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FLEMING AMENDS FINANCIAL RESULTS

 OKLAHOMA CITY, March 22 /PRNewswire/ -- Fleming Companies, Inc. (NYSE: FLM), announced today that it has amended previously released financial results for the years 1991 and 1992 and that results for 1993 will also be affected. There is no effect on cash flow or taxes paid in any period as a result. The amendment changes the timing of the recognition of income on a matter related to White Swan, a former subsidiary which was sold in 1988.
 Fleming's sale of White Swan included a non-compete agreement. Prior accounting for this agreement resulted in pretax income of $15.9 million in the second quarter of 1991. The amendment amortizes this income over two additional years. The effects are to decrease 1991 pretax income by $12.7 million and to increase it by $7 million in 1992. Pretax income in 1993 will be increased by $5.7 million or 9 cents a share. The table below summarizes the impact in all affected years.
 This action results from discussions with the staff of the Securities and Exchange Commission during which the company agreed to amend its previous accounting treatment.
 "We are obviously disappointed that the SEC disagreed with our accounting treatment of this matter," said Dean Werries, chairman, president and chief executive officer. "We believe, however, that this course of action is appropriate."
 FLEMING COMPANIES, INC.
 Fully Diluted
 Earnings Net Earnings
 Before Taxes Earnings(A) Per Share(A)
 (In millions)
 1991
 As reported $117.0 $72.3 $2.06
 As amended $104.3 $64.4 $1.82
 1992
 As reported $187.9 $114.5 $3.10
 As amended $194.9 $118.9 $3.21
 The projected effect on 1993 earnings before taxes is an increase of $5.7 million, which equates to a $3.3 million effect on net earnings, or 9 cents per fully diluted share.
 (A) -- Before extraordinary loss in 1992 and accounting change in 1991.
 -0- 3/22/93
 /CONTACT: Ron Frost, director-corporate communications of Fleming, 405-841-8125/
 (FLM)


CO: Fleming Companies, Inc. ST: Oklahoma IN: REA SU: ERN

GK-TS -- NY014 -- 8061 03/22/93 08:54 EST
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Publication:PR Newswire
Date:Mar 22, 1993
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