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									                                                   Exhibit 1


Exhibit 1                                 Historical Financial Information

                                                          Year Ended December 31,
                                               1987          1988       1989                1990
Income Statement Data (in thousands):

Net salesa                                 $   30,769     $     36,695    $   46,709    $   47,198
Cost of goods sold                             21,650           25,635        31,957        31,780
  Gross profita                                 9,119           11,060        14,752        15,418

Advertising and sales promotions                 4,742           4,241         5,030         5,130
General and administrative                       6,068           5,403         6,394         7,063
  Operating income (loss)                       (1,691)          1,416         3,328         3,225

Interest income                                   308              550           801         1,004
Interest expense                                  (88)            (107)          (88)          (67)
Other income (expense) - netb                   1,738              (77)         (108)          (20)

Income taxes                                       96              729         1,511         1,616
   Net income                              $      171     $      1,053    $    2,422    $    2,526

Balance Sheet Data (in thousands):

Cash                                       $    5,550     $      8,109    $   10,723    $   13,191
Working capital                                 9,342           11,107        10,830        11,735
Total assets                                   20,857           23,006        26,159        29,518
Total debt                                      1,269            1,094           919           744
Stockholders' equity                           16,162           17,215        18,215        19,496

Per Share Data:

Weighted average number
 of common shares outstanding                   3,316            3,316         3,316         3,316

Net income per share                       $     0.05     $       0.32    $     0.73    $     0.76

Cash dividend per share                            -               -      $     0.40    $     0.40

Source: Eskimo Pie Prospectus, p. 10.
a
  Beginning in 1991 the Company increased prices for products and assumed responsability for
advertising and sales promotion costs previously shared with licensees. This change in
business practice accounts for approximately one-half of the increase in net sales for 1991
with a similar impact on 1991 gross profit.
b
  Includes the gain on sale of building of approximately $1,700,000 in 1987.




                                                       Page 1
                                                     Exhibit 2


Exhibit 2                                                Cash Flow Summary

                                                         Year Ended               December 31,
                                                                 1989                 1990
Operating activities:

  Net income                                              $              2,422    $      2,526

    Depreciation                                                         1,006           1,352
    Amortization                                                           175             118
    Deferred income taxes                                                  250             (58)
    Pension liability and other                                           (154)           (156)
    Decrease (increase) in receivables                                   1,212            (734)
    Decrease (increase) in inventories and
       prepaid expenses                                                   (524)            (51)
    Increase (decrease) in payables to parent                            2,054            (621)
    Increase (decrease) in accounts payable and
       accrued expenses                                                    143           3,006
  Net cash provided by operating activities                              6,584           5,382

Investing activities

    Capital expenditures                                                (2,358)         (1,311)
    Other                                                                 (121)           (101)
    Net cash used in investing activities                               (2,479)         (1,412)

Financing activities

    Cash dividends                                                      (1,327)         (1,327)
    Principal payments on long-term debt                                  (175)           (175)
    Net cash used in financing activities                               (1,502)         (1,502)

  Increase (decrease) in cash and cash equivalents                       2,614           2,468
  Cash and cash equivalents at beginning of year                         8,109          10,723
  Cash and cash equivalents at end of year                $             10,723    $     13,191

Source: Eskimo Pie Prospectus, p. F-4.




                                                     Page 2
                                                  Exhibit 3


Exhibit 3 Distribution and Market Share of Eskimo Pie, Health, and Welch's Frozen
Novelties

                          1987        1988      1989        1990      1991
          Distribution of at least one Eskimo
                           76.3%       78.1%
            product at U.S. Grocery Stores       91.2%        95.6%    97.9%

          Unit Market Share of Eskimo
            products        3.3       3.9          5.7          6.8      7.5

          Source: Eskimo Pie Prospectus




                                                   Page 3
                                                      Exhibit 4


Exhibit 4 Industry Information for Frozen Novelties

            Industry    Units                   Advertising
           Revenues     Sold    % Change Average Spending
  Year     (millions) (millions) in Sales Price  (millions)
  1980        $590       N/A        N.A    N/A       $2
  1981         680       N/A      15.3%    N/A        4
  1982         770       457       13.2   $1.69      17
  1983         940       525       22.1    1.79      23
  1984        1100       577       17.0    1.90      32
  1985        1300       643       18.2    2.02      44
  1986        1400       681        7.7    2.06      77
  1987        1500       717        7.1    2.09      38
  1988        1355       637       -9.7    2.13      26
  1989        1332       623       -1.7    2.19      40
  1990        1321       590       -0.8    2.24      21

Source: 1980-87 Nieldsen; 1988-90 IRI.




