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LINCOLN FOODSERVICE PRODUCTS ANNOUNCES SECOND QUARTER RESULTS

 FORT WAYNE, Ind., July 21 /PRNewswire/ -- Lincoln Foodservice Products, Inc. (NASDAQ: LINN) today announced operating results for the second quarter of 1993 and year-to-date to June 30, 1993. Lincoln's net income for the second quarter was $979,000 or $.30 per share, on net sales of $14,921,000. Net income increased over second quarter 1992 net income of $851,000, or $.26 per share, on net sales of $13,189,000.
 For the half-year 1993, Lincoln's net income was $1,296,000, equivalent to $.39 per share, on net sales of $27,307,000. For the same period in 1992, Lincoln's net income was $1,179,000, or $.36 per share, on net sales of $24,879,000.
 According to William A. Thomas, chairman, president, and chief executive officer of Lincoln, "Net sales and net income for the quarter increased by 13% and 15%, respectively, over last year's second quarter. We continue to see increased demand in both our supply and our equipment lines and we expect sales trends to remain strong through the remainder of the year."
 "Operating margin as a percentage of sales for the quarter was flat compared to last year's second quarter primarily due to a shift in our product mix to lower-margin items. However, SG&A expense as a percentage of sales was lower for this year's quarter and offset the slight decline in gross margin. Our plan is to further reduce SG&A expense to enhance our operating margin for the second half of the year," said Mr. Thomas.
 "We successfully introduced CeramiGuardTM at the National Restaurant Show in Chicago last month. CeramiGuardTM fry pans feature a new and improved non-stick coating from DuPont that is 130% more durable than Silverstone. Customer enthusiasm for this new product reflects our own, and we are confident that we have another winner in the Lincoln supplies line."
 "Year-to-date export sales are up 8% over last year's first six months, and now stand at 20% of gross sales for the year, up from 18% at the end of the first quarter," noted Mr. Thomas.
 Lincoln Foodservice Products, Inc. designs, manufactures, and markets commercial and institutional foodservice cooking equipment and supplies. The Company, which produces ImpingerR conveyor ovens and Wear-EverR and CenturionR foodservice supplies and utensils, RedcoR food slicers, cutters, and wedgers and Fresh-O-MaticR food warmers, markets its products through its sales force and a network of approximately 1,500 distributors worldwide.
 LINCOLN FOODSERVICE PRODUCTS, INC.
 SELECTED FINANCIAL DATA
 (Unaudited)
 ($ in 000's except per share data)
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Net Sales $14,921 $13,189 $27,307 $24,879
 Operating Income 1,538 1,380 2,051 1,910
 Income taxes 559 529 755 731
 Net income $ 979 $ 851 $ 1,296 $ 1,179
 Weighted Average
 share outs. 3,306 3,294 3,302 3,294
 Net income per share
 $.30 $.26 $.39 $.36
 -0- 7/21/93
 /CONTACT: David O. Cole, Vice President, 219-432-9511, of Lincoln Foodservice/
 (LINN)


CO: Lincoln Foodservice Products, Inc. ST: Indiana IN: SU: ERN

LR -- NY017 -- 3754 07/21/93 08:34 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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