shares Outstanding 8,571,712 8,876,322 8,698,720 8,752,111
 -0- 4/23/92
 /CONTACT: Bea Slizewski of Curtice Burns Foods, 716-383-1998/
 (CBI) CO: Curtice Burns Foods ST: New York IN: FOD SU: ERN


SM -- CL003 -- 1685 04/23/92 09:19 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
Words:447
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