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Strategies & Market Trends : RICA FOODS-(RICAD)-Building a major Costa Rica powerhouse! -- Ignore unavailable to you. Want to Upgrade?

To: tom terry who wrote (2)	3/2/1999 11:43:00 AM
From: tom terry	Respond to of 3

02/22 12:59 Rica Foods, Inc. Reports Outstanding Results for its FY First Quarter <RICA.O> Rica Foods, Inc. Reports Outstanding Results for its FY First Quarter--- Revenues increased 52% and Earnings Per Share Increased 122% From Same Period Last Year CORAL GABLES, Fla., Feb. 22 /PRNewswire/ -- Rica Foods, Inc. (Nasdaq: RICA) announced today outstanding results for its fiscal year first quarter, and the best quarterly results for such period in the history of operations of Rica Foods' subsidiaries. RICA is the parent company of Costa Rica's largest and most important poultry producers and among the biggest in the Central American Region. Corporacion Pipasa, S.A. ("Pipasa") and Corporacion As de Oros, S.A. ("As de Oros") cover approximately 70% of the local market. Revenues were up 52% from $31,651,795 when compared to $20,826,028 in the same period last year. Earnings per share rose to $0.20 from $O.09 obtained in the same period last year, creating a 122% increase. Management considers that this increase in revenues and earnings per share derives from an increase in sales of poultry, animal feed and by-products segments; a decrease in the cost of raw materials, a well-planned corporate strategy of RICA's subsidiaries, as well as increasing productivity ratios on As de Oros, the newly acquired subsidiary. Both subsidiaries are using the same management styles and the incorporation of As de Oros to Rica's strategic plan of growth has proven a smooth and profitable transition. Also, as Management expected, human resources have played an important role in achieving the goals set by the parent company. "We believe that the results of this first quarter met our expectations, and we prospectively forsee having another year of continued growth and profitability. Management continues to focus its growth through expanding customer relations and potential acquisitions in the area," said Calixto Chaves, Chief Executive Officer. Mr. Randall Piedra, Chief Financial officer, also added, "Our dedicated employees are continuously considering cost reductions and applying more efficiencies to all the productive and operational processes; hence, they are proud to contribute to the success of the companies." This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For more complete information concerning factors that could affect the companies' results, reference is made to the company's registration statements, reports and other documents filed with the Securities and Exchange Commission. For more information contact: Antonio Treminio, Society of Equity Management, (305) 579-9008 or e-mail: semcapital@msn.com. SOURCE Rica Foods, Inc. -0- 02/22/99 /CONTACT: Antonio Treminio, Society of Equity Management, 305-579-9008, for Rica Foods, Inc., or e-mail: semcapital@msn.com/ -- FLM008 -- 9530 02/22/99 12:28 EST prnewswire.com Copyright PR Newswire 1998. All rights reserved. COPY