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<TITLE>SVC 10-Q March 31, 2000</TITLE>
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<P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C.  20549</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">FORM 10-Q</P>
<P ALIGN="CENTER"></P>
<U><P ALIGN="CENTER"> <FONT FACE="Monotype Sorts">4</FONT>
</U>Quarterly Report Pursuant to Section 13 or 15 (d) of <BR>
the Securities Exchange Act of 1934</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">For the quarterly period ended March 31, 2000</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Transition Report Pursuant to Section 13 or 15 (d) of<BR>
the Securities Exchange Act of 1934</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">For the transition period from ____ to ____</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Commission file number 1-2944</P>
<P ALIGN="CENTER"></P>
<CENTER><TABLE BORDER=0 CELLSPACING=1 CELLPADDING=1 WIDTH=620>
<TR><P ALIGN="CENTER"> </TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<P ALIGN="CENTER"><U>            STOKELY
-VAN CAMP, INC.            </U></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP"> </TD>
<TD WIDTH="50%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER"><U>           
    Indiana         
      </U></TD>
<TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER"><U>   35-0690290   </U></TD></TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER">(State or other jurisdiction of <BR>
incorporation or organization)</TD>
<TD WIDTH="50%" VALIGN="TOP"><P ALIGN="CENTER">(I.R.S. Employer <BR>
Identification No.)</TD></TR>
<TR><TD WIDTH="50%" VALIGN="TOP"> </TD>
<TD WIDTH="50%" VALIGN="TOP"> </TD>
</TR><TR><TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER">Quaker Tower</TD>
<TD WIDTH="50%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER"><U> P.O. Box 049001 Chicago, Illinois </U></TD>
<TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER"><U>60604-9001</U></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER">(Address of principal executive office)</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER">(Zip Code)</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP"> </TD>
<TD WIDTH="50%" VALIGN="TOP"> </TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<P ALIGN="CENTER"><U>    
        
          
     
 (312) 222-7111        
      
              </U></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<P ALIGN="CENTER">(Registrant's telephone number, including area code)</TD>
</TR>
</TABLE>

<P ALIGN="CENTER"></P>
<P ALIGN="JUSTIFY">Indicate by check mark whether the registrant:  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file for
such reports), and (2) has been subject to such filing requirements for the past 90 days.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=1 WIDTH=657>
<TR><TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="RIGHT">YES <U><FONT FACE="Monotype Sorts">4</FONT></U>
</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="LEFT">    NO<U>    </U></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY">The registrant had 2,989,371 shares of Common Stock outstanding on April 30,
2000, all of which were held by The Quaker Oats Company.</P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER"> </P>
<B><U><P ALIGN="CENTER">STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
INDEX TO FORM 10-Q</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"></P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=657>
<TR><TD WIDTH="80%" VALIGN="TOP"> </TD>
<TD WIDTH="20%" VALIGN="TOP">
<U><P ALIGN="CENTER">Page</U></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP"> </TD>
<TD WIDTH="20%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP">
<P ALIGN="JUSTIFY">PART I - FINANCIAL INFORMATION</TD>
<TD WIDTH="20%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP">

<P ALIGN="JUSTIFY">  Item 1 - Financial Statements</TD></TR>
<TR><TD WIDTH="80%" VALIGN="TOP"><DIR>

<P ALIGN="JUSTIFY">Condensed Consolidated Statements of Income and Reinvested Earnings <BR>
   for the Three Months Ended March 31, 2000 and 1999</P>
</TD>
<TD WIDTH="20%" VALIGN="CENTER">
<P ALIGN="CENTER">3</TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP"><DIR>

<P ALIGN="JUSTIFY">Condensed Consolidated Balance Sheets as of <BR>
   March 31, 2000 and December 31, 1999</P>
</TD>
<TD WIDTH="20%" VALIGN="CENTER">
<P ALIGN="CENTER">4</TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP"><DIR>

<P ALIGN="JUSTIFY">Condensed Consolidated Statements of Cash Flows<BR>
   for the Three Months Ended March 31, 2000 and 1999</P>
</TD>
<TD WIDTH="20%" VALIGN="CENTER">
<P ALIGN="CENTER">5</TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP"><DIR>

