Corporate Foods limited reports earnings for 1995.

TORONTO--(BUSINESS WIRE)--March 4, 1996--Corporate Foods (TSE: CFL) Corporate Foods Limited today announced earnings for the fourth quarter and for the 52 weeks ending December 30, 1995.

Net earnings for the 16 weeks ended December 30, 1995, increased to $8.0 million ($0.38 per share) from $7.8 million ($0.37 per share) for the same period last year.

While net earnings for the year of $21.9 million ($1.04 per share) were down from $22.3 million ($1.06 per share) in 1994, sales for the year increased 4.5 percent to $444.5 million and earnings from operations increased 8 percent to $32.7 million.

David H. Lees, President and Chief Executive Officer, stated that, "The small decline in net earnings for the year is a reflection of a decrease in equity earnings and increased interest costs resulting from our significant capital investments in 1994."

Lees said, "We achieved new records in product volumes, dollar sales and earnings from operations, in spite of unprecedented cost increases, particularly in flour and packaging."

The Company declared a quarterly dividend of $0.06 per share, payable April 1, 1996, to shareholders of record March 15, 1996. -0-

              ($ Millions, except per share amounts)

                    Fourth Quarter Ended         Year Ended
                     Dec. 30,   Dec. 31,    Dec. 30,   Dec. 31,
                       1995       1994        1995       1994

Sales                  $142.4    $134.5      $444.5     $424.8

Net Earnings             $8.0      $7.8       $21.9      $22.3

Net Earnings Per Share  $0.38     $0.37       $1.04      $1.06

Corporate Foods Limited, which is 69 percent owned by Maple Leaf Foods Inc., is Canada's leading manufacturer and distributor of bakery products sold both under the Company's own brands and private label brands to the retail and food service industries.

CONTACT: Corporate Foods Limited

David H. Lees, 416/622-2040

or

Corporate Foods Limited

Kathryn A. Welsh, 416/622-2040