Date: Thu, 18 Dec 1997 06:38:03 GMT Server: Apache/1.1.1 Content-type: text/html Content-length: 2888 Last-modified: Wed, 08 Oct 1997 18:44:10 GMT Month 05, 1997

Press Release

Imperial Holly Corporation
Sugarland, Texas

FOR IMMEDIATE RELEASE Month 05, 1997

IMPERIAL HOLLY CORPORATION REPORTS FISCAL 1997 RESULTS

IMPERIAL HOLLY CORPORATION
REPORTS FISCAL 1997 RESULTS


Sugar Land, Texas - May 30, 1997 - Imperial Holly Corporation (AMEX: IHK) reported earnings of $11,518,000 or $0.92 per share on revenues of $752,595,000 for its 1997 fiscal year ended March 31, as compared to last year's net loss of $2,614,000 or $0.25 per share, including an extraordinary gain of $604,000 or $0.06 per share, on revenues of $616,450,000. The current year's results include pre-tax gains on sales of marketable securities of $426,000, compared to gains in the prior year of $5,389,000. Results for the fourth quarter of fiscal 1997 are net income of $2,945,000 or $0.21 per share on revenues of $168,705,000 compared to the fourth quarter of fiscal 1996 net loss of $2,035,000 or $0.20 per share on revenues of $130,271,000.
Fourth fiscal quarter profits were below expectations due to costs incurred in connection with flooding in California which required the termination of the campaign at one factory there and the movement of sugarbeets normally processed in California to the Company's factory in Sidney, Montana.
The Company's operating results for both the quarter and the fiscal year were positively impacted, however, by higher prices for refined sugar and by-products and increases in shipments from its Imperial Sugar refinery. Refined sugar prices, while reduced somewhat from the peak reached early in the fiscal year, remained at levels substantially above the year earlier period.
The Company's Board of Directors is expected to consider the reinstatement of regular quarterly dividends at their meeting in July.

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