caret-down

Campbell Reports Fourth Quarter Earnings Per Share of $.23; Fiscal 2005 EPS Is $1.71; U.S. Soup Sales Rise 5% for the Year

CAMDEN, N.J.–(BUSINESS WIRE)–Sept. 12, 2005–Campbell Soup
Company (NYSE:CPB) today reported diluted earnings per share for the
fourth quarter ended July 31, 2005 of $.23, compared to $.14 recorded
in the year-ago quarter. Last year’s results were impacted by a gain
of $.02 related to the sale of an idle manufacturing plant in
California and a charge of $.05 related to restructuring. Excluding
these two items, earnings in the year-ago quarter were $.17 per share.

For the quarter, net sales increased 5 percent to $1,498 million,
reflecting the following factors:

    --  Volume and mix subtracted 1 percent

    --  Price and sales allowances added 3 percent

    --  Decreased promotional spending added 1 percent

    --  Currency added 2 percent

Net earnings for the fourth quarter of fiscal 2005 were $96
million versus $59 million a year earlier. Last year’s fourth quarter
included a $6 million after-tax gain from the sale of the idle
California manufacturing site and a $22 million after-tax
restructuring charge.

For the fiscal 2005 year, the company reported diluted earnings
per share of $1.71 compared to $1.57 for the prior year. In fiscal
2004, comparability of net earnings was impacted by a $.02 per share
gain from Campbell’s share of a class action settlement, a $.02 per
share gain from the sale of the idle California site, and a $.05 per
share restructuring charge. Excluding these items, year-ago earnings
were $1.58 per share.

For the year, net sales increased 6 percent to $7,548 million,
reflecting the following factors:

    --  Volume and mix added 3 percent

    --  Price and sales allowances added 2 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 2 percent

Net earnings for fiscal 2005 were $707 million versus $647 million
for the prior year. In fiscal 2004, net earnings included a $10
million after-tax gain associated with the class action settlement, a
$6 million after-tax gain from the sale of the idle California site,
and a $22 million after-tax restructuring charge.

In addition, cash flow from operations was $990 million versus
$744 million in the prior year. The increase reflects improved working
capital performance, increased earnings and lower cash settlements
related to foreign currency hedging transactions. Capital expenditures
for fiscal 2005 were $332 million compared to $288 million a year ago.

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “We have delivered a year of quality growth and
exceeded our financial goals for sales, earnings before interest and
taxes, and earnings per share.

“We continued to make important progress in our largest business,
U.S. Soup. We are especially pleased with the 8 percent rise in sales
of condensed soup, by far the strongest performance in many years. In
ready-to-serve soup, ‘Campbell’s Chunky’ continued its strong
performance. Although we were disappointed with the performance of
‘Campbell’s Select’ soups, we have programs in place to strengthen the
performance of this business in the coming year. Our ‘Swanson’ broth
business continued to deliver excellent results. In our Away From Home
business, we achieved substantial growth in premium refrigerated
soups, which are primarily sold through in-store delis. We are also
pleased with the strong performance of our Baking and Snacking
businesses, especially Pepperidge Farm. Godiva delivered an excellent
year as we continue to strengthen the brand through innovation.”

Conant continued, “Although gross margin was down for the year, we
are satisfied with our improved gross margin performance in the second
half of the year and we expect continued margin improvement in the new
fiscal year. Overall, our strong performance this year positions us to
continue to drive quality growth in the year ahead.”

Earnings in fiscal 2006 will be impacted by the adoption of a new
accounting standard that requires all stock-based compensation to be
expensed. Diluted earnings per share in fiscal 2005 would have been
$1.64 if all stock-based compensation had been expensed. For fiscal
year 2006, the company expects sales to increase between 3 and 4
percent and earnings per share to increase between 5 and 7 percent
from the base of $1.64.

    Summary of Fourth Quarter and Fiscal 2005 Results by Segment

    U.S. Soup, Sauces and Beverages

Sales of U.S. Soup, Sauces and Beverages for the fourth quarter of
fiscal 2005 increased 2 percent to $521 million. A breakdown of the
change in sales follows:

    --  Volume and mix subtracted 5 percent

    --  Price and sales allowances added 5 percent

    --  Reduced promotional spending added 2 percent

For the quarter, operating earnings were $104 million compared to
$78 million for the prior-year period. The 2004 operating earnings
included a restructuring charge of $8 million. Operating earnings were
driven by lower marketing, higher selling prices, and improved
productivity, which more than offset inflation.

