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TASTY BAKING COMPANY REPORTS FIRST QUARTER RESULTS; CONSOLIDATED NET INCOME UP 9 PERCENT OVER FIRST QUARTER OF 1991

 TASTY BAKING COMPANY REPORTS FIRST QUARTER RESULTS;
 CONSOLIDATED NET INCOME UP 9 PERCENT OVER FIRST QUARTER OF 1991
 PHILADELPHIA, April 15 /PRNewswire/ -- Tasty Baking Company (AMEX: TBC) today reported a consolidated net income increase of 9 percent over the first quarter of 1991.
 Consolidated net income grew to $2,312,000 from $2,113,000. Per share income also increased 9 percent, to 38 cents from 35 cents. Net sales remained stable at $73,919,000, slightly higher than the 1991 figure of $73,749,000.
 In a letter to shareholders, Tasty Baking Company Chairman and Chief Executive Officer Nelson G. Harris said the first quarter results of 1992 were particularly satisfying "when compared with the first quarter of 1991, which was extremely strong, despite the continuing recessionary economic environment."
 Harris attributed increased profits and higher margins to improved production efficiencies and effective cost control programs. The company's Tastykake division had invested $52 million in a capital improvement program that began in 1986 and was completed in 1991. This, along with the completion of an early retirement restructuring program and the successful introduction of five new products -- Pastry Products, TastyLights, Tasty Mini's Muffins, the Tastykake Gold Collection, and Tastykake English Muffins -- contributed to the company's success.
 According to Harris, "The Tastykake division will continue to market aggressively in 1992. In addition, the new product program with five successful product introductions in 1991, and four additional new products scheduled for introduction to the market in 1992, as well as continuing geographic expansion, are the key elements in the strategic plan for 1992."
 Commenting on the financial results of Phillips & Jacobs, Inc., the company's graphic arts subsidiary, Harris said that while net sales in the first quarter of 1992 remained stable when compared with those of 1991, net income increased approximately 13 percent. He attributed this increase to the strong performance of the Phillips & Jacobs and Dixie Type units of this subsidiary, along with effective cost controls, reduced interest cost, and a value-oriented sales approach.
 Looking at the year ahead, Harris said, "While the Tasty Baking Company first quarter results are particularly encouraging, especially when compared with a very strong first quarter in 1991, it would be unrealistic not to recognize the continuing uncertain economic environment. However, management believes that it has provided a secure operating basis for improving sales and profits. Predicated upon the company's sound financial structure, clear strategic direction in our corporate activities, as well as the cost containment programs and improved efficiencies resulting from our capital investment, we are encouraged and positive about the balance of 1992."
 Harris has advised the board of directors that he will retire as chairman and chief executive officer of the company effective May 1, 1992. Harris will continue as a member of the board of directors and will continue to have an active role in management and strategic planning for the company. Following his retirement as chairman and chief executive officer, Harris will serve as chairman of the executive committee of the company. The executive committee will have responsibility for strategic planning, corporate policy and financial matters.
 It is expected that Carl S. Watts, currently president and chief operating officer of the company, will be named president and chief executive officer of Tasty Baking Company and will continue to be responsible for the company's bakery operations. James F. Mullan will continue his responsibilities for the operations of the company's graphic arts subsidiary, Phillips & Jacobs, Inc. as president and chief executive officer and John M. Pettine will continue as vice president and chief financial officer of Tasty Baking Company.
 Speaking for the company, Philip J. Baur, chairman of the board, said, "Mr. Harris has been one of the driving forces behind Tasty Baking Company's success. He has been an inspiring leader and role model both to our employees and to the Delaware Valley charitable community. After 30 years we wish him well as he reduces his burdens and responsibilities and are pleased that he will continue to be actively involved with the company."
 Tastykake is one of the largest independent baking companies in the United States. Founded in 1914, the company has approximately 2,000 employees and distributors throughout the United States.
 TASTY BAKING COMPANY AND SUBSIDIARIES
 Consolidated Highlights of Operating Results (Unaudited)
 Pct. increase/
 Periods ended 13 weeks decrease
 3/28/92 3/30/91 1992 vs. 1991
 Net sales $73,918,646 $73,748,515 .02
 Cost of sales 52,881,144 53,385,478 (.9)
 Depreciation and
 operating expenses 17,804,442 17,415,192 2.2
 Interest expense and
 other (income), net (606,407) (353,504) 71.5
 Total 70,079,178 70,447,166 (0.5)
 Income before
 provision for
 income taxes 3,839,468 3,301,349 16.3
 Provision for
 income taxes (1,527,645) (1,188,476) 28.5
 Net income 2,311,822 2,112,873 9.4
 Average number of
 shares outstanding 6,075,539 6,036,679 ---
 Per share of common
 stock:
 Net income $.38 $.35 ---
 Cash dividend .20 .175 ---
 /delval/
 -0- 4/15/92
 /CONTACT: Donnalyn Pompper of Tasty Baking Co., 215-221-8784/
 (TBC) CO: Tasty Baking Company ST: Pennsylvania IN: FOD SU: ERN


KA-CC -- PH047 -- 8969 04/15/92 17:34 EDT
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Date:Apr 15, 1992
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