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December 1, 2000

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Horizon Sees Gains in 3Q, Misses Earnings Call by One Cent


Horizon Sees Gains in 3Q, Misses Earnings Call by One Cent

BOULDER,Colo.--Horizon Organic Holding Corp. (NASDAQ:HCOW) reported increased sales andoperating income for its third quarter ended Sept. 30, though its net earningsmissed analysts' expectations by one cent per share. Revenues for the periodjumped 46 percent to $33.4 million, compared to $22.8 million sold a year ago,but gross margin slipped almost five percent of sales. However, operatingexpenses decreased four percent of sales, delivering an operating income of $1.5million, up slightly from $1.3 million a year ago. After taxes and interest,earnings were $.28 million or $.03 per share, off one cent per share from FirstCall numbers and 2.5 percent of sales from $.76 million or $.08 per share earnedin the same period last year.

Company management pointed to continued sales increases in the United Statesand the United Kingdom, as well as growth in its juice product sales. Horizonadded 700 outlets for its products in the quarter and experienced increasedinterest from grocery chains looking to expand organic dairy sections. Inaddition to sales and distribution gains in the third quarter, the companyopened the Horizon Organic Farm and Education Center at the former Naval AcademyDairy near Annapolis, Md.

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