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ESKIMO PIE CORPORATION REPORTS RECORD EARNINGS FOR 1992

 RICHMOND, Va., Feb. 16 /PRNewswire/ -- Eskimo Pie Corporation (NASDAQ-NMS: EPIE) today reported net income of $4,549,000 for the year ended Dec. 31, 1992, up 21 percent from $3,749,000 for 1991. Earnings per share for the twelve months ended Dec. 31, 1992 increased 14 percent to $1.29 per share on average outstanding shares of 3,538,000 from $1.13 per share on average outstanding shares of 3,316,000 for 1991.
 Net income for the fourth quarter of 1992 increased 25 percent to $238,000 compared with $190,000 for the same time period in 1991. For the fourth quarter of 1992, on average outstanding shares of 3,609,000, earnings per share increased 17 percent to $0.07 per share compared to $0.06 per share on average outstanding shares of 3,316,000 for the comparable period of 1991.
 Net sales increased 3 percent for the 12 months ended Dec. 31, 1992 to $62,878,000 from $60,955,000 for 1991. Sales for the fourth quarter of 1992 were $9,220,000 compared to $8,309,000 for the same time period in 1991, which represents an increase of 11 percent for the quarter.
 David V. Clark, president and chief executive officer, stated that "1992 was an historic year for Eskimo Pie Corporation. Through an initial public offering in March of 1992, we became an independent, publicly held company after being a subsidiary of Reynolds Metals Company since 1924. Even with the challenges of taking the Company public, we are very pleased to be able to report record earnings and sales in our first year as a public company."
 Headquartered in Richmond, the Company markets branded frozen novelties, including its Eskimo Pie line of products and, under a licensing agreement, Welch's fruit juice bars, through a national network of licensed manufacturers. This spring, the Company will also begin to market, through licensing agreements, two new frozen novelty brands, introducing Ghirardelli Ice Cream Bars and Tootsie Roll Pops.
 ESKIMO PIE CORPORATION
 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 (In thousands except per share data)
 Three Months Ended Twelve Months Ended
 December 31 December 31
 1992 1991 1992 1991
 Net sales $9,220 $8,309 $62,878 $60,955
 Cost of sales 5,395 5,128 35,183 35,889
 Gross profit 3,825 3,181 27,695 25,066
 Advertising and sales
 promotion 1,960 1,328 12,821 11,809
 General and
 administrative 1,566 1,566 7,691 7,660
 Operating income 299 287 7,183 5,597
 Interest income 76 209 374 933
 Interest expense (13) (13) (72) (48)
 Other - net (29) (196) (91) (371)
 Income before income
 taxes 333 287 7,394 6,111
 Income taxes 95 97 2,845 2,362
 Net income $238 $190 $4,549 $3,749
 Weighted average number
 of common shares
 outstanding 3,609,087 3,316,478 3,537,933 3,316,478
 Net income per
 share $0.07 $0.06 $1.29 $1.13
 Cash dividends per
 common share (A) -- -- $4.52 $0.20
 (A) On March 17, 1992, the Company paid a special cash dividend of $4.52 per share to stockholders of record on Feb. 28, 1992.
 -0- 2/16/93
 /CONTACT: J.L. Cheatham, Eskimo Pie Corporation, 804-560-8446/
 (EPIE)


CO: Eskimo Pie Corporation ST: Virginia IN: FOD SU: ERN

CM -- CH001 -- 6696 02/16/93 08:30 EST
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Date:Feb 16, 1993
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