Maple Leaf Net Earnings Advance 74%

TORONTO - May 1/02 - SNS -- Maple Leaf Foods Inc. (TSE:MFI) reported a 74% jump in net earnings to $16.89 million as sales advanced 16% to $1,223 million during the first quarter of the current fiscal year.

The company said the increase in sales during the January to March quarter was driven by strong results in the Bakery Products Group, and strong protein value chain results in both the Meat Products Group and the Agribusiness Group.

Meat Product Group sales for the first quarter increased 7% to $737 million from $689 million last year, while earnings from operations of $12.5 million compared to $10.4 million for the same period last year ($11.5 million before goodwill amortization). Excluding goodwill amortization from last year's results, operating earnings increased by 8% quarter over quarter.

Maple Leaf Pork continued to achieve operational improvements, and recorded improved results over last year in spite of industry wide margin pressure. During the first quarter, Maple Leaf Medallion(TM) Naturally fresh pork was launched, Canada's first 100% vegetable grain fed pork, produced from hogs that are fed exclusively the Company's proprietary NutriMedallion(TM) feed.

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