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H.J. HEINZ COMPANY ISSUES EARNINGS

 H.J. HEINZ COMPANY ISSUES EARNINGS
 PITTSBURGH, Sept. 8 /PRNewswire/ -- H.J. Heinz Company (NYSE: HNZ)


announced today first quarter earnings of $0.55 per share for the three-month period ended July 29, 1992, compared to last year's first quarter earnings of $0.95 per share. Net income for the three-month period ended July 29, 1992 was $143,790,000 compared to $254,426,000 last year. Last year's first quarter earnings per share and net income results included a pre-tax gain of $221.5 million resulting from the sale of The Hubinger Company.
 Sales for the quarter totaled $1,564,441,000, up $64,190,000 or 4.3 percent from $1,500,251,000 last year. The increase in sales is primarily due to a 3 percent increase in volume, resulting from the "quiet restructuring" that took place last year. The strengthening of overseas currencies against the U.S. dollar also contributed to the increase in sales. Volume increases were noted in many products, including 9-Lives canned cat food, StarKist tuna, Heinz baby food and Weight Watchers brand frozen entrees and desserts.
 Heinz Chairman, President and Chief Executive Officer Anthony J.F. O'Reilly said he is encouraged by the first-quarter results. "We are seeing the benefits of our many management initiatives, our shares are expanding in key U.S. markets, and I look forward to a year of growth and increased earnings," he noted.
 H.J. HEINZ COMPANY
 Consolidated Statement of Income
 (000's omitted - except for per share amounts)
 Three Months Three Months
 Ended Ended
 July 29, July 31,
 1992 1991
 Sales $1,564,441 $1,500,251
 Cost of products sold 962,939 936,539
 Gross profit 601,502 563,712
 Selling, general and
 administrative expenses 342,437 350,727
 Gain on sale of
 The Hubinger Co. -- 221,459
 Operating income 259,065 434,444
 Interest income 7,622 10,305
 Interest expense 30,533 27,172
 Other expenses, net 10,069 7,213
 Income before income taxes 226,085 410,364
 Provision for income taxes 82,295 155,938
 Net income $ 143,790 $ 254,426
 Net income per share $ .55 $ .95
 Dividends per share $ .27 $ .24
 -0- 9/8/92 R
 /CONTACT: D. Edward I. Smyth, VP-corp. affairs, 412-456-5780, or Debora S. Foster, gen. mgr.-corp. communications, 412-456-5778, both of H.J. Heinz Company; or John E. Kennedy or L. Michael Kelly Jr., 412-456-3586, or 412-456-3840, both of Ketchum Public Relations, for H.J. Heinz Company/
 (HNZ) CO: H.J. Heinz Company ST: Pennsylvania IN: FOD SU: ERN


CD -- PG001R -- 6836 09/08/92 09:03 EDT
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Date:Sep 8, 1992
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