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FREDA CORPORATION REPORTS GROSS REVENUES AND NET LOSS FOR THE FOURTH QUARTER AND NET INCOME FOR THE YEAR IN FISCAL 1991

 FREDA CORPORATION REPORTS GROSS REVENUES AND NET LOSS FOR THE
 FOURTH QUARTER AND NET INCOME FOR THE YEAR IN FISCAL 1991
 PHILADELPHIA, Dec. 20 /PRNewswire/ -- Freda Corporation (OTC), a manufacturer of an extensive variety of delicatessen luncheon meats, marketed throughout the continental United States, today reported gross revenues and net loss for the fourth quarter and net income for fiscal year ended Aug. 31, 1991.
 Net loss for the 13 weeks ended Aug. 31, 1991, was $22,547 or 2 cents per share before extraordinary item and a net loss of $697,947 or 39 cents per share after extraordinary item as compared with net income for the 14 weeks ended Sept. 1, 1990, of $575,166 or 32 cents per share on 1,807,800 average shares outstanding in both periods. Fourth quarter revenues amounted to $16,252,460 as compared with $18,938,981 in the year-earlier period.
 For the 52 weeks ended Aug. 31, 1991, net income before extraordinary item was $934,760 or 51 cents per share and net income of $259,360 or 14 cents per share after extraordinary item as compared with $763,148 or 42 cents per share in the comparable 53-week period ended Sept. 1, 1990, on 1,807,800 average shares outstanding in both periods. Gross revenues amounted to $60,194,605 as compared with $64,641,351 in the year-earlier period.
 The results reported for these periods include a $675,400 charge to C.D. Moyer Company, a subsidiary of Freda Corporation, to pay a fine in that amount pursuant to a guilty plea entered by C.D. Moyer Company in August 1991 to federal charges arising out of the mislabeling of certain meat products prior to April 1987.
 The company's stock is traded over the counter.
 FREDA CORPORATION
 Three months ended Aug. 31, 1991 Sept. 1, 1990
 13 weeks 14 weeks
 Gross revenues $16,252,460 $18,938,981
 Income (loss) before taxes and
 extraordinary item (22,384) 898,232
 Provision for income taxes 163 323,066
 Net income (loss) before
 extraordinary item (22,547) 575,166
 Extraordinary item 675,400 ---
 Net income (loss) (697,947) 575,166
 Earnings per share ($.39) $.32
 Average shares outstanding 1,807,800 1,807,800
 Year ended Aug. 31, 1991 Sept. 1, 1990
 52 weeks 53 weeks
 Gross revenues $60,194,605 $64,641,351
 Income before taxes and
 extraordinary item 1,532,094 1,243,014
 Provision for income taxes 597,334 479,866
 Net income before extraordinary item 934,760 763,148
 Extraordinary item 675,400 ---
 Net income 259,360 763,148
 Earnings per share $.14 $.42
 Average shares outstanding 1,807,800 1,807,800
 /delval/
 -0- 12/20/91
 /CONTACT: A. Robert Mitchell of Freda, 215-336-6300/ CO: Freda Corporation ST: Pennsylvania IN: FOD SU: ERN


KA-MP -- PH031 -- 4422 12/20/91 14:04 EST
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Publication:PR Newswire
Date:Dec 20, 1991
Words:476
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