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CAMPBELL SOUP REPORTS NEW RECORDS FOR FOURTH QUARTER AND FISCAL YEAR

CAMPBELL SOUP REPORTS NEW RECORDS FOR FOURTH QUARTER AND FISCAL YEAR
 CAMDEN, N.J., Sept. 9 /PRNewswire/ -- Campbell Soup Company (NYSE: CPB) today reported record earnings for both the fourth quarter and fiscal year ended Aug. 2.
 Earnings per share for fiscal 1992 increased 23 percent to $1.95 from $1.58 last year. Net earnings were $490.5 million, up from $401.5 million last year.
 Net sales for the year were $6.3 billion, up 1 percent from last year. Sales from continuing businesses climbed 5 percent, excluding the effect of unfavorable exchange rates in the first three quarters.
 Earnings per share for the fourth quarter rose 33 percent to 44 cents per share, compared with 33 cents per share for the comparable period of fiscal 1991. Net earnings increased to $109.2 million, compared with $84.7 million last year. Fourth quarter net sales were up 6 percent to $1.4 billion.
 "Shareowners should be very proud of these results," said David W. Johnson, Campbell president and chief executive officer. "They reflect our company's determination to increase productivity and defeat recession and severe competition.
 "We beat our 1992 goal of at least 20 percent earnings growth -- building on the prior year's 34 r?cent -- while investing aggressively in building brands for the future. We're particularly pleased by the growth in our soup business, not only in the U.S., but also worldwide," said Johnson.
 Campbell North America
 Campbell North America, the company's largest division, reported fiscal year operating earnings of $792.8 million, a 19 percent increase over $668.5 million last year. Sales from continuing businesses increased 5 percent for the year. Soup volume was up 5.5 percent, strengthening Campbell's leadership as some 10 new varieties were added in the year. Strong growth came from ramen noodle soups driven by the acquisition of Sanwa Foods, and from excellent consumer acceptance of "Healthy Request" ready-to-serve soups.
 Spaghetti sauces achieved outstanding volume gains from both the "Prego" line and new "Healthy Request" sauces. Strong volume performances were also delivered by "V8" vegetable juice, with its new "Light 'n Tangy" variety, Food Service products, "Godiva" chocolates, "Swanson" frozen kids meals and the Canadian soup business.
 Campbell Biscuit & Bakery
 Fiscal year operating earnings for Campbell Biscuit & Bakery were $90.6 million, down 1 percent from last year partially as a result of a strike at the now-closed Delacre plant in Vilvoorde, Belgium. Division sales, however, increased 3 percent for the year.
 Pepperidge Farm operating earnings declined 4 percent due to start- up costs at a major new manufacturing facility in Denver, Pa., and marketing support behind the successful introductions of "Soft Baked" and "Family Request" cookies. Pepperidge Farm "Wholesome Choice" products also reported strong volume performances.
 Earnings of Arnotts Limited, the leading Australian biscuit company in which Campbell has an equity interest, rebounded after a restructuring program last year.
 Campbell International
 Campbell International reported a 4 percent increase in operating earnings for the year after a substantial improvement last year. Net sales were $1.1 billion, down 9 percent, as the division continued to reconfigure its portfolio toward higher margin businesses.
 Solid volume performances were turned in by the Lamy-Lutti confectionery business in France and Belgium; the gourmet and distribution businesses in Germany; "V8" vegetable juice in Mexico; and soup in Australia, Hong Kong and Japan.
