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UNIVERSAL FOODS REPORTS EARNINGS

 UNIVERSAL FOODS REPORTS EARNINGS
 MILWAUKEE, April 14 /PRNewswire/ -- Universal Foods Corporation


(NYSE: UFC) announced net earnings for the second fiscal quarter, ended March 31, 1992, of $12,661,000, up 1 percent from the $12,500,000 reported for the second quarter of 1991. Earnings per share were equal to the $.47 reported a year earlier. Revenue was $223,224,000 compared with $200,356,000 for the second quarter of 1991, up 11 percent. (The results for 1991 have been restated to reflect the impact of the Fantasy Flavor acquisition, treated as a pooling of interests.)
 For the six months ended March 31, net earnings were $27,246,000, up 1 percent compared with $26,858,000 in 1991. Earnings per share were $1.02, compared with the $1.01 reported for the same period last year. Revenue of $429,492,000 was up 8 percent from the $398,180,000 reported for the first half of fiscal 1991.
 Of the company's second quarter and first six months' performance, Guy A. Osborn, chairman and chief executive officer, said, "We continued to experience the negative effects of the worst conditions the frozen potato industry has endured in years. We are trying to overcome the impact of these conditions through a price increase announced in the quarter and the aggressive introduction of a new line of coated french fries, called Crispura(R). This is a value-added product designed to replace the traditional french fry, particularly in fast-food, take-out operations. Early indications are that it will begin to contribute to results in fiscal 1992 and will be a growing contributor to fiscal 1993 results.
 "On the brighter side, frozen potato inventories are being worked down from their high point several months ago, prices are strengthening, and sales volume is up 11 percent compared with last year, in a market growing at 1-2 percent annually. This market share gain will stand us in good stead once industry conditions turn around.
 "On the whole, our other businesses are producing outstanding results. The color, flavor, dehydrated products and specialty yeast divisions are all showing gains in volume, revenue, and profitability. Our yeast division is performing on a par with last year. As the frozen potato industry problems are resolved, Universal should regain its earnings momentum.
 "Integration of last summer's dairy flavors and international color acquisitions continues smoothly. Both are performing above our expectations. We are enthusiastic about the likelihood for continued international expansion of our businesses through acquisition."
 Universal Food is an international manufacturer and marketer of value-added food products. These include food flavors, food colors, the world's most diversified lines of frozen potato and yeast products, and dehydrated vegetables.
 Second Quarter Ended
 3/31/92 3/31/91
 Total Revenue $223,224,000 $200,356,000
 Operating Costs and Expenses:
 Cost of products sold 151,070,000 133,915,000
 Selling and administrative
 expense 47,968,000 42,778,000
 Total 199,038,000 176,693,000
 Operating Income 24,186,000 23,663,000
 Interest Expense 3,942,000 3,638,000
 Earnings Before Income Taxes 20,244,000 20,025,000
 Income Taxes 7,583,000 7,525,000
 Net Earnings 12,661,000 12,500,000
 Net Earnings Per Common Share .47 .47
 Average Shares Outstanding 26,768,000 26,493,000
 Six Months Ended
 3/31/92 3/31/91
 Total Revenue $429,492,000 $398,180,000
 Operating Costs and Expenses:
 Cost of products sold 287,061,000 263,520,000
 Selling and administrative
 expense 90,985,000 84,094,000
 Total 378,046,000 347,614,000
 Operating Income 51,446,000 50,566,000
 Interest Expense 7,677,000 6,818,000
 Earnings Before Income Taxes 43,769,000 43,748,000
 Income Taxes 16,523,000 16,890,000
 Net Earnings 27,246,000 26,858,000
 Net Earnings Per Common Share 1.02 1.01
 Average Shares Outstanding 26,752,000 26,462,000
 -0- 4/14/92
 /CONTACT: Paula C. Norton of Universal Foods Corporation, 414-347-3827/
 (UFC) CO: Universal Foods Corporation ST: Wisconsin IN: FOD SU: ERN


CG -- CL012 -- 8345 04/14/92 14:09 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
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