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PFG quarter sales climb 15 percent; net earnings up 55 percent

Performance Food Group (PFG), Richmond, VA, has recorded $798.8 million in sales for its third quarter ended September 29, 2001. This is a gain of 15 percent, as compared with $693.1 million for the equivalent 2000 period. Internal growth for the quarter, in spite of the economic slowdown compounded by the tragedies of September 11, amount to 5.5 percent.

Net earnings surged 55 percent to $12.9 million, as compared with $8.3 million a year ago.

"This marks the 27th consecutive quarter in which we have recorded increased net sales and net earnings compared with the year-earlier period," comments C. Michael Gray, president and ceo.

Gray cited productivity and margin improvements in each business segment and progress on important strategic acquisitions. "Although we have successfully completed acquisitions regularly over the past several years, 2001 has been an especially eventful period," he noted. At the start of the second quarter, PFG acquired Empire Seafood; toward the end of the third quarter the regional broadliner completed the merger of Springfield Foodservice Corp., and subsequent to the quarter acquired Fresh Express, the category leader in fresh-cut produce.

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