Furon reports continued advances in sales and earnings for 1995 fiscal year, fourth quarter.

LAGUNA NIGUEL, Calif.--(BUSINESS WIRE)--March 21, 1995--Furon Company (NYSE:FCY) Tuesday reported strong growth in sales and earnings for both the fiscal year and fourth quarter ended Jan. 28, 1995.

Net income for the year rose 39 percent to $11.4 million, equal to $1.27 per share, from $8.2 million, or 92 cents per share, in fiscal 1994. Sales from continuing operations rose 14 percent to $302.4 million from $265.8 million a year ago. Net sales for fiscal 1995 advanced to $312.1 million from $285.2 million last year.

Net income for the fourth quarter advanced 15 percent to $3 million, equal to 33 cents per share, from $2.6 million, or 29 cents per share, a year earlier. Sales from continuing operations for the fourth quarter were $78.9 million, up 20 percent from $65.8 million for the corresponding period last year. Net sales for the fourth quarter rose to $80.9 million from $67.8 million a year ago.

J. Michael Hagan, chairman and chief executive officer, attributed the strong sales and earnings performance to a healthier industrial economy and benefits beginning to be realized from a fundamental change in Furon's marketing strategy. "The majority of our markets are quite healthy right now," said Hagan.

"We are particularly pleased with the progress to date implementing our new marketing strategy, which enables the company to offer its entire line of specialty products and technological expertise to each customer," Hagan continued.

"As part of this program, which was fully implemented in January 1995, individual divisions were eliminated, focusing the marketing and sales function to more efficiently and effectively serve our customers."

On Jan. 31, Furon completed the acquisition of Custom Coating and Laminating Corporation (CC&L), a Worcester, Mass.-based, privately owned manufacturer of specialty polymer components. With additional technology and products, the acquisition of CC&L provides Furon with opportunities for the development of new and strategic business prospects in key market segments.

On March 8, the company's common stock began trading on the New York Stock Exchange under the symbol FCY. Furon's securities previously were traded on Nasdaq's National Market System under the symbol FCBN.

"Proceeding into the new fiscal year, conditions in the markets we serve continue to show strength. Barring any unforseen obstacles, we look forward to further progress, " concluded Hagan.

Furon is the world's leader in engineered polymer components for the industrial marketplace. The company serves five key markets: industrial process, transportation, electronics, healthcare and industrial equipment. -0-

                             Furon Company
                         Financial Highlights
   Sales/Earnings for the Three and Twelve Months Ended Jan. 28, 1995
                          and Jan. 29, 1994
                In Thousands, Except Per-Share Amounts
                             (Unaudited)

                             Three Months Ended    Twelve Months Ended
                             Jan. 28,   Jan. 29,   Jan. 28,   Jan. 29,
                               1995      1994        1995      1994

Net sales                    $80,902    $67,776   $312,060   $285,194
Cost of sales                 56,301     48,274    217,827    204,727
Gross profit                  24,601     19,502     94,233     80,467
Selling, general and
 administrative expense       21,058     15,784     77,368     66,458
Other (income), net           (1,408)      (728)    (3,126)    (2,296)
Interest expense                 539        743      2,394      3,337
Income before income
 taxes                         4,412      3,703     17,597     12,968
Provision for income
 taxes                         1,412      1,092      6,159      4,798
Net income                   $ 3,000    $ 2,611   $ 11,438   $  8,170
Net income per common
 share and common share
 equivalents                33 cents   29 cents   $   1.27   92 cents
Cash dividends per common
 share                       6 cents    6 cents   24 cents   24 cents
Weighted average number of
 common shares and common
 share equivalents             9,108      8,868      8,993    8,859
-0-

                                    Jan. 28,            Jan. 29,
                                      1995                1994

Current assets                      101,685               97,837
Current liabilities                  46,690               46,198
Ratio of current assets to
 current liabilities               2.2-to-1             2.1-to-1
Total assets                        179,873              175,224
Total long-term debt                 20,756               26,763
Stockholders' equity                 91,599               80,815

CONTACT: Furon Company, Laguna Niguel, Calif.

Mike Hagan/Ron Bissell, 714/831-5350

or

Pondel, Parsons & Wilkinson

