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CANDY'S TORTILLA FACTORY'S FIRST QUARTER REVENUES INCREASE OVER 34 PERCENT

 CANDY'S TORTILLA FACTORY'S FIRST QUARTER REVENUES
 INCREASE OVER 34 PERCENT
 PUEBLO, Colo., Feb. 19 /PRNewswire/ -- Candy's Tortilla Factory Inc. (NASDAQ: CNDY) today reported higher revenues and earnings for the fiscal first quarter ended Jan. 4, 1992.
 Net income was $180,463 or 6 cents per share for the first quarter of 1992 compared to $53,808 or 3 cents per share for the like period in 1991.
 Revenues rose over 34 percent in the first quarter of 1992 to $8.4 million compared to $6.2 million during the like quarter last year.
 "Stronger than expected food service and contract packing sales were the main contributors to our strong earnings growth in the first quarter. Food service sales were up 47 percent and sales to our contract packing customers were up by over 40 percent. We expect Candy's strong performance will continue throughout fiscal 1992. Though our facilities expansion is 60 days behind schedule due to weather and equipment delays, we are confident that these first two phases of our three phase expansion will be completed and contribute to increased margins in fiscal 1992," said Anthony J. Estrada, chief executive officer of Candy's.
 Based in Pueblo, Candy's Tortilla Factory manufactures, markets and distributes a premium quality line of flour and corn tortillas, taco shells, and tortilla chips, packaged and marketed under its own labels and various private labels to the retail, institutional and food service markets. Retail customers include Safeway, Kroger and Albertson's. Food service customers include Kraft, Lady Baltimore and Sysco. Candy's institutional customers include Taco Bell and McDonald's.
 CANDY'S TORTILLA FACTORY INC. AND SUBSIDIARY
 Consolidated Statements of Earnings
 (Unaudited)
 12 Weeks Ended
 Jan. 4, Jan. 5,
 1992 1991
 Net sales $8,427,969 $6,247,847
 Cost of goods sold (including
 purchases from a related party
 of $917,749 and 279,400) 6,208,824 4,459,927
 Gross profit 2,219,145 1,787,920
 Operating expenses
 Marketing (including rent expense
 to a related party of $21,440 and
 $4,218) 1,349,836 1,263,333
 Administrative (including rent
 expense to a related party of
 $7,280 and $7,280) 574,091 395,845
 1,923,927 1,659,178
 Operating income 295,218 128,742
 Other income (expense)
 Interest expense (84,009) (59,197)
 Other 68,254 3,070
 (15,755) (56,127)
 Earnings before income taxes 279,463 72,615
 Income tax expense
 Currently payable 99,000 59,185
 Deferred --- (40,378)
 $99,000 $18,807
 Net earnings 180,463 53,808
 Earnings per common and common
 equivalent share $0.06 $0.03
 Weighted average common shares
 outstanding 3,158,500 2,046,500
 -0- 2/19/92
 /CONTACT: Tom Carpenter of Candy's Tortilla Factory, 719-543-4350; or Scott Brooks of Carl Thompson Associates, 303-494-5472, for Candy's Tortilla Factory/
 (CNDY) CO: Candy's Tortilla Factory Inc. ST: Colorado IN: SU: ERN


MC -- DV004 -- 0302 02/19/92 09:30 EST
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Date:Feb 19, 1992
Words:484
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