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LINCOLN FOODSERVICE PRODUCTS ANNOUNCES SECOND QUARTER RESULTS

 LINCOLN FOODSERVICE PRODUCTS ANNOUNCES SECOND QUARTER RESULTS
 FORT WAYNE, Ind., July 20 /PRNewswire/ -- Lincoln Foodservice Products, Inc. (NASDAQ: LINN) today announced operating results for the second quarter of 1992 and year-to-date to June 30, 1992. Lincoln's net income for the second quarter was $851,000, or $.26 per share, on net sales of $13,189,000. Net income increased over second quarter 1991 net income of $266,000, or $.08 per share, on net sales of $10,698,000.
 For the half-year 1992, Lincoln's net income was $1,179,000, equivalent to $.36 per share, on net sales of $24,879,000. For the same period in 1991, Lincoln's net income was $160,000, or $.05 per share, on net sales of $19,639,000.
 According to William A. Thomas, chairman, president, and chief executive officer of Lincoln, "Net sales for the quarter were 23 percent higher than last year's second quarter. We believe this indicates that the strengthening in demand for Lincoln's products reported last quarter has continued, as we predicted it would, on a year-to-year comparison."
 Year-to-date net sales were 27 percent higher than last year's sales, which were depressed by the sluggish economy. The corporation also noted encouraging demand for its newer Impinger(R) products in addition to its established product lines.
 "Our gross margin improved to 37.8 percent for the quarter compared to last year's 35.7 percent due to greater sales volume and cost reductions, and despite continued merchandising discounts granted to participating dealers," said Thomas. "Our selling, general, and administrative expenses were up 6 percent compared to the second quarter of last year. Even so, as a percentage of net sales, those expenses were a respectable 26.5 percent, down from 29.9 percent in the first quarter, an improvement due to higher sales and continued expense control."
 New Lease Terms Negotiated
 Lincoln also announced that the corporation had successfully negotiated relief from a scheduled rental increase under the lease covering the property from which the company operates in Fort Wayne. The new lease agreement will reduce the company's aggregate rental payments more than $4.0 million through the year 2000 from the rental anticipated in the former lease agreement. In consideration of the above, Lincoln paid $300,000 cash and extended the end of the present lease term from Dec. 31, 1995, to Dec. 31, 2000.
 The company also negotiated an option to buy the property at fair market value in 2001. The lease also contains a right of first refusal should a bona fide offer be received by Lincoln Fort Wayne Associates, the owner of the property, and an option to extend the lease for two renewal periods of five years each.
 Lincoln Foodservice Products, Inc. designs, manufactures, and markets commercial and institutional foodservice cooking equipment and supplies. The company, which produces Impinger conveyor ovens and Wear-Ever(R) and Centurion(R) foodservice supplies and utensils, Redco(R) food slicers, cutters, and wedgers and Fresh-O-Matic(R) food warmers, markets its products through its sales force and a network of approximately 1,500 distributors worldwide.
 LINCOLN FOODSERVICE PRODUCTS, INC.
 (Unaudited, $ in 000's except per share data)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Net sales $13,189 $10,698 $24,879 $19,639
 Operating income 1,380 423 1,910 254
 Income taxes 529 157 731 94
 Net income $ 851 $ 266 $ 1,179 $ 160
 Weighted average
 share outs. 3,294 3,294 3,294 3,294
 Net income per share $.26 $.08 $.36 $.05
 -0- 7/20/92
 /CONTACT: David O. Cole, vice president of Lincoln Foodservice, 219-432-9511/
 (LINN) CO: Lincoln Foodservice Products Inc. ST: Indiana IN: FOD SU: ERN


TS -- NY008 -- 0569 07/20/92 08:44 EDT
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Date:Jul 20, 1992
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