Corporate & U.S. News

Kellogg Company Reaffirms Earnings Guidance

BATTLE CREEK, Mich., March 12 /PRNewswire-FirstCall/ -- Kellogg Company (NYSE: K) reaffirmed its earnings per share guidance of $1.86 - 1.90 for 2003, and $0.38 - 0.40 for the first quarter.

"We are off to a solid start in 2003, both in our U.S. and International businesses," said Carlos Gutierrez, Kellogg Company's chairman and chief executive officer. "In this uncertain market environment, our share owners should know that we are on track toward our realistic financial targets and our goal of dependable performance."

About Kellogg Company

With 2002 sales of more than $8 billion, Kellogg Company is the world's leading producer of cereal and a leading producer of convenience foods, including cookies, crackers, toaster pastries, cereal bars, frozen waffles, meat alternatives, pie crusts, and ice cream cones. The company's brands include Kellogg's, Keebler, Pop-Tarts, Eggo, Cheez-It, Nutri-Grain, Rice Krispies, Murray, Austin, Morningstar Farms, Famous Amos, Carr's, Plantation, Ready Crust, and Kashi. Kellogg products are manufactured in 19 countries and marketed in more than 180 countries around the world. For more information, visit Kellogg's web site at

Forward-Looking Statements Disclosure

This news release contains forward-looking statements related to business performance, cash flow, costs, sales, operating profit, earnings and growth. Actual performance may differ materially from these statements due to factors related to the Keebler acquisition, including integration problems, failures to achieve synergies, unanticipated liabilities, and the substantial amount of indebtedness incurred to finance the acquisition (which could, among other things, hinder the company's ability to adjust rapidly, make the company more vulnerable to a downturn, and place the company at a competitive disadvantage to less-leveraged companies); competitive conditions and their impact; pricing and promotional spending; the effectiveness of marketing spending and programs; the success of productivity improvements and business transitions; the success of innovation and new product introductions; the availability of interest rates on short-term financing; commodity prices and labor costs; actual market performance of investments; changes in consumer behavior and preferences; U.S. and foreign economic factors such as interest rates, statutory tax rates, and foreign currency translations or unavailability; legal factors; business disruption or other losses from terrorist acts or political unrest; and other factors.

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