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CURTICE BURNS REPORTS 2ND QUARTER F/93 SALES AND EARNINGS

 ROCHESTER, N.Y., Jan. 25 /PRNewswire/ -- Curtice Burns Foods (AMEX: CBI), a food processor, today reported second quarter fiscal 1993 net earnings of $2,153,000 or $.25 per share, compared to $2,479,000 or $.29 per share one year ago. This figure reflects a $2.2 million one- time charge (the equivalent of $.07 per share), for the disposition of Lucca, a frozen food operation in San Francisco. Excluding the Lucca charge, operating earnings increased 8.5 percent over the same period one year ago. This is the fourth consecutive quarter in which operating earnings have increased year-to-year. Net sales for the quarter were $239,784,000, down slightly from last year's $242,187,000.
 For the six months ending Dec. 25, 1992, net earnings were $3,490,000, down 2.5 percent from $3,579,000 in the same period last year. The $.41 per share amount remained the same as last year's at six months. Net sales in the same period were $455,523,000 versus $458,225,000 last year.
 "In spite of generally lackluster industry sales," Curtice Burns President David J. McDonald said, "this is the fourth consecutive quarter in which our year-to-year operating earnings are higher. Before including a one-time $2.2 million charge for the disposition of Lucca frozen foods, operating earnings were up 8.5 percent for the period and 7.5 percent year-to-date. Lucca was our only frozen operation on the West Coast and did not fit well with our strategic goals. Therefore, as a part of our ongoing restructuring, we sold this business in December.
 "We continue to feel severe pressure on earnings from the depressed conditions in the processed vegetable and oat milling divisions, while our meat snacks division is working hard to improve business with aggressive marketing programs. Although we are still at the mercy of the commodity cycles for much of our earnings results, the good news is that as a result of $35 million in capital additions over the last two years, we continue to see improved efficiencies in essentially all of our divisions and we look forward to continued year-to-year gains during the remainder of the year."
 Curtice Burns Foods processes and markets 24 product lines of regional branded, private label and foodservice products through nine autonomously managed divisions and 55 plants and warehouses located throughout the United States and Western Canada.
 CURTICE BURNS FOODS
 CONSOLIDATED STATEMENT OF INCOME
 (unaudited)
 ($000 except share data)
 Quarter Ended Six Months Ended
 12/25/92 12/27/91 12/25/92 12/27/91
 Net Sales $239,784 $242,187 $455,523 $458,225
 Earnings from Division
 Operations $ 9,289 $ 8,565 $ 13,328 $ 12,394
 Provision for Costs of
 Lucca Disposition $ 2,152 -- $ 2,152 --
 Income Before Taxes $ 3,756 $ 4,483 $ 5,963 $ 6,522
 Net Income $ 2,153 $ 2,479 $ 3,490 $ 3,579
 Net Income Per Share $ .25 $ .29 $ .41 $ .41
 Average Number of
 Shares Outstanding 8,586,126 8,614,157 8,584,962 8,762,224
 -0- 1/25/93
 /CONTACT: Bea Slizewski of Curtice Burns Foods, 716-383-1850/
 (CBI)


CO: Curtice Burns Foods, Inc. ST: New York IN: FOD SU: ERN

KK -- CL003 -- 8254 01/25/93 08:29 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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