 CAMPBELL SOUP COMPANY
 Consolidated Statements of Earnings
 (Millions, except per-share amounts)
 Twelve Months Ended Aug. 2, July 28, Percent
 1992 1991 Change
 53 Weeks 52 Weeks
 Net sales $6,263.2 $6,204.1 1
 Costs and expenses
 Cost of products sold 3,963.1 4,095.5
 Selling, general and
 administrative expenses 1,414.2 1,351.0
 Interest, net 86.6 90.2
 Total 5,463.9 5,536.7 (1)
 Earnings before taxes 799.3 667.4 20
 Taxes on earnings 308.8 265.9
 Net earnings $ 490.5 $ 401.5 22
 Per share
 Net earnings $1.95 $1.58 23
 Dividends $.71 $.56
 Average shares outstanding 251.7 254.0
 (weighted)
 Three Months Ended Aug. 2, July 28,
 1992 1991
 14 Weeks 13 Weeks
 Net sales $1,433.4 $1,348.2 6
 Costs and expenses
 Cost of products sold 904.7 878.5
 Selling, general and
 administrative expenses 341.9 313.7
 Interest, net 16.4 23.2
 Total 1,263.0 1,215.4 4
 Earnings before taxes 170.4 132.8 28
 Taxes on earnings 61.2 48.1
 Net earnings $ 109.2 $ 84.7 29
 Per share
 Net earnings $.44 $.33 33
 Dividends $.195 $.145
 Average shares outstanding 251.0 253.8
 (weighted)
 CAMPBELL SOUP COMPANY
 Consolidated Supplemental Schedule of Sales and Earnings
 (Million dollars, except per-share amounts)
 Twelve Months Ended Aug. 2, July 28, Percent
 1992 1991 Change
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $4,081.4 $3,915.4
 Campbell Canada 331.7 352.0
 Total 4,413.1 4,267.4 3
 Campbell Biscuit and Bakery
 Pepperidge Farm 597.0 568.9
 International Biscuit 211.6 219.5
 Total 808.6 788.4 3
 Campbell International 1,110.6 1,217.4 (9)
 Interdivision (69.1) (69.1)
 Total sales $6,263.2 $6,204.1 1
 Earnings
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $ 751.8 $ 633.2
 Campbell Canada 41.0 35.3
 Total 792.8 668.5 19
 Campbell Biscuit and Bakery
 Pepperidge Farm 71.2 73.8
 International Biscuit 19.4 17.4
 Total 90.6 91.2 (1)
 Campbell International 40.5 38.9 4
 Total operating earnings 923.9 798.6 16
 Unallocated corporate expenses (36.2) (41.1)
 Earnings before interest,
 translation and taxes 887.7 757.5 17
 Interest, net (86.6) (90.2)
 Foreign currency translation (1.8) .1
 Taxes on earnings (308.8) (265.9)
 Net earnings $ 490.5 $ 401.5 22
 Net earnings per share $ 1.95 $ 1.58 23
 Three Months Ended Aug. 2, July 28, Percent
 1992 1991 Change
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $ 890.6 $ 839.8
 Campbell Canada 68.7 73.3
 Total 959.3 913.1 5
 Campbell Biscuit and Bakery
 Pepperidge Farm 150.1 135.4
 International Biscuit 48.1 48.6
 Total 198.2 184.0 8
 Campbell International 290.4 268.5 8
 Interdivision (14.5) (17.4)
 Total sales $1,433.4 $1,348.2 6
 Earnings
 Contributions by division:
 Campbell North America
 Campbell U.S.A. $ 149.5 $ 119.9
 Campbell Canada 9.2 5.7
 Total 158.7 125.6 26
 Campbell Biscuit and Bakery
 Pepperidge Farm 24.2 23.4
 International Biscuit 1.5 1.1
 Total 25.7 24.5 5
 Campbell International 10.3 9.2 12
 Total operating earnings 194.7 159.3 22
 Unallocated corporate expenses (7.3) (4.0)
 Earnings before interest,
 translation and taxes 187.4 155.3 21
 Interest, net (16.4) (23.2)
 Foreign currency translation (.6) .7
 Taxes on earnings (61.2) (48.1)
 Net earnings $ 109.2 $ 84.7 29
 Net earnings per share $ .44 $ .33 33
 CAMPBELL SOUP COMPANY
 Consolidated Balance Sheets
 (Million dollars)
 Aug. 2, 1992 July 28, 1991
 Current assets $1,501.6 $1,518.5
 Plant assets, net 1,965.8 1,790.4
 Intangible assets, net 441.8 435.5
 Other assets 444.6 404.6
 Total $4,353.8 $4,149.0
 Current liabilities $1,299.7 $1,278.0
 Long-term debt 693.3 772.6
 Other liabilities, principally
 deferred income taxes 333.2 305.0
 Shareowners' equity 2,027.6 1,793.4
 Total $4,353.8 $4,149.0
 Note: All per-share data reflect a 2-for-1 stock split in December 1991.
 /delval/
 -0- 9/9/92 R
 /CONTACT: Leonard F. Griehs, 609-342-6428, or Kevin G. Lowery, 609-342-8533, both of Campbell Soup/
 (CPB) CO: Campbell Soup Company ST: New Jersey IN: FOD SU: ERN


MK -- PH003R -- 7529 09/09/92 12:59 EDT
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