Heinz Reports $196.5 Million Fourth

PITTSBURGH May 25/04 - SNS -- H.J. Heinz Company reported net income of $196.5 million, or $0.55 per diluted share, for its fourth quarter ended April 28, 2004.

This represents a 90% increase versus the fourth quarter of Fiscal 2003 on a fully reported, total company basis. The current quarter diluted earnings per share, excluding special items, of $0.58 is a 12% increase over earnings of $0.52 per share in the prior year.

Heinz reported net income for the year of $804.3 million, or $2.27 per diluted share. On reported results for the total company, this is an increase of 42% versus Fiscal 2003. Current year and prior year results include after-tax earnings from discontinued operations of $25.3 million, or $0.07 per share, and $88.7 million, or $0.25 per share, respectively.

Overall, Heinz's fourth quarter sales increased 6.3%, reflecting the favorable impact of foreign exchange translation rates. Volume declined by approximately 1% relating primarily to a reduction in promotional support and trade inventories in advance of a major restage of the Italian baby food business in the new fiscal year.

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