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FLOWERS INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS; RAISES DIVIDEND

FLOWERS INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS; RAISES DIVIDEND
 THOMASVILLE, Ga., Jan. 10 /PRNewswire/ -- Flowers Industries, Inc. (NYSE: FLO) today reported sales and profits for the second quarter of fiscal year 1992.
 Amos R. McMullian, chairman of the board and chief executive officer, made the announcement at the regular quarterly meeting of Flowers' board of directors.
 Sales for the second quarter, which ended on Dec. 14, 1991, were $205,288,000 compared to $195,034,000 reported for the same period last year. Net income for the quarter was $5,449,000, vs. $4,731,000 reported last year. Fully diluted net income per share was $.16, compared to $.14 reported for the second quarter of fiscal 1991.
 For the first half of fiscal 1992, sales were $397,586,000 compared to $383,942,000 reported for the same period last year. Net income was $9,131,000 compared to last year's $9,137,000. Fully diluted net income per share for the first half of fiscal 1992 was $.27.
 At the quarterly meeting, Flowers' board of directors increased the quarterly dividend to $.175 per share. This dividend, the 50th consecutive quarterly increase, is payable on Feb. 7, 1992, to shareholders of record on Jan. 24.
 "We are pleased with the progress that Flowers Industries is making toward a solid recovery in sales and earnings," McMullian said in his comments on the second quarter. "Our cost control and manufacturing efficiency programs are beginning to bear fruit and our product line is expanding into more value-added products for sale through multiple distribution channels. We are optimistic that the remainder of fiscal 1992 will show strong improvement in our profitability and set a clear trend for fiscal 1993 and beyond."
 Flowers Industries, Inc. produces and markets a variety of specialty branded food products.
 FLOWERS INDUSTRIES, INC.
 OPERATING HIGHLIGHTS
 2ND QUARTER FY 1992
 (000s OMITTED)
 For the 12 weeks ended 12/14/91 12/15/90 Pct. chg.
 Net sales $ 205,288 $ 195,034 5.3
 Pre-tax income $ 8,860 $ 8,187 8.2
 Net income $ 5,449 $ 4,731 15.2
 Net income per share:
 Primary $ 0.16 $ 0.14 14.3
 Fully diluted $ 0.16 $ 0.14 14.3
 Average shares outstanding:
 Primary 34,154,932 33,934,457 0.6
 Fully diluted 34,174,980 33,939,309 0.7
 For the 24 weeks ended 12/14/91 12/15/90 Pct. chg.
 Net sales $ 397,586 $ 383,942 3.6
 Pre-tax income $ 14,847 $ 15,809 (6.1)
 Net income $ 9,131 $ 9,137 (0.1)
 Net income per share:
 Primary $ 0.27 $ 0.27 0.0
 Fully diluted $ 0.27 $ 0.27 0.0
 Average shares outstanding:
 Primary 34,079,865 34,261,615 (0.5)
 Fully diluted 34,098,177 34,264,388 (0.5)
 FLOWERS INDUSTRIES, INC.
 CONSOLIDATED BALANCE SHEET
 2ND QUARTER FY 1992
 (000s OMITTED)
 12/14/91 12/15/90
 ASSETS
 Current assets $ 138,579 $ 125,129
 Property, plant and equipment 276,628 269,933
 Other assets and deferred
 charges 36,222 42,517
 Cost in excess of net tangible
 assets 3,366 1,647
 Total assets $ 454,795 $ 439,226
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $ 80,790 $ 83,099
 Long-term notes payable 50,966 34,182
 Other long-term liabilities 1,678 3,818
 Industrial revenue bonds 18,191 18,509
 Convertible subordinated
 debentures 47,241 47,241
 Deferred income taxes 31,705 32,529
 Other deferred items 18,162 18,030
 Common stockholders' equity 206,062 201,818
 Total liabilities and
 stockholders' equity $ 454,795 $ 439,226
 -0- 1/10/92
 /CONTACT: C.M. Wood III, senior vice president and chief financial officer, or Mary Krier, of Flowers Industries, 912-226-9110/
 (FLO) CO: Flowers Industries, Inc. ST: Georgia IN: FOD SU: ERN DIV


BN-BR -- AT006 -- 8638 01/10/92 12:42 EST
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Date:Jan 10, 1992
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