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CAMPBELL REPORTS ANOTHER RECORD EARNINGS QUARTER

 CAMPBELL REPORTS ANOTHER RECORD EARNINGS QUARTER
 CAMDEN, N.J., Feb. 12 /PRNewswire/ -- Campbell Soup Company


(NYSE: CPB) today reported its sixth straight quarter of record earnings.
 Earnings per share for the second quarter, ended Jan. 26, were up 19 percent to 64 cents per share from 54 cents per share the prior year. This was the best earnings quarter in the company's history. The per share data reflect a 2-for-1 stock split in December 1991.
 Net earnings for the second quarter rose 19 percent to $160.6 million from $135.3 million a year earlier. Sales for the second quarter were $1.75 billion, compared with $1.77 billion last year. This slight decline reflects the divestiture of low-profit and non-strategic businesses in the prior year. Sales from ongoing businesses were up 3 percent, excluding the effect of unfavorable exchange rates.
 For the first six months of fiscal 1992, earnings per share were $1.15, up 21 percent from 95 cents a year ago. Net earnings increased 21 percent to $289.8 million from $240.4 million in the comparable period last year. Sales for the six months were $3.29 billion compared with $3.37 billion in the prior year. Sales from continuing businesses were 3 percent ahead of last year, excluding the effect of unfavorable exchange rates.
 David W. Johnson, Campbell chief executive officer, said, "I am pleased that we have been able to deliver such strong earnings performance in the face of a very tough economic and business climate. Overall soup volume was up again for the quarter and we increased advertising by 27 percent to drive our brand equities. We have accelerated new product introductions and remain confident about delivering another successful year for Campbell."
 CAMPBELL NORTH AMERICA
 Operating earnings in the second quarter for Campbell North America were $261.1 million, or 18 percent above the $221.7 million reported a year ago, reflecting continued improvement in operating margins. Sales were $1.25 billion compared with $1.23 billion last year. Sales from continuing businesses were up 3 percent. Soup volume increased 6 percent, driven primarily by the acquisition of a leading ramen noodle manufacturer, Sanwa Foods, and strong consumer acceptance of the new "Healthy Request" soup line. "Franco-American" gravies, "Godiva" chocolates and grocery products in Canada also achieved strong volume increases.
 CAMPBELL BISCUIT AND BAKERY
 Operating earnings in the second quarter for Campbell Biscuit and Bakery were $24.9 million, or 5 percent below the $26.3 million in the prior year, reflecting the impact of increased marketing investment. Sales recovered from a weak first quarter, increasing 4 percent to $216.5 million from $208.3 million in the prior year with volume gains at Pepperidge Farm. Delacre, the European Biscuit unit, had volume gains in Germany, which is a major focus of its business development thrust, as well as in France.
 CAMPBELL INTERNATIONAL
 Operating earnings in the second quarter for Campbell International rose one percent, to $14.2 million from $14.0 million last year. Operating margins continued to improve due to the positive impact of divestitures and the elimination of low margin product lines. Sales were $300 million flecting the divestiture activity. Sales from ongoing businesses were 4 percent ahead of last year, excluding the effect of unfavorable exchange rates. Noteworthy volume gains were achieved in Germany and Mexico.
 CAMPBELL SOUP COMPANY CONSOLIDATED
 Statements of Earnings
 (Unaudited; in millions, except per-share amounts)
 Three months ended Jan. 26 Jan. 27 Percent
 1992 1991 change
 Net sales $1,746.3 $1,770.9 -1
 Costs and expenses
