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JIMBO'S JUMBOS REPORTS THIRD QUARTER, NINE-MONTH RESULTS

 JIMBO'S JUMBOS REPORTS THIRD QUARTER, NINE-MONTH RESULTS
 EDENTON, N.C., June 10 /PRNewswire/ -- Jimbo's Jumbos, Incorporated


(NASDAQ: PNUT), today reported net income of $325,000 for the third quarter ended April 30, 1992. This compared with net income of $1,161,000 in the same quarter a year ago when the company achieved sharply higher margins by purchasing peanuts before drought-induced shortages triggered an industry-wide spike in prices. Net sales totaled $10,943,000 in the third quarter vs. $16,243,000 for the same 1991 period.
 Jimbo's Jumbos also reported net income of $1,718,000 for the first nine months, compared with $4,390,000 in the same prior-year period. Net sales declined to $36,971,000 from $50,316,000 in the comparable 1991 period.
 In reporting the results, Charles F. Schwartz, vice president and chief financial officer, said, "The results reflect a return to more normalized operations from the unusual market volatility during last year's drought. We also attribute the decline in profits and sales for the third quarter primarily to weak selling prices for seed peanuts.
 "For the balance of the year, we anticipate weak selling prices will continue to exert pressure on profits," Schwartz added. "We have minimized the impact of these adverse market conditions by adopting cost-cutting measures that have already contributed to a reduction in operating expenses. We are also targeting operating efficiencies to further cut expenses without compromising productivity, product quality and high customer-service standards. As previously stated in our March 12 press release, results for the fiscal year should approximate 1990 levels without taking into account the recent acquisition of Los Angeles Nut House and Fairhope Nut Processing."
 At the beginning of the fourth quarter Jimbo's Jumbos also completed its acquisition of certain assets and the business of Los Angeles Nut House and Fairhope Nut Processing from MEI Diversified Inc., for a cash purchase price of approximately $8 million. This acquisition reflects the company's previously announced strategy of achieving growth by acquiring related businesses that offer opportunities for new or expanded product lines and markets. LA Nut House and Fairhope, which reported combined sales of about $38 million in 1991, will increase the company's West Coast presence and add new products to the existing line of peanut products.
 Jimbo's Jumbos, headquartered in Edenton, 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, N.C.; Erlanger, Ky.; Portales, N.M.; and Los Angeles.
 JIMBO'S JUMBOS, INCORPORATED
 Summary Financial Information
 Three months ended April 30 1992 1991
 Net sales $10,943,000 $16,243,000
 Net income $ 325,000 $ 1,161,000
 Net income per share (A) $0.05 N.A.
 Average number of shares 6,500,000 N.A.
 Nine months ended April 30 1992 1991
 Net sales $36,971,000 $50,316,000
 Net income $ 1,718,000 $ 4,390,000
 Net income per share (A) $0.30 N.A.
 Average number of shares 5,805,000 N.A.
 (A) -- Earnings per share amounts are not shown for the quarter and nine months ended April 30, 1991, because both periods included expenses allocated to Jimbo's Jumbos by Chock full o' Nuts Corporation. These expenses were discontinued subsequent to the 1991 fiscal year in conjunction with the initial public offering. Options and warrants are antidilutive and, accordingly, are not included in the computation.
 -0- 6/10/92
 /CONTACT: Charles F. Schwartz, vice president and chief financial officer of Jimbo's Jumbos, 919-482-2193; or Cynthia A. Bond of Silverman, Heller Associates, 212-682-9222, for Jimbo's Jumbos/
 (PNUT) CO: Jimbo's Jumbos Incorporated ST: North Carolina IN: FOD SU: ERN


TQ-GK -- NY012 -- 8688 06/10/92 09:26 EDT
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Date:Jun 10, 1992
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