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ORANGE-CO, INC. REPORTS THIRD-QUARTER PROFIT

 ORANGE-CO, INC. REPORTS THIRD-QUARTER PROFIT
 BARTOW, Fla., Aug. 12 /PRNewswire/ -- Orange-co, Inc. (NYSE: OJ)


announced further improvement in its profitability for the third quarter ended June 30, 1992. Net income for the quarter was $1,739,000 or $.17 per share compared to a net profit of $1,500,000 or $.15 per share for the three months ended June 30, 1991. Results for the current quarter included a $1,600,000 non-cash, pre-tax charge relating to an adjustment to the net realizable value of the company's Mexican subsidiary which was shut down earlier this year and which has now been classified as an asset held for disposition. Last year's third quarter included a $1,127,000 pre-tax gain from the sale of certain assets.
 Sales for the third quarter were $27,179,000, up 19 percent from the $22,782,000 for the same period last year. Gross profit increased 61 percent to $6,652,000 vs. $4,139,000 for the same period last year. The improved gross profit was principally due to the higher prices on orange juice products that were present earlier in the year, somewhat offset by higher unit fruit costs due to this season's smaller orange crop, plus lower operating losses at the company's Mexican facility. The third-quarter results were also positively affected by a 48-percent reduction in interest expense from levels experienced last year.
 For the nine months ended June 30, 1992, the company reported sales of $76,140,000, up 26 percent from the $60,314,000 for the same period last year. Net income for the current nine months was $5,995,000 or $.58 per share compared to a net loss of $1,304,000 or $.13 per share one year ago. Results for the current nine-month period included pre- tax charges of $2,100,000 relating to the company's idle Mexican facility that were taken in anticipation of attempts to sell this asset. Results for last year's nine-month period included pre-tax gains of $997,000 from the sale of certain assets.
 Orange-co is a grower and processor of citrus products and a packer and distributor of a growing number of beverage products principally to institutional food service companies.
 ORANGE-CO INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 FOR THE NINE MONTHS AND THREE MONTHS ENDED JUNE 30, 1992 AND 1991
 (unaudited)
 (in thousands)
 Nine Months Three Months
 1992 1991 1992 1991
 Sales $76,140 $60,314 $27,179 $22,782
 Cost of sales 57,425 54,611 20,527 18,643
 Gross profit 18,715 5,703 6,652 4,139
 Other costs and
 expenses, net:
 Selling, general and
 administrative (4,337) (4,684) (1,566) (1,503)
 Provision for write-down
 of assets held for
 disposition and idle
 plant costs (2,100) --- (1,600) ---
 Gain (loss) on disposition
 of property and equipment (29) 997 58 1,127
 Other income (expense) 95 (482) 57 (37)
 Interest (2,330) (3,638) (681) (1,306)
 Income (loss) before
 income taxes 10,014 (2,104) 2,920 2,420
 Income tax expense
 (benefit) 4,019 (800) 1,181 920
 Net income (loss) $5,995 $(1,304) $1,739 $1,500
 Net income (loss) per common
 and common equivalent share $.58 $(.13) $.17 $.15
 Average number of common and
 common equivalent shares
 outstanding 10,249 10,250 10,249 10,250
 -0- 8/12/92
 /CONTACT: Robert A. Peiser, president and chief operating officer, Orange-co, Inc., 813-533-0551/
 (OJ) CO: Orange-co, Inc. ST: Florida IN: FOD SU: ERN


JG-SB -- DE014 -- 9349 08/12/92 11:56 EDT
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Date:Aug 12, 1992
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