<P ALIGN="JUSTIFY">Notes to the Condensed Consolidated Financial Statements</DIR>
</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">6-8</TD>
</TR>

<TR><TD WIDTH="80%" VALIGN="TOP">

<P ALIGN="JUSTIFY">  Item 2 - Management's Discussion and Analysis of Financial<BR>
         Condition and Results of Operations</P>
</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER"><BR>
9-11</TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="BOTTOM"> </TD>
<TD WIDTH="20%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP">

<P ALIGN="JUSTIFY">PART II - OTHER INFORMATION</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">
12</TD>
</TR>

<TR><TD WIDTH="80%" VALIGN="TOP">

<P ALIGN="JUSTIFY">SIGNATURES
</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">13</TD>
</TR>
</TABLE>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="LEFT"><FONT COLOR="RED">Page 2</FONT COLOR="RED"></P>
<P ALIGN="CENTER"> </P>
<B><U><P ALIGN="CENTER">STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
CONDENSED CONSOLIDATED STATEMENTS OF INCOME<BR>
AND REINVESTED EARNINGS<BR>
(UNAUDITED)</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER"> </P>
<TABLE BORDER=0 CELLSPACING=1 CELLPADDING=7 WIDTH=600>
<TR><TD WIDTH="68%" VALIGN="TOP"><BR>
<B><I><P ALIGN="JUSTIFY">(Dollars in Millions)</B></I></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=4>
<B><P ALIGN="CENTER">Three Months<BR>
Ended March 31,</B></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="TOP"> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><P ALIGN="CENTER"><U>    2000   </U></B></TD>
<TD WIDTH="4%" VALIGN="TOP"> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><P ALIGN="CENTER"><U>    1999   </U></B></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="TOP"> </TD>
<TD WIDTH="14%" VALIGN="TOP"> </TD>
<TD WIDTH="4%" VALIGN="TOP"> </TD>
<TD WIDTH="13%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Net sales<BR>
Cost of goods sold<BR>
Gross profit</TD>
<TD WIDTH="14%" ALIGN="RIGHT">$    299.1  <BR>
<U>   148.2 </U> <BR>
150.9  </TD>
<TD WIDTH="4%" VALIGN="TOP"> </TD>
<TD WIDTH="13%" ALIGN="RIGHT">$    270.0  <BR>
<U>   132.1 </U> <BR>
137.9  </TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Selling, general and administrative expenses<BR>
Interest income – net</TD>
<TD WIDTH="14%" ALIGN="RIGHT">107.7  <BR>
<U>   (21.3)</U> </TD>
<TD WIDTH="4%" VALIGN="TOP"> </TD>
<TD WIDTH="13%" ALIGN="RIGHT">107.9  <BR>
<U>   (15.1)</U> </TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Income before income taxes<BR>
Provision for income taxes</TD>
<TD WIDTH="14%" ALIGN="RIGHT">64.5  <BR>
<U>   24.7 </U> </TD>
<TD WIDTH="4%" VALIGN="TOP"> </TD>
<TD WIDTH="13%" ALIGN="RIGHT">45.1  <BR>
<U>   17.8 </U> </TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Net income</TD>
<TD WIDTH="14%" ALIGN="RIGHT">39.8  </TD>
<TD WIDTH="4%" VALIGN="TOP">  </TD>
<TD WIDTH="13%" ALIGN="RIGHT">27.3  </TD>
</TR>



<TR><TD WIDTH="68%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Dividends on preference and preferred stock<BR>
Reinvested Earnings –
Beginning of Period<BR>
Reinvested Earnings –
End of Period</TD>
<TD WIDTH="14%" ALIGN="RIGHT">(0.2) <BR>
   <U>1,307.8 </U> <BR>
$ <U>1,347.4 </U> </TD>
<TD WIDTH="4%" VALIGN="TOP"> </TD>
<TD WIDTH="13%" ALIGN="RIGHT">(0.2) <BR>
   <U>1,105.7 </U> <BR>
$ <U>1,132.8 </U> </TD>
</TR>

