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JIMBO'S JUMBOS REPORTS SECOND QUARTER RESULTS

 JIMBO'S JUMBOS REPORTS SECOND QUARTER RESULTS
 EDENTON, N.C., March 12 /PRNewswire/ -- Jimbo's Jumbos, Incorporated


(NASDAQ: PNUT) today reported net income of $573,000 for the quarter ended Jan. 31, 1992 compared to net income of $2,139,000 in the comparable period of the prior year. Net sales were $11,831,000 compared to $18,612,000 last year.
 Net income for the six months was $1,394,000 vs. $3,229,000 in the prior year. Net sales were $26,029,000 compared to $34,073,000 in the six months ended Jan. 31, 1991.
 Charles F. Schwartz, vice president and chief financial officer, stated, "Operations have normalized from the high fiscal 1991 levels which resulted from drought occasioned market shortages. Nevertheless, results compare favorably with fiscal 1990. The second half of fiscal 1992 will be impacted by weak selling prices for seed peanuts and other products which will result in lower profits in both the third and fourth quarters. We expect profits for the year to be similar to those of fiscal 1990."
 Jimbo's Jumbos also reported that it has signed a letter of intent to acquire certain assets and the business of the Los Angeles Nut House and Fairhope Nut Processing subsidiaries of MEI Diversified Inc. (NYSE: MEI) for a price approximating book value. LA Nut and Fairhope had sales of approximately $38 million in fiscal 1991 and are a major supplier of in-the-shell peanuts to West Coast markets. If consummated, the acquisition will increase the company's presence in West Coast markets and will add walnuts, in-shell nut mixes and other nuts and nut meats to the company's existing line of peanut products. The acquisition is subject to approval by the board of directors of both parties, execution of a definitive agreement and various other conditions of closing.
 Jimbo's Jumbos, Incorporated is a vertically integrated buyer, miller, sheller and processor of peanuts and is the number one supplier of consumer packaged processed and raw in-the-shell peanuts in the United States. The company completed its initial public offering in December 1991.
 JIMBO'S JUMBOS, INCORPORATED
 Summary Financial Information
 Three months ended Jan. 31 1992 1991
 Net sales $11,831,000 $18,612,000
 Net income 573,000 2,139,000
 Net income per share (A) $0.10 N.A.
 Six months ended Jan. 31 1992 1991
 Net sales $26,029,000 $34,073,000
 Net income 1,394,000 3,229,000
 Net income per share (A) $0.26 N.A.
 (A) Net income per share for the three and six months ended Jan. 31, 1992, respectively, is based on the weighted average number of shares outstanding of 5,929,000 and 5,465,000. No earnings per share is shown for the three and six months ended Jan. 31, 1991 as such period reflects expenses allocated by Chock full o' Nuts Corporation which have been discontinued subsequent to the 1991 fiscal year in connection with the public offering. Options and warrants are anti-dilutive and accordingly are not included in the computation.
 -0- 3/12/92
 /CONTACT: Charles F. Schwartz, vice president and CFO of Jimbo's Jumbos, 919-482-2193, or Cynthia A. Bond of Silverman, Heller Associates, 212-682-9222, for Jimbo's Jumbos/
 (PNUT) CO: Jimbo's Jumbos, Incorporated ST: North Carolina IN: FOD SU: ERN


SM-KW -- NY077 -- 7580 03/12/92 17:33 EST
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Date:Mar 12, 1992
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