Carlisle Companies Reports A Record Third Quarter.

SYRACUSE, N.Y.--(BUSINESS WIRE)--Oct. 14, 1999--

Carlisle Companies Incorporated (NYSE:CSL) reported record third quarter sales of $401 million, up 6% over 1998 sales of $378 million.

Net earnings of $25 million or $.81 per share (diluted), reflect an increase of 11% versus third quarter 1998 of $22 million or $.73 per share.

For the nine-month period ended September 30, 1999, sales rose 7% to $1.2 billion from $1.1 billion last year. Net earnings rose 13%, to $74 million, or $2.43 per share, exceeding 1998 net earnings of $66 million, or $2.15 per share.

On a comparable basis, after eliminating the impact of the Perishable Cargo business, which the Company exited in January 1999, third quarter sales were up 12% with earnings up 16%, over the third quarter of 1998. For the nine-months ended September 30, 1999, comparable sales increased 11% and net earnings increased 16% over last year.

Steve Munn, Carlisle's CEO said, "Carlisle set another record for third quarter sales and earnings. We have been able to capitalize on operational improvements across most of our companies, which has generated earnings growth in excess of our sales growth. Although we have started to see softening in some of our markets, we remain optimistic about our performance for 1999."

Carlisle is a diversified manufacturer of products serving construction materials, industrial components, automotive components and general industry markets. -0-

CARLISLE COMPANIES INCORPORATED

September 30, 1999

FINANCIAL RESULTS
(In millions, except per share data)

                                 1999          1998          % Change
                                 ----          ----          --------
Third Quarter

Sales                          $400.9        $378.0                6%
Net Earnings                     24.7          22.3               11%
Basic E.P.S.                      .82          0.74               11%
Diluted E.P.S.                    .81          0.73               11%


                                 1999          1998          % Change
                                 ----          ----          --------
Nine Months

Sales                        $1,216.7      $1,136.7                7%
Net Earnings                     74.5          65.8               13%
Basic E.P.S.                     2.47          2.18               13%
Diluted E.P.S.                   2.43          2.15               13%


1999 SEGMENT FINANCIAL DATA
(In Millions)

SEPTEMBER - QTR             1999                 1998
                                                               1998
                                  EBIT                         EBIT
                Sales    EBIT   % Sales   Sales    EBIT      % Sales

Construction
  Materials  $  113.9 $   19.8    17.4% $  107.7 $   17.1       15.9%
Industrial
  Components    120.0     12.3    10.3%    114.5     13.7       12.0%
Automotive
  Components     71.8      3.3     4.6%     60.0      1.4        2.3%
General
 Industry/
  All Other      95.2     12.3    12.9%     95.8     11.1       11.6%
                ------   ------    ----    ------   ------     ------
Subtotal        400.9     47.7    11.9%    378.0     43.3       11.5%

Corporate/
 Elims           --       (2.7)     --        --     (1.2)       --
                ------   ------  ------   ------     ------
Total        $  400.9 $   45.0    11.2% $  378.0 $   42.1       11.1%


                          1999                      1998
               Sales     EBIT      Assets   Sales    EBIT       Assets

Construction
 Materials   $  301.4 $   44.7 $   207.2 $   271.0 $   40.4 $    192.1
Industrial
 Components     409.0     52.7     332.5     398.5     50.9      311.4
Automotive
 Components     237.1     16.1     223.1     197.0     12.2      210.0
General
  Industry/
   All Other    269.2     30.3     237.9     270.2     27.1      249.2
              -------   ------   --------   --------   -----    -----
 Subtotal     1,216.7    143.8   1,000.7   1,136.7    130.6      962.7
Corporate/
 Elims          --        (8.4)     72.8     --        (7.1)      44.9
             --------   --------  ------    --------   -------   ----

Total        $1,216.7 $  135.4 $ 1,073.5 $ 1,136.7 $  123.5 $  1,007.6


Discussion of Results

Summary

    Carlisle Companies Incorporated reported record third quarter
sales of $401 million, up 6% over 1998, and net earnings of $25
million or $.81 per share (diluted), an increase of 11% versus third
quarter 1998.  Increased earnings over 1998, in Construction
Materials, Systems and Equipment (included in General Industry) and
Automotive Components were partially offset by lower earnings in the
Industrial Components segment, resulting primarily from reduced
demand for aircraft wire.
    For the nine-month period ended September 30, 1999, sales rose 7%
to $1.2 billion and net earnings increased 13%, to $74 million or
$2.43 per share, over the same period in 1998.  The Automotive
Components and Construction Materials segments, and Carlisle Systems
and Equipment were the leading contributors to the sales gain.
Carlisle Tire and Wheel, of the Industrial Components segment, led
the earnings increase with Carlisle SynTec (Construction Materials),
Carlisle Systems & Equipment (General Industry), and Carlisle
Engineered Products (Automotive Components) contributing to the
positive results.
    On a comparable basis, after eliminating the impact of the
Perishable Cargo business, which the Company exited in January 1999,
third quarter sales and earnings increased 12% and 16%, respectively,
over the third quarter of 1998.  For the nine-month period ended
September 30, 1999, comparable sales increased 11% and net earnings
increased 16% over last year.