</TABLE>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER"><I>See accompanying notes to the condensed consolidated financial statements.</I></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY">  </P>
<P ALIGN="LEFT"><FONT COLOR="RED">Page 3</FONT COLOR="RED"></P>
<P ALIGN="JUSTIFY"> </P>
<B><U><P ALIGN="CENTER">STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
CONDENSED CONSOLIDATED BALANCE SHEETS<BR>
(UNAUDITED)</P>
</U></B>
<TABLE BORDER=0 CELLSPACING=1 CELLPADDING=4 WIDTH=640>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><I><P ALIGN="JUSTIFY"><BR>
(Dollars in Millions)</I></TD>
<TD WIDTH="22%" VALIGN="TOP"><P ALIGN="CENTER"><B>    March 31,<BR>
    <U>    2000   </U> </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="22%" VALIGN="TOP"><P ALIGN="CENTER"><B>December 31, <BR>
<U>     1999    </U></B></TD>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Assets<BR>
Current Assets:<BR>
  Cash and cash equivalents<BR>
  Due from The Quaker Oats Company<BR>
  Trade accounts receivable – net of allowances<BR>
  Inventories:<BR>
    Finished goods<BR>
    Materials and supplies<BR>
       Total inventories<BR>
  Other current assets<BR>
       Total Current Assets<BR>
<BR>
Property, plant and equipment<BR>
Less: accumulated depreciation<BR>
    Property – net<BR><BR>
Other assets<BR>
<B>        Total Assets</B></TD>
<TD WIDTH="22%" ALIGN="RIGHT"> <BR><BR>
$        4.1         <BR>
1,110.2         <BR>
6.3         <BR>
 <BR>
88.3         <BR>
<U>     16.1 </U>        <BR>
104.4         <BR>
<U>     37.0 </U>        <BR>
1,262.0         <BR>
<BR>
474.7         <BR>

<U>   128.0 </U>        <BR>
   346.7         <BR><BR>
  <U>    10.0  </U>        <BR>
<B>  $ <U>1,618.7 </U>        </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="22%" ALIGN="RIGHT"> <BR><BR>
$        3.2        
 <BR>
1,103.6          <BR>
5.4          <BR>
    <BR>
39.6          <BR>
<U>       16.2</U>   
      <BR>
55.8          <BR>
<U>     46.2</U>     
    <BR>
1,214.2          <BR>

<BR>
446.3          <BR>

<U>   119.5 </U>         <BR>
   326.8          <BR><BR>
<U>    13.3  </U>         <BR>
<B>  $ <U>1,554.3 </U>         </B></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P ALIGN="JUSTIFY"><U>Liabilities and Shareholders' Equity</U><BR>
Current Liabilities:<BR>
  Trade accounts payable<BR>
  Accrued payroll, benefits and bonus<BR>
  Accrued advertising and merchandising<BR>
  Income taxes payable<BR>
  Other current liabilities<BR>
    Total Current Liabilities</TD>
<TD WIDTH="22%" ALIGN="RIGHT"> <BR>
 <BR>
$      55.7         <BR>
11.8         <BR>
32.8         <BR>
26.1         <BR>
<U>     25.6 </U>        <BR>
152.0         </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="22%" VALIGN="TOP">
<P ALIGN="RIGHT"> <BR>
 <BR>
$      44.8          <BR>
13.4          <BR>
28.5          <BR>
16.2          <BR>
<U>    23.8 </U>         <BR>
126.7          </TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Long-term debt<BR>
Other liabilities<BR>
Deferred income taxes</TD>
<TD WIDTH="22%" ALIGN="RIGHT">1.9         <BR>
49.0         <BR>
2.2         </TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="22%" VALIGN="TOP">
<P ALIGN="RIGHT">1.9          <BR>
49.5          <BR>
2.2          </TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Redeemable Preference and Preferred Stock<BR>
Common Shareholders' Equity:<BR>
  Common stock, $1 par value, authorized<BR>
    10 million shares; issued 3,591,381 shares<BR>
  Additional paid-in capital<BR>
  Reinvested earnings<BR>
  Cumulative translation adjustment<BR>
  Treasury common stock, at cost, 602,010 shares<BR>
     Total Common Shareholders' Equity<BR>
        <B>Total Liabilities and Shareholders' Equity</B></TD>
<TD WIDTH="22%" ALIGN="RIGHT">15.3         <BR>
 <BR>
 <BR>
3.6         <BR>
68.7         <BR>
1,347.4         <BR>
 (0.5)        <BR>
<U>   (20.9)</U>        <BR>
<U>1,398.3 </U>        <BR>
<B>$ <U>1,618.7 </U>        </B></TD>
<TD WIDTH="3%" VALIGN="TOP"> </TD>
<TD WIDTH="22%" ALIGN="RIGHT">15.3          <BR>
 <BR>
 <BR>
3.6          <BR>
68.7          <BR>
1,307.8          <BR>
(0.5)         <BR>
<U>   (20.9)</U>         <BR>
<U>1,358.7 </U>         <BR>
<B>$ <U>1,554.3 </U>         </B></TD></TR>
</TABLE>
<P ALIGN="LEFT">         
             
