Vlasic’s 2nd-Quarter Profit Down 10%

Vlasic Foods International Inc. said profit declined 10% in its fiscal second quarter to $10.8 million, or 24 cents a share, and warned that its fiscal 1999 results will fall below estimates because of issues related to its Argentina-based meat-processing unit. Revenue at the maker of Vlasic pickles and Swanson frozen dinners fell 5% in the quarter. The quarterly results beat analyst estimates of 20 cents, but the warning for the full year pulled Vlasic shares down $2.88 to close at $14.44 on the NYSE. Vlasic said it won’t proceed with plans to sell some assets of its Swift-Armour business in Argentina and may sell the entire unit. A new Argentine tax law will cut into 1999 earnings, it said.