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FLOWERS ACHIEVES RECORD SALES IN THIRD QUARTER; RAISES QUARTERLY DIVIDEND

 THOMASVILLE, Ga., April 2 /PRNewswire/ -- Flowers Industries, Inc. (NYSE: FLO) today reported record sales volume and increased profits for the third quarter of fiscal 1993.
 Amos R. McMullian, chairman of the board and chief executive officer, made the announcement at the regular quarterly meeting of Flowers' board of directors.
 Sales for the third quarter of fiscal 1993, which ended on March 6, were $211,339,000, an increase of 5 percent over the $201,811,000 reported for the same period last year. Net income was $7,692,000, an increase of 13 percent over the $6,839,000 reported a year ago. Net income per share was $.21, an increase of 5 percent over the $.20 reported for fiscal 1992.
 For the 36-week period ending March 6, sales were $641,973,000, a 7 percent increase over the $599,397,000 reported for the first three quarters of fiscal 1992. Net income was $21,597,000, a 35 percent increase over the $15,970,000 reported for the same period a year ago. Net income per share was $.59, an increase of 26 percent over the $.47 reported last year.
 At its meeting, Flowers' board of directors voted to increase the quarterly dividend to $.1875 from the $.1850 paid last quarter. This dividend increase represents the 55th consecutive quarterly increase for the company. The new annual rate of $.75 represents a 6 percent increase over the $.71 annual rate in effect a year ago. The dividend is payable on April 30 to shareholders of record on April 16.
 In his comments on the third quarter, McMullian noted that substantial increases in the cost of flour had an adverse impact on the quarter's results. He noted, however, that Flowers' overall profitability continues to increase in spite of the short-term negative impact of raw material prices. This reflects the company's substantial commitment to production and distribution efficiencies and cost control, as well as volume gains from an improved product mix.
 "We are optimistic about the remainder of this fiscal year and upcoming fiscal 1994," McMullian said. "While the high cost of flour, unimproved pricing, and capacity constraints in certain product lines may limit our total growth for the balance of this fiscal year, the outlook for fiscal 1994 is strong. We expect solid growth in both sales volume and earnings as new production capacity comes on line over the next several months, as the impact of raw material costs eases, and as margins improve through a combination of volume gains, cost control, and improved pricing. Flowers Industries will enter fiscal 1994 in the strongest financial and operating condition in its history. Its goals for growth and for the enhancement of shareholder value will continue to drive both its internal and external efforts for revenue and margin gains," he added.
 Flowers Industries, Inc. produces and markets a variety of specialty branded food products.
 FLOWERS INDUSTRIES, INC.
 OPERATING HIGHLIGHTS
 3rd QUARTER FY 1993
 (000s OMITTED)
 For the 12 weeks ended 3/6/93 3/7/92 Pct. chg.
 Net sales $ 211,339 $ 201,811 4.7
 Pre-tax income $ 12,407 $ 11,120 11.6
 Net income $ 7,692 $ 6,839 12.5
 Net income per share:
 Primary $ 0.21 $ 0.20 5.0
 Fully diluted $ 0.21 $ 0.20 5.0
 Average shares outstanding:
 Primary 37,318,905 34,532,285 8.1
 Fully diluted 37,326,546 34,554,900 8.0
 For the 36 weeks ended 3/6/93 3/7/92 Pct. chg.
 Net sales $ 641,973 $ 599,397 7.1
 Pre-tax income $ 34,834 $ 25,967 34.1
 Net income $ 21,597 $ 15,970 35.2
 Net income per share:
 Primary $ 0.59 $ 0.47 25.5
 Fully diluted $ 0.59 $ 0.47 25.5
 Average shares outstanding:
 Primary 36,388,848 34,229,644 6.3
 Fully diluted 37,298,357 34,243,489 8.9
 CONSOLIDATED BALANCE SHEET
 3rd QUARTER FY 1993
 (000s OMITTED)
 3/6/93 3/7/92
 ASSETS
 Current assets $149,217 $138,850
 Property, plant and equipment 282,535 276,083
 Other assets and deferred
 charges 39,160 35,992
 Cost in excess of net tangible
 assets 7,417 3,350
 Total assets $478,329 $454,275
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $106,416 $ 88,287
 Long-term notes payable 34,294 43,063
 Contingent liabilities 6,867 1,678
 Industrial revenue bonds 14,312 16,442
 Convertible subordinated
 debentures --- 47,241
 Deferred income taxes 32,485 32,411
 Other deferred items 15,043 18,060
 Common stockholders' equity 268,912 207,093
 Total liabilities and
 stockholders' equity $478,329 $454,275
 -0- 4/2/93
 /CONTACT: C.M. Wood III, senior vice president and chief financial officer, or Mary Krier, manager of communications, of Flowers Industries, 912-226-9110/
 (FLO)


CO: Flowers Industries, Inc. ST: Georgia IN: FOD SU: ERN DIV

BR-BN -- AT007 -- 2484 04/02/93 11:44 EST
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Date:Apr 2, 1993
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