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WORTHINGTON FOODS, INC. ANNOUNCES A 26.4 PERCENT INCREASE IN FIRST QUARTER NET INCOME

 WORTHINGTON, Ohio, April 20 /PRNewswire/ -- Worthington Foods, Inc. (NASDAQ: WFDS) today reported net income of $810,000 for the first quarter ended April 2, 1993, compared to $641,000 for the similar period in 1992, an increase of 26.4 percent.
 Earnings per share were 16 cents for the first quarter of 1993 versus 17 cents for the similar period a year ago.
 Net sales for the first quarter of 1993 increased 13.4 percent to $19,601,000 versus $17,279,000 for the similar period a year ago.
 Sales of Morningstar Farms egg substitutes to supermarkets increased by 23.0 percent for the first quarter ended April 2, 1993 compared to the similar period a year ago. This increase can be attributed to the continued expansion of Refrigerated Better'n Eggs(R) into additional markets. Sales of the Morningstar Farms meat alternatives to supermarkets increased 19.1 percent over the similar period a year ago due to additional advertising and promotional support.
 Sales to the Specialty Markets of the Worthington, La Loma and Natural Touch brands achieved a 5.5 percent increase for the first quarter compared to the similar period a year ago. The increase in the Specialty Markets sales can be attributed to the continued strength of the Health Food Market and the introduction of new products into Food Service.
 Four new meat alternative products (Prime Patties, Deli Franks, Chik Patties and Garden Vege-Patties) began shipping in early April, 1993 into selected test markets. These items are located in the meat case sections of the grocery stores and are the first items to be shipped in the new packaging for Morningstar Farm brand products.
 Phase I of the Zanesville, Ohio production facility is still on schedule for completion during the last half of the second quarter. Initial shipments of Refrigerated Better'n Eggs(R) will begin at that time, enabling the company to introduce the product to the remaining 53 percent of the nation.
 Worthington Foods develops, produces and markets nationwide a broad range of high-quality, zero cholesterol vegetarian and egg substitute food products for consumers seeking healthful food choices. The company's principal products are meat alternatives, made from soy and wheat proteins which simulate the taste and texture of meat, poultry and fish, and frozen and refrigerated egg substitutes with the product names Scramblers(R) and Better'n Eggs(R).
 WORTHINGTON FOODS, INC.
 Consolidated Statements of Income
 Thirteen Weeks Ended
 April 2, 1993 April 3, 1992
 Net Sales $19,601,000 $17,279,000
 100.00 pct. 100.00 pct.
 Cost of Goods Sold 12,389,000 10,384,000
 63.21 pct. 60.10 pct.
 Gross Profit 7,212,000 6,895,000
 36.79 pct. 39.90 pct.
 SG&A Expense 5,823,000 5,255,000
 29.71 pct. 30.41 pct.
 Income From Operations 1,389,000 1,640,000
 7.09 pct. 9.49 pct.
 Interest Expense 41,000 561,000
 .21 pct. 3.25 pct.
 Income Before Taxes 1,348,000 1,079,000
 6.88 pct. 6.24 pct.
 Net Income 810,000 641,000
 4.13 pct. 3.71 pct.
 Net Income Per Share $0.16 $0.17
 Weighted Average Shares
 Outstanding 5,069,633 3,678,597
 -0- 4/20/93
 /CONTACT: William T. Kirkwood, vice president and chief financial officer, Worthington Foods, Inc., 614-885-9511/
 (WFDS)


CO: Worthington Foods, Inc. ST: Ohio IN: FOD SU: ERN

BM -- CL026 -- 8223 04/20/93 15:05 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
Words:576
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