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VESTRO FOODS INC. ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS

VESTRO FOODS INC. ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS
 NEWPORT BEACH, Calif., Nov. 19 /PRNewswire/ -- Vestro Foods Inc. (NASDAQ: VEST) announced today the company's financial results for the third quarter and nine months ended Sept. 30, 1991. Net sales for the quarter increased 5 percent to $9,254,000 from $8,786,000 in the third quarter of 1990. Net income for the quarter was $116,000 compared with $24,000 in the prior year's quarter.
 Net sales for the nine months ended Sept. 30, 1991 increased by 16 percent to $27,981,000 from $24,119,000 in 1990. Net income for the nine months ended Sept. 30, 1991 was $558,000 compared with net income of $182,000 for the nine months ended Sept. 30, 1990.
 Alfred Strogoff, president and chief executive officer of Vestro Foods Inc. stated, "The third quarter of 1991 represents a significant increase over last year's third quarter. Vestro has improved its operations largely through a corporate program to reduce fixed expenses. The company's selling, general and administrative expenses were reduced by $167,000 from the third quarter of 1990, although sales increased by 5 percent. We look forward to continued improvement in our comparative results in 1991 and the coming year."
 VESTRO FOODS INC.
 Financial Highlights
 (In thousands except per share amounts)
 For the three months ended For the nine months ended
 Sept. 30, Sept. 30
 1991 1990 1991 1990
 Net sales $9,254,000 $8,786,000 $27,981,000 $24,119,000
 Pretax income 180,000 24,000 622,000 182,000
 Income (loss)
 before extra-
 ordinary items 92,000 140,000 346,000 182,000
 Extraordinary
 items 24,000(a) (116,000)(b) 212,000(a) ---
 Net income
 (loss) $116,000 $24,000 $558,000 $182,000
 Earnings (loss)
 per common
 share
 Before extra-
 ordinary
 items(c) $0.01 ($0.01) $0.01 ($0.03)
 Extraordinary
 items 0.00 0.00 0.00 0.00
 Net income $0.01 (0.01) $0.01 ($0.03)
 (a) Represents the utilization of a net operating loss carry forward.
 (b) Represents an adjustment to tax benefits from utilizing NOL tax carryforwards resulting from a re-determination of the company's estimated tax liability.
 (c) Computed by adjusting net income for the company's scheduled quarterly preferred stock dividend, which amounted to $262,000 and $786,000 for the three months and nine months ended Sept. 30, 1991 and $262,000 and $799,000 for the three months and nine months ended Sept. 30, 1990, respectively.
 -0- 11/19/91
 /CONTACT: Betty Glickman of Vestro Foods Inc., 714-760-0354/
 (VEST) CO: Vestro Foods Inc. ST: California IN: FOD SU: ERN EH-SE -- LA005 -- 4887 11/19/91 11:02 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 19, 1991
Words:451
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