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DOSKOCIL REPORTS FIRST QUARTER RESULTS

 DOSKOCIL REPORTS FIRST QUARTER RESULTS
 HUTCHINSON, Kan., April 29 /PRNewswire/ -- Doskocil Companies


Incorporated (NASDAQ: DOSK) announced first quarter 1992 net income of $379,000 or $.07 per share, on sales of $176,222,000 compared to a net loss of $8,222,000 or $1.61 net loss per share, on sales of $206,969,000 for the quarter ended March 30, 1991. The net loss for the first quarter of 1991 included reorganization charges of $3,739,000. As a result of emerging from Chapter 11 status and adopting "Fresh Start Reporting," the company has not incurred reorganization charges since Sept. 28, 1991.
 John T. Hanes, chairman and chief executive officer, said, "Doskocil's operating results since the company's emergence from bankruptcy just six months ago have been very gratifying. First quarter 1992 net income is considerably improved over the same period last year when the company experienced an $8.2 million loss." He attributed the improvement in operating results to the effects of the cost reduction programs implemented by the company over the past two years and to continued volume growth in the value-added sectors of the business including Food Service, Deli and Branded Retail. Hanes added, "As noted before, the first quarter of the year is typically the weakest because of seasonality factors with losses from operations not uncommon."
 Theodore A. Myers, senior vice president and chief financial officer, commented that Doskocil's decline in sales in the first quarter of 1992 compared to the same period last year reflects the decrease in raw material prices and, as a result, lower wholesale and retail selling prices. Sales volume as expressed in pounds was essentially unchanged. Myers also pointed out that for financial reporting purposes, the company recorded a federal income tax provision which was less than a 10 percent effective rate in the first quarter of 1992. "That rate is likely to continue for the full year, but just as in 1991, there will be no significant cash liability for federal income taxes in 1992. This results from the company's use of its available net operating loss carryforwards."
 The company also announced that approximately 600,000 shares of Doskocil common stock that were held in the "disputed claim reserve" were distributed to creditors on April 15, 1992. This reduces to approximately 778,000 the number of shares yet to be distributed under the company's plan of reorganization. The next distribution of shares is not likely to occur until the fourth quarter of 1992.
 Doskocil specializes in processing and marketing boneless hams, sausage, bacon, and other branded and processed meat products for the food service, delicatessen and retail markets. The company also supplies pepperoni, beef and pork toppings to the pizza industry.
 DOSKOCIL COMPANIES INCORPORATED AND SUBSIDIARIES
 Comparative Quarterly Results
 (In thousands, except per share figures)
 Three months ended: 3/28/92 3/30/91
 (Post- (Pre-
 confirmation) confirmation)
 Net sales $ 176,222 $ 206,969
 Operating income 4,613 2,480
 Income (loss) before
 reorganization items $ 395 $ (4,483)
 Reorganization items -- (3,739)
 Income (loss) before taxes 395 (8,222)
 Provision for income taxes (16) --
 Net income (loss) $ 379 $ (8,222)
 Earnings (loss) per share (A) $ 0.07 $ (1.61)
 (A) Management believes the per share amounts for periods prior to
 Sept. 28, 1991 are not meaningful due to the reorganization.
 -0- 4/29/92
 /CONTACT: Theodore A. Myers of Doskocil Companies Incorporated, 316-663-1005; or J. Desmond Towey or Bernadette McLaughlin of Cameron Towey & Associates, 212-888-7600, for Doskocil/
 (DOSK) CO: Doskocil Companies Incorporated ST: Kansas IN: FOD SU: ERN


TQ-AH -- NY069 -- 4531 04/29/92 15:49 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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