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CHOCK FULL O' NUTS CORPORATION REPORTS THIRD QUARTER RESULTS

 NEW YORK, June 11 /PRNewswire/ -- Chock full o' Nuts Corporation (NYSE: CHF) today reported income from continuing operations of $451,000 or $.05 per share and $2,704,000 or $.27 per share for the three and nine months ended April 30, 1993, respectively, compared to income from continuing operations of $44,000 or less than $.01 per share and a (loss) of ($672,000) or ($.07) per share in the comparable periods of the prior year. The company has reflected its peanut operations as discontinued operations as a result of an agreement to dispose of such operations.
 (Loss) from discontinued operations of ($535,000) or ($.06) per share, representing a provision for loss on disposal of those operations for the quarter ended April 30, 1993, resulted in a net (loss) of ($85,000) or ($.01) per share. (Loss) from discontinued operations of ($2,068,000) or ($.20) per share, after a provision for loss on disposal of those operations of ($3,171,000) or ($.31) per share for the nine months ended April 30, 1993, resulted in net income of $636,000 or $.07 per share. Income from discontinued operations of $237,000 or $.03 per share and $1,568,000 or $.16 per share for the three and nine months ended April 30, 1992, respectively, resulted in net income of $281,000 or $.03 per share and $896,000 or $.09 per share.
 The company acquired Cain's Coffee Co. in December 1992 and Dana Brown Private Brands, Inc. in November 1992, both of which businesses are included in the results of operations from their respective dates of acquisition. Net sales from continuing operations were $67,668,000 and $183,767,000 for the three and nine months ended April 30, 1993, respectively, compared to $52,026,000 and $152,162,000 in the comparable periods of its prior year. The acquired businesses accounted for approximately $19,540,000 and $32,633,000 of the increases.
 Joseph Breslin, chairman and chief executive officer, stated, "Our retail coffee business has exceeded expectations; however, food service operations have been affected by adverse economic conditions and severe price competition. The proceeds (approximately $33,000,000) from the sale of our peanut operations, which is expected to be consummated in the next four weeks, will substantially reduce our bank borrowings and strengthen our financial position."
 Chock full o' Nuts Corporation roasts, packs and markets regular, instant and decaffeinated coffees under the Chock full o' Nuts label. Its best known coffee product is its premium, vacuum packed, all-method grind coffee. Hillside Coffee, a leading roaster, distributor and marketer of specialty whole bean coffees, provides a unique direct store delivery and full service merchandising program to supermarkets, utilizing attractive end-of-aisle, free-standing display kiosks with self-service grinders. The company is also one of the largest marketers of food service and private label coffees, teas and related products.
 CHOCK FULL O' NUTS CORPORATION
 Summary Financial Information
 Three months ended April 30 (A) 1993 1992
 Net Sales $ 67,668,000 $ 52,026,000
 Income From Continuing Operations $ 451,000 $ 44,000
 Net Income (Loss) $ (85,000) $ 281,000
 Per Share (b)
 Continuing Operations $ .05 $ --
 Net Income (Loss) $ (.01) $ .03
 Nine months ended April 30 (A) 1993 1992
 Net Sales $183,767,000 $152,162,000
 Income (loss) From Cont. Opers. $ 2,704,000 $ (672,000)
 Net Income $ 636,000 $ 896,000
 Per Share (b)
 Continuing Operations $ .27 $ (.07)
 Net Income $ .07 $ .09
 (A) -- Reflects peanut operations as discontinued operations as a result of an agreement to dispose of such operations. (Loss) from discontinued operations was ($535,000) or ($.06) per share representing a loss on disposition for the three months ended April 30, 1993, and ($2,068,000) or ($.20) per share for the nine months ended April 30, 1993, after a provision for loss on disposition of ($3,171,000) or ($.31) per share. Income from discontinued operations was $237,000 or $.03 per share and $1,568,000 or $.16 per share for the three and nine months ended April 30, 1992, respectively.
 (B) -- Assumed conversion of outstanding debentures would cause the fully diluted calculation to be anti-dilutive.
 -0- 6/11/93
 /CONTACT: Joseph Breslin, chairman of Chock full o' Nuts, 212-532-0300/
 (CHF)


CO: Chock full o' Nuts Corporation ST: New York IN: FOD SU: ERN

GK -- NY060 -- 1213 06/11/93 16:39 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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