FPI Limited - Report on the Second Quarter Results (Public Holding Company of Fishery Products International Limited) (Part 2 of 2 - Financial Tables).

ST. JOHN'S, Newfoundland--(BUSINESS WIRE)--July 30, 1996--FPI LIMITED(TSE, ME: FPL ) -0-

Consolidated Balance Sheet                   (unaudited)
                                       June 29,        July 1,
                                     ---------      ---------
(thousands of dollars)                    1996           1995

ASSETS
   Current assets                      181,057        218,201
   Property, plant and equipment        66,464         77,364
   Other assets      Other assets       13,945         10,949
                                     ---------      ---------
                                       261,466        306,514
                                     ---------      ---------

LIABILITIES AND SHAREHOLDERS' EQUITY
   Current liabilities                  88,955        128,732
   Long-term debt                       27,727         29,088
   Shareholders' equity                144,784        148,694
                                     ---------      ---------
                                       261,466        306,514
                                     ---------      ---------

Consolidated Operations          (unaudited)

                  Thirteen Weeks Ended  Twenty Six Weeks Ended
                    June 29,   July 1,    June 29,     July 1,
(thousands of dollars) 1996      1995        1996        1995
-------------------------------------------------------------

SALES               151,487   149,330     314,280     309,080
Cost of goods sold  138,349   138,286     286,485     279,451
                   --------  --------    --------    --------
Gross profit         13,138    11,044      27,795      29,629
Commission income       874     1,255       1,550       1,628
                   --------  --------    --------    --------
                     14,012    12,299      29,345      31,257
                   --------  --------    --------    --------
Administrative and
 marketing expenses   9,935     9,915      20,046      20,389
Depreciation and
 amortization         2,025     2,172       4,082       4,528
Interest on
 bank indebtedness      306     1,149       1,015       1,956
Interest on
 long-term debt         785       820       1,609       1,685
Provision for
 profit sharing         119      (175)        259         273
                   --------  --------    --------    --------
                     13,170    13,881      27,011      28,831
                   --------  --------    --------    --------

Income (loss) before
 income taxes           842    (1,582)      2,334       2,426
Income taxes
 (recovery)             353      (647)        770         315
                   --------  --------    --------    --------
NET INCOME (LOSS)       489      (935)      1,564       2,111
                   --------  --------    --------    --------

PER COMMON SHARE
  Net income (loss)    0.03     (0.06)       0.10        0.13
  Average common
   shares outstanding
   (thousands)       16,433    16,421      16,433      16,421

Changes in Consolidated Financial Position
                  Thirteen Weeks Ended  Twenty Six Weeks Ended
                    June 29,   July 1,    June 29,     July 1,
(thousands of dollars) 1996      1995        1996        1995
-------------------------------------------------------------
Operating activities:
  Net income (loss)     489      (935)      1,564       2,111
  Add (deduct) items
  not affecting
  working capital:
    Depreciation and
     amortization     2,025     2,172       4,082       4,528
    Gain on disposal
     of property,
     plant and
     equipment            -        12      (2,321)         31
    Restructuring costs   -         -       2,300           -
                   --------  --------    --------    --------
  Cash generated from
   operations before
   the undernoted     2,514     1,249       5,625       6,670
  Changes in non-cash
   working capital
   balances related
   to operations:
    Accounts
     receivable       6,979     8,065       6,879       3,577
    Inventory        (7,895)  (15,240)      8,519     (26,389)
    Prepaid expenses    901       315         256      (1,554)
    Accounts payable
     and accrued
     liabilities        852    (9,456)      2,347      (7,972)
                   --------  --------    --------    --------
  Cash provided by
   (applied to)
   operations         3,351   (15,067)     23,626     (25,668)
                   --------  --------    --------    --------
Investing activities:
    Additions to property,
     plant and
     equipment       (3,798)   (2,252)     (6,354)     (7,455)
    Proceeds on disposal
     of property, plant
     and equipment      562       (11)      5,264       1,469
    Notes receivable
     on sale of property,
     plant and equipment 52       (40)        530         456
    Net change
     in other assets   (174)     (782)       (704)     (1,029)
    Other                49      (477)          8        (477)
    Changes in accounts
     payable related to
     capital additions    -    (1,236)          -           -
                   --------  --------    --------    --------
  Cash applied to
   investing
   activities        (3,309)   (4,798)     (1,256)     (7,036)
                   --------  --------    --------    --------
Financing activities:
    Repayment of
     long-term debt       -      (103)     (2,597)     (2,462)
    Net proceeds from
     issue of
     common shares        8         4          65          26
                   --------  --------    --------    --------
  Cash provided by
   (applied to)
   financing activities   8       (99)     (2,532)     (2,436)
                   --------  --------    --------    --------
Increase (decrease)
 in cash position
 during the period       50   (19,964)     19,838     (35,140)
Cash position, beginning
 of period          (43,182)  (64,927)    (62,970)    (49,751)
                   --------  --------    --------    --------
CASH POSITION,
 END OF PERIOD      (43,132)  (84,891)    (43,132)    (84,891)
                   --------  --------    --------    --------

Certain amounts on the financial statements for 1995 have been
reclassified to conform with the presentation adopted for 1996.

-0-

CONTACT: Victor L. Young

Chairman and Chief Executive Officer, 709/570-0000

709/570-0479 (Fax)