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FLOWERS ANNOUNCES THIRD QUARTER EARNINGS UP 54 PERCENT; RAISES QUARTERLY DIVIDEND

 FLOWERS ANNOUNCES THIRD QUARTER EARNINGS UP 54 PERCENT;
 RAISES QUARTERLY DIVIDEND
 THOMASVILLE, Ga., April 3 /PRNewswire/ -- Flowers Industries, Inc. (NYSE: FLO) today reported increases in sales and earnings for the third quarter of fiscal 1992.
 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, which ended on March 7, were $201,811,000, an increase of 8 percent over the $187,060,000 reported for the same period last year. Net income was $6,839,000, a 57 percent increase over the $4,348,000 reported a year ago. Fully diluted net income per share rose 54 percent to $.20 from $.13 recorded in last year's third quarter.
 For the first three quarters of fiscal 1992, sales were $599,397,000, a 5 percent increase over the $571,002,000 reported for the same period last year. Net income for the three quarters was $15,970,000, an increase of 18 percent over the $13,485,000 reported last year. Fully diluted net income per share increased 18 percent to $.47 from last year's $.40.
 In other business, the board of directors declared a quarterly dividend of $.1775 payable on May 1 to shareholders of record on April 17. This is the 51st consecutive quarterly dividend increase for Flowers Industries, and it reflects the board's optimism for the company's long-term outlook.
 "We are pleased with the progress the commpany has made during the past quarter," said McMullian in his comment on the third quarter results. "Sales volume is up in both pounds and units and profit margins are beginning to improve as the result of management's efforts to control costs."
 McMullian noted that Flowers Industries is now positioned to show sustainable growth over an extended period of time. "Our core bakery operations should continue to improve as the cyclical economic recovery unfolds," he said. "Our strategy to broaden our product mix and to extend our distribution channels in complementary areas of the food business will provide significant opportunities for growth through acquisitions over the next several years."
 Flowers Industries, Inc. produces and markets a variety of specialty branded food products.
 FLOWERS INDUSTRIES, INC.
 OPERATING HIGHLIGHTS
 3rd QUARTER FY 1992
 (000s OMITTED)
 For the 12 weeks ended 3/7/92 3/9/91 Pct. chg.
 Net sales $ 201,811 $ 187,060 7.9
 Pre-tax income $ 11,120 $ 7,345 51.4
 Net income $ 6,839 $ 4,348 57.3
 Net income per share:
 Primary $ 0.20 $ 0.13 53.8
 Fully diluted $ 0.20 $ 0.13 53.8
 Average shares outstanding
 Primary 34,532,285 33,728,397 2.4
 Fully diluted 34,554,900 33,764,174 2.3
 For the 36 weeks ended 3/7/92 3/9/91 Pct. chg.
 Net sales $ 599,397 $ 571,002 5.0
 Pre-tax income $ 25,967 $ 23,154 12.1
 Net income $ 15,970 $ 13,485 18.4
 Net income per share:
 Primary $ 0.47 $ 0.40 17.5
 Fully diluted $ 0.47 $ 0.40 17.5
 Average shares outstanding
 Primary 34,229,644 34,122,007 0.3
 Fully diluted 34,243,489 34,137,681 0.3
 FLOWERS INDUSTRIES, INC.
 CONSOLIDATED BALANCE SHEET
 3rd QUARTER FY 1992
 (000s OMITTED)
 3/7/92 3/9/91
 ASSETS
 Current assets $ 138,850 $ 124,461
 Property, plant and equipment 276,083 271,361
 Other assets and deferred
 charges 35,992 42,093
 Cost in excess of net tangible
 assets 3,350 1,642
 Total assets $ 454,275 $ 439,557
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $ 88,287 $ 86,123
 Long-term notes payable 43,063 33,451
 Other long-term liabilities 1,678 3,818
 Industrial revenue bonds 16,442 18,071
 Convertible subordinated
 debentures 47,241 47,241
 Deferred income taxes 32,411 33,059
 Other deferred items 18,060 17,223
 Common stockholders' equity 207,093 200,571
 Total liabilities and
 stockholders' equity $ 454,275 $ 439,557
 -0- 4/3/92
 /CONTACT: C.M. Wood III, senior vice president and chief financial officer, or Mary Krier of Flowers Industries, 912-226-9110/
 (FLO) CO: Flowers Industries, Inc. ST: Georgia IN: FOD SU: ERN DIV


BR-EA -- AT005 -- 5438 04/03/92 11:41 EST
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Date:Apr 3, 1992
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