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LINCOLN FOODSERVICE PRODUCTS ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

 LINCOLN FOODSERVICE PRODUCTS ANNOUNCES
 FOURTH QUARTER AND YEAR END RESULTS
 FORT WAYNE, Ind., Feb. 13 /PRNewswire/ -- Lincoln Foodservice Products, Inc. (NASDAQ: LINN) today announced operating results for the fourth quarter and year ended Dec. 31, 1991. Lincoln's net income for the fourth quarter was $510,000, or $.15 per share, on net sales of $11,726,000. Net income increased over 1990 net income of $383,000, or $.12 per share, on net sales of $11,030,000.
 For the full-year 1991, Lincoln's net income was $1,425,000, equivalent to $.43 per share, on net sales of $43,489,000. For 1990, Lincoln's net income was $598,000, or $.18 per share, on net sales of $43,971,000.
 According to William A. Thomas, chairman, president and chief executive officer of Lincoln, "Net sales for the quarter were 6 percent higher than last year's fourth quarter. We believe this indicates that the strengthening in demand for Lincoln's products reported last quarter has continued. Domestic gross sales were 3 percent better than last year's fourth quarter and our international gross sales increased by 14 percent over that same period. International gross sales accounted for 19 percent of our total gross sales during the quarter."
 Net income for the fourth quarter of last year was impaired by two non-recurring charges. They were to provide for discontinuance of the Galley(R) and Steam'r Oven(R) product lines and to write-off uncollectible accounts receivable from Bay-Lea Industries, Ltd.
 Year-to-date net sales were 99 percent of last year's sales and recovered to this level despite the sluggish first quarter economy when Lincoln's sales were only 80 percent of the previous year. "Our gross margin held steady at 36 percent for the quarter compared to last year despite merchandising discounts granted, this year, to qualifying dealers," said Thomas. "Because we managed our selling, general, and administrative expenses to much lower levels over the past 12 to 15 months, our fourth quarter earnings were the best since 1987," he added.
 Lincoln Foodservice Products, Inc. designs, manufactures, and markets commercial and institutional foodservice cooking equipment and supplies. The company, which produces Impinger(R) conveyor ovens and Wear-Ever(R) and Centurion(R) foodservice supplies and utensils, Redco(R) food slicers, cutters, and wedgers and Fresh-O-Matic(R) food warmers, markets it products through its sales force and a network of approximately 1,500 distributors worldwide.
 LINCOLN FOODSERVICE PRODUCTS, INC.
 SELECTED FINANCIAL DATA
 (000's, except per share data)
 (Unaudited)
 Periods ended Three months Twelve months
 Dec. 31
 1991 1990 1991 1990
 Net Sales $11,726 $11,030 $43,489 $43,971
 Operating Income 858 683 2,309 1,034
 Income Taxes 348 300 884 436
 Net Income $ 510 $ 383 $ 1,425 $ 598
 Weighted Average
 Shares Outs. 3,294 3,294 3,294 3,294
 Net Income Per Share $.15 $.12 $.43 $ .18
 -0- 2/13/92
 /CONTACT: David O. Cole, vice president of Lincoln Foodservice Products, 219-432-9511/
 (LINN) CO: Lincoln Foodservice Products Inc. ST: Indiana IN: FOD SU: ERN


SH -- NY016 -- 9584 02/13/92 09:21 EST
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Publication:PR Newswire
Date:Feb 13, 1992
Words:508
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