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ORANGE-CO, INC. REPORTS FIRST-QUARTER RESULTS FOR FISCAL 1993

 BARTOW, Fla., Feb. 12 /PRNewswire/ -- Orange-co, Inc. (NYSE: OJ) reported an after-tax loss of $33,000 for its first quarter ended Dec. 31, 1992, compared to a profit of $1,444,000 reported for the same period last year. Sales of $15,800,000 in the current quarter were down from the $22,886,000 reported for the same period last year.
 The comparatively lower sales resulted principally from a lower volume of bulk frozen concentrated orange juice (FCOJ) sold and lower prices in the current quarter compared to last year.
 Commenting on the first-quarter results, Ben Hill Griffin III, chairman of the board and chief executive officer, said, "The current year's much larger crop has caused prices to drop dramatically in the first quarter. This creates a very difficult set of circumstances for growers and processors in the Florida citrus industry. Even so, I continue to have confidence in Orange-co's long-term business plan and financial stability."
 Orange-co is a grower and processor of citrus products and a packager and distributor of beverage products.
 ORANGE-CO, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 FOR THE THREE MONTHS ENDED DEC. 31, 1992, AND 1991
 (Unaudited; in thousands, except for per-share data)
 1992 1991
 Sales $15,800 $22,886
 Cost of sales 13,871 18,201
 Gross profit 1,929 4,685
 Other costs and expenses, net:
 Selling, general and administrative (1,350) (1,318)
 Gain (loss) on disposition of property
 and equipment and other 8 (47)
 Interest, net (555) (876)
 Income before income taxes 32 2,444
 Income tax provision (benefit) 65 1,000
 Net income ($33) $1,444
 Net income per common and common equivalent share --- $.14
 Average number of common and common equivalent
 shares outstanding 10,273 10,249
 -0- 2/12/93
 /CONTACT: Ben Hill Griffin III, chairman of the board and chief executive officer, Orange-co, Inc., 813-635-2251/
 (OJ)


CO: Orange-co, Inc. ST: Florida IN: FOD SU: ERN

SM -- DE013 -- 6324 02/12/93 17:28 EST
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Publication:PR Newswire
Date:Feb 12, 1993
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