For fiscal 2005, sales for U.S. Soup, Sauces and Beverages were
$3,098 million, a 3 percent increase compared to a year ago. A
breakdown of the change in sales follows:

    --  Volume and mix added 2 percent

    --  Price and sales allowances added 1 percent

For the year, operating earnings of $747 million compared to $730
million reported a year ago. Last year’s earnings included a
restructuring charge of $8 million. The increase in operating earnings
was primarily due to productivity improvements and higher volume and
prices, which were partially offset by cost inflation and increases in
marketing.

    Further details of sales results include the following:

    --  Sales of "Campbell's" condensed soups rose 8 percent, led by
        solid growth of Chicken Noodle soup and double-digit increases
        across the balance of the eating soup line. The combination of
        successful merchandising and kids promotional marketing
        programs, combined with increased advertising and higher
        prices, drove this growth. Condensed cooking soups achieved
        sales growth behind strong holiday performance. The condensed
        soup segment continued to benefit from the gravity-feed
        shelving systems which are now installed in over 14,000 U.S.
        retail stores.

    --  Sales of ready-to-serve soups declined 1 percent compared to
        the previous year. "Campbell's Chunky" soups continued to
        deliver strong growth behind increased trade promotion and
        advertising linked to the National Football League. These
        strong sales were offset by declines in sales of "Campbell's
        Select" soups and "Campbell's Kitchen Classics" soups. Sales
        of microwaveable soups were flat as double-digit growth of
        "Campbell's Chunky" and "Campbell's Select" soups in
        microwaveable bowls was offset by lower sales of "Campbell's
        Soup at Hand" sippable soups.

    --  "Swanson" broth sales increased 12 percent as expanded use of
        broth for cooking and strong consumer response to two new
        organic broth varieties packaged in aseptic containers drove
        volume.

    Highlights of this segment's other businesses include:

    --  The launch of "Campbell's Chunky" chili in cans and
        microwaveable bowls added to sales gains.

    --  "Campbell's SpaghettiOs" pasta sales grew as consumers
        responded positively to the transition from the
        "Franco-American" brand to the "Campbell's" brand and to new
        advertising support.

    --  Sales of "Prego" pasta sauces declined slightly, while sales
        of "Pace" Mexican sauces were flat for the year. "Pace"
        Mexican sauce sales improved in the fourth quarter, due to
        effective merchandising during the important Cinco de Mayo
        holiday.

    --  "V8" vegetable juice sales increased due to higher selling
        prices and improved volume. Sales of "V8 Splash" juice
        beverages and "Campbell's" tomato juice declined.

    Baking and Snacking

Baking and Snacking sales for the fourth quarter of fiscal 2005
increased 7 percent to $439 million. A breakdown of the change in
sales follows:

    --  Volume and mix added 1 percent

    --  Price and sales allowances added 2 percent

    --  Reduced promotional spending added 1 percent

    --  Currency added 3 percent

For the quarter, operating earnings were $69 million compared to
$55 million in the prior-year period. Last year’s operating earnings
included a restructuring charge of $10 million. Operating earnings
were driven by strong sales at Pepperidge Farm and by the impact of
currency.

For fiscal 2005, Baking and Snacking sales were $1,742 million, an
8 percent increase compared to a year ago. A breakdown of the change
in sales follows:

    --  Volume and mix added 4 percent

    --  Price and sales allowances added 3 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 2 percent

For the year, operating earnings were $198 million compared to
$166 million a year ago. Operating earnings for 2004 included a
restructuring charge of $10 million. Operating earnings growth was
driven by strong sales at Pepperidge Farm, improvement in the
Australian Snackfoods business, and by currency. These gains were
partially offset by expenses associated with the implementation of a
new sales and distribution system in Australia.

    Further details of sales results include the following:

    --  Pepperidge Farm achieved strong growth in its three
        businesses: bakery, cookies and crackers, and frozen,
        primarily due to higher volume and increased prices.

