Corporate Foods Limited Reports Second Quarter Earnings.

TORONTO--(BUSINESS WIRE)--July 15, 1996--CORPORATE FOODS (TSE See Tokyo Stock Exchange.

TSE

1. See Tokyo Stock Exchange (TSE).

2. See Toronto Stock Exchange (TSE). :CFL CFL Canadian Football League ) Corporate Foods Limited today announced earnings for the second quarter ended June 15, 1996.

Net earnings for the first six months were $8.9 million ($0.42 per share) compared with $8.8 million ($0.42 per share) last year. Net earnings for the second quarter were $5.3 million ($0.25 per share) compared with $5.3 million ($0.25 per share) last year. Earnings from operations increased by 10.9 percent ($0.8 million) in the second quarter while associated company associated company associate n → Partnerfirma f

associated company n → società collegata earnings declined 38 percent.

Sales increased by 11.9 percent in the second quarter compared to last year, reflecting the acquisitions of Bella Pasta Inc., located in Stoney Creek, Ontario

''See also Stoney Creek (electoral district)

Stoney Creek was a municipality which is now part of Hamilton, Ontario, Canada after amalgamation by the province in 2001. This article will only deal with matters up to its amalgamation with Hamilton. , on April 15, 1996, and Venice Bakery, located in North Vancouver North Vancouver, city (1991 pop. 38,436), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver, of which it is a suburb. Shipbuilding, woodworking, and the shipping of grain, lumber, and ore are the chief industries. , B.C. on May 18, 1996 and price increases implemented late last year. Volume strengthened in the quarter as growth in frozen bakeries continued while the performance of the fresh bakeries was enhanced by seasonal increases in roll volume. David H. Lees, President and Chief Executive Officer, stated, "I am pleased with the growth through acquisitions in the first half of the year and the financial performance in light of unprecedented price increases in flour in all of our manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. ". Further price increases in bakery products are currently being implemented to help defray de·fray
tr.v. de·frayed, de·fray·ing, de·frays
To undertake the payment of (costs or expenses); pay.

[French défrayer, from Old French desfrayer : des-, these costs.

Total indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421.
2. increased to $56.6 million compared to $53.8 million last year, due to recent acquisition activity.

The Company declared a quarterly dividend of $0.06 per share, payable October 1, 1996 to shareholders of record September 13, 1996.

                     ($ Millions, Except Per Share Amounts)
                               12 Weeks Ended
                         June 15, 1996      June 17, 1995

Sales                            123.8              110.6

Net Earnings                       5.3                5.3

Net Earnings Per Share            0.25               0.25

                     ($ Millions, Except Per Share Amounts)
                               24 Weeks Ended
                         June 15, 1996      June 17, 1995

Sales                            233.0              212.5

Net Earnings                       8.9                8.8

Net Earnings Per Share            0.42               0.42

Corporate Foods Limited, which is 69 percent owned by Maple Leaf Foods Maple Leaf Foods TSX: MFI is a major Canadian food processing company.

The company was originally known as Maple Leaf. It was founded in 1927 as a merger of several major Toronto meat packers, most prominently William Davies Co. Inc., is Canada's leading manufacturer and distributor of fresh and frozen bakery products sold both under the Company's own brands and private label brands to the retail and food service industry.

CONTACT: Corporate Foods Limited, res/ent and Chief Executive

Officer, 416/622-2040

or

Corporate Foods Limited

Larry J. Palko, 416/626-4323

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Publication:	Business Wire
Date:	Jul 15, 1996
Words:	400
Previous Article:	MFC announces quarterly dividend.
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Topics:	Baked goods Baked goods industry Finance Baked products industry Finance

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