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ARDEN INTERNATIONAL KITCHENS REPORTS STRONG YEAR

 ARDEN INTERNATIONAL KITCHENS REPORTS STRONG YEAR
 LAKEVILLE, Minn., March 3 /PRNewswire/ -- Arden International


Kitchens, Inc. (NASDAQ: AIKI) today announced a fifth consecutive record year in sales and impressive gains over last year's pretax profits. The company reported net sales of $19,074,289, net income before tax of $758,779 and net income of $557,779, or 18 cents per share, for the year ended Dec. 28, 1991. This compares with sales of $15,818,678, net income before tax of $555,640 and net income of $540,040, or 18 cents per share, a year ago. Net operating loss carryforwards and business tax credits which had been utilized in recent years to reduce income taxes to nominal levels were fully depleted for financial reporting purposes during the 1991 fiscal year.
 In the fourth quarter of 1991, the company had net sales of $5,142,846 and a net income of $142,716, or 5 cents per share, compared with net sales of $4,440,502 and net income of $199,181, or 7 cents per share, in the corresponding period in 1990.
 R. Stephen Tanner, president and chief executive officer said the successful year was "especially gratifying in light of the many negatives in the surrounding economy. To increase sales by 21 percent and net income before tax by 37 percent amidst the present business climate is a testimony to the hard work and dedication of our employees and the quality of the food items they produce.
 "During 1991 we effectively exhausted the net operating loss carryforwards and business tax credits which had bolstered our net income figures for the past several years. We have used a tax rate of approximately 27 percent for reporting 1991 results as compared to 3 percent in 1990. It is anticipated that an effective tax rate approaching 38 percent will be applied to 1992 profits.
 "We are cautiously optimistic in predicting 1992 sales and profitability levels for our company," Tanner said. "At the present time, we foresee sales increases in the 10-12 percent range and are confident that operating efficiencies will continue to improve through the coming year."
 Arden International Kitchens, Inc., headquartered in Lakeville, produces and markets frozen prepared food entrees for the foodservice industry nationally. The company's stock is traded on the NASDAQ system under the symbol AIKI.
 ARDEN INTERNATIONAL KITCHENS, INC.
 FINANCIAL INFORMATION
 (000s omitted except per share amounts)
 Three Months Ended 12 Months Ended
 12/28/91 12/29/90 12/28/91 12/29/90
 Net sales $5,143 $4,441 $19,074 $15,819
 Net income before tax $174 $203 $759 $556
 Net income after tax 143 199 558 540
 Earnings per share $.05 $.07 $.18 $.18
 Weighted average common
 shares outstanding 3,105 2,971 3,105 2,971
 -0- 3/3/92
 /CONTACT: Brian E. MacKenzie of Arden International Kitchens, Inc., 612-469-2000/
 (AIKI) CO: Arden International Kitchens, Inc. ST: Minnesota IN: FOD SU: ERN


DS -- MN001 -- 4350 03/03/92 09:12 EST
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Publication:PR Newswire
Date:Mar 3, 1992
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