<I>See accompanying notes to the condensed consolidated financial statements.</I></P>


<P ALIGN="LEFT"><FONT COLOR="RED">Page 4</P></P></FONT COLOR="RED>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="CENTER"><B><U><P ALIGN="CENTER">STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(UNAUDITED)</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P>
<TABLE BORDER=0 CELLSPACING=1 CELLPADDING=7 WIDTH=620>
<TR><TD WIDTH="65%" ALIGN="LEFT"> <BR>
<B><I>(Dollars in Millions)</B></I><BR>
 </TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4>
<P ALIGN="CENTER"><B> Three Months<BR>
 Ended March 31,<BR>
<U>  2000  </U>            
<U>  1999  </U></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<P ALIGN="JUSTIFY"><U>Cash Flows from Operating Activities:</U><BR>
  Net income<BR>
  Adjustments to reconcile net income to net cash provided<BR>
       by (used in) operating activities:<BR>
          Depreciation<BR>
          Loss on disposition of
property and equipment<BR>
          Increase in trade accounts receivable<BR>
          Decrease in inventories<BR>
          Decrease (increase) in other current assets<BR>
          Increase in trade accounts payable<BR>
          Increase in income taxes payable<BR>
          Increase in other current liabilities<BR>
          Other items<BR>
             Net Cash Provided by (Used in)<BR>
               Operating Activities</TD>
<TD WIDTH="15%" ALIGN="RIGHT"> <BR>
$   39.8 <BR>
 <BR>
 <BR>
8.9 <BR>
— <BR>
(0.9)<BR>
(48.6)<BR>
9.2 <BR>
10.9 <BR>
9.9 <BR>
4.6 <BR>
<U>   2.8 </U><BR>
<BR><U>  36.6 </U></TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="17%" ALIGN="RIGHT"> <BR>
$   27.3      <BR>
 <BR>
 <BR>
6.9      <BR>
      
0.9      <BR>
(45.7)     <BR>
(39.5)     <BR>
(2.6)      <BR>
24.8      <BR>
8.0      <BR>
16.2      <BR>
<U>   0.9 </U>     <BR>
<BR><U>   (2.8) </U>    </TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY">Cash Flows from Investing Activities:</U><BR>
  Additions to property, plant and equipment<BR>
  Proceeds on the sale of property, plant and equipment<BR>
 <BR>
             
Net Cash Used in Investing Activities</TD>
<TD WIDTH="15%" ALIGN="RIGHT"> <BR>
(29.1)<BR>
<U>      0.3 </U><BR>
 <BR>
<U>  (28.8)</TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="17%" ALIGN="RIGHT"> <BR>
(11.5)     <BR>
<U>      0.5 </U>     <BR>
<BR>
<U>  (11.0)</U>     </TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<U><P ALIGN="JUSTIFY">Cash Flows from Financing Activities:</U><BR>
  Change in amount due from The Quaker Oats Company<BR>
  Cash dividends<BR>
  Reduction of long-term debt<BR>
             Net Cash (Used in) Provided by<BR>

