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SYSCO REPORTS FOURTH QUARTER AND FISCAL YEAR 1992 RESULTS

 SYSCO REPORTS FOURTH QUARTER AND FISCAL YEAR 1992 RESULTS
 HOUSTON, Aug. 5 /PRNewswire/ -- SYSCO Corporation (NYSE: SYY) today


reported fourth quarter and year-end results for the periods ended June 27, 1992.
 Sales grew to $2.35 billion for the fourth quarter, 9 percent more than the $2.15 billion achieved in the final quarter a year ago. Net earnings reached $50.3 million, or $0.27 per share, a 13 percent improvement over the previous year's net income of $44.4 million, and $0.24 per share.
 For the year, sales increased to $8.89 billion, up 9 percent from the 1991 level of $8.15 billion. Net income earned for fiscal 1992 was $172.2 million, or $0.93 per share, 12 percent over the 1991 total of $153.8 million, or $0.83 per share. All comparative earnings per share figures have been adjusted to reflect a 100 percent stock dividend paid June 19, 1992.
 John F. Woodhouse, chairman and chief executive officer, commented, "SYSCO continued to register commendable sales and earnings gains, increasing its share of the foodservice distribution market which has experienced only modest growth of late. Specifically, SYSCO's traditional foodservice businesses enjoyed real sales growth, after adjusting for the effects of acquisitions and food deflation, of about 10 percent for the fourth quarter and nearly that level for the year. Fourth quarter sales results were particularly encouraging when compared to the solid 9 percent real sales increase recorded during the same quarter last year. Food cost deflation measured approximately 1.8 percent in the quarter on an annualized basis. Costs trended downward throughout 1992, with deflation reaching about 2.5 percent at mid-year and averaging 1.7 percent for the full year.
 "Although fiscal 1992 was a challenging year, we are pleased with our improved results in the third and fourth quarters. It is particularly gratifying to note that double-digit real sales growth was achieved in the second half of the year. While these favorable trends partially result from the moderate recovery in the economy and the industry we serve, they also reflect the ability of our employees at every level to operate more effectively in an increasingly complex business environment."
 In May the company completed the purchase of substantially all the assets of Benjamin Polakoff & Son, Inc., a subsidiary of Philadelphia Industries, Inc. Based in Pleasantville (Atlantic City), New Jersey, the new Sysco Polakoff Food Services, Inc. provides a full line of products to approximately 1,200 foodservice operations and complements SYSCO's capabilities in the four-state area of New Jersey, Maryland, Pennsylvania and Delaware.
 Subsequent to the end of the quarter, Global Sysco, a division located in Garden City, N.Y., was sold to White Rose Frozen Food, Inc. of Somerset, N.J., according to Woodhouse. Global, with sales approximating $100 million annually, was the company's only remaining operation which supplied consumer-sized frozen foods to retail supermarkets.
 "Looking forward," Woodhouse said in conclusion, "we approach fiscal 1993 committed to sustaining the strong sales momentum achieved during the past several months and accelerating SYSCO's earnings growth. While our success in doing so will be influenced by the extent of the U.S. economic recovery, we will continue to aggressively increase sales territories throughout the country, attract and train talented employees and enhance our fleet and facilities. We expect these efforts to further benefit our valued customers, which should enable SYSCO to build upon our position as the nation's leading foodservice marketer and distributor."
 The comparative financial data for the fourth quarters of fiscal years 1992 and 1991 are summarized below.
 SYSCO CORPORATION
 ($000 omitted)
 13 weeks ended 6/27/92 6/29/91
 Sales $2,348,384 $2,148,480
 Cost of sales 1,925,518 1,762,100
 Operating expenses 331,705 303,165
 Interest expense 10,331 11,767
 Other income, net (1,642) (913)
 Total costs and expenses 2,265,912 2,076,119
 Earnings before income taxes 82,472 72,361
 Income taxes 32,165 27,953
 Net earnings $ 50,307 $ 44,408
 Earnings per share (A) $0.27 $0.24
 (A) -- Based on 186,394,548 average shares outstanding for the period ended June 27, 1992, and 185,001,090 for the period ended June 29, 1991.
 The comparative financial data for the 52 weeks of fiscal years 1992 and 1991 are summarized below.
 SYSCO CORPORATION
 ($000 omitted)
 52 weeks ended 6/27/92 6/29/91
 Sales $8,892,785 $8,149,700
 Cost of sales 7,303,886 6,693,822
 Operating expenses 1,270,397 1,161,375
 Interest expense 43,275 49,082
 Other income, net (6,429) (5,443)
 Total costs and expenses 8,611,129 7,898,836
 Earnings before income taxes 281,656 250,864
 Income taxes 109,427 97,034
 Net earnings $ 172,229 $ 153,830
 Earnings per share (A) $0.93 $0.83
 (A) -- Based on 186,001,381 average shares outstanding for the period ended June 27, 1992, and 184,439,986 for the period ended June 29, 1991.
 SYSCO, listed on the New York Stock Exchange, is the nation's largest foodservice marketing and distribution organization. The company provides its products and services to approximately 230,000 customers located across the United States and western Canada. The SYSCO distribution network currently covers virtually the entire continental United States, including all of its 150 largest cities.
 -0- 8/5/92
 /CONTACT: E. James Lowrey, executive vice president-finance and administration of SYSCO, 713-584-1390/
 (SYY) CO: SYSCO Corporation ST: Texas IN: FOD SU: ERN


GK-LR -- NY013 -- 6972 08/05/92 09:46 EDT
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