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TASTY BAKING REPORTS SECOND QUARTER RESULTS; CONSOLIDATED NET INCOME RISES 6 PERCENT OVER SECOND QUARTER 1991

 TASTY BAKING REPORTS SECOND QUARTER RESULTS;
 CONSOLIDATED NET INCOME RISES 6 PERCENT OVER SECOND QUARTER 1991
 PHILADELPHIA, July 21 /PRNewswire/ -- Tasty Baking Company (AMEX: TBC) today reported a consolidated net income increase of 6 percent over the second quarter of 1991.
 Consolidated net income rose to $2,382,000 from $2,245,000. Net income per share increased 5 percent, to $.39 from $.37.
 For the 26-week period ended June 27, 1992, consolidated net income was up 8 percent to $4,693,000 from $4,358,000 during comparable periods. Similarly, net income per share increased by 7 percent to $.77 from $.72 during the same 26-week period.
 Consolidated net sales for the second quarter 1992 increased 3 percent, to $75,442,000 from $73,069,000 as compared to the second quarter 1991. For the 26-week period ended June 27, 1992, consolidated net sales rose 2 percent to $149,361,000 from $146,818,000 during the comparable period 1991.
 In a letter to shareholders, Tasty Baking Company Chairman of the Executive Committee Nelson G. Harris reported that in the Tastykake Division, for the second quarter, sales were relatively flat while net income declined by 7 percent relative to 1991. However, the results were at budgeted levels.
 "The Tastykake Division continued its aggressive marketing and promotional programs throughout the quarter, and efforts to improve production efficiencies and cost controls continued to be effective," Harris said. He continued, "The 1992 strategic plan continued to be implemented, which includes geographic expansion, as well as the introduction of four new products." One of the new products introduced during the quarter was the Gold Collection Chocolate Chunk Macadamia Cookie, which is baked with golden macadamia nuts and rich chocolate chunks.
 Commenting on the financial results of Phillips & Jacobs, Inc., the company's graphic arts subsidiary, Harris reported "an excellent second quarter with a 7 percent increase in sales versus the second quarter 1991." He continued, "Net income increased approximately 30 percent over the comparable quarter of 1991. The strong contribution of Phillips & Jacobs, Inc. resulted from solid sales performance and continued effective cost controls. The quarter also benefited from management's previous restructuring of certain branch and division operations."
 Harris also reported that James F. Mullan, president and chief executive officer of Phillips & Jacobs, Inc., was elected to the Tasty Baking Company board of directors at its regular meeting which was held June 19, 1992.
 He concluded, "While we continue to be optimistic about the remainder of 1992, it would be unrealistic not to recognize the continuing uncertain economic climate. However, management believes that our profit objectives for 1992 can be achieved."
 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)
 Periods ended 13 weeks 26 weeks
 6/27/92 6/29/91 6/27/92 6/29/91
 Net sales $75,442,420 $73,069,479 $149,361,066 $146,817,994
 Cost of sales 54,373,532 52,740,283 107,254,676 106,125,761
 Depreciation and
 operating
 expenses 17,504,292 17,321,968 35,308,734 34,737,160
 Interest expense and
 other (income), net (338,552) (518,171) (944,959) (871,675)
 Total 71,539,272 69,544,080 141,618,451 139,991,246
 Income before provision
 for income taxes 3,903,148 3,525,399 7,742,615 6,826,748
 Provision for
 income taxes (1,521,606) (1,280,412) (3,049,251) (2,468,888)
 Net income 2,381,542 2,244,987 4,693,364 4,357,860
 Average number of
 shares outstanding 6,091,027 6,037,318 6,082,389 6,019,278
 Per share of common stock:
 Net income $.39 $.37 $.77 $.72
 Cash dividend .20 .175 .40 .35
 /delval/
 -0- 7/21/92
 /CONTACT: Donnalyn Pompper of Tasty Baking, 215-221-8500/
 (TBC) CO: Tasty Baking Company ST: Pennsylvania IN: FOD SU: ERN


CC-LJ -- PH039 -- 1477 07/21/92 15:55 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
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