    --  Substantial sales growth of fresh bread and bakery products
        was driven by product improvements and distribution gains for
        bagels and English muffins. "Pepperidge Farm Farmhouse"
        sandwich breads experienced exceptional growth and "Pepperidge
        Farm Carb Style" breads and rolls also delivered strong
        results.

    --  "Pepperidge Farm" Chocolate Chunk cookies, four new soft-baked
        varieties of cookies, the introduction of sugar-free cookies,
        and Pepperidge Farm "Whims" poppable snacks drove sales
        growth.

    --  "Pepperidge Farm Goldfish" snack crackers delivered sales
        growth for the 14th consecutive year.

    --  "Pepperidge Farm" frozen product sales increased behind the
        strong performance of pot pies, breads and pastry.

    --  Arnott's sales grew primarily due to currency and volume
        gains. Arnott's achieved sales growth in each of its
        businesses: sweet biscuits, savory biscuits, and salty snacks.

    International Soup and Sauces

International Soup and Sauces sales for the fourth quarter of
fiscal 2005 increased 3 percent to $350 million. A breakdown of the
change in sales follows:

    --  Volume and mix subtracted 1 percent

    --  Price and sales allowances added 2 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 3 percent

For the quarter, operating earnings increased to $37 million
compared to $30 million in the year-ago period. Prior-year operating
earnings included a restructuring charge of $10 million. Operating
earnings growth in Canada was more than offset by declines in Latin
America and Europe.

For fiscal 2005, sales for International Soup and Sauces were
$1,703 million, a 7 percent increase compared to a year ago. A
breakdown of the change in sales follows:

    --  Volume and mix added 2 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 6 percent

For the year, operating earnings were $221 million compared to
$205 million a year ago. Fiscal 2004 results included a restructuring
charge of $10 million. Operating earnings growth was driven by
currency and sales growth in Canada, partially offset by declines in
Europe and Latin America.

    Further details of sales results include the following:

    --  In Europe, sales increased primarily due to currency and
        strong sales gains of wet and dry soups in France and
        "Campbell's" wet soups in Belgium.

    --  In Asia Pacific, Australian beverages and broth delivered
        volume gains, while sales increased in Asia, in part from the
        launch of a new dry soup product targeting breakfast
        consumption. Currency also contributed to the region's sales
        gain.

    --  Sales in Canada increased significantly due to currency and
        volume gains. The Canadian business delivered volume growth in
        its ready-to-serve soup business, including "Campbell's
        Gardennay" soup in aseptic packaging.

    Other

The balance of the portfolio includes the Godiva Chocolatier
business worldwide and the Away From Home business in the U.S. and
Canada.

For the fourth quarter of fiscal 2005, sales increased 10 percent
to $188 million. A breakdown of the change in sales follows:

    --  Volume and mix added 6 percent

    --  Price and sales allowances added 3 percent

    --  Currency added 1 percent

For the quarter, the segment recorded an operating loss of $11
million, compared to a loss of $8 million in the prior year. Operating
losses for the fourth quarter are typical due to the seasonal sales
pattern of the Godiva business. The prior year fourth quarter included
a $3 million restructuring charge. In the fourth quarter of fiscal
2005, higher expenses in Godiva offset profit growth in Away From
Home.

For fiscal 2005, sales grew 11 percent to $1,005 million compared
to the same period a year ago. A breakdown of the change in sales
follows:

    --  Volume and mix added 7 percent

    --  Price and sales allowances added 3 percent

    --  Currency added 1 percent

For the year, operating earnings increased to $110 million
compared to $101 million for the prior year. Fiscal 2004 operating
earnings included a restructuring charge of $3 million. Operating
earnings growth was driven by strong sales growth in both major
businesses.

    Further details of sales results include the following:

    --  Away From Home delivered strong sales growth, led by continued
        success of a deli soup program featuring premium refrigerated
        soups.

    --  Godiva Chocolatier sales increased by double digits with North
        America, Europe and Asia all contributing to growth. In North
        America, Godiva achieved double-digit same-store sales results
        driven by successful new products, including sugar-free
        chocolates and the re-launch of truffles. In the fourth
        quarter, Godiva launched the new "Chocolixir" beverages and
        early consumer response has been very promising.

