Lucille Farms, Inc. (NASDAQ-SC-LUCY) a manufacturer and marketer of all natural fine Italian cheeses yesterday announced financial results for the fourth quarter and year ended March 31, 2001. 

                Three months ended             Year ended

                    March 31,                   March 31,

                 2001        2000          2001          2000

                  (in thousands)             (in thousands)

Net sales $11,842 $8,338 $41,374 $42,810
Net income
(loss) $(244) $(1,017) $(1,477) $71
Weighted
average
shares
(basic) 2,971,342 2,971,342 2,971,342 2,971,342
Earnings
(loss) per
share (basic) $(.08) $(.34) $(.50) $.02
Weighted
average
shares
(diluted) 2,971,342 2,956,817 2,971,342 2,956,817
Earnings
(loss) per
share
(diluted) $(.08) $(.34) $(.50) $.02

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Commenting on the results, Al Falivene President and CEO of Lucille Farms, Inc. stated, “Our results were severely impacted by the historic low price of cheese thru most of the year and the higher cost of utilities at our plant. With our recent production improvements that are being implemented, along with our expanding retail line of branded cheeses, management believes a return to profitability for fiscal 2002 is a reality.”

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.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements include, but are not limited to, the company’s ability to improve its productivity, expand its retail line of branded cheeses and achieve profitability. Lucille Farms, Inc. cautions that these statements are subject to substantial risks and uncertainties and are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements and should not be relied upon by investors when making an investment decision.

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