Date: Thu, 18 Dec 1997 06:37:42 GMT Server: Apache/1.1.1 Content-type: text/html Content-length: 2822 Last-modified: Wed, 08 Oct 1997 18:46:40 GMT Month 10, 1996

Press Release

Imperial Holly Corporation
Sugarland, Texas

FOR IMMEDIATE RELEASE Month 10, 1996

IMPERIAL HOLLY CORPORATION REPORTS SECOND QUARTER RESULTS


IMPERIAL HOLLY CORPORATION
REPORTS SECOND QUARTER RESULTS


Sugar Land, Texas - October 25, 1996 - Imperial Holly Corporation (AMEX: IHK) reported earnings of $2,928,000 or $0.25 per share on revenues of $214,050,000 for its second quarter ended September 30, 1996 compared to a net loss for last year's second quarter of $1,530,000 or $0.15 per share on revenues of $165,786,000. Six months year-to-date results are revenues of $393,955,000 and earnings of $7,077,000 or $0.64 per share compared to the prior fiscal periods loss before extraordinary item of $764,000 or $0.08 per share on revenues of $314,610,000. The current year-to-date results include pre-tax gains on sales of marketable securities and other assets totaling $400,000, compared to similar gains for the six months ended September 30, 1995 totaling $3,800,000. Additionally, the Company reported an extraordinary gain in the prior year-to-date period of $380,000 or $0.04 per share, representing the gain, net of tax, realized from the acquisition and retirement of $4,700,000 of the Company's 8 3/8% Senior Notes due in 1999.
The Company's operating results continue to be positively impacted by higher sales prices for refined sugar and by-products and increases in shipments of refined sugar at its Imperial Sugar refinery. Refined beet sugar sales volumes also increased due to the acquisition of Spreckels Sugar Company in April 1996, offsetting the negative effect of poor sugar beet quality in the recently completed northern California late summer harvest.



The statements regarding future market prices and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the effect of weather and economic conditions, farm and trade policy, the available supply of sugar and other factors detailed in the Company's Securities and Exchange Commission filings.


For more information please contact:

William F. Schwer
Imperial Holly Corporation
281/491-9181