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PIEMONTE FOODS, INC. ANNOUNCES HIGHER FIRST QUARTER RESULTS

 GREENVILLE, S.C., Oct. 8 /PRNewswire/ -- Piemonte Foods, Inc. (NASDAQ: PIFI) today announced net income of $75,645 for the three months ended Aug. 28, 1993 versus $51,102 for the similar period a year ago, an increase of 48 percent. Net sales rose 8.4 percent to $5,689,213 for the first quarter of Fiscal 1994 compared to $5,246,447 for the same period last year. Sales were particularly strong in the Deli category which reflects increased penetration in supermarkets within certain regions of The Kroger Company (NYSE: KR). The company introduced a new foccacia product during the second half of August, 1994 which has been well received thus far but did not materially impact first quarter 1994 results. Gross profit improved one full percentage point to 22.4 percent from 21.4 percent for the three months ended Aug. 31 of 1993 and 1992, respectively. Net income per share was $0.06 for the first quarter of Fiscal 1994 versus $0.04 a year ago.
 The first quarter results reflect the 5 percent stock dividend which was paid on Aug. 30, 1993 to shareholders of record on Aug. 16, 1993. There were 1,268,805 common shares outstanding on Aug. 30, 1993.
 Piemonte Foods, Inc. is a manufacturer and distributor of pizza- related foods. Products are marketed to four distinct customers: Food Service, Deli, Industrial and Fund Raising. Most of the company's products carry its own "Piemonte" brand name.
 PIEMONTE FOODS
 Three Months Ended Three Months Ended
 Aug. 28, 1993 Aug. 29, 1992
 Net Sales $5,689,213 $5,144,262
 Net Income $ 75,645 $ 51,102
 Net Income Per Share $ .06 $ .04
 Aug. 28, 1993 Aug. 29, 1992
 Working Capital $2,701,037 $2,422,916
 Total Assets $9,049,222 $8,885,068
 Shareholders' Equity $6,007,500 $5,270,318
 -0- 10/8/93
 /CONTACT: Virgil L. Clark, vice chairman and chief executive officer, of Piemonte Foods, 803-242-0424/
 (PIFI)


CO: Piemonte Foods, Inc. ST: South Carolina IN: FOD SU: ERN

BM-KL -- CL011 -- 0104 10/08/93 11:16 EDT
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Publication:PR Newswire
Date:Oct 8, 1993
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