Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, June 9, 1994                   TAG: 9407070009
SECTION: BUSINESS                    PAGE: B6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Smithfield Foods Inc., Smithfield parent of Valleydale Foods Inc. of Salem, has reported sharply higher net income for its fiscal 1994, ended May 1, and for the fourth quarter. Net income for the year rose to $19.7 million, or $1.13 per share, from $4 million, or 22 cents per share, a year earlier. Net income for 1993 included a nonrecurring after-tax charge of $2.1 million, or 13 cents per share, related to the closing of Esskay Inc.'s meat processing plant in Baltimore and income of $1.1 million, or 7 cents per share, reflecting the cumulative effect of a change in accounting. Sales totaled $1.4 billion, compared with $1.1 billion in fiscal 1993.

For the fourth quarter, net income rose to $7.4 million, or 43 cents per share, from $536,000, or 2 cents per share, during the year-earlier quarter. Sales totaled $364.2 million, compared with $309.2 million a year ago.

Richfood Holdings

Richfood Holdings Inc., Richmond-based food wholesaler with operations in Western Virginia, on Wednesday reported record earnings from continuing operations for the fiscal year ended April 30 of $21.7 million, or $1.02 per share, up 37.2 percent from $15.8 million, or 75 cents per share, for the previous year. Earnings were reduced by a loss from discontinued operations of $4.6 million, or 21 cents per share, resulting in net earnings of $17.2 million, or 81 cents, for fiscal 1994.

Sales were $1.275 billion, up 16.8 percent from $1.091 billion for fiscal 1993.

For the fourth quarter, Richfood reported earnings from continuing operations of $7.5 million, or 35 cents per share, up 52.4 percent from $4.9 million, or 23 cents per share, a year earlier. Sales were $403.3 million, up 8.8 percent from $370.8 million.