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Maple Leaf Foods Reports Results For First Quarter 2011

    TSX: MFI
    www.mapleleaffoods.com

TORONTO, April 28 /PRNewswire-FirstCall/ - Maple Leaf Foods Inc. (TSX: MFI) today reported its financial results for the first quarter ended March 31, 2011. First quarter highlights include:

    -   Adjusted Operating Earnings(1) increased 61% to $50.7 million
    -   Value creation initiatives on track and contributing to margin growth
    -   Net earnings in the quarter decreased 47% to $10.5 million, including
        $26.1 million in pre-tax restructuring costs
    -   Adjusted Earnings per Share(1) increased to $0.18 from $0.07 last
        year

"Maple Leaf Foods delivered our eighth consecutive quarter of improved results, with a significant increase in profitability in our fresh and prepared meats businesses." said Michael H. McCain, President and CEO. "We are very pleased with the progress on both short and long-term initiatives. Our value creation plan is on track and contributed to earnings in the quarter. While the most significant challenge has been rising raw material costs, we are passing on price increases to protect our margins. Overall, this was another strong quarter of performance."

(1): Adjusted Operating Earnings measures are defined as earnings from operations before restructuring and other related costs, other income and the impact of the change in fair value of non-designated interest rate swaps, unrealized gains/losses on commodity futures contracts and the change in fair value of biological assets. Adjusted Earnings per Share ("Adjusted EPS") measures are defined as basic earnings per share adjusted for the impact of restructuring and other related costs and the impact of the change in fair value of non-designated interest rate swaps, unrealized gains/losses on commodity futures contracts and the change in fair value of biological assets, net of tax and non-controlling interest. Please refer to the section entitled Reconciliation of Non-IFRS Financial Measures at the end of this news release.

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