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AFFILIATED FOOD STORES REPORTS FINANCIAL RESULTS

 AFFILIATED FOOD STORES REPORTS FINANCIAL RESULTS
 FORT WORTH, Texas, May 6 /PRNewswire/ -- Affiliated Food Stores,


Inc., emerging from reorganization under bankruptcy, today reported operations produced income of $1,981,000 on sales of $346,085,000 for the 52 weeks ended Dec. 27, 1991, before reorganization costs and settlement of lender litigation.
 This compares with a loss from operations of $6,830,000 on sales of $607,849,000 for the 52 weeks ended Dec. 28, 1990, before reorganization costs.
 The company had reorganization costs of $5,331,000, which were partially offset by settlement of lender litigation of $2,812,000 in 1991 and reorganization costs of $13,715,000 in 1990.
 Net loss before extraordinary gain was $538,000, or 23 cents a share, in 1991, compared with a loss of $22,279,000 for 1990. In 1991, extraordinary gain from debt reduction and restructuring due to bankruptcy was $37,971,000, or $16.48 a common share, producing net earnings of $37,433,000 or $16.25 a share.
 Weighted average number of shares outstanding at Dec. 27, 1991, was 2,303,906.
 "Operations have shown a profit every month since March 1990," Gene Sharp, president and chief executive officer, said.
 "After we get bankruptcy-related reorganization expenses behind us, based on current trends, we can improve our bottom line profit to 1 to 1.25 percent as we grow and have ordinary credit terms restored."
 The company has changed its fiscal year end to the last Friday in March, effective March 27, 1992.
 Affiliated Food Stores, a wholesale grocer headquartered in Keller, Texas, serves 385 stores. At its peak prior to restructuring, Affiliated served 450 stores; and at its low point coming out of bankruptcy just 330.
 In August 1991, members of the former cooperative exchanged their interest in Affiliated Food Stores assets for about 2.2 million shares of stock priced at $10 a share. The company has filed its initial Form 10 with the Securities and Exchange Commission.
 AFFILIATED FOOD STORES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands, except share data)
 12/27/91 12/28/90
 Net sales $346,085 $607,849
 Costs and expenses 344,104 614,679
 Reorganization costs 5,331 13,715
 Settlement of lender litigation (2,812) --
 Earnings (loss) before income taxes
 and extraordinary gain (538) (20,545)
 Provision for income taxes -- 1,734
 Earnings (loss) before
 extraordinary gain (538) (22,279)
 Extraordinary gain from debt reduction
 and restructuring due to bankruptcy 37,971 --
 Net earnings (loss) 37,433 (22,279)
 Per common share:
 Loss before extraordinary gain $(.23)
 Extraordinary gain 16.48
 Net earnings 16.25
 Weighted average number of common
 shares outstanding 2,303,906
 Selected Balance Sheet Data
 (In thousands)
 12/27/91 12/28/90
 Total current assets $34,111 $50,611
 Net property and equipment 45,115 41,317
 Total assets 85,411 102,815
 Total current liabilities 18,073 19,529
 Long-term debt and obligations under
 capital leases 38,568 34,248
 Prepetition liabilities subject to
 compromise -- 85,289
 Other liabilities and obligations 4,712 163
 Total shareholders' equity (deficiency) 24,058 (36,414)
 -0- 5/6/92
 /CONTACT: Jackie Brewer, CFO of Affiliated Food Stores, 817-431-6402, or Philip Taggart of the Philip Taggart Co., 713-961-1724, for Affiliated Food Stores/ CO: Affiliated Food Stores Inc. ST: Texas IN: FOD SU: ERN


CK -- NY041 -- 7027 05/06/92 11:11 EDT
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Date:May 6, 1992
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