    Non-GAAP Financial Information

This release presents Campbell’s reported financial results. In
discussing these results, this release also refers to certain non-GAAP
financial measures. As required by the SEC, the company has provided a
reconciliation of those measures to the most directly comparable GAAP
measures with this release and on the company’s website at
www.campbellsoupcompany.com in the “Investor Center” section.

Conference Call

The company will host a conference call to discuss these results
on September 12, 2005 at 10:00 a.m. Eastern Standard Time. U.S.
participants may access the call at 1-888-730-9134 and non-U.S.
participants at 1-210-234-0002. Participants should call at least five
minutes prior to the starting time. The passcode is Campbell Soup. The
conference leader is Len Griehs. The call will also be broadcast live
over the Internet at www.campbellsoupcompany.com and can be accessed
by clicking on the Webcast banner. A recording of the call will be
available approximately two hours after it is completed through
midnight September 16, 2005 at 1-800-879-6754 or 1-402-220-5334.

Forward-Looking Statements

This release contains “forward-looking statements” which reflect
the company’s current expectations about its future plans and
performance, including statements concerning the impact of marketing
investments and strategies, pricing, new product introductions and
innovation, cost-saving initiatives and quality improvement on sales,
earnings and margins. These forward-looking statements rely on a
number of assumptions and estimates which could be inaccurate and
which are subject to risks and uncertainties. Actual results could
vary materially from those anticipated or expressed in any
forward-looking statement made by the company. Please refer to the
company’s most recent Form 10-K and subsequent filings for a further
discussion of these risks and uncertainties. The company disclaims any
obligation or intent to update the forward-looking statements in order
to reflect events or circumstances after the date of this release.

Reporting Segments

Campbell Soup Company earnings results are reported for the
following segments:

U.S. Soup, Sauces and Beverages includes the following retail
businesses: “Campbell’s” brand condensed and ready-to-serve soups,
“Swanson” broth and canned poultry businesses, “Prego” pasta sauce,
“Pace” Mexican sauce, “Campbell’s Chunky” chili, “Campbell’s” canned
pasta, gravies and beans, “Campbell’s Supper Bakes” meal kits, “V8”
vegetable juices, “V8 Splash” juice beverages, and “Campbell’s” tomato
juice.

Baking and Snacking includes the following businesses: “Pepperidge
Farm” cookies, crackers, breads and frozen products in U.S. retail,
“Arnott’s” biscuits in Australia and Asia Pacific, and “Arnott’s”
salty snacks in Australia.

International Soup and Sauces includes the soup, sauce and
beverage businesses outside of the United States, including Canada,
Europe, Mexico, Latin America, and the Asia Pacific region.

Other includes the Godiva Chocolatier business worldwide and the
Away From Home business in the U.S. and Canada.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality simple meals, including soup, baked snacks,
vegetable-based beverages, and premium chocolate products.

Founded in 1869, the company has a portfolio of more than 20
market-leading brands, including “Campbell’s,” “Pepperidge Farm,”
“Arnott’s,” “V8,” and “Godiva.” For more information on the company,
visit Campbell’s website at www.campbellsoupcompany.com.

                CAMPBELL  SOUP  COMPANY  CONSOLIDATED
                       STATEMENTS  OF  EARNINGS
               (millions,  except  per  share  amounts)


                                                 THREE  MONTHS  ENDED
                                                ----------------------
                                                 July 31,    August 1,
                                                   2005        2004
                                                ----------  ----------

Net  sales                                      $   1,498   $   1,433
                                                ----------  ----------

Costs  and  expenses
    Cost  of  products  sold                          890         872
    Marketing  and  selling  expenses                 234         242
    Administrative  expenses                          168         142
    Research  and  development  expenses               27          28
    Other income                                       (2)        (12)
    Restructuring charge                                -          32
                                                ----------  ----------
Total costs and expenses                            1,317       1,304
                                                ----------  ----------

Earnings  before  interest  and  taxes                181         129
Interest,  net                                         46          43
                                                ----------  ----------
Earnings before  taxes                                135          86

Taxes  on  earnings                                    39          27
                                                ----------  ----------
Net earnings                                    $      96   $      59
                                                ==========  ==========

Per  share - basic
   Net earnings                                 $     .23   $     .14
                                                ==========  ==========