                                                      Page 4
                                                     Exhibit 6


Exhibit 6                    Goldman Sachs Projected Income Statements

                                 Year Ended December 31,
                                 1991     1992     1993
Net Sales
  Operating expenses         $ 56,655     $ 59,228    $ 59,961
Operating income               52,610       54,755      55,337
  Margin                        4,045        4,473       4,624

Interest income                     828        890         1058
Interest expense                   52.5       38.5          24.5

Pretax income                     4,821      5,325        5,658

Income taxes                      1,928      2,130        2,263
   Tax rate                      40.00%     40.00%       40.00%

Net income                   $ 2,892 $ 3,195 $ 3,395
  Margin                        5.1%    5.4%    5.7%

Earning per share            $     0.87 $     0.96 $       1.02
Average shares outstanding         3316       3316         3316

Source: Goldman Sachs




                                                     Page 5
                                                  Exhibit 7


Exhibit 7                      Hypothetical Proceeds from an Initial Public
Offering

Total for firm:

Offer Price                           14.00        16.00
Special dividend                       4.52         4.52
Total per share                       18.52        20.52

Shares outstanding                3,316.48     3,316.48

Equity value                    46,430.69     53,063.65
Dividend                        14,990.48     14,990.48
Total                           61,421.17     68,054.13

1991 Net Income                   3,749.00     3,749.00
Implied P/E Multiple                 12.38        14.15

Reynolds' proceeds:
Shares owned                      2,788.59     2,788.59

Per share proceeds:
Stock price                           14.00        16.00
Special dividend                       4.52         4.52
Total per share                       18.52        20.52
Total for holdings                  51,645       57,222

Source: Casewriter estimates




                                                   Page 6
                                                  Exhibit 8


Exhibit 8                     Information about Comparable Companies

                                                                  Operating
Company                            Sales        Cash Flow          Incomea      Net Income

Ben & Jerry's                            97.0             6.7            10.2           3.7
Dreyer's Grand Ice Cream                354.9            24.1            37.0          15.9
Empire of Carolina, Inc.                243.1            16.8            37.4           8.8
Steve's Homemade Ice Cream               35.1             2.7             3.9           1.8
Hershey Foods Corp.                    2899.2           292.3           463.0         219.5
Tootsie Roll Inds.                      207.9            32.5            47.2          25.5

Source: Standard & Poor's, Compustat, and casewriter estimates.
a
 Before extraordinary items.




                                                  Page 7
                                           Exhibit 8




              Market Value
Book Value     of Equity     Total Debt      Beta

       26.3          110.1           2.8               1.2
      113.1          534.0          44.3               1.4
       45.1           51.4          89.8               0.3
       11.1           37.4           3.1               2.5
     1335.3         4002.5         282.9               1.0
      152.8          728.8           0.0               1.0




                                           Page 8
                                                   Exhibit 9


Exhibit 9                        Selected Financial Market Data,
November 1991

I. Treasury Yields

90 day                           4.56%
Six months                       4.61
One year                         4.64
Five years                       6.62
Ten years                        7.42
Thirty years                     7.92

II. Corporate Borrowing Rates

Long-term Bond Yields
  AA                             8.74%
  A                              9.27
  BBB                            9.56
  BB                             11.44
  B                              14.68

Floating Rates

  Prime rate                    7.50%
                                4.76
  Prime commercial paper (6 months)

Source: Federal Reserve Bulletin, S&P Bond Guide




                                                   Page 9

								
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