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MICHAEL FOODS REPORTS FIRST QUARTER RESULTS

 MINNEAPOLIS, April 19 /PRNewswire/ -- Michael Foods, Inc. (NASDAQ-NMS: MIKL) today announced financial results for the first quarter ended March 31, 1993. Net earnings were $0.5 million versus $1.3 million in 1992's first quarter. Net earnings per share were $.03 versus $.07. First quarter net sales were $104.9 million versus $106.5 million in the prior year's first quarter.
 In commenting on the first quarter results, Chief Executive Officer Richard G. Olson said, "Poor commodity pricing conditions continued through much of the first quarter. However, pricing in the egg and french fry markets improved late in the first quarter and some industry observers expect relative strength in these areas through the balance of the year. Additionally, we were pleased with the first quarter results of our Refrigerated Distribution Division where unit sales have improved significantly since last fall and remain in a positive trend.
 "We began production in the main Simply Eggs(TM) plant during the first quarter. Simply Eggs sales continue to rise in both the retail and foodservice markets, but volumes were well below levels needed to break even."
 Michael Foods is a diversified food processor and distributor with particular interests 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
 (In thousands)
 First Quarter Ended
 3/31/93 3/31/92
 Net sales $104,931 $106,496
 Cost of sales 92,167 93,458
 Gross profit 12,764 13,038
 Selling, general and administrative 9,729 8,453
 Operating profit 3,035 4,585
 Interest (income) expense, net 2,234 2,479
 Earnings before income taxes 801 2,106
 Income tax expense 290 760
 Net earnings $511 $1,346
 Earnings per share $.03 $.07
 Weighted average common
 shares outstanding 19,537,000 19,496,000
 -0- 4/19/93
 /CONTACT: Mark D. Witmer, director of corporate communications for Michael Foods, 612-546-1500/
 (MIKL)


CO: Michael Foods, Inc. ST: Minnesota IN: FOD SU: ERN

KH -- MN010 -- 7353 04/19/93 11:44 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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