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JIMBO'S JUMBOS, INCORPORATED REPORTS SECOND QUARTER RESULTS

 EDENTON, N.C., March 15 /PRNewswire/ -- Jimbo's Jumbos, Incorporated (NASDAQ: PNUT) today reported that net income increased to $756,000 or $.12 per share for the second quarter ended Jan. 31, 1993, compared with $573,000 or $.10 per share in the prior year. Net sales increased to $23,916,000 from $11,710,000 in the prior year.
 Net income for the six months was $1,509,000 or $.23 per share versus $1,394,000 or $.26 per share in the prior year. Net sales increased to $45,722,000 from $25,776,000 in the prior year.
 The company acquired Los Angeles Nut House in May 1992 which accounted for $11,733,000 and $20,318,000 of the sales increase for the second quarter and six months ended Jan. 31, 1993, respectively.
 Charles F. Schwartz, vice president and chief financial officer, stated, "The favorable results for the second quarter are due to the inclusion of operations of Los Angeles Nut House which continues to progress according to plan. Partially offsetting this are decreases in margin in certain lines of the business, although we are experiencing sales growth in the Jimbo's and Gary's retail labels."
 The company previously announced that it had entered into a letter of intent with John W. Kluge pursuant to which an entity controlled by John W. Kluge would acquire 100 percent of the outstanding stock of the Company for a price of $7 per share. The consummation of the proposed transaction will be subject o? (1) negotiation and execution of a definitive agreement, (2) approval of such agreement by the respective boards of directors of the company and of Chock full o' Nuts Corporation (73 percent shareholder of the company) and by the shareholders of the company, (3) receipt of all necessary consents and approvals from third parties, (4) completion of due diligence investigations of the business and affairs of the company and (5) other customary conditions.
 Jimbo's Jumbos, headquartered in Edenton, is a vertically integrated buyer, miller, sheller and processor of peanuts and other nuts and nut meat products. The company operates manufacturing and storage facilities in Edenton, Windsor and Williamston, N.C.; Erlanger, Ky.; Portales, N.M., and Los Angeles.
 JIMBO'S JUMBOS, INCORPORATED
 Summary Financial Information
 Three months ended
 Jan. 31 1993(A) 1992
 Net sales $23,916,000 $11,710,000
 Net income $756,000 $573,000
 Net income per share (B) $ .12 $ .10
 Average number of shares 6,500,000 5,929,000
 Six months ended
 Jan. 31 1993(A) 1992
 Net sales $45,722,000 $25,776,000
 Net income $1,509,000 $1,394,000
 Net income per share (B) $ .23 $ .26
 Average number of shares 6,500,000 5,465,000
 (A) -- Includes results of operations for Los Angeles Nut House.
 (B) -- Options and warrants are anti-dilutive and accordingly are not included in the computation.
 -0- 3/15/93
 /CONTACT: Charles F. Schwartz, vice president and chief financial officer of Jimbo's Jumbos, Incorporated, 919-482-2193/
 (PNUT)


CO: Jimbo's Jumbos, Incorporated ST: North Carolina IN: FOD SU: ERN

TS -- NY073 -- 6117 03/15/93 14:50 EST
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Publication:PR Newswire
Date:Mar 15, 1993
Words:520
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