Third Quarter Discussion

    Construction Materials sales of $114 million is a 6% increase
over 1998. Earnings before interest and taxes ("EBIT") for this
segment increased 16%. Domestic roofing sales were up over 1998, with
TPO and insulation product lines contributing to the increase.
Operating margins of 17% were higher than third quarter 1998 due to
improved performances at the insulation operation plus warranty
expense reduction as a result of favorable weather conditions and
improved technology. The operational improvements achieved in the
insulation and roofing businesses offset margin reductions due to
product mix, raw material price increases and competitive pricing.
Also, during the quarter, the Company recognized a gain on the sale of
certain assets associated with its metal roofing business, which was
divested in 1997.
    Industrial Components experienced a 5% increase in sales for the
quarter while EBIT declined 10% versus third quarter 1998.  Operating
margins were lower than the same period in 1998, as a result of lower
volumes at the Tensolite and Industrial Brake and Friction
operations, coupled with weaker market conditions in lawn and garden.
The aerospace wire business at Tensolite continues to be impacted by
inventory reductions at one of its customers.  The heavy duty
friction operations' sales benefited from record truck build levels
offset by lower heavy-duty aftermarket sales, while the braking
operations experienced reduced demand from the mining and oil
exploration industries.
    Automotive Components third quarter sales increased 20% over 1998
and EBIT more than doubled for the same period versus 1998.  Strong
demand at the automotive OEM assembly plants continued through the
third quarter.  The Company has made strides in improving its
earnings during the third quarter, by overcoming operational
inefficiencies it has experienced throughout the year.  The auto
manufacturers and the U.A.W.  have reached contract agreement, which
removes the major cause for uncertainty in this segment.
    The General Industry (All Other) segment reported sales of $95
million, down slightly versus 1998 third quarter.  After eliminating
the sales of the Perishable Cargo business, sales of this segment
were up 27% over the third quarter of 1998 and EBIT increased 31%.
The acquisition of Johnson Truck Bodies, a manufacturer of home
delivery grocery vehicles, in May of 1999, has contributed favorably
to this segment's results in both sales and earnings.  The Company's
cheese systems operations, Scherping Systems, and Walker Stainless'
in-plant processing equipment operations produced stronger sales
performances over 1998 and have implemented operational improvements
resulting in healthier earnings at both companies.  The Company's
foodservice operations experienced a strong sales quarter, and were
able to capitalize on operational improvements to increase earnings
year over year.  Trail King, the Company's specialized trailer
operation, posted favorable sales gains as highway spending
continues.

Acquisitions

    The Letter of Intent providing for the merger of Titan
International Inc.  into Carlisle expired on September 18, 1999.
There have not been any meaningful discussions between the parties
since that date and none are planned.  Our disciplined acquisition
efforts continue.  We seek good candidates that increase the value of
a Carlisle shareholding and we have redeployed our activities
accordingly.  We are confident that over the medium term we will add
more fine companies to Carlisle such as exemplified by the addition
of Johnson Truck Bodies this last May.

Cash Flows

    Cash generated from operations for the third quarter was $29
million, an increase of $13 million over third quarter 1998. For the
first nine months, cash generated from operations was $51 million
compared to $53 million for the same period of 1998. The increase is
attributable to improved earnings, higher depreciation and
amortization, and the change in receivables, partially offset by the
payment of deferred taxes associated with the divestiture of the
Perishable Cargo business in the first quarter of 1999.

Backlog


    Our consolidated backlog of $218 million at September 30, 1999 is
down 15% versus September 30, 1998. The majority of the unfavorable
comparison includes the effect of a major contract in 1998 at the now
divested Perishable Cargo business. On a comparable basis the decline
was 4%. Stronger backlog positions have been experienced at the
Systems and Equipment businesses with Scherping Systems, and the
addition of Johnson Truck Bodies showing the largest gains. Tensolite
continues to be impacted by weak aerospace wire purchases. In
September, a moderate decline was encountered by Carlisle Tire and
Wheel in the lawn and garden market.

Overall

    Carlisle set another record for third quarter sales and earnings.
We have been able to capitalize on operational improvements across
most of our companies, which has generated earnings growth in excess
of our sales growth. Operating margin reached a record of 11.1%,
driven by productivity gains and cost reductions. Although we have
started to see softening in some of our markets, we remain optimistic
about our performance for 1999. Growth in net earnings for the full
year is expected to exceed 10% and, excluding Perishable Cargo, should
meet our 15% target.

