SEAWAY: NO DEAL DONE; VOLUME, PROFIT INCREASE

MAUMEE, Ohio -- Seaway Food Town here said it is still looking to make a deal but adamantly denied that it has made one yet.inuing to explore a number of strategic options," including a sale or merger.However, Seaway went on to insist it "has not entered into any definitive agreements," and it may never enter into any.The company also released financial results for the fourth quarter and fiscal 1999.In

MAUMEE, Ohio -- Seaway Food Town here said it is still looking to make a deal but adamantly denied that it has made one yet.

inuing to explore a number of strategic options," including a sale or merger.

However, Seaway went on to insist it "has not entered into any definitive agreements," and it may never enter into any.

The company also released financial results for the fourth quarter and fiscal 1999.

In the 13-week quarter ended Aug. 28, sales increased 5% to $164 million, net income rose 5.6% to $1.9 million and comparable-store sales were up 0.3%.

In fiscal 1999, sales increased 5.4% to $658 million, net income rose 7% to a record $7.5 million and comparable-store sales were up 2.9%.

During the year, Seaway opened a store in Michigan, and bought two stores and converted one store in Ohio.

Richard B. Iott, Seaway president and chief executive officer, said, "We are pleased to report record earnings again for the fourth consecutive year. In addition, the company ended this year with a strong balance sheet."

Seaway currently operates 73 units -- 47 supermarkets and 26 discount drug stores -- in northwestern and central Ohio and southeastern Michigan.