               Financing Activities</TD>
<TD WIDTH="15%" ALIGN="RIGHT"> <BR>
(6.6)<BR>
(0.2)<BR>
<U>      (0.1)</U><BR>
<BR>
<U>    (6.9)</U></TD>
<TD WIDTH="2%" VALIGN="TOP"> </TD>
<TD WIDTH="17%" ALIGN="RIGHT"> <BR>
10.3      <BR>
(0.2)     <BR>
<U>      (0.1)</U>     <BR>
<BR>
<U>    10.0 </U>     </TD>
</TR>
<TR><TD WIDTH="65%">
Net Increase (Decrease) in Cash and Cash Equivalents<BR>
Cash and Cash Equivalents - Beginning of Period<BR>
Cash and Cash Equivalents - End of Period</TD>
<TD WIDTH="15%" ALIGN="RIGHT">0.9 <BR>
<U>      3.2 </U><BR>
$ <U>      4.1 </U></TD>
<TD WIDTH="2%"> <BR><BR> </TD>
<TD WIDTH="17%" ALIGN="RIGHT">(3.8)     <BR>
<U>      6.3 </U>     <BR>
$ <U>      2.5 </U>     </TD>
</TR>
</TABLE>
<P ALIGN="CENTER"><I>See accompanying notes to the condensed consolidated financial statements.</I></P>
<P ALIGN="CENTER"> </P>
<P ALIGN="LEFT"><FONT COLOR="RED">Page 5</P></FONT COLOR="RED>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="CENTER"> </P>

<P ALIGN="CENTER"><B><U>STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<BR>
(UNAUDITED)<BR>
MARCH 31, 2000</P>
</U><P ALIGN="CENTER"></P>
</B><P ALIGN="JUSTIFY"> </P>
<B><U><P ALIGN="JUSTIFY">Note 1 - Basis of Presentation</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The condensed consolidated financial statements include Stokely-Van Camp, Inc.
(a wholly-owned subsidiary of The Quaker Oats Company, or Quaker) and its subsidiaries (the Company
or Stokely).  The condensed consolidated statements of income and reinvested earnings for the
three months ended March 31, 2000 and 1999, the condensed consolidated balance sheet as of March 31,
2000, and the condensed consolidated statements of cash flows for the three months ended March 31, 2000
and 1999, have been prepared by the Company without audit.  In the opinion of management, these financial
statements include all adjustments necessary to present fairly the financial position, results of operations
and cash flows as of March 31, 2000, and for all periods presented.  All adjustments made have been of a
normal and recurring nature.  Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles (GAAP) have been condensed
or omitted.  The Company believes that the disclosures included are adequate and provide a fair presentation
of interim period results.  Interim financial statements are not necessarily indicative of the financial
position or operating results for an entire year.  It is suggested that these interim financial statements
be read in conjunction with the audited financial statements and the notes thereto included in the Company's
Form 10-K for the year ended December 31, 1999.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P>
<B><U><P ALIGN="JUSTIFY">Note 2 - Redeemable Preference and Preferred Stock</P>
</B></U><P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">5% Cumulative Convertible Second Preferred Stock</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">As of March 31, 2000, authorized shares were 500,000 and issued and outstanding shares
were 8,205.  The voting 5% Cumulative Convertible Second Preferred Stock ($20 par value) is convertible
at the holder's option, on a share-for-share basis, into non-voting 5% Cumulative Prior Preference Stock
($20 par value).</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">5% Cumulative Prior Preference Stock</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">As of March 31, 2000, authorized shares were 1,500,000, issued shares were 755,939
and outstanding shares were 755,606.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Both issues are redeemable at the Company's option for $21 per share.</P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
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<P ALIGN="CENTER"><B><U>STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<BR>
(UNAUDITED)<BR>
MARCH 31, 2000</U></B></P>
 </P>
<P ALIGN="JUSTIFY"><B><U>Note 3 - Estimates and Assumptions</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.</P>
<B><U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Note 4 - Related Party Transactions</P>
<P ALIGN="JUSTIFY"></P>
</B></U><P ALIGN="JUSTIFY">Effective October 1, 1999, Stokely entered into an agreement with
 Quaker Sales and Distribution, Inc., (QSD), a wholly-owned subsidiary of Quaker, to provide
 sales and distribution services for the Company in North America.  Under the terms of the
agreement, QSD purchases finished goods from Stokely at a contracted price based on the sales
price to the ultimate customer less an agreed-upon amount to compensate QSD for services
provided, which for the three months ended March 31, 2000, was approximately 9 percent of the
sales price to the ultimate customer.  The agreement is automatically renewable each year
unless one of the parties notifies the other of its intention not to renew.  As a result of
this agreement, a majority of Stokely's sales in 2000 and going forward will be to Quaker, a
related party. Current year results include net sales of $291.5 million from Stokely to Quaker
under the new sales and distribution agreement.</P>
<B><U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Note 5 - Current and Pending Accounting Changes</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In June 1998, the Financial  Accounting  Standards  Board  (FASB)  issued
Statement  of  Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative
Instruments and Hedging Activities."  This statement establishes accounting and reporting
standards requiring that all derivative instruments (including certain derivative instruments
embedded in other contracts) be recorded in the balance sheet as either an asset or a liability
measured at its fair value.  This statement requires that changes in the derivative's fair
value be recognized currently in earnings unless specific hedge accounting criteria are met.
The accounting provisions for qualifying hedges allow a derivative's gains and losses to offset
related results on the hedged item in the income statement, and requires that the Company must
formally document, designate, and assess the effectiveness of transactions that qualify for
hedge accounting.  The Company has not determined its method or timing of adopting this
statement, but will be required to adopt it by January 2001.  When adopted, this statement
could increase volatility in reported earnings and other comprehensive income.</P>
<P ALIGN="JUSTIFY"></P>
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<P ALIGN="CENTER"><B><U>STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<BR>
(UNAUDITED)<BR>
MARCH 31, 2000</U></B></P>
 </P>

