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JIMBO'S JUMBOS, INCORPORATED REPORTS THIRD QUARTER RESULTS

 EDENTON, N.C., June 11 /PRNewswire/ -- Jimbo's Jumbos, Incorporated (NASDAQ: PNUT) today reported that net income was $316,000 or $.05 per share for the third quarter ended April 30, 1993, compared with $325,000 or $.05 per share in the prior year. Net sales increased to $15,923,000 from $10,835,000 in the prior year.
 Net income for the nine months was $1,825,000 or $.28 per share versus $1,718,000 or $.30 per share in the prior year. Net sales increased to $61,645,000 from $36,610,000 in the prior year.
 The Company acquired Los Angeles Nut House in May 1992 which accounted for $4,943,000 and $25,261,000 of the sales increase for the third quarter and nine months ended April 30, 1993, respectively.
 Charles F. Schwartz, Vice President and Chief Financial Officer, stated, "The results for the third quarter include $165,000 of costs incurred due to the pending acquisition of the Company by an entity controlled by John W. Kluge. Excluding these costs, results for the quarter would have been approximately 24 percent higher than the same quarter of the prior year. This growth is predominantly due to sales increases in the Jimbo's and Gary's retail labels."
 It was previously announced that on April 23, 1993 the Company executed a Merger Agreement with an entity controlled by John W. Kluge which would acquire 100 percent of the outstanding stock of the Company for a price of $6.93 per share. The consummation of the merger is subject to certain closing conditions.
 Jimbo's Jumbos, headquartered in Edenton, North Carolina, is a vertically integrated buyer, miller, sheller and processor of peanuts and other nuts and nut meat products. The Company operates manufacturing and storage facilities in Edenton, Windsor and Williamston, North Carolina; Erlanger, Kentucky; Portales, New Mexico and Los Angeles, California.
 JIMBO'S JUMBOS, INCORPORATED
 SUMMARY FINANCIAL INFORMATION
 Three Months Ended April 30
 1993 (A) 1992
 Net Sales $15,923,000 $10,835,000
 Net Income $316,000 325,000
 Net Income Per Share (B) $ .05 $ .05
 Average Number of Shares 6,500,000 6,500,000
 Nine Months Ended April 30
 1993 (A) 1992
 Net Sales $61,645,000 $36,610,000
 Net Income $1,825,000 $ 1,718,000
 Net Income Per Share (B) $ .28 $ .30
 Average Number of Shares 6,500,000 5,805,000
 (A) Includes results of operations for Los Angeles Nut House.
 (B) Options and warrants are anti-dilutive and accordingly are not included in the computation.
 -0- 6/11/93
 /CONTACT: Charles F. Schwartz, Vice President and Chief Financial Officer of Jimbo's Jumbos, Incorporated, 919-482-2193/
 (PNUT)


CO: Jimbo's Jumbos, Incorporated ST: North Carolina IN: FOD SU: ERN

LR -- NY051 -- 1139 06/11/93 14:44 EST
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Publication:PR Newswire
Date:Jun 11, 1993
Words:462
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