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UNIVERSAL FOODS REPORTS FIRST-QUARTER RESULTS

 MILWAUKEE, Jan. 18 /PRNewswire/ -- Universal Foods Corporation (NYSE: UFC) reported that earnings per share of $0.55 for the first fiscal quarter ended Dec. 31, 1992, were equal to those of the same quarter last year. Net earnings were $14,528,000 compared with $14,585,000 in last year's first quarter. Revenue of $209,374,000 was 2 percent above last year's level.
 Guy A. Osborn, chairman and chief executive officer, commenting on the results for the quarter, stated, "We had been expecting a very challenging first quarter and had been planning for the financial results as reported. The frozen French fry business is just starting to recover from a very tough year. Although the Frozen Division volumes and revenue were both down compared with the first quarter of last year, due to last summer's termination of the Park Rapids, Minn., potato processing plant lease, we are very encouraged by the progress made in the profitability of the division. As product mix shifts more toward higher margin specialty French fries and we receive the higher prices announced during the last few months for conventional fries, we expect division performance to continue to improve.
 "Results in the other divisions were mixed. Volumes increased in the Flavor, Color, Yeast and Dehydrated Divisions and fell slightly in Specialty Fermentation. Continued tough price competition in the Yeast and Dehydrated Divisions caused their profitability to be down somewhat compared with last year."
 Osborn also officially announced the acquisition of Columbia Sun, Inc., in Hermiston, Ore. He stated, "On Dec. 1, 1992, we finalized the acquisition of this company, which will add to our Frozen Foods Division's value-added specialty potato products manufacturing capacity and enhance our product development capabilities. Columbia Sun will produce approximately $7 million in annual revenue.
 "We have excellent business prospects in several of our divisions and the right products and people in place to serve our customers well, Thus, we look forward to gaining momentum in both revenue and earnings growth during the rest of the year."
 Universal Foods Corporation is an international manufacturer and marketer of value-added food products. These include food flavors and colors, dehydrated vegetables, a broad line of frozen potato products and the world's most diversified line of yeast products.
 UNIVERSAL FOODS CORPORATION
 First Quarter Ended
 12/31/92 12/31/91
 Total revenue $209,374,000 $206,268,000 + 1.51 pct
 Operating costs and
 expenses
 Cost of products sold 136,373,000 135,991,000 + .3
 Selling and administrative
 expenses 45,769,000 43,017,000 + 6.4
 182,142,000 179,008,000 + 1.8
 Operating income 27,232,000 27,260,000 - .1
 Interest expense 3,894,000 3,735,000 + 4.3
 Earnings before income
 taxes 23,338,000 23,525,000 - .8
 Income taxes 8,810,000 8,940,000 - 1.5
 Net earnings $14,528,000 $14,585,000 - .4
 Net earnings per
 common share $.55 $.55
 Average shares
 outstanding 26,324,000 26,735,000 - 1.5
 -0- 1/18/93
 /CONTACT: Geoffrey J. Hibner, vice president, finance, Universal Foods Corporation, 414-347-4784/
 (UFC)


CO: Universal Foods Corporation ST: Wisconsin IN: FOD SU: ERN

DH-ML -- CL007 -- 5925 01/18/93 13:57 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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