F.E.D. Foods Co. Balance Sheet

     As of December 31,                         1993     1992

                                                ($ Thousands) 



Assets

Current Assets

       1. Cash                                   $3        $2   

       2. Marketable Securities                   8        12

       3. Accounts Receivable                    42        33

       4. Inventories                           157       150

       5. Prepaid Expenses                        2         3

 6. Total Current Assets                        212       200



 7. Plant, Property, and Equipment            1,067       983

       8. Less Accumulated Depreciation         450       417

 9. Net PPE                                     617       567

10. Investments                                 267       217

11. Other Assets                                 16        17

12. Total Assets                              1,112     1,000



Liabilities

Current Liabilities

     13. Accounts Payable                        38        42

     14. Notes Payable                           80        67

15. Total Current Liabilities                   118       108

     16. Long-Term Debt                           0         0

     17. Deferred Tax Liability                  77        67

18. Total Liabilities                           195       175



Capital

     19. Common Stock                           367       327

     20. Retained Earnings                      550       498

21. Total Liabilities and Capital             1,112     1,000