International Home Foods Reports Third-Quarter Results.

PARSIPPANY, N.J.--(BUSINESS WIRE)--Nov. 14, 1997--International Home Foods, Inc. (IHF) today reported its financial results for the three- and nine-month periods ended Sept. 30, 1997 and 1996.

For the three months ended Sept. 30, 1997, the Company reported a net loss of $10.8 million, or ($.03) per share. Excluding the Company's 1997 non-cash stock option compensation charge of $44.8 million, income from operations during the third quarter ended Sept. 30, 1997 was $54.3 million, up $5.0 million, or 10%, from that of the prior-year period. The Company recorded a $44.8 million non-cash stock option compensation charge in the third quarter of 1997 relating to the indexed stock options granted to senior management and other employees, and stock options granted during the third quarter of 1997 having exercise prices below the estimated fair market value of the Common Stock. For the nine months ended Sept. 30, 1997, net income was $6.1 million or $.02 per share. Income from operations before the stock option compensation charge increased $12.9 million, or 11% from the comparable 1996 period.

Net sales for the third quarter ended Sept. 30, 1997 increased $94.7 million, up 37% from the comparable 1996 period. The July 1, 1997 acquisition of Bumble Bee was the major contributor to this sales increase. As a result of Bumble Bee's lower gross profit margins, IHF's consolidated gross profits as a percentage of net sales decreased from 53% to 48% in the third quarter of 1997 versus the comparable 1996 period. Excluding Bumble Bee, IHF's gross profit margins improved to 55% of net sales versus 53% for the comparable 1996 third quarter. This improvement in gross profit is attributable to a more favorable sales mix and continuing overall reductions in the Company's manufacturing costs, which reflect management's cost reduction initiatives.

C. Dean Metropoulos, International Home Foods, Inc. Chairman and Chief Executive Officer, said, "We are very pleased with the momentum we see building with our brands, our improving margins due to our cost management, as well as the opportunities we see with our acquisition program."

International Home Foods, Inc. is a nationally prominent manufacturer, distributor, and marketer of food products. Its significant established brands include: Chef Boyardee(R) prepared foods, Bumble Bee(R) canned seafood, PAM(R) cooking spray, Polaner(R) fruit spreads and spices, Gulden's(R) mustard, Crunch 'n Munch(R) glazed popcorn, Campfire(R) marshmallows and crisped rice bars, Ro-tel(R) tomatoes with green chilies, Dennison's(R) chili, and Ranch Style(R) and Luck's(R) beans.

In accordance with the safe harbor provisions of the Private Securities Reform Act of 1995, the Company notes that the statements in this Press Release and elsewhere, which are forward-looking and which provide other than historical information, involve risks and uncertainties that may impact the Company's actual results of operations. The Company continues to face risks and uncertainties including, without limitation; continuing its acquisition program, the ability of the Company to realize benefits from continuing to consolidate certain general and administrative functions, to retain management, to execute its focused business strategies, and to continue product enhancements and new product ideas. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that the forward-looking statements included in this Press Release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. -0-

                  International Home Foods Inc.
                      (Dollars in Millions)

                          Third Quarter              Year to Date
                       Three Months Ended         Nine Months Ended
                           Sept. 30,                  Sept. 30,
                       1997          1996         1997         1996

Net sales             $349.5        $254.8       $843.9       $704.1
Cost of goods sold     182.1         119.7        412.9        333.9
Gross Profit           167.4         135.1        431.0        370.2
Operating expenses     113.1          85.8        298.3        250.4
Operating income before
 stock compensation
 expense                54.3          49.3        132.7        119.8
Stock compensation
 expense                44.8            -          44.8           -
Operating Income         9.5          49.3         87.9        119.8
Interest expense        27.5            -          79.2           -
Other non-operating
 income                  0.2           0.1          1.6           -
(Loss)/income before
 taxes                 (17.8)         49.4         10.3        119.8
(Benefit)/provision
 for income taxes       (7.0)         18.8          4.2         45.6
Net (loss)/income     ($10.8)        $30.6         $6.1        $74.2
(Loss)/earnings per
 share                ($0.03)                     $0.02

Weighted average shares
 outstanding     330,000,000                337,594,606

CONTACT: International Home Foods, Inc.

Lynne Misericordia, 201/359-3195

or

Kekst and Company

Roy Winnick, 212/521-4842