F.E.D. Foods Co. Profit and Loss Statement (Income Statement)

     Year Ended December 31,                             1993   1992

                                                        ($ Thousands)



a. Net Sales                                            $633    $500

b. Cost of Goods Sold                                    358     300

     c. Gross Profit                                     275     200



d. Selling and Administrative Expenses                    27      20

e. Lease Payments                                         17      12

f. Depreciation                                           50      42

g. Repairs and Maintenance                                17      18

     h. Operating Profit                                 164     108



Other Income (Expense)

i. Interest Income                                         3       1

j. Interest Expense                                        0       0

     k. Earnings Before Income Taxes                     167     109  



l. Income Taxes                                           57      37

     m. Net Earnings                                     110      72