<P ALIGN="JUSTIFY"><U><B>Note 6 - Derivative Commodity Instruments</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Company actively monitors its exposure to risk from changes in
commodity prices and occasionally uses futures and options to manage price exposure on
purchased or anticipated purchases of corn sweetener.  The Company's policy is to use
derivatives only for purposes of managing risk associated with underlying exposures.
The Company does not trade or use instruments with the objective of earning financial gains on
the commodity price fluctuations alone, nor does it use instruments where there are not
underlying exposures.  Complex instruments involving leverage or multipliers are not used.
Management believes that its use of these instruments to manage risk is in the Company's
best interest.  The Company does not use derivative foreign exchange or interest rate
instruments because underlying exposures are not material.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Instruments used as hedges must be effective at reducing the risks
associated with the underlying exposure and must be designated as a hedge at the inception of
the  contract.  Accordingly, changes in the market value of the instruments must have a
high degree of inverse correlation with changes in market values or cash flows of the
underlying hedged item.  The deferral method is used to account for those instruments which
effectively hedge the Company's price exposures.  For hedges of anticipated transactions,
the significant characteristics and terms of the anticipated transaction must be identified,
and the transaction must be probable of occurring to qualify for deferral method accounting.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Under the deferral method, gains and losses on derivative instruments are
deferred in the condensed consolidated balance sheets as a component of other current assets (if a loss) or
other current liabilities (if a gain) until the underlying inventory being hedged is sold.  As the hedged
inventory is sold, the deferred gains and losses are recognized in the condensed consolidated
statements of income  as a component of cost of goods sold.  Derivative instruments that
do not meet the above criteria required for deferral treatment are accounted for under the
fair value method with gains and losses recognized currently in the condensed consolidated
statements of income as a component of cost of goods sold.</P>
<I><P ALIGN="JUSTIFY"></P>
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</I><P ALIGN="JUSTIFY"> </P>
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<P ALIGN="CENTER"><B><U>STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></U></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"><B><U>Three Months Ended March 31, 2000 Compared with<BR>
Three Months Ended March 31, 1999</B></U></P>

<P ALIGN="JUSTIFY">This report discusses the operating results of Stokely for the three
months ended March 31, 2000 (current year) compared with the three months ended
March 31, 1999 (prior year). The comparisons of current and prior year net sales, and
selling and distribution costs were affected by a contract
with Quaker Sales and Distribution, Inc. (QSD), a wholly-owned subsidiary of Quaker.   Effective
 October 1, 1999, Stokely entered into an agreement with QSD to provide sales and distribution
 services for the Company in North America.
Under the terms of this agreement, QSD purchases finished goods from Stokely at a contracted
 price based on the sales price to the ultimate customer less
an agreed-upon amount to compensate QSD for services provided. This amount was approximately
 9 percent of the sales price to the ultimate customer in the current year.
Current year results included net sales of $291.5 million from Stokely to QSD. The contract
 pricing in the current year also affected comparability of profits and expenses as
expressed as a percentage of sales. </P>

