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SYSCO REPORTS SECOND QUARTER FISCAL 1993 EARNINGS

 HOUSTON, Jan. 20 /PRNewswire/ -- SYSCO Corporation (NYSE: SYY) today reported results for the fiscal 1993 second quarter and first half which ended Dec. 26, 1992.
 Sales grew to $2.39 billion during the quarter, up 10 percent above the $2.18 billion of the comparable period last year. Net earnings increased 10 percent to $48.4 million, or 26 cents per share over the previous year's second quarter net income of $43.8 million, or 24 cents per share.
 During the first half of the fiscal year, total sales increased 10 percent to $4.81 billion from the $4.36 billion reached during same period a year earlier. Net earnings were $93.2 million, or 50 cents per share, a 9 percent gain over the $85.8 million, or 46 cents per share, earned last year.
 "Second quarter sales improved compared to a year ago, despite continued sluggishness in the economy and flat to minimal growth in the foodservice market," said John F. Woodhouse, chairman and chief executive officer of SYSCO.
 "After adjusting for the effects of acquisitions and inflation, SYSCO's core business, traditional foodservice distribution, attained 9 percent real sales growth for the quarter and nearly 10 percent for the first half. Reversing declines of the past two years, food prices increased at a rate of 0.8 percent for the quarter and 0.5 percent during the first half, as measured by SYSCO's internal index.
 "Operating earnings increased modestly but were less than originally anticipated, due in part to the impact of the bankruptcy of a major customer and residual inefficiencies from a previously reported work stoppage in Cincinnati. We continue to realize benefits, however, from productivity improvements related to the upgrading of our warehouses and equipment throughout the company."
 The company's 3 million share repurchase program authorized last May was increased to 5 million shares following the conversion of Liquid Yield Option(TM) Notes ("LYONs"/TM/) into SYSCO common stock. As of the end of the quarter, 3.3 million common shares have been issued pursuant to LYONs conversions and 2.2 million shares have been purchased since inception of the buyback program. Consequently, the debt-to-total capitalization ratio has decreased to approximately 30 percent.
 "We remain optimistic regarding SYSCO's prospects for the balance of fiscal 1993. For the third consecutive year, we are carrying out a nationwide promotional campaign which has been received with enthusiasm by our customers across the country. We will continue to invest in strategic acquisitions, employee development and innovative products, confident in our ability to anticipate and meet customer requirements and increase our market share," Mr. Woodhouse concluded.
 SYSCO CORPORATION
 ($000 omitted)
 For the 13-Week Period Ended
 12/26/92 12/28/91
 Sales $2,392,345 $2,180,691
 Cost of sales 1,961,447 1,789,619
 Operating expenses 341,758 310,173
 Interest expense 9,769 11,546
 Other, net 103 (2,081)
 Total costs and expenses 2,313,077 2,109,257
 Earnings before income taxes 79,268 71,434
 Income taxes 30,914 27,645
 Net earnings 48,354 43,789
 Earnings per share (A) $0.26 $0.24
 (A) Based on 187,029,497 average shares outstanding for the period ended Dec. 26, 1992 and 185,940,264 for the period ended Dec. 28, 1991.
 SYSCO CORPORATION
 ($000 omitted)
 For the 26-Week Period Ended
 12/26/92 12/28/91
 Sales $4,808,172 $4,358,044
 Cost of sales 3,949,267 3,579,412
 Operating expenses 687,390 620,086
 Interest expense 19,377 22,328
 Other, net (670) (3,711)
 Total costs and expenses 4,655,364 4,218,115
 Earnings before income taxes 152,808 139,929
 Income taxes 59,595 54,153
 Net earnings 93,213 85,776
 Earnings per share (A) $0.50 $0.46
 (A) Based on 186,448,357 average shares outstanding for the period ended Dec. 26, 1992 and 185,680,304 for the period ended Dec. 28, 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.
 NOTE: Trademark of Merrill Lynch & Co., Inc.
 -0- 1/20/93
 /CONTACT: E. James Lowrey, executive vice president - finance and administration of SYSCO, 713-584-1390/
 (SYY)


CO: SYSCO Corporation ST: Texas IN: SU: ERN

PS-SP -- NY019 -- 6798 01/20/93 10:33 EST
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Date:Jan 20, 1993
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