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FLOWERS REPORTS RECORD SALES AND SHARPLY INCREASED EARNINGS FOR FISCAL YEAR 1992

 FLOWERS REPORTS RECORD SALES AND SHARPLY INCREASED
 EARNINGS FOR FISCAL YEAR 1992
 THOMASVILLE, Ga., July 31 /PRNewswire/ -- Flowers Industries, Inc. (NYSE: FLO) today reported sharply increased profits on record sales volume in fiscal 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 fiscal 1992, which ended June 27, were $879,193,000, an increase of 7 percent over the $824,805,000 reported for fiscal 1991. Net income increased 32 percent to $31,665,000 from the $24,045,000 reported last year. Net income per share was $.92, a 30 percent increase over the $.71 reported a year ago.
 Sales for the fourth quarter of fiscal 1992 were $279,796,000, a 10 percent increase over the $253,803,000 reported for the same quarter a year ago. Net income was $15,695,000, a 49 percent increase over the $10,560,000 reported last year. Net income per share was $.44, an increase of 42 percent over the $.31 reported for the fourth quarter a year ago.
 In other action taken at the quarterly meeting, Flowers' board of directors voted to increase the quarterly dividend to $.18 per share from $.1775 paid last quarter. This dividend increase is the 52nd consecutive quarterly dividend increase for Flowers. The new annual rate of $.72 represents an increase of 6 percent over the $.68 annual rate in effect a year ago. The dividend is payable on Sept. 11 to shareholders of record on Aug. 28.
 McMullian noted that on July 17, Flowers issued a call for redemption of all of $47,241,000 of its 8-1/4 percent Convertible Subordinated Debentures due 2005. He pointed out that a conversion of the debentures into common equity would further strengthen the company's balance sheet. He reminded holders of these debentures that there are several important dates involved in this redemption that they must consider:
 -- The record date for the Sept. 1 interest payment is Aug. 15. Debenture holders of record on that date will receive the scheduled interest payment.
 -- The redemption date for all debentures is Aug. 19. This is the last date on which the debentures may be tendered for conversion into Flowers Industries, Inc. common stock at $16 per share or 62.5 common shares for each $1,000 face amount of debentures.
 -- The record date for the dividend on the common stock is Aug. 28.
 -- Debenture holders of record on Aug. 15 who elect to convert the debentures into common stock on or before Aug. 19 will collect the Sept. 1 interest payment and will be entitled to receive the common stock dividend declared today if they are shareholders of record on Aug. 28.
 In his comments on the fourth quarter and fiscal 1992 results, McMullian said he was pleased with the progress the company made in expanding its sales base, controlling costs, and reestablishing its growth momentum this past year.
 "We have worked through several difficult years and are now well situated operationally and financially to experience several years of solid internal growth," he said. "This will be augmented by external growth through acquisitions that will broaden and extend our product mix. We are excited about the future. Our cash flow is strong and our balance sheet continues to provide a stable base from which we can grow operationally."
 McMullian added that the company is looking forward to fiscal 1993 and beyond. "The first quarter of fiscal 1993 will continue to show improvement in sales and earnings and we believe the trends established will continue throughout the rest of the year and into the next," he said. "Flowers Industries intends to build rapidly on its revenue and profit base as it expands into major new areas of growth in the packaged-food industry."
 Flowers Industries, Inc. produces and markets a variety of specialty branded food products.
 FLOWERS INDUSTRIES, INC.
 OPERATING HIGHLIGHTS
 4TH QUARTER FY 1992
 (000s OMITTED)
 For the 16 weeks ended 6/27/92 6/29/91 Pct. chg.
 Net sales $ 279,796 $ 253,803 10.2
 Pre-tax income $ 23,269 $ 16,645 39.8
 Net income $ 15,695 $ 10,560 48.6
 Net income per share:
 Primary $ 0.44 $ 0.31 41.9
 Fully diluted $ 0.44 $ 0.31 41.9
 Average shares outstanding
 Primary 34,661,232 33,824,275 2.5
 Fully diluted 37,640,945 33,846,024 11.2
 For the 52 weeks ended 6/27/92 6/29/91 Pct. chg.
 Net sales $ 879,193 $ 824,805 6.6
 Pre-tax income $ 49,236 $ 39,799 23.7
 Net income $ 31,665 $ 24,045 31.7
 Net income per share:
 Primary $ 0.92 $ 0.71 29.6
 Fully diluted $ 0.92 $ 0.71 29.6
 Average shares outstanding
 Primary 34,350,116 34,039,845 0.9
 Fully diluted 37,325,834 34,063,352 9.6
 FLOWERS INDUSTRIES, INC.
 CONSOLIDATED BALANCE SHEET
 4TH QUARTER FY 1992
 (000s OMITTED)
 6/27/92 6/29/91
 ASSETS
 Current assets $ 142,995 $ 124,421
 Property, plant and equipment 277,632 273,061
 Other assets and deferred
 charges 36,136 35,789
 Cost in excess of net tangible
 assets 5,350 1,634
 Total assets $ 462,113 $ 434,905
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $ 99,082 $ 86,680
 Long-term notes payable 32,495 27,808
 Other long-term liabilities 1,367 1,678
 Industrial revenue bonds 15,661 17,191
 Convertible subordinated
 debentures 47,241 47,241
 Deferred income taxes 30,660 31,110
 Other deferred items 17,457 16,887
 Common stockholders' equity 218,150 206,310
 Total liabilities and
 stockholders' equity $ 462,113 $ 434,905
 -0- 7/31/92
 /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


BR-EA -- AT006 -- 5568 07/31/92 11:38 EDT
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Date:Jul 31, 1992
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