<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Operating Results</P>
</U><P ALIGN="JUSTIFY"></P>

<P ALIGN="JUSTIFY">Consolidated net sales for the current year, were $299.1 million, up 11
 percent from
the prior year. This increase was primarily due to higher <I>Gatorade</I>
thirst quencher sales in the United States, where more than 97 percent of the total current
year sales were generated. U.S. volume and sales grew 18 percent and 11 percent,
respectively. The disproportionate change in volume compared to sales reflects the impact of
contract pricing in effect in the current year. Excluding the impact of contract pricing with
 QSD, U.S.
sales would have increased 19 percent. The introduction of a new 20-ounce multi-pack and two
new flavors of <I>Gatorade Fierce</I>, and milder-than-normal winter weather contributed to
strong <I>Gatorade</I> sales growth. In addition, the Company began a regional rollout of
two new beverages, <I>Propel</I> and <I>Torq</I>. </P>
<P ALIGN="JUSTIFY">Gross profit margin decreased to 50.5 percent in the current year compared
to 51.1 percent in the prior year, reflecting the impact of contract pricing with QSD. On a
comparable basis, gross profit margins remained relatively even with the prior year. While the
Company anticipates increases in package material and energy costs in the near-term, efforts
are underway to mitigate negative impacts to profits. Selling, general and administrative
(SG&A) expenses were relatively flat compared to the prior year. Increased advertising and
merchandising spending to introduce new products was offset substantially by the absence of
selling costs in the current year due to the sales and distribution agreement with QSD.
SG&A also included $0.2 million in restructuring charges related to the Company's
decision to close a small leased <I>Gatorade</I> manufacturing facility in Puerto Rico.
Operating income increased $13.2 million to $43.2 million in the current year, primarily due
to increased sales. </P>





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<P ALIGN="CENTER"><B><U>STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></U></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> </P>


<U><P ALIGN="JUSTIFY">Interest and Income Taxes</P>
</U><P ALIGN="JUSTIFY">Net interest income of $21.3 million in the current year increased
$6.2 million from the prior year as a result of higher average amounts due from The Quaker
Oats Company. The effective tax rate was 38.3 percent and 39.5 percent as of March 31, 2000
and 1999, respectively. The decrease was partially due to reductions in the effective state
tax rates compared to the prior year. </P>


<U><P ALIGN="JUSTIFY">Liquidity and Capital Resources</P>
</U><P ALIGN="JUSTIFY">Net cash provided by (used in) operating activities was $36.6 million
and ($2.8) million for the three months ended March 31, 2000 and 1999, respectively, reflecting
higher net income and a lower increase in working capital in the current year. The increase in
trade accounts receivable of $0.9 million in the current year compared to $45.7 million in the
prior year reflects the immediate reimbursement to Stokely for QSD inventory purchases in 2000.
Capital expenditures for the three months ended March 31, 2000 and 1999, were $29.1 million and
$11.5 million, respectively. Capital expenditures are expected to continue at or above the
current rate as the Company continues to expand its production capacity. The Company expects
that its future capital expenditures and cash dividends will be financed through cash flow from
operating activities.</P>
<U><P ALIGN="JUSTIFY">Derivative Commodity and Financial Instruments</P>
</U><P ALIGN="JUSTIFY">The Company actively monitors its exposure to risk from changes in
commodity prices and occasionally uses futures and options to manage price exposure on
purchased or anticipated purchases of corn sweetener. The Company uses derivatives only
for purposes of managing risk associated with underlying exposures. The Company does not trade
or use instruments with the objective of earning financial gains on the commodity price
fluctuations alone, nor does it use instruments where there are not underlying exposures.
Complex instruments involving leverage or multipliers are not used. Management believes that
its use of these instruments to manage risk is in the Company's best interest. The Company does
not use derivative foreign exchange or interest rate instruments because underlying exposures
are not material.</P>
<P ALIGN="JUSTIFY">The Company has estimated its market risk exposures using sensitivity
analyses. Market risk exposure has been defined as the change in fair value of a derivative
commodity instrument assuming a hypothetical 10 percent adverse change in market prices or
rates. Fair value was determined using quoted market prices. The results of the sensitivity
analyses as of March 31, 2000, did not differ materially from the amounts reported as of
December 31, 1999. Actual changes in market prices or rates may differ from hypothetical
changes.</P>






