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CONTINENTAL CAN COMPANY, INC. REPORTS RESULTS

 SYOSSET, N.Y., March 8 /PRNewswire/ -- Continental Can Company, Inc. (NYSE: CAN) Chairman and Chief Executive Officer, Donald J. Bainton, today announced results for the periods ended Dec. 31, 1992.
 For the year, sales increased 65 percent to $511.2 million compared with sales of $310.6 million in 1991. Net income in 1992 amounted to $2.1 million compared with $7.4 million in 1991. On a per share basis, the company reported earnings of $.67 compared with $2.92 in 1991.
 For the fourth quarter of 1992, the company reported sales of $118.1 million, a 43 percent increase over 1991's fourth quarter sales of $82.6 million. The company reported a net loss of $1.1 million ($.35 per share) in the fourth quarter of 1992 versus net income of $.5 million ($.16 per share) during the same period in 1991.
 According to Mr. Bainton, the dramatic growth in sales was due primarily to the acquisition of Continental Plastic Containers, Inc. (CPC) on November 1991. The decline in net income in 1992 reflected the expected loss at CPC and, to a lesser extent, a poor harvest in France for some crops because of adverse weather conditions and pricing pressures in the company's packaging machine business. Additionally, both sales and net income were adversely affected by general economic weakness in both the United States and Europe. Fourth quarter results in 1992 were affected by these same factors.
 "This was a transitional year for the Continental Can Company. Although, as expected, net income and earnings per share declined in 1992, all measures of cash flow improve substantially. This divergence primarily reflected depreciation and amortization charges in connection with the Continental Plastics acquisition which reduce income but improved cash," Bainton said. "The many positive changes which occurred in 1992, including the substantial percentage increase in the company's domestic revenues, can be expected to enhance our future growth and profitability."
 Continental Can Company, Inc., through its subsidiaries, manufactures extrusion blow-molded plastic containers, metal cans, films and equipment for the packaging industry, and prints and laminates packaging for the food and snack food industries. The company also owns Lockwood, Kessler & Bartlett, Inc., an engineering firm located in the United States.
 CONTINENTAL CAN COMPANY, INC.
 Consolidated Statements of Earnings
 (In thousands except per share data)
 Periods Ended Twelve Months Fourth Quarter
 December 31, 1992 1991 1992 1991
 Sales $511,241 $310,654 $118,113 $82,609
 Cost of sales 414,369 241,301 98,578 68,409
 Gross profit 96,872 69,353 19,535 14,200
 Selling, general and
 administrative
 expenses 67,272 41,997 15,459 10,071
 Operating income 29,600 27,356 4,076 4,129
 Other income (expense):
 Interest expense, net (26,023) (12,569) (6,557) (3,978)
 Foreign currency
 exchange loss (562) (123) (91) (137)
 Other - net 559 190 (13) 59
 Net other expense (26,026) (12,502) (6,661) (4,056)
 Income before provision
 for income taxes,
 minority interest,
 extraordin. item and
 cumulative effect of
 accounting change 3,574 14,854 (2,585) 73
 Provision of income
 taxes 3,117 6,204 200 446
 Income before minority
 interest, extraordinary
 item and cumulative
 effect of accounting
 change 457 8,650 (2,785) (373)
 Minority interest (2,648) 1,256 (1,720) (866)
 Income before
 extraordinary item
 and cumulative effect
 of accounting change 3,105 7,394 (1,065) 493
 Extraordinary item,
 net (1,502) -- -- --
 Cumulative effect of
 accounting change, net 460 -- -- --
 Net income $2,063 $7,394 $(1,065) $493
 Earnings (loss) per
 common share - primary:
 Before extraordinary item
 and cumulative effect of
 accounting change $1.01 $2.92 $(0.35) $0.16
 Extraordinary item (0.49) -- -- --
 Cumulative effect of
 accounting change, net 0.15 -- -- --
 Net earnings per
 common share $0.67 $2.92 $(0.35) $0.16
 Earnings (loss) per
 common share, assuming
 full dilution:
 Before extraordinary
 item and cumulative
 effect of accounting
 change $0.94 $2.59 $(0.31) $0.15
 Extraordinary item (0.44) -- -- --
 Cumulative effect of
 accounting change, net 0.14 -- -- --
 Net earnings per common
 share, assuming full
 dilution $0.64 $2.59 $(0.31) $0.15
 Weighted average
 shares outstanding 3,078 2,533 3,035 3,001
 Depreciation and
 amortization $34,924 $10,970 $8,424 $4,730
 Gross cash flow $36,987 $18,364 $7,359 $5,223
 -0- 3/8/93
 /CONTACT: Abdo Yazgi, executive vice president of Continental Can Company, 516-822-4940/
 (CAN)


CO: Continental Can Company, Inc. ST: New York IN: PAP SU: ERN

LD-TM -- NY001 -- 3792 03/08/93 08:01 EST
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