FPI Limited - report on third quarter results (Part II of II - tables).

ST. JOHN'S, Newfoundland--(BUSINESS WIRE)--Oct. 30, 1995-- FISHERY PRODUCTS (TSE, ME:FPL) -0-

FPI Limited
Consolidated Balance Sheet

(unaudited)                September 30,         October 1,
(thousands of dollars)           1995                 1994
_____________________________________________________________
                                                    (Restated

ASSETS                                              - note 1)
  Current assets                  220,318             194,641
  Property, plant and equipment    69,298              71,397
  Other assets                     13,227              12,897
                                 ________            ________
                                  302,843             278,935
                                 ________            ________

LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities             124,404             105,575
  Long-term debt                   30,651              31,532
  Shareholders' equity (note 2)   147,788             141,828
                                 ________            ________

                                  302,843             278,935
                                 ________            ________

Consolidated Income
(unaudited)
(thousands of dollars)

             Thirteen Weeks Ended   Thirty-Nine Weeks Ended
           September 30, October 1,  September 30,  October 1,
                  1995       1994          1995         1994
_____________________________________________________________
                           (Restated                 (Restated
                            - note 1)                 - note 1)

SALES         161,146       169,911      470,223      491,865
Cost of
 goods
 sold         148,173       153,517      427,629      442,749
             ________      ________     ________     ________

Gross
 profit        12,973        16,394       42,594       49,116
Commission
 income           980         1,556        2,608        3,699
             ________      ________     ________     ________

               13,953        17,950       45,202       52,815

Administrative and marketing
 expenses       9,964         9,805       30,210       30,081

Depreciation and
 amortization   2,107         1,894        6,638        5,951

Interest on bank
 indebtedness   1,475           922        3,500        2,177

Interest on long-term
 debt             773           962        2,458        2,969

Loss (gain) on translation of
 accounts of integrated foreign operations
 (note 2)         (21)          544           13         (659)

Gain on disposal of property, plant and
 equipment       (113)          (27)         (82)        (288)

Provision for profit
 sharing          (35)          385          238        1,231
             ________      ________     ________     ________

               14,150        14,485       42,975       41,462
             ________      ________     ________     ________

Income (loss) before income
 taxes           (197)        3,465        2,227       11,353

Income taxes       49           200          362        1,130
             ________      ________     ________     ________

NET INCOME
 (LOSS)          (246)        3,265        1,865       10,223
             ________      ________     ________     ________

PER COMMON SHARE
  Net income
   (loss)       (0.01)         0.20         0.11         0.62
  Average common shares outstanding
   (thousands) 16,423        16,420       16,423       16,418

FPI Limited
Changes in Consolidated Financial Position
(unaudited)
(thousands of dollars)

                     Thirteen Weeks Ended  Thirty-Nine Weeks Ended
                          Sept. 30, Oct. 1,   Sept. 30, Oct. 1,
                             1995    1994       1995     1994
_____________________________________________________________

                                    (Restated        (Restated

Operating activities:                - note 1)        - note 1)
  Net income (loss)            (246)   3,265     1,865   10,223
Add (deduct) items not
affecting working capital:
  Depreciation and
   amortization               2,107    1,894     6,638    5,951
  Gain on disposal of property,
   plant and equipment         (113)     (27)      (82)    (288)
  Other                        (461)     (82)     (453)     479
                              ______   ______    ______   ______

Cash generated from operations
 before the undernoted        1,287    5,050      7,968  16,365

Changes in non-cash working
 capital balances related
 to operations:
  Accounts receivable        (8,266)   2,585     (4,671) (7,075)
  Inventory                   6,304    8,351    (20,182) (7,711)
  Prepaid expenses              294      690     (1,273)   (278)
  Accounts payable and
    accrued liabilities      (7,485)  (7,259)   (15,412) (6,390)
                              ______   ______    ______   ______

Cash (applied to) provided
  by operations              (7,866)   9,417    (33,570) (5,089)
                              ______   ______    ______   ______

Investing activities:
  Additions to property, plant
   and equipment               (836)    (583)    (8,290) (3,926)
  Proceeds on disposal of
   property, plant and
   equipment                  8,789      366     10,258   7,978
  Accounts receivable on
   sale of property, plant
   and equipment             (4,849)    (339)    (4,425) (2,530)
  Net change in other assets   (259)    (335)    (1,671)   (320)
                              ______   ______    ______   ______

Cash (applied to) provided
 by investing activities      2,845     (891)    (4,128)  1,202
                              ______   ______    ______   ______

Financing activities:
  Issue of long-term debt     5,000        -      5,000       -
  Repayment of long-term debt(3,065)  (3,263)    (5,527) (5,448)
  Net proceeds from issue
   of common shares               8       10         35      22
                              ______   ______    ______   ______
-Cash (applied to) provided by
 financing activities         1,943   (3,253)      (492) (5,426)
                              ______   ______    ______   ______

(Decrease) increase in cash
 position during the period  (3,078)   5,273    (38,190) (9,313)
Cash position, beginning
 of period                  (84,894) (57,040)   (49,782)(42,454)
                              ______   ______    ______   ______

CASH POSITION, END OF PERIOD(87,972) (51,767)   (87,972)(51,767)
                              ______   ______    ______   ______

Notes:

1) Effective January 1, 1995, the Company changed its method, as
required by the Canadian Institute of Chartered Accountants, of
accounting for its investment in a joint venture from the equity
method to the proportionate consolidation method.  The change has
been applied retroactively and accordingly, comparative figures have
been restated to conform with the new method.  As a result, the
previously reported balances for Joint Venture Obligations and Equity
in Loss of Joint Venture have been reclassified, with no change to
previously reported retained earnings or net income.

2) On October 2, 1994 the Company changed its method used to
translate its US operations from that used to translate integrated
operations to that used for self-sustaining operations.  The change
was given effect in the fourth quarter - 1994 and has been accounted
for prospectively.

CONTACT: Victor L. Young

Chairman and Chief Executive Officer

St. John's, Newfoundland

[phone]