FPI Ltd. (Public Holding Company of Fishery Products International Ltd.) report on fourth-quarter and year-end results (Part 2 of 2 -- Financial Tables).

ST. JOHN'S, Newfoundland--(BUSINESS WIRE)--Feb. 27, 1995-- Fishery Products International Ltd. (TSE/ME:FPL) -0-

                  CONSOLIDATED BALANCE SHEET
                  (in thousands of dollars)
                          (audited)

                                        Dec. 31,      Dec. 31,
                                            1994          1993
---------------------------------------------------------------
ASSETS   Current assets                  195,038       179,728
         Property, plant
           and equipment                  71,448        76,694
         Other assets (1)                 16,229        11,508
---------------------------------------------------------------
                                         282,715       267,930
---------------------------------------------------------------

LIABILITIES and Current liabilities      103,237       104,008
 SHAREHOLDERS'  Long-term debt (1)        32,244        28,540
 EQUITY         Joint venture
                  obligations (1)             --         3,875
                Shareholders' equity (2) 147,234       131,507
---------------------------------------------------------------
                                         282,715       267,930
---------------------------------------------------------------

                     CONSOLIDATED INCOME
                  (in thousands of dollars)

                         13 Weeks Ended         52  Weeks Ended
                           (unaudited)             (audited)
                       Dec. 31,  Dec. 31,      Dec. 31,  Dec. 31,
                       1994         1993       1994         1993
----------------------------------------------------------------

SALES                173,734     151,108    664,697      601,179
Cost of goods sold   155,491     137,233    597,446      549,844
----------------------------------------------------------------

Gross profit          18,243      13,875     67,251       51,335
Commission income        946         586      4,645        2,789
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                      19,189      14,461     71,896       54,124
Administrative
   and marketing
    expenses          10,733       8,851     40,639       32,975
Depreciation
 and
 amortization          2,345       1,946      8,184       10,040
Interest on bank
  indebtedness           648         697      2,805        2,734
Interest on
  long-term debt         737         870      3,090        3,933
Equity in loss
 of joint venture        209         363      1,074        1,027
Gain on translation
  of accounts of
   of integrated
   foreign
    operations (2)        (9)        (32)      (733)      (1,005)

Loss (gain) on
  disposal of
   property, plant
   and equipment         106        (716)      (155)        (959)

Provision for
 profit sharing          453        (109)     1,684           --
----------------------------------------------------------------
                      15,222      11,870     56,588       48,745
----------------------------------------------------------------

Operating income
  before the
   following           3,967       2,591     15,308        5,379

Unusual item              --          --         --      (20,000)
----------------------------------------------------------------
Income (loss)
  before income
   taxes               3,967       2,591     15,308      (14,621)
Income taxes             309         377      1,427          746
----------------------------------------------------------------
NET INCOME (LOSS)      3,658       2,214     13,881      (15,367)
----------------------------------------------------------------

PER COMMON SHARE
  Net income (loss)     0.22        0.13       0.85       (0.94)
  Average common shares
   outstanding
   (thousands)        16,420      16,415     16,418      16,413

NOTE:  Certain amounts on the statements of Consolidated Income
and Changes in Consolidated Financial Position for 1993 have been
reclassified to conform with the presentation adopted for 1994.

-0-
            CHANGES IN CONSOLIDATED FINANCIAL POSITION
                     (in thousands of dollars)

                         13 Weeks Ended         52  Weeks Ended
                           (unaudited)             (audited)
                       Dec. 31,  Dec. 31,      Dec. 31,  Dec. 31,
                       1994         1993       1994         1993
----------------------------------------------------------------
Operating activities:
 Net income (loss)     3,658       2,214     13,881     (15,367)
 Add items not
   affecting working
   capital:
Depreciation and
 amortization          2,345       1,946      8,184      10,040
Equity in loss of
 joint venture           209         363      1,074       1,027
 Unusual item             --          --         --      20,000
Loss (gain) on disposal
 of property, plant and
 equipment               106        (716)      (155)       (959)
Other                    271      (1,117)       752      (1,105)
----------------------------------------------------------------
Cash generated from
 operations before the
 undernoted            6,589       2,690     23,736      13,636
Net changes in
 non-cash working
 capital balances
 related to
 operations           (1,021)     21,491    (23,414)     11,276
----------------------------------------------------------------
Cash flow provided by
 operations            5,568      24,181        322      24,912
----------------------------------------------------------------
Investing activities:
  Additions to
   property, plant and
   equipment          (3,063)       (491)    (6,828)     (3,820)
 (Costs) proceeds on
   disposal of property,
   plant and equipment  (108)      1,955      7,810       3,470
Long-term receivables
 on sale of vessels      320        (299)      (839)       (299)
Net change in other
 items                   (22)        (68)      (342)       (110)
Investment in joint
 venture                (380)       (192)      (972)       (752)
Change in non-cash
 working capital
 balances related to
 investing activities    244         255     (1,127)         42
----------------------------------------------------------------
Cash (applied to)
 provided by investing
 activities           (3,009)      1,160     (2,298)     (1,469)
----------------------------------------------------------------
Financing activities:
Issue of long term debt   --          --         --         203
 Repayment of long-term
 debt                   (636)     (5,986)    (5,829)    (12,337)
Net proceeds from issue
 of common shares          9           5         31          16
Cash applied to financing
 activities             (627)     (5,981)    (5,798)    (12,118)
----------------------------------------------------------------
(Decrease) increase in
 cash during the
 period                1,932      19,360     (7,77)      11,325
Cash
 (bank indebtedness),
beginning of period  (51,714)    (61,368)  (42,008)     (53,333)
----------------------------------------------------------------
CASH
 (BANK INDEBTEDNESS),
  END OF PERIOD      (49,782)    (42,008)  (49,782)     (42,008)
----------------------------------------------------------------

(1) Effective Dec. 31, 1994, under the terms of its guarantee, the
company assumed its proportionate share of the long-term debt of the
joint venture.  Accordingly, the company recorded long-term debt of
$8,440,000, a related deferred exchange loss of $1,220,000 and an
investment in the joint venture of $3,244,000.

(2) During the quarter one of the company's operating entities in
the United States attained a sufficient degree of economic
independence, such that the company changed its method of translation
from the method used for Integrated operations to that used to
translate self-sustaining operations.  Accordingly, the change was
given effect in the current quarter and has been accounted for
prospectively.  The impact of the change has been included in a
separate component of shareholders' equity.

CONTACT: Fishery Products Ltd., St. John's

Victor L. Young, 709/570-0200