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SARATOGA BRANDS REPORTS RESULTS

 THE BRONX, N.Y., May 20 /PRNewswire/ -- Saratoga Brands Inc. (NASDAQ: STGA) announced today that for the 12 months ended Dec. 31, 1992, gross sales increased 64 percent to $2,527,000 from $1,544,000 the previous year. Net loss for the year was reduced to $1,406,000 from $1,476,000 the previous year.
 The company also reported that gross sales for the fourth quarter ended Dec. 31, 1992, rose 12 percent to $527,000 from $469,000 a year earlier. Net loss for the period increased to $481,000 from $435,000 a year earlier.
 "During the first nine months Saratoga grew 86 percent, but the fourth quarter was adversely affected by the factory relocation and the recession," commented President Daniel J. Feld. Saratoga moved to a larger facility in November 1992.
 "Looking to 1993, we have introduced the first products in Saratoga's new Super Premium line, and expect to introduce additional Super Premium products in the near future," Feld said. In addition, the company has expanded its roster of new products it distributes from other manufacturers. Saratoga also made its first acquisition, Flakowitz, a 36-year-old bakery located on Long Island. "We expect these developments to add substantially to revenue and gross margin during 1993," Feld commented. Feld also stated that Saratoga was negotiating the terms of a letter of intent for a business combination with a metro New York company engaged in wine importing and distributing, and processing and marketing specialty seafood products.
 During the first quarter of 1993, Saratoga issued warrants to purchase 450,000 shares of its common stock in connection with a sale of 50,000 shares to three European investors in a transaction completed under Regulation S of the Securities Act of 1933, as amended. Net proceeds to the company from these sales and warrant exercises were $312,000. Funds are being used for working capital purposes.
 Additional financing for company operations is necessary. Presently, the company has capital resources to maintain operations through June 30, 1993. Thereafter, additional financing will be required. Management is engaged in discussions with financing sources, but no firm commitments have as yet been issued.
 Saratoga Brands Inc., a manufacturer and distributor of premium snack foods, is headquartered in New York. The company recently introduced the first two products in its Super Premium line, Saratoga Real Vegetable Chips and Saratoga Sweet Potato Chips.
 SARATOGA BRANDS INC.
 Condensed Statement of Operations
 Periods ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 (Unaudited) (Audited) (Unaudited) (Audited)
 Gross sales $527,000 $469,000 $2,527,000 $1,544,000
 Net loss $481,000 $435,000 $1,406,000 $1,476,000
 Net loss per share $0.16 $0.29 $0.46 $0.86
 Per number of shares
 outstanding 3,451,085 2,424,382 3,451,085 2,424,382
 -0- 5/20/93
 /CONTACT: Daniel Feld, president of Saratoga Brands, 718-993-3500; or Michelle Sotnikow of Howard Bronson & Company, 212-867-6160, for Saratoga Brands/
 (STGA)


CO: Saratoga Brands Inc. ST: New York IN: FOD SU: ERN

GK-WB -- NY091 -- 0908 05/20/93 16:14 EDT
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Publication:PR Newswire
Date:May 20, 1993
Words:517
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