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DIBRELL BROTHERS REPORTS FIRST QUARTER RESULTS

 DIBRELL BROTHERS REPORTS FIRST QUARTER RESULTS
 DANVILLE, Va., Nov. 11 /PRNewswire/ -- Dibrell Brothers,


Incorporated (NASDAQ-NMS: DBRL) today reported record sales and net income for its first quarter ended Sept. 30, 1992. Income before the cumulative effect of an accounting change increased by 37.6 percent to $8,541,801, or $.64 per share ($.57 fully diluted), while net sales increased 16.9 percent to $256.3 million. Due to a benefit of $8,785,000 resulting from the cumulative effect of an accounting change, net income for this year's first quarter totaled $17,326,801. In last year's first quarter, Dibrell earned $6,205,956, or $.47 per share ($.43 fully diluted), on net sales of $219.3 million.
 Claude B. Owen, Jr., Dibrell's Chairman and Chief Executive Officer, said sales of Dibrell's tobacco business increased by 13.5 percent to $179.4 million while sales of its flower business increased by 25.7 percent to $76.9 million. Increased operating profit from both tobacco and flower operations and lower overhead and interest costs contributed to the record income earned in this year's September quarter. Last year's first quarter results were negatively affected by a one-time after-tax charge of $1.3 million, or $.10 per share ($.08 fully diluted).
 Owen said that Dibrell's foreign tobacco operations continued to be the major source of earnings for the Company. The volume of tobacco sold in the first quarter as measured in pounds increased by over 27 percent with most of the increase being in sales of lower priced foreign tobacco. Increased flower sales in Germany, Italy and the United Kingdom resulted in improved performance by Dibrell's flower business. Over one-half of the increase in flower sales for the quarter was due to lower U.S. dollar foreign exchange rates in effect during this year's first quarter versus the same period last year.
 The non-recurring benefit of $8,785,000 resulting from the cumulative effect of an accounting change reflects the Company's adoption during the quarter of Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes." The Company expects also to adopt SFAS No. 106 "Employers' Accounting for Postretirement Benefits Other Than Pensions" during a subsequent quarter of this fiscal year resulting in an after-tax charge that will substantially offset the effect of the adoption of SFAS No. 109.
 Dibrell is engaged in two international businesses. The primary business involves purchasing, processing and selling leaf tobacco worldwide. The other business involves the importation and distribution of fresh cut flowers in Europe, North America and Japan. As both of the Company's lines of business are seasonal, the results of a single quarter are not necessarily indicative of the results to be expected for the full year.
 -0- 11/11/92
 /CONTACT: John Hunnicutt, Dibrell Brothers, Inc., 804-791-0151/
 (DBRL) CO: Dibrell Brothers, Inc. ST: Virginia IN: TOB SU: ERN


SB -- CH007 -- 9854 11/11/92 15:58 EST
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Publication:PR Newswire
Date:Nov 11, 1992
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