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CURTICE BURNS REPORTS FIRST QUARTER FISCAL 93 SALES AND EARNINGS

 CURTICE BURNS REPORTS FIRST QUARTER FISCAL 93 SALES AND EARNINGS
 ROCHESTER, N.Y., Oct. 27 /PRNewswire/ -- Curtice Burns Foods (AMEX: CBI), a food processor, today reported first quarter fiscal 1993 net earnings of $1,337,000 or $.16 per share. This reflects a 21.5 percent increase over the same period last year when earnings were $1,100,000 or $.12 per share. Net sales for the quarter were $215,739,000 down slightly from $216,038,000 one year ago.
 "We are still impacted by many of the same conditions that have affected us for the last several quarters," said Curtice Burns President David J. McDonald, "including the industry-wide oversupply problems in our commodity vegetable business, the over-capacity situation and decline in industrial oat sales and the intensely competitive environment in the snack food industry. And, with aggressive marketing programs in place, sales at our Meat Snacks division still dropped below last year's.
 "Yet, in spite of these conditions, our earnings rose 21.5 percent. This was driven largely by two factors: a very good performance by some of our regional brands and a strong turnaround in our can making operations. Our pie filling business was up almost 15 percent in dollar sales and our Nalley's division reached an all-time earnings record, driven by record earnings on their salad dressing line.
 "With the first quarter of fiscal 1993 behind us, we are disappointed that we have not yet returned to historic earnings. But at the same time, we are pleased to see those portions of our business over which we do have control growing, in volume and profitability."
 Curtice Burns Foods processes and markets 25 product lines of regional branded, private label and foodservice products through nine autonomously managed divisions and 56 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
 9/25/92 9/27/91
 Net Sales $ 215,739 $ 216,038
 Income Before Taxes $ 2,207 $ 2,039
 Net Income $ 1,337 $ 1,100
 Net Income Per Share $ .16 $ .12
 Average Number of Shares
 Outstanding 8,583,798 8,910,291
 -0- 10/27/92
 /CONTACT: Bea Slizewski of Curtice Burns Foods, 716-383-1850/
 (CBI) CO: Curtice Burns Foods ST: Ohio IN: FOD SU: ERN


BM -- CL004 -- 5184 10/27/92 08:35 EST
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Publication:PR Newswire
Date:Oct 27, 1992
Words:392
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