   Dividends                                    $     .17   $   .1575
                                                ==========  ==========

Weighted average shares outstanding - basic           409         409
                                                ==========  ==========


Per  share - assuming dilution
   Net earnings                                 $     .23   $     .14
                                                ==========  ==========

Weighted average shares outstanding
  - assuming dilution                                 414         412
                                                ==========  ==========






                CAMPBELL  SOUP  COMPANY  CONSOLIDATED
                      STATEMENTS  OF  EARNINGS
              (millions,  except  per  share  amounts)


                                                TWELVE  MONTHS  ENDED
                                                ----------------------
                                                 July 31,    August 1,
                                                   2005        2004
                                                ----------  ----------

Net  sales                                      $   7,548   $   7,109
                                                ----------  ----------

Costs  and  expenses
    Cost  of  products  sold                        4,491       4,187
    Marketing  and  selling  expenses               1,185       1,153
    Administrative  expenses                          571         542
    Research  and  development  expenses               95          93
    Other income                                       (4)        (13)
    Restructuring charge                                -          32
                                                ----------  ----------
Total costs and expenses                            6,338       5,994
                                                ----------  ----------

Earnings  before  interest  and  taxes              1,210       1,115
Interest,  net                                        180         168
                                                ----------  ----------
Earnings before  taxes                              1,030         947

Taxes  on  earnings                                   323         300
                                                ----------  ----------
Net earnings                                    $     707   $     647
                                                ==========  ==========

Per  share - basic
   Net earnings                                 $    1.73   $    1.58
                                                ==========  ==========

   Dividends                                    $     .68   $     .63
                                                ==========  ==========

Weighted average shares outstanding - basic           409         409
                                                ==========  ==========


Per  share - assuming dilution
   Net earnings                                 $    1.71   $    1.57
                                                ==========  ==========

Weighted average shares outstanding
  - assuming dilution                                 413         412
                                                ==========  ==========






                  CAMPBELL SOUP COMPANY CONSOLIDATED
             SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
                 (millions, except per share amounts)



                                         THREE MONTHS ENDED
                                       -----------------------
                                        July 31,   August 1,   Percent
Sales                                     2005       2004      Change
-----                                  ----------- ----------- -------
Contributions:
   U.S. Soup, Sauces and
    Beverages                          $      521  $      511       2%
   Baking and Snacking                        439         411       7%
   International Soup and Sauces              350         340       3%
   Other                                      188         171      10%
                                       ----------- -----------
Total sales                            $    1,498  $    1,433       5%
                                       =========== ===========


Earnings
--------
Contributions:
   U.S. Soup, Sauces and
    Beverages                          $      104  $       78      33%
   Baking and Snacking                         69          55      25%
   International Soup and Sauces               37          30      23%
   Other                                      (11)         (8)    -38%
                                       ----------- -----------
Total operating earnings                      199         155      28%
Unallocated corporate expenses                (18)        (26)
                                       ----------- -----------

Earnings before interest and
 taxes                                        181         129      40%
Interest, net                                 (46)        (43)
Taxes on earnings                             (39)        (27)
                                       ----------- -----------
Net earnings                           $       96  $       59      63%
                                       =========== ===========

Net earnings per share -
 assuming dilution                     $      .23  $      .14      64%
                                       =========== ===========


Fiscal 2004 earnings contributions by segment include the effects of a
fourth quarter restructuring charge of $32 pre-tax ($22 after tax or
$.05 per share) as follows: U.S. Soup, Sauces and Beverages $8, Baking
and Snacking $10, International Soup and Sauces $10, Other $3 and
Corporate Unallocated $1.






