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SYLVAN FOODS HOLDINGS, INC. REPORTS SIX MONTHS RESULTS

 SYLVAN FOODS HOLDINGS, INC. REPORTS SIX MONTHS RESULTS
 WORTHINGTON, Pa., Aug. 7 /PRNewswire/ -- Sylvan Foods Holdings, Inc. (NASDAQ: SYLN) today announced net income of $3.1 million, or $.51 per common share, for the six months ended June 28, 1992, vs. net income of $1.9 million and $.38 per common share for the six months ended June 30, 1991.
 Second quarter net income was $1.35 million ($.22 per common share) on sales of $26.3 million, a 35 percent increase over the $1.0 million ($.20 per common share) on sales of $20.9 million for the comparable period in 1991. Excluding a nonrecurring gain of $.05 per common share from the sale of property in the first quarter of 1992, the six month year-to-date net income represents a 44 percent increase over 1991.
 Contributing to the improvement over 1991's second quarter and six month results were strong North American mushroom spawn sales, the impact of additional mushroom production at the company's Quincy, Fla., facility, and the benefit of Sylvan's fourth quarter 1991 acquisition of Somycel S.A., the leading European producer and distributor of spawn (the equivalent of seed for mushrooms). Sylvan's acquisition of Hauser Champignon Kulturen AG was completed June 17, 1992, and did not affect second quarter results.
 Sylvan Foods Holdings, Inc. is the leading worldwide producer and distributor of mushroom spawn and other spawn related products and services and the third largest domestic grower and marketer of fresh mushrooms.
 SYLVAN FOODS HOLDINGS, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Unaudited, in millions - except per share data)
 Period Ended Three Months Six Months
 6/28/92 6/30/91 6/28/92 6/30/91
 Net sales $26.3 $20.9 $52.7 $41.1
 Operating income 2.6 2.2 5.5 4.1
 Interest expense
 less other income .4 .4 .3 .8
 Net income before
 income taxes 2.2 1.8 5.2 3.3
 Net income available
 to common stock 1.4 1.0 3.1 1.9
 Earnings per common
 share $.22 $.20 $.51 $.38
 Weighted average
 number of shares 6,143,802 5,065,568 6,141,155 5,065,568
 Condensed Consolidated Balance Sheet
 June 28, 1992
 (Unaudited, in millions)
 Assets Liabilities and Equity
 Cash & equivalents $ 2.3 Short-term debt $ 4.0
 Accounts receivable 11.1 Accounts payable 3.1
 Inventories 9.0 Other current liab. 6.2
 Other current assets 3.7
 Total current assets 26.1 Total current liab. 13.3
 Long-term debt 29.6
 Property, plant & equip. 41.8 Other long-term liab. 10.6
 Other assets 14.4 Stockholders' equity 28.8
 Total assets 82.3 Total liab. & equity 82.3
 -0- 8/7/92
 /CONTACT: Bill Mooney of Sylvan Foods, 412-297-3402/
 (SYLN) CO: Sylvan Foods Holdings, Inc. ST: Pennsylvania IN: FOD SU: ERN


CD-JT -- PG006 -- 8017 08/07/92 12:08 EDT
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Date:Aug 7, 1992
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