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CANDY'S TORTILLA FACTORY SECOND QUARTER REVENUES INCREASE 30 PERCENT, EARNINGS UP 87 PERCENT

 CANDY'S TORTILLA FACTORY SECOND QUARTER REVENUES INCREASE
 30 PERCENT, EARNINGS UP 87 PERCENT
 PUEBLO, Colo., May 14 /PRNewswire/ -- Candy's Tortilla Factory Inc. (NASDAQ: CNDY) today announced increased revenues and earnings for its fiscal second quarter ended March 28, 1992.
 Revenues for the quarter rose 30 percent totalling $8.9 million compared to $6.8 million during the like quarter last year.
 Net income for the quarter rose 87 percent to $193,382 compared to $103,492 for the like period last year. Per share figures (adjusted for the company's public stock offering) were 6 cents per share versus 5 cents per share in the second quarter of 1991.
 In Candy's major business segments, food service sales increased 34 percent, retail sales increased 26 percent and contract packing sales increased 33 percent.
 Anthony J. Estrada, Candy's president and chief executive officer, said, "Candy's has begun a three-phase expansion aimed at controlling costs and increasing productivity. Phases I and II of the expansion are nearly complete, although Phase I is approximately eight weeks behind schedule due to a delay in equipment delivery. This will result in a delayed realization of cost savings anticipated from the first two phases of the expansion. However, we are pleased that Candy's sales continue to grow at a solid pace and that our continuing efforts to control costs and increase productivity are starting to show results."
 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)
 Twenty-four Weeks Ended Twelve Weeks Ended
 March 28, March 30, March 28, March 30,
 1992 1991 1992 1991
 Net sales $17,325,306 $13,084,742 $8,897,337 $6,836,895
 Cost of goods sold
 (including purchases
 from a related party
 of $2,098,611,
 $1,180,862,
 $654,953 and
 $375,553) 12,718,358 9,242,188 6,509,534 4,782,261
 Gross profit 4,606,948 3,842,554 2,387,803 2,054,634
 Operating expenses
 Marketing (including
 rent expense to a
 related party of
 $50,885, $8,436,
 $29,445 and
 $4,218) 2,811,459 2,675,083 1,461,623 1,411,750
 Administrative
 (including rent
 expense to a related
 party of $14,560,
 $14,400, $7,280
 and $7,200) 1,170,682 844,216 596,591 448,371
 3,982,141 3,519,299 2,058,214 1,860,121
 Operating income 624,807 323,255 329,589 194,513
 Other income (expense)
 Interest expense (142,553) (122,847) (58,544) (63,650)
 Other 90,758 8,129 22,504 5,059
 (51,795) (114,718) (36,040) (58,591)
 Earnings before
 income taxes 573,012 208,537 293,549 135,922
 Income tax expense
 Currently payable 199,167 63,666 100,167 44,859
 Deferred --- (12,429) --- (12,429)
 $199,167 $51,237 $100,167 $32,430
 Net earnings 373,845 157,300 193,382 103,492
 Earnings per common
 and common equivalent
 share $0.12 $0.08 $0.06 $0.05
 Weighted average common
 shares outstanding 3,228,814 2,046,500 3,265,044 2,046,500
 -0- 5/14/92
 /CONTACT: Tom Carpenter of Candy's Tortilla Factory, 719-543-4350; or Mark Trinske of Trinske Communications, 303-665-7760, for Candy's Tortilla Factory/
 (CNDY) CO: Candy's Tortilla Factory Inc. ST: Colorado IN: FOD SU: ERN


BB-MC -- DV001 -- 0070 05/14/92 09:37 EDT
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Publication:PR Newswire
Date:May 14, 1992
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