Lucille Farms. Inc. (NasdaqSC-LUCYC) a manufacturer and marketer of all natural fine Italian cheeses yesterday announced financial results for the first quarter of fiscal 2002. 

                                         Three months ended

                                              June 30

2002 2001

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Net Sales $12,136,000 $9,401,000
Net Income (Loss) $241,000 ($331,000)
Net Income(Loss) $.08 ($.11)
per share basic
diluted $.08 ($.11)
Weighted average 2,971,342 2,971,342
shares basic
diluted 2,977,649 2,971,342

“Our momentum continued into the first quarter even though we are still in the process of implementing our manufacturing cost savings plan and full taking advantage of our products mix,” stated Al Falivene President and CEO of Lucille Farms, Inc. “The first quarter saw a significant rebound in the price of cheese as reported by the CME (Chicago Mercantile Market) coupled with a pull back in energy prices at our Vermont plant contributed to our profitability.”

During the first quarter the company completed several financial deals at very favorable terms. These transactions will enable the company to make several capital improvements that are expected to lower the cost of producing their products when fully implemented. The company believes that this will occur at the end of the second quarter. These improvements will also enable the company to expand its products into new markets while making it less vulnerable to the commodity market.

Lucille Farms, Inc. currently manufactures approximately thirty million pounds annually of all natural mozzarella, provolone, feta and shredded cheese blends which it sells to food service, food processing manufactures and selected retail outlets. The company markets retail cheese under the Lucille Farms brand name. The company’s focus is to develop sales of its organic cheese line along with its packaged retail shredded cheeses. Please visit our web site at www.lucille-farms.com

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Certain items in this press release are forward-looking statements which are made in reliance upon the safe harbor provisions Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous risks and uncertainties, including the Company’s relative success in improving its margins and the uncertainties inherent in the pricing of cheese on the Chicago Mercantile Exchange upon which the Company’s prices are based. Additionally risks and uncertainties include variances in the demand for the Company’s products due to customer trends and industry developments, as well as variances in the costs to produce such products, including normal volatility in milk costs. As a result, the Company’s actual financial results can differ materially from the results estimated by, forecasted by, or implied by the Company in such forward-looking statements.