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SPARTA FOODS REPORTS INCREASE IN SALES AND INCOME FOR FISCAL 1991

 SPARTA FOODS REPORTS INCREASE IN SALES AND INCOME FOR FISCAL 1991
 ST. PAUL, Minn., Jan. 10 /PRNewswire/ -- Sparta Foods, Inc. today reported an increase in both sales and net income before income taxes for the fiscal year and fourth quarter ended Sept. 30, 1991.
 For the fiscal year ended Sept. 30, net sales were $5,563,000, an increase of 16 percent from $4,804,000 in the previous year. Net income before income taxes rose 14 percent to $178,604, from $157,217, in fiscal 1990.
 For the fourth quarter, net sales were $1,490,949, up 12 percent from $1,330,005 for the same period in 1990. Net income before income taxes increased 96 percent to $50,130, from $25,593, for the fourth quarter the prior year.
 Nicholas G. Grammas, president and chief executive officer, stated, "The Company had an excellent year in spite of the recessionary economy. Our sales improved with the successful introductions of nine new products and increased demand for our flour and corn tortillas. In addition, our salsa and sauce operation had been in production for a full 12 months."
 "Mexican food items represent the fastest growing ethnic food in both retail and food service industries," continued Grammas. "With the recent acquisition of Cruz Mexican Foods, Inc., finalized on Dec. 31, 1991, new grocery distribution systems will be implemented in 1992 to enhance our complimentary product lines and help us add additional market share."
 Sparta Foods, Inc. manufactures tortillas, tortilla chips, bunuelos, picante salsas and other sauces for sale and distribution to retail food stores and food service establishments through its wholly owned subsidiary, La Canasta of Minnesota, Inc. In addition, Sparta sells Cruz brand tortillas, burritos and other refrigerated Mexican food products through its wholly owned subsidiary, Cruz Mexican Foods, Inc. Sparta is a publicly held corporation and trades on the over-the- counter market in Minneapolis/St. Paul, Minnesota.
 SPARTA FOODS, INC.
 Consolidated Statement of Operations
 Three Months Ended Fiscal Year Ended
 September 30 September 30
 1991 1990 1991 1990
 (unaudited)
 Net Sales $1,490,949 $1,330,005 $5,563,454 $4,804,362
 Cost of Sales 1,065,781 937,344 3,928,698 3,352,722
 Gross Profit 425,168 392,661 1,634,756 1,451,640
 Selling, General and
 Administrative Expenses 358,401 335,200 1,366,082 1,175,317
 Operating Income 66,767 57,461 268,674 276,323
 Other Income (Expense)
 Interest Income 3,628 - 9,753 -
 Interest Expense (20,265) (31,868) (99,823) (119,106)
 (16,637) (31,868) (90,070) (119,106)
 Net Income Before
 Income Taxes 50,130 25,593 178,604 157,217
 Provision For Income
 Taxes 17,307 - 61,662 -
 Net Income $ 32,823 $ 25,593 $ 116,942 $ 157,217
 Pro Forma Provision
 For Income Taxes 15,139 8,804 54,000 54,150
 Pro Forma Net Income $ 34,991 $ 16,789 $ 124,604 $ 103,067
 Weighted Average Number of
 Shares Outstanding 7,531,203 5,271,842 6,875,000 5,271,842
 -0- 1/10/92
 /CONTACT: Nicholas G. Grammas of Sparta Foods, 612-646-1888, or Melissa Quinn of Padilla Speer Beardsley, 612-871-8877/ CO: Sparta Foods, Inc. ST: Minnesota IN: FOD SU: ERN


KH -- MN005 -- 8582 01/10/92 11:03 EST
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Publication:PR Newswire
Date:Jan 10, 1992
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