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<P ALIGN="CENTER"><B><U>STOKELY-VAN CAMP, INC. AND SUBSIDIARIES<BR>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></U></P><FONT FACE="Tms Rmn">
<P ALIGN="JUSTIFY"> </P>



<U><P ALIGN="JUSTIFY">Current and Pending Accounting Changes </P>
</U><P ALIGN="JUSTIFY">In June 1998, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative
Instruments and Hedging Activities." This statement establishes accounting and reporting
standards requiring that all derivative instruments (including certain derivative instruments
embedded in other contracts) be recorded in the balance sheet as either an asset or a liability
measured at its fair value. This statement requires that changes in the derivative's fair value
be recognized currently in earnings unless specific hedge accounting criteria are met. The
accounting provisions for qualifying hedges allow a derivative's gains and losses to offset
related results on the hedged item in the income statement, and require that the Company must
formally document, designate, and assess the effectiveness of transactions that qualify for
hedge accounting. The Company has not determined its method or timing of adopting this
statement, but will be required to adopt it by January 2001. When adopted, this statement could
 increase volatility in reported earnings
and other comprehensive income.</P>
<U><FONT FACE="Tms Rmn"><P ALIGN="JUSTIFY">Cautionary Statement on Forward-Looking Statements</P>
</U></FONT><P ALIGN="JUSTIFY">Forward-looking statements, within the meaning of Section 21E of
the Securities Exchange Act of 1934, are made throughout this Management's Discussion
and Analysis. Statements that are not historical facts, including statements about
expectations or projected results, are forward-looking statements. The Company's results
may differ materially from those in the forward-looking statements. Forward-looking statements
are based on management's current views and assumptions and involve risks and uncertainties
that could significantly affect expected results. For example, operating results may be
affected by factors such as: actions of competitors; changes in laws and regulations,
including changes in governmental interpretations of regulations and changes in accounting
standards; customer demand; effectiveness of spending or programs; including cost-reduction
and production capacity expansion projects; fluctuations in the cost and availability of supply
chain resources; weather; the ability of Quaker to execute distribution and outsourcing
initiatives; and costs related to the year 2000 issue, which may arise during the remainder
of 2000. In addition, capital expenditures may be affected by the amount of cash flows from
operating activities; and the Company's market risk exposures may be affected by actual changes
in market prices of derivative commodity instruments if actual changes differ from the
hypothetical changes used in sensitivity analyses. Forward-looking statements speak only
as of the date they were made, and the Company undertakes no obligation to publicly update them.</P>
<P ALIGN="JUSTIFY">Continued growth in sales, earnings and cash flows from the <I>Gatorade</I> thirst
quencher operations is dependent on, among other things: the level of competition from its
two key competitors, The Coca-Cola Co. and PepsiCo Inc.; the success of new brand
introductions; the ability to obtain increasing points of availability; the projected outcome
of supply chain management programs; capital spending plans; markets for key commodities,
especially PET resins and cardboard; and the efficiency and effectiveness of A&M programs.</P>


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<B><U><P ALIGN="CENTER">PART II - OTHER INFORMATION</P>
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</B></U><P ALIGN="LEFT"> </P>
<P ALIGN="JUSTIFY">All other items in Part II are either inapplicable to the Company during the
quarter ended March 31, 2000, the answer is negative or a response has been previously
reported and an additional report of the information need not be made, pursuant to the
Instructions to Part II.</P>
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<P ALIGN="CENTER"><B><U>SIGNATURES</B></U></P>
<P ALIGN="JUSTIFY"></P>
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<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized as an officer
and as chief accounting officer.</P>
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<P ALIGN="LEFT">             
                
                
                
                
           <U>Stokely-Van Camp, Inc. 
                
          <BR>
</U>               
                
                
                
                
         (Registrant)</P>
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<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY">Date: <U>May 8, 2000    </U>    
                
                
          
         <U>/s/William G. Barker            
                
  </U><BR>
                
                
                
                
                
            William G. Barker<BR>
             
                
                
                
                
                Vice President and Corporate Controller</P>
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