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May 1, 2002

USA: Provena Foods reports Q1 sales up 26%

Californian food manufacturer Provena Foods has reported net sales up 26% for Q1 ended 31 March. The company also posted net earnings of US$55,706 for Q1 2002, compared to US$9,866 a year ago. Statement of operations (US$)

Californian food manufacturer Provena Foods has reported net sales up 26% for Q1 ended 31 March.

The company also posted net earnings of US$55,706 for Q1 2002, compared to US$9,866 a year ago.

Statement of operations (US$)

                			Q1 2002                   Q1 2001

==============================================================================
    Net Sales                            $9,772,060                $7,738,681
    Cost of Sales                         8,810,846                 6,824,153
          Gross Profit                     $961,214                  $914,528
    Operating Expenses:
          Distribution                      305,016                   324,003
          General and administrative        497,035                   437,637
          Operating profit                  159,163                   152,888
    Interest expense, net                  (123,766)                 (194,364)
    Other income, net                        57,309                    58,942
          Earnings before income taxes       92,706                    17,466
    Income tax expense                       37,000                     7,600
    Net earnings                            $55,706                    $9,866
    Earnings per share:  Basic                $0.02                     $0.00
                         Diluted              $0.02                     $0.00
    Weighted average number
     of shares
     outstanding:        Basic            3,099,362                 3,043,882
                         Diluted          3,099,362                 3,043,882

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