                    CARLISLE COMPANIES INCORPORATED
                       Comparative Balance Sheet
                          As of September 30,
                        (Dollars in Thousands)

                         1999            1998         % Change
Assets

Cash and cash
  equivalents         $  10,721        $ 12,384         -13.4%
Receivables             258,772         230,634          12.2%
Inventories             211,088         196,530           7.4%
Prepaid expenses
  & other                57,769          52,234          10.6%
 Total current assets   538,350         491,782           9.5%
Plant and
 equipment, net         342,389         338,870           1.0%
Other assets            192,774         176,953           8.9%
                     $1,073,513      $1,007,605           6.5%
Liabilities and
 Equity

Short-term
 borrowings            $  3,120        $ 11,343         -72.5%
Accounts payable        109,368          95,274          14.8%
Accrued expenses        140,987         129,428           8.9%
Total current
 liabilities            253,475         236,045           7.4%
Long-term debt          281,533         298,454          -5.7%
Other liabilities        74,594          79,805          -6.5%
Shareholders' equity    463,911         393,301          18.0%
                     $1,073,513      $1,007,605           6.5%


Supplemental Information
                                        1999               1998

                                        ----               ----
Working capital                        $284,875           $255,737
Working capital turnover(a)                5.63               5.91
Net debt                               $273,932           $297,413
Total capitalization                   $737,843           $690,714
Net Debt/Total capitalization             37.1%              43.1%

(a)  Quarterly sales annualized divided by September working
     capital


                   CARLISLE COMPANIES INCORPORATED
                   Comparative Statement of Earnings
                 For the period ended September 30,
              (In thousands, except for per share data)

                       Third Quarter             Nine Months
              -----------------------------------------------------
                1999      1998   % Change    1999       1998  % Change

Net sales     $400,855  $377,985    6.1%  $1,216,692 $1,136,655   7.0%
Cost of
 goods
 sold          310,928   296,037    5.0%     944,040    887,789   6.3%
Selling
 and
 admini-
 strative
 expenses       42,516    39,291    8.2%     129,709    119,849   8.2%
Research
 and
 develop-
 ment
 expenses        3,908     4,146   -5.7%      11,886     12,224  -2.8%
(Gain) on
 divestiture
  of
 business
 and
 special
 charges
($16.6m),
 net of other
charges
 ($15.9m)           --        --      --       (685)         --     --

Other
 (income)
 & expense,
 net            (1,513)   (3,573)  -57.7%     (3,694)    (6,724)-45.1%

Earnings
 before
 interest
 & income
 taxes          45,016    42,084    7.0%     135,436    123,517   9.6%

Interest
 expense,
 net             4,893     5,213   -6.1%      14,328     14,675  -2.4%

Earnings
 before tax     40,123    36,871    8.8%     121,108    108,842  11.3%

Income taxes    15,447    14,551    6.2%      46,626     42,992   8.5%

Net
 earnings     $ 24,676  $ 22,320   10.6%  $   74,482   $ 65,850  13.1%
               =======   =======           ========= ==========
 % of Net
  Sales            6.2%      5.9%                6.1%       5.8%

Basic
 earnings
 per share      $ 0.82    $ 0.74   10.8%     $  2.47    $  2.18  13.3%
Diluted
 earnings
 per share      $ 0.81    $ 0.73   11.0%     $  2.43    $  2.15  13.0%

Dividends      $ 5,439   $ 4,829   12.6%    $ 15,089   $ 13,278  13.6%
 Per share    $ 0.1800  $ 0.1600    ---     $ 0.5000   $ 0.4400   ---

Average
 shares
 outstanding
 - basic        30,178    30,182    ---       30,180     30,180    ---
Average
 shares
 outstanding
 - diluted      30,616    30,616    ---       30,636     30,690   ---


                    CARLISLE COMPANIES INCORPORATED
                  Comparative Statement of Cash Flows
             For the nine month period ended September 30,
                       (In Thousands of Dollars)

                            Third Quarter          Nine Months
                         1999         1998      1999           1998
                         ----         ----      ----           ----
Operating Activities

Net earnings           $  24,676    $  22,320  $  74,482    $  65,850
Reconciliation of
 net earnings
  to cash flows:

 Depreciation and         12,296       11,591     37,414       35,333
    amortization

 Working capital          (8,823)     (18,762)   (61,563)     (49,436)
  Other                    1,203        1,098        745        1,623
                          29,352       16,247     51,078       53,370
Investing Activities

Capital expenditures      (9,060)     (20,423)   (33,383)     (72,720)
Acquisitions, net
 of cash                    --         (2,500)   (28,228)     (19,974)
Sales of property,
 equipment & business        998          (37)    54,828        4,855
Other                      7,576       (2,669)       127       (3,674)
                            (486)     (25,629)   (6,656)      (91,513)
Financing Activities

Net change in
 short-term borrowings   (19,080)        --      (28,365)     (13,458)
Proceeds from
 long-term debt            1,558         --       10,000      100,000
Reductions of
 long-term debt             (166)        (114)    (1,744)     (10,719)
Dividends                 (5,439)      (4,828)   (15,089)     (13,278)
Purchases of
 treasury shares          (1,669)         (49)    (2,386)     (13,750)
                         (24,796)      (4,991)   (37,584)      48,795

Change in cash
 and cash equivalents      4,070      (14,373)     6,838       10,652

Cash and cash
 equivalents

 Beginning of period       6,651       26,757      3,883        1,732
 End of period         $  10,721    $  12,384  $  10,721    $  12,384