EXHIBIT 99.2
FOR IMMEDIATE RELEASE: July 21, 2000
SPECIALTY FOODS ANNOUNCES STRONG PERFOMANCE
FOR SECOND QUARTER, FIRST HALF OF 2000
DEERFIELD, Ill. - Specialty Foods today announced that
earnings before interest, taxes, depreciation and
amortization (EBITDA) for the quarter ended June 30, 2000,
increased 81.8 percent while sales declined 1.4 percent.
EBITDA rose to $8.0 million in the second quarter of
2000 from $4.4 million in 1999. The company said the
increase reflected the positive impact of cookie
acquisitions and lower operating costs. The sales decline
to $75.0 million this year from $76.1 million in 1999 was
attributed primarily to the company's exit from non-core
product lines.
For the six months ended June 30, 2000, EBITDA
increased 95.5 percent to $12.9 million from $6.6 million a
year earlier. Sales in the 2000 period declined 0.6 percent
to $144.6 million from $145.5 million in 1999. Reported
results are from continuing operations and exclude Metz
Baking, which was sold on March 20, 2000.
Specialty Foods is a leading producer, marketer and
distributor of retail baked goods. The company's continuing
operations include the nation's third largest cookie
business (Mother's Cake & Cookie Company and Archway
Cookies) and Andre-Boudin Bakeries, San Francisco's leading
producer of premium, traditional sourdough bread since 1849.
# # #
Contact: Media: Andy Stern, Sunwest Communications, Inc.,
(214)373-1601 x 228
Investors: Sean Stack, Specialty Foods
(847)405-5330
