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MICHAEL FOODS REPORTS FIRST QUARTER RESULTS

 MICHAEL FOODS REPORTS FIRST QUARTER RESULTS
 MINNEAPOLIS, April 16 /PRNewswire/ -- Michael Foods, Inc.


(NASDAQ-NMS: MIKL) today announced financial results for the first quarter
ended March 31, 1992. Net earnings decreased 76 percent to $1.3 million, as compared to $5.7 million in 1991's first quarter. Net earnings per share were $0.07 versus $0.34. First quarter net sales declined 6 percent to $106.5 million from $113.7 million in the prior year's first quarter.
 In commenting on the first quarter results, Chief Executive Officer Richard G. Olson said, "Very weak pricing in the egg and potato markets for commodity products hurt our first quarter sales and earnings, while our value-added lines continued to perform well. Easy Eggs and refrigerated potato products, in particular, showed strong results. Since we have not yet completed our transition away from commodity products, pricing of these products continues to affect our earnings.
 "We expect to expand our value-added business shortly with the introduction of Simply Eggs(TM), reduced cholesterol liquid whole eggs, into retail, foodservice and industrial markets. Shipping into the initial retail test markets, Minneapolis/St. Paul, is expected to begin in May, with Chicago to follow in June."
 Michael Foods is a diversified food processor and distributor with particular interest in egg products, refrigerated grocery products, frozen and refrigerated potato products, specialty dairy products, and refrigerated soups and salads. Principal subsidiaries include M.G. Waldbaum Company, Crystal Farms Refrigerated Distribution Company, Northern Star Co., Kohler Mix Specialties, Inc. and Sunnyside Vegetable Packing, Inc.
 MICHAEL FOODS, INC.
 CONSOLIDATED STATEMENTS OF NET EARNINGS
 (000's)
 First Quarter Ended
 March 31,
 1992 1991
 Net sales $106,496 $113,741
 Cost of sales 93,458 92,580
 Gross profit 13,038 21,161
 Selling, general & administrative 8,453 9,483
 Operating profit 4,585 11,678
 Interest (income) expense, net 2,479 2,651
 Earnings before income taxes and
 minority interest 2,106 9,027
 Income tax expense 760 3,300
 Net earnings $1,346 $5,727
 Earnings per share $0.07 $0.34
 Weighted average common shares outstanding 19,512,000 16,771,000
 -0- 4/16/92
 /CONTACT: Mark D. Witmer of Michael Foods, 612-546-1500/
 (MIKL) CO: Michael Foods, Inc. ST: Minnesota IN: FOD SU: ERN


AL -- MN014 -- 9420 04/16/92 15:16 EDT
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Date:Apr 16, 1992
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