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RISER FOODS, INC. REPORTS FOURTH QUARTER AND FISCAL 1992 RESULTS: SALES AND EARNINGS REFLECT SLUGGISH ECONOMY

RISER FOODS, INC. REPORTS FOURTH QUARTER AND FISCAL 1992 RESULTS:
 SALES AND EARNINGS REFLECT SLUGGISH ECONOMY
 BEDFORD HEIGHTS, Ohio, Sept. 18 /PRNewswire/ -- Riser Foods, Inc. (AMEX: RSR) today announced its fourth quarter and fiscal 1992 results, noting that sales and earnings were down from a year ago, reflecting the sluggish economy, increased new competition and lower food prices.
 The fourth quarter of fiscal 1992, a 12 week quarter which ended June 27, 1992, showed net income of $2.1 million, or 26 cents per share, on sales of $227.5 million compared to net income of $2.5 million, or 30 cents per share, on sales of $233.7 million last year. For the fiscal year ended June 27, 1992, Riser reported net income of $8.1 million, or 99 cents per share, on sales of $985 million compared to net income of $9.7 million, or $1.20 per share on sales of $1.022 billion last year.
 Anthony C. Rego, Riser's Chairman and CEO, said that sales and earnings for the year were adversely affected by the continuing recession and new competition. Rego said, "There are more people trying to compete for less food dollars in the marketplace today. Current food prices are at or below last year, particularly in meat and produce further reducing sales dollars." While these combined factors have impacted gross margins, the company has attempted to minimize the effect by reducing corporate overhead.
 Rego pointed out that fiscal 1992 earnings were negatively impacted by a fourth quarter pretax charge of $960,000 associated with the closing of one of the Company's retail units in April. Additionally, Riser disposed of its unprofitable Food Service Division in the fourth quarter of fiscal 1992. The division, which broke even before corporate charges and taxes in FY 1991, lost approximately $1.4 million before corporate charges and taxes in the current year.
 Rego added that despite the lower earnings, the company was still moving in a positive direction. Riser was encouraged by the fact that its Retail Division had acquired two stores during the year, completed two major store remodeling projects and also opened the company's prototype 52,000 square foot super store which replaced an older location in Willoughby Hills, Ohio. The company also purchased an Apple's location in Broadview Heights, Ohio and began operating that store during the first quarter of FY 1993.
 Rego noted that the Company's Wholesale Division, American Seaway Foods, is making progress to assimilate former Peter J. Schmitt customers that are now being supplied by Riser. Michael L. Borstein, president of American Seaway Foods, said that "Since June 1st, over 85 former Schmitt customers are now being serviced by Riser and the Company's expectation of $120 million in additional FY 1993 sales from these businesses certainly looks attainable."
 During the fourth quarter, Riser operated 49 supermarkets in Northeastern Ohio under the Rini-Rego Stop-N-Shop and Carl's formats, one deep discount store, a convenience store, a wholesale distribution business and an ice cream manufacturing plant (Eagle Ice Cream Company).
 Riser Foods, Inc.
 Summary Statement of Operations
 Fourth Quarter Ended June 27, 1992
 (In thousands, except per share data)
 (Unaudited)
 52 Weeks Ended 12 Weeks Ended
 6/27/92 6/29/91 6/27/92 6/29/91
 Sales $ 984,782 $1,022,024 $ 227,527 $ 233,710
 Income Before Taxes $ 13,745 $ 16,910 $ 3,457 $ 4,269
 Net Income $ 8,123 $ 9,720 $ 2,135 $ 2,479
 Net Income per
 Common Share $ .99 $ 1.20 $ .26 $ .30
 Weighted Average Number
 of Common Shares 8,080,885 8,004,649 8,080,901 8,080,804
 -0- 9/18/92
 /Contact: Ronald W. Ocasek of Riser Foods, 216-591-2830; or Anthony C. Rego of Riser Foods, 216-591-2743; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for Riser Foods/
 (RSR) CO: Riser Foods, Inc. ST: Ohio IN: FOD SU: ERN


BM -- CL007 -- 1007 09/18/92 09:41 EDT
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Date:Sep 18, 1992
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