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KELLOGG ANNOUNCES RECORD FIRST-QUARTER RESULTS

 KELLOGG ANNOUNCES RECORD FIRST-QUARTER RESULTS
 BATTLE CREEK, Mich., April 24 /PRNewswire/ -- Kellogg Company


(NYSE: K) today announced record sales and earnings for the first quarter of 1992. Net sales were $1.52 billion, up 6.6 percent over the first quarter of 1991. Net earnings, including one-time adjustments, were up 20.3 percent to $196.2 million, and earnings per share rose to $.82 from $.68.
 First-quarter results include a pre-tax gain of $58.5 million from the sale of Fearn International Inc., a U.S. foodservice subsidiary, and a pre-tax charge of $22.4 million resulting from the disposition of convenience foods operations in Canada and other North American assets. Without these one-time events, first-quarter earnings would have been $170.4 million, up 4.5 percent, and earnings per share would have been $.71.
 Excluding 1991 Fearn International sales and the negative impact of currency exchange rates, first-quarter 1992 sales were up 10.5 percent.
 "We are very pleased with our first-quarter results, which were achieved amid intensely competitive market conditions and in comparison to the strong first quarter of 1991," said Arnold G. Langbo, Kellogg Company chairman of the board and chief executive officer. "It is particularly encouraging that Kellogg Company led strong cereal category growth around the world with a 7-percent increase in sales volumes during the first quarter. We are continuing to invest heavily in our business to generate steady, sustainable growth in both developed and emerging markets."
 KELLOGG COMPANY AND SUBSIDIARIES
 CONSOLIDATED SALES AND EARNINGS
 (Millions, except share data)
 Three Months Ended
 March 31
 1992 1991 Change
 (1992 results are unaudited)
 Net sales $1,515.1 $1,421.3 6.6 pct
 Interest and other revenue
 (deductions), net 35.3 0.2
 Total 1,550.4 1,421.5
 Cost of goods sold 718.7 698.2
 Selling and administrative
 expense 515.8 436.3
 Interest expense 7.2 16.1
 Total 1,241.7 1,150.6
 Earnings before income
 taxes 308.7 270.9 14.0 pct
 Income taxes 112.5 107.8
 Net earnings $196.2 $163.1 20.3 pct
 Earnings per share $.82 $.68 20.6 pct
 Dividends per share $.28 $.265
 Other revenue for the three months ended March 31, 1992, includes a $58.5 million gain ($.16 per share) on the sale of Fearn International Inc., and a one-time charge of $22.4 million ($.05 per share) in connection with the disposition of certain operations and assets in North America.
 Per-share amounts for 1991 have been restated to reflect the 2-for-1 stock split that took effect on Dec. 4, 1991.
 -0- 4/24/92
 /CONTACT: Neil G. Nyberg of Kellogg Company, 616-961-3799/
 (K) CO: Kellogg Company ST: Michigan IN: FOD SU: ERN


JG-ML -- DE001 -- 2274 04/24/92 08:26 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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