                  CAMPBELL SOUP COMPANY CONSOLIDATED
             SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS
                 (millions, except per share amounts)



                                         TWELVE MONTHS ENDED
                                       -----------------------
                                        July 31,    August 1,  Percent
Sales                                     2005        2004     Change
-----                                  ----------- ----------- -------
Contributions:
   U.S. Soup, Sauces and
    Beverages                          $    3,098  $    2,998       3%
   Baking and Snacking                      1,742       1,613       8%
   International Soup and Sauces            1,703       1,595       7%
   Other                                    1,005         903      11%
                                       ----------- -----------
Total sales                            $    7,548  $    7,109       6%
                                       =========== ===========


Earnings
--------
Contributions:
   U.S. Soup, Sauces and
    Beverages                          $      747  $      730       2%
   Baking and Snacking                        198         166      19%
   International Soup and Sauces              221         205       8%
   Other                                      110         101       9%
                                       ----------- -----------
Total operating earnings                    1,276       1,202       6%
Unallocated corporate expenses                (66)        (87)
                                       ----------- -----------

Earnings before interest and
 taxes                                      1,210       1,115       9%
Interest, net                                (180)       (168)
Taxes on earnings                            (323)       (300)
                                       ----------- -----------
Net earnings                           $      707  $      647       9%
                                       =========== ===========

Net earnings per share
 - assuming dilution                   $     1.71  $     1.57       9%
                                       =========== ===========


Fiscal 2004 earnings contributions by segment include the effects of a
fourth quarter restructuring charge of $32 pre-tax ($22 after tax or
$.05 per share) as follows: U.S. Soup, Sauces and Beverages $8, Baking
and Snacking $10, International Soup and Sauces $10, Other $3 and
Corporate Unallocated $1.






                 CAMPBELL SOUP COMPANY CONSOLIDATED
                           BALANCE SHEETS
                             (millions)



                                                 July 31,   August 1,
                                                   2005       2004
                                                ---------- ----------

Current assets                                  $   1,512  $   1,468

Plant assets, net                                   1,987      1,901

Intangible assets, net                              3,009      2,995

Other assets                                          268        298
                                                ---------- ----------

     Total assets                               $   6,776  $   6,662
                                                ========== ==========


Current liabilities                             $   2,002  $   2,326

Long-term debt                                      2,542      2,543

Nonpension postretirement benefits                    278        298

Other liabilities                                     684        621

Shareowners' equity                                 1,270        874
                                                ---------- ----------

     Total liabilities and shareowners' equity  $   6,776  $   6,662
                                                ========== ==========


Total debt                                      $   2,993  $   3,353
                                                ========== ==========

Cash and cash equivalents                       $      40  $      32
                                                ========== ==========

Reconciliation of GAAP and Non-GAAP Financial Measures

Campbell Soup Company uses certain “non-GAAP” financial measures
as defined by the Securities and Exchange Commission in certain
communications. The “non-GAAP” financial measures are measures of
performance not defined by accounting principles generally accepted in
the United States and should be considered in addition to, not in lieu
of, GAAP reported measures. The items include the following:

— Earnings per share (EPS), excluding restructuring related

costs and one-time items

The table below reconciles earnings per share, presented in
accordance with GAAP, to earnings per share excluding restructuring
related costs and other one-time items.

                         Fourth Quarter              Fiscal Year
                    ------------------------   -----------------------
                    July 31, Aug. 1,    %      July 31, Aug. 1,   %
                      2005    2004   Change      2005    2004   Change
                    -------- ------- -------   -------- ------- ------

As reported earnings
 per share            $0.23   $0.14      64%     $1.71   $1.57      9%
Add: Restructuring
 related costs (1)        -    0.05                  -    0.05
Deduct: Gain on
        litigation
        settlement
         (2)              -       -                  -   (0.02)
        Gain on sale
        of property
         (3)              -   (0.02)                 -   (0.02)
                    -------- -------           -------- -------

Earnings per share,
 ex. restructuring
 related costs and
 one-time items       $0.23   $0.17      35%     $1.71   $1.58      8%
                    ======== =======           ======== =======


(1) The costs relate to the worldwide cost savings initiatives and
    Australian distribution and logistics realignment announced on
    June 24, 2004.

(2) The gain relates to the settlement of a class-action lawsuit
    involving ingredient suppliers.

(3) The gain relates to the sale of an idle facility in California.

The company believes that earnings per share excluding certain
restructuring related costs and certain other transactions not
considered to be part of the ongoing business are a better indicator
of the true performance of the business. Consequently, the company
believes that investors may be able to better understand earnings if
these transactions are excluded from the results.


    CONTACT: Campbell Soup Company
             Jerry S. Buckley (Media)
             (856) 342-6007
                 or
             Leonard F. Griehs (Analysts)
             (856) 342-6428

    SOURCE: Campbell Soup Company