F.E.D. Foods Co. Pro Forma Balance Sheet

     As of December 31,                                1994

                                              ($ Thousands)



Assets

Current Assets

     1. Cash                                         $    4

     2. Marketable Securities                            10

     3. Accounts Receivable                              52

     4. Inventories                                     196

     5. Prepaid Expenses                                  2

  6. Total Current Assets                               265



  7. Plant, Property, and Equipment                   1,242

     8. Less Accumulated Depreciation                   508

  9. Net PPE                                            734

10. Investments                                         333

11. Other Assets                                         21

12. Total Assets                                      1,352



Liabilities

Current Liabilities

     13. Accounts Payable                                48

     14. Notes Payable                                  100

15. Total Current Liabilities                           148



     16. Long-Term Debt                                   0

     17. Deferred Tax Liability                          96

18. Total Liabilities                                   244



Capital

     19. Common Stock                                   367

     20. Retained Earnings                              639  

21. New Cash Needs or (excess Cash)                     103  

22. Total Liabilities  and Capital                    1,352



Notes:    1. Capital Expenditures are estimated to be $175,000

             for 1994.

F.E.D. Foods Co. Pro Forma Profit and Loss Statement

     Year Ended December 31,                             1994

                                                ($ Thousands)



a. Net Sales                                            $792

b. Cost of Goods Sold                                    448

     c. Gross Profit                                     344



d. Selling and Administrative Expenses                    27

e. Lease Payments                                         17

f. Depreciation                                           58

g. Repairs and Maintenance                                21

     h. Operating Profit                                 221



Other Income (Expense)

i. Interest Income                                         2

j. Interest Expense                                        0

     k. Earnings Before Income Taxes                     223



l. Income Taxes                                           76

     m. Net Earnings                                     147



Notes:    1. Capital Expenditures in 1992 were $1,000.

          2. Equipment sold in 1992 for $550.