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WORTHINGTON FOODS, INC. ANNOUNCES LOWER FOURTH QUARTER AND FULL YEAR 1992 RESULTS

 WORTHINGTON, Ohio, Feb. 9 /PRNewswire/ -- Worthington Foods, Inc. (NASDAQ/NMS: WFDS) today announced net income of $2,789,000 for the twelve months ended Dec. 31, 1992, versus $2,557,000 for the previous year, an increase of 9.0 percent. Results for the full year 1992 were affected by higher costs associated with the introduction of Refrigerated Better 'n Eggs in several new markets during the fourth quarter and lower than expected net sales in other product categories. Net income for the three months ended Dec. 31, 1992, declined to $320,000, compared to $767,000 a year ago.
 Earnings per share were $.60 for the twelve months ended Dec. 31, 1992, versus $.69 for the same period last year. For the fourth quarters of 1992 and 1991, earnings per share were $.06 and $.21, respectively.
 Net sales for the year 1992 increased 9.0 percent to $76,464,000, compared to $70,182,000 a year ago. Fourth quarter 1992 net sales rose 9.5 percent to $21,137,000, but were approximately $2 million lower than expected as previously announced on Dec. 14, 1992.
 Solid sales gains were recorded in major product categories for the year 1992 compared to 1991. Net sales of Morningstar Farms products rose by 9.4 percent for the twelve months ended Dec. 31, 1992, which included strong sales performance by Frozen and Refrigerated Better 'n Eggs. Specialty market sales recorded an 8.4 percent gain in 1992 compared to 1991, benefiting from double digit increases in Health Food and Food Service markets.
 During the fourth quarter of 1992, the company introduced Refrigerated Better 'n Eggs into seven new major metropolitan markets. These efforts were supported by product coupons and television advertising in nine markets. Sales results following initial entry into those markets has been very favorable and additional growth is anticipated throughout 1993.
 Reformulation of several products was completed during the fourth quarter of 1992. As a result, monosodium glutamate (MSG) has been eliminated from all Morningstar Farms products. In addition, sodium and fat content has been further reduced in many of the products without affecting their unique texture and flavor. These reformulated products began shipping during the first quarter of 1993.
 Four new meat alternative products will be introduced into test markets during the first quarter of 1993. These items will be located in the meat case sections of the grocery stores which will enhance their visibility for consumers. In addition, they will be among the first items to be shipped in new packaging for Morningstar Farms brand products.
 Initial shipments of Refrigerated Better 'n Eggs from the Zanesville, Ohio


facility, currently under construction, are scheduled to begin in the second quarter of 1993. This additional production capacity for Refrigerated Better 'n Eggs will enable the company to introduce the product to the remaining 53 percent of the nation.
 A trademark infringement suit filed by Wholesome & Hearty Foods, Inc. in August of 1992, concerning one of the company's products currently sold in the Health Food Market, was successfully settled out of court on Jan. 27, 1993.
 Worthington Foods develops, produces and markets nationwide a broad range of high-quality, zero cholesterol vegetarian and egg substitute food products for consumers seeking healthful food choices. The company's principal products are meat alternatives, made from soy and wheat proteins which simulate the taste and texture of meat, poultry and fish, and frozen and refrigerated egg substitutes with the product names Scramblers and Better 'n Eggs.
 -0- 2/9/93
 /CONTACT: William T. Kirkwood, vice president, Worthington Foods, Inc., 614-885-9511/
 (WFDS)


CO: Worthington Foods, Inc. ST: Ohio IN: FOD SU: ERN

BM -- CL019 -- 4802 02/09/93 15:57 EST
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Date:Feb 9, 1993
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