 Cost of products sold 1,078.2 1,152.6
 Selling, general and
 administrative expenses 377.3 369.5
 Interest, net 26.6 25.5
 Total 1,482.1 1,547.6 -4
 Earnings before taxes 264.2 223.3 +18
 Taxes on earnings 103.6 88.0
 Net earnings $ 160.6 $ 135.3 +19
 Per share
 Net earnings $.64 $.54 +19
 Dividends $.175 $.145
 Average shares outstanding (weighted) 251.4 252.7
 (weighted)
 Six months ended Jan. 26 Jan. 27 Percent
 1992 1991 change
 Net sales $3,293.5 $3,365.2 -2
 Costs and expenses
 Cost of products sold 2,071.7 2,235.3
 Selling, general and
 administrative expenses 694.7 681.3
 Interest, net 48.5 46.5
 Total 2,814.9 2,963.1 -5
 Earnings before taxes 478.6 402.1 +19
 Taxes on earnings 188.8 161.7
 Net earnings $ 289.8 $ 240.4 +21
 Per share
 Net earnings $1.15 $.95 +21
 Dividends $.32 $.27
 Average shares outstanding (weighted) 252.2 254.2
 CAMPBELL SOUP COMPANY CONSOLIDATED
 Supplemental Schedule of Sales and Earnings
 (Unaudited; million dollars, except per-share amounts)
 Three months ended Jan. 26 Jan. 27 Percent
 1992 1991 change
 Sales
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $1,154.8 $1,124.1
 Campbell Canada 95.9 101.9
 Total 1,250.7 1,226.0 +2
 Campbell Biscuit and Bakery
 Pepperidge Farm 157.5 148.2
 International Biscuit 59.0 60.1
 Total 216.5 208.3 +4
 Campbell Internatio0.0 347.0 -14
 Interdivision (20.9) (10.4)
 Total sales $1,746.3 $1,770.9 -1
 Earnings
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $ 248.5 $ 210.0
 Campbell Canada 12.6 11.7
 Total 261.1 221.7 +18
 Campbell Biscuit and Bakery
 Pepperidge Farm 18.5 20.4
 International Biscuit 6.4 5.9
 Total 24.9 26.3 -5
 Campbell International 14.2 14.0 +1
 Total operating earnings 300.2 262.0 +15
 Unallocated corporate expenses (9.0) (10.9)
 Interest, net (26.6) (25.5)
 Foreign currency translation
 adjustments (.4) (2.3)
 Taxes on earnings (103.6) (88.0)
 Net earnings $ 160.6 $ 135.3 +19
 Net earnings per share $ .64 $ .54 +19
 CAMPBELL SOUP COMPANY CONSOLIDATED
 Supplemental Schedule of Sales and Earnings
 (Unaudited; million dollars, except per-share amounts)
 Six Months Ended Jan. 26 Jan. 27 Percent
 1992 1991 change
 Sales
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $2,182.1 $2,127.1
 Campbell Canada 179.1 193.3
 Total 2,361.2 2,320.4 +2
 Campbell Biscuit and Bakery
 Pepperidge Farm 305.9 299.1
 International Biscuit 117.0 121.5
 Total 422.9 420.6 +1
 Campbell International 548.3 653.7 -16
 Interdivision (38.9) (29.5)
 Total sales $3,293.5 $3,365.2 -2
 Earnings
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $ 456.2 $ 378.8
 Campbell Canada 22.2 20.8
 Total 478.4 399.6 +20
 Campbell Biscuit and Bakery
 Pepperidge Farm 33.6 37.5
 International Biscuit 15.0 14.5
 Total 48.6 52.0 -7
 Campbell International 21.3 18.0 +18
 Total operating earnings 548.3 469.6 +17
 Unallocated corporate expenses (20.5) (17.3)
 Interest, net (48.5) (46.5)
 Foreign currency translation
 adjustments (.7) (3.7)
 Taxes on earnings (188.8) (161.7)
 Net earnings $ 289.8 $ 240.4 +21
 Net earnings per share $ 1.15 $ .95 +21
 CAMPBELL SOUP COMPANY CONSOLIDATED
 Balance Sheets
 (Unaudited; million dollars)
 Jan. 26, 1992 Jan. 27, 1991
 Current assets $1,712.4 $1,825.2
 Plant assets, net 1,851.5 1,775.1
 Intangible assets, net 436.7 340.0
 Other assets 375.6 341.1
 Total $4,376.2 $4,281.4
 Current liabilities $1,330.1 $1,283.6
 Long-term debt 805.5 914.4
 Other liabilities, principally
 deferred income taxes 317.8 352.8
 Shareowners' equity 1,922.8 1,730.6
 Total $4,376.2 $4,281.4
 /delval/
 -0- 2/12/92
 /CONTACT: Leonard F. Griehs, 609-342-6428, or James H. Moran, 609-342-6426, both of Campbell Soup Company/
 (CPB) CO: Campbell Soup Company ST: New Jersey IN: FOD SU: ERN


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