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CURTICE BURNS REPORTS FULL YEAR SALES AND EARNINGS

 CURTICE BURNS REPORTS FULL YEAR SALES AND EARNINGS
 ROCHESTER, N.Y., Aug. 4 /PRNewswire/ -- Curtice Burns Foods


(AMEX: CBI), a Rochester, N.Y., based-food processor, today reported earnings for the quarter and fiscal year ending on June 26, 1992. Net earnings increased 68 percent over the previous year, to $6,148,000 or $.71 per share compared to $3,657,000 or $.42 per share. Net sales decreased four percent, to $896,931,000 versus $933,084,000 in fiscal 1991.
 Fourth quarter net earnings showed a significant increase over the previous year, $2,171,000 or $.25 per share compared to a net loss of $(1,228,000) or $(.14) per share, while net sales showed a one percent drop.
 "In spite of unusual pressures in three of the principal industries in which we compete," said president David J. McDonald, "Curtice Burns increased its earnings significantly over last year. Although we are still not back to historical levels, our remedial programs are showing positive results. This was particularly evident in our fourth quarter with earnings per share up from a 14 cent loss last year to 25 cents this year. After two years of losses in the fourth quarter, this is a significant turnaround.
 "The three product categories that are important to Curtice Burns and have over the past two-and-a-half years been undergoing uniquely depressed conditions include the New York-based vegetable business which continues to face severe price competition in the wake of an oversupply situation; industrial oats ... a commodity business operating in an over-capacity environment; and snack foods which are competing in an intensely competitive marketplace. In spite of the well publicized price wars in the snack food industry, on a year-to-year basis, the Curtice Burns snack divisions scored an improvement in bottom line performance. However, as a result of this intense pressure, the magnitude of these gains is less than expected.
 "This has been offset in part by the success of a productivity program that was implemented a year ago throughout the Curtice Burns' divisions, favorably impacting working capital, production efficiencies, and plant and administrative overheads. On a year-to-year basis, fixed expenses were down from the prior year by 25 million dollars. All but two divisions increased their earnings over the prior year and Nalley's Fine Foods and Nalley's Canada scored all-time earnings records.
 "On July 2, 1992, the Curtice Burns Board voted a dividend for the quarter of 16 cents, bringing our dividend for the year to 64 cents. Curtice Burns has paid a dividend since becoming public 19 years ago and the current yield is among the highest in the industry."
 Curtice Burns Foods processes and markets 25 product lines of regional branded, private label and foodservice products through nine autonomously managed divisions and 58 plants and warehouses located throughout the United States and Western Canada.
 CURTICE BURNS FOODS
 CONSOLIDATED STATEMENT OF INCOME
 ($000 except share data)
 Quarter Ended Year Ended
 6/26/92(A) 6/28/91(A) 6/26/92 6/28/91
 Net Sales $216,672 $219,395 $896,931 $933,084
 Income/(Loss)
 Before Taxes 3,648 $(1,790) $10,917 $6,841
 Net Income/(Loss) 2,171 $(1,228) $6,148 $3,657
 Net Income/(Loss)
 Per Share $.25 $(.14) $.71 $.42
 Average Number of Shares
 Outstanding 8,572,455 8,879,212 8,667,154 8,783,886
 Note (A) -- Quarterly figures are unaudited.
 -0- 8/4/92
 /CONTACT: Bea Slizewski of Curtice Burns, 716-383-1850/
 (CBI) CO: Curtice Burns Foods ST: New York IN: FOD SU: ERN


KK -- CL001 -- 6501 08/04/92 09:02 EDT
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Date:Aug 4, 1992
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