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CARAUSTAR INDUSTRIES, INC. REPORTS SECOND QUARTER RESULTS; REVENUE UP BY 11.5 PERCENT AND NET INCOME FROM CONTINUING OPERATIONS INCREASES BY 24.8 PERCENT

 ATLANTA, July 23 /PRNewswire/ -- Caraustar Industries, Inc. (NASDAQ: CSAR) today reported results for the second quarter and six month period ended June 30.
 Revenues for the second quarter were $84.6 million, an increase of 11.5 percent over revenues of $75.9 million for the second quarter of 1992. Net income from continuing operations rose by 24.8 percent to $7.1 million or $0.28 per share, compared with second quarter 1992 net income from continuing operations of $5.7 million or $0.32 per share. Net income for the quarter was $7.1 million or $0.28 per share, compared with net income of $13.4 million or $0.74 per share the same quarter a year ago. Results for the second quarter of 1992 included a provision for losses from discontinued operations of $4.1 million and an extraordinary gain of $11.8 million from debt forgiveness associated with the discontinued operations.
 For the six month period ended June 30, revenue improved by 9.9 percent to $165.8 million, compared with $150.9 million the same period a year ago. Net income from continuing operations for the first half of 1993 was $13.7 million or $0.54 per share vs. net income from continuing operations of $12.9 million or $0.72 per share for the six month period last year. Net income for the first half of 1993 was $15.7 million or $0.62 per share and includes a $2.0 million gain from the adoption of Financial Accounting Standards Nos. 106 and 109, "Employees Accounting for Postretirement Benefits Other Than Pensions," and "Accounting for Income Taxes," respectively. Net income for the first half of 1992 was $19.7 million or $1.09 per share and includes losses from discontinued operations of $5.0 million and an extraordinary gain from debt forgiveness of $11.8 million.
 Management noted it was encouraged with the improved sales performance and efforts to manage down several areas of costs. The company also noted that the economic environment remains sluggish and it will continue to impact Caraustar's performance in the second half.
 Caraustar's 12 recycling paperboard mills make it one of the largest and lowest cost producers of recycled paperboard in the United States. At its 34 converting facilities, the company manufactures a wide variety of paper tubes, cores, folding cartons and industrial packaging. Caraustar also operates 25 recycling and waste collection facilities.
 CARAUSTAR INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (In thousands, except per share data)
 3 mos. ended Year to Date
 6/30/93 6/30/92 6/30/93 6/30/92
 (Unaudited) (Unaudited)
 Net sales $84,597 $75,931 $165,765 $150,900
 Cost of sales (55,355) (47,135) (108,087) (93,167)
 Gross profit 29,242 28,796 57,678 57,733
 Selling, general and
 administrative expenses (16,280) (15,558) (32,640) (29,467)
 Operating income 12,962 13,238 25,038 28,266
 Interest expense, net (1,305) (3,686) (2,753) (7,138)
 Income from continuing
 operations before income
 taxes 11,657 9,552 22,285 21,128
 Provision for income
 taxes (4,517) (3,830) (8,573) (8,187)
 Income from continuing
 operations 7,140 5,722 13,712 12,941
 Discontinued operations, net of income taxes:
 Loss from operations --- (640) --- (1,585)
 Loss on disposal of
 subsidiary including
 provision of $571 for
 operating losses during
 phase-out period --- (3,433) --- (3,433)
 Extraordinary item, gain on
 forgiveness of debt --- 11,771 --- 11,771
 Cumulative effect of
 accounting changes on
 years prior to 1993,
 net of income taxes --- --- 1,985 ---
 Net income $ 7,140 $13,420 $ 15,697 $ 19,694
 Primary:
 Net income per common share:
 Continuing operations $ 0.28 $ 0.32 $ 0.54 $ 0.72
 Discontinued operations 0.00 (0.23) 0.00 (0.28)
 Extraordinary item 0.00 0.65 0.00 0.65
 Accounting changes 0.00 0.00 0.08 0.00
 Total $ 0.28 $ 0.74 $ 0.62 $ 1.09
 Primary weighted average number
 of shares outstanding 25,347 18,048 25,340 18,044
 Fully diluted:
 Net income per common share:
 Continuing operations $ 0.28 $ 0.32 $ 0.54 $ 0.72
 Discontinued operations 0.00 (0.23) 0.00 (0.28)
 Extraordinary item 0.00 0.65 0.00 0.65
 Accounting changes 0.00 0.00 0.08 0.00
 Total $ 0.28 $ 0.74 $ 0.62 $ 1.09
 Fully diluted weighted average number
 of shares outstanding 25,347 18,048 25,340 18,044
 -0- 7/23/93
 /CONTACT: H. Lee Thrash III, chief financial officer of Caraustar Industries, 404-948-3101/
 (CSAR)


CO: Caraustar Industries, Inc. ST: Georgia IN: PAP ENV SU: ERN

BR -- AT001 -- 4990 07/23/93 08:24 EDT
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Date:Jul 23, 1993
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