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CURTICE BURNS REPORTS SECOND QUARTER SALES AND EARNINGS

 CURTICE BURNS REPORTS SECOND QUARTER SALES AND EARNINGS
 ROCHESTER, N.Y., Jan. 22 /PRNewswire/ -- Curtice Burns Foods


(AMEX: CBI), a food processor, today reported second quarter fiscal 1992 net earnings of $2,479,000, or $.29 per share. This compares to $3,240,000, or $.37 per share in the second quarter last year, a decline in per share earnings of 21.6 percent. Net sales for the quarter were $242,187,000, down 7.4 percent from $261,640,000 one year ago.
 For the six months ended Dec. 27, 1991, net earnings were $3,579,000, or $.41 per share, down from $5,041,000, or $.58 per share in the same period last year. This represents a 29 percent drop in earnings. Net sales in the six month period were $458,225,000, down 5.5 percent from last year.
 "The principal year-to-year pressure on earnings continues to be the national oversupply of frozen and canned vegetables," said Curtice Burns president David J. McDonald.
 "In the quarter just finished, 19 of Curtice Burns' 26 product lines scored year-to-year earnings increases. This earnings increase, however, was offset by significant profit shortfalls in our can-making, meat snack and frozen operations. Much of the incremental costs for Finger Lakes Packaging are one-time charges for expansion programs and that division is expected to rebound by fiscal 1993. Curtice Burns Meat Snacks suffered a serious plunge in sales during the quarter and, although cost reductions have improved variable margins, savings have not offset the impact on earnings.
 "I believe that it is fair to say," McDonald continued, "that as we pass through this period when we are at a low point in the vegetable commodity cycle, our investment activities and successful productivity programs will soon bring Curtice Burns back to satisfactory earning levels."
 Curtice Burns Foods processes and markets 26 product lines of regional brand, 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
 (Unaudited)
 ($000 except share data)
 Quarter Ended
 12/27/91 12/28/90
 Net Sales $242,187 $261,640
 Income Before Taxes $4,483 $5,457
 Net Income $2,479 $3,240
 Income Per Share $.29 $.37
 Average number of shares outstanding 8,700,405 8,857,952
 Six Months Ended
 12/27/91 12/28/90
 Net Sales $458,225 $485,122
 Income Before Taxes $6,522 $8,494
 Net Income $3,579 $5,041
 Income Per Share $.41 $.58
 Average number of shares outstanding 8,805,348 8,690,006
 -0- 1/22/92
 /CONTACT: Bea Slizewski of Curtice Burns Foods, 716-383-1850; or Thomas Rooney of Ketchum Public Relations, 212-536-8854, for Curtice Burns Foods/
 (CBI) CO: Curtice Burns Foods, Inc. ST: New York IN: FOD SU: ERN


KK -- CL008 -- 2133 01/22/92 09:50 EST
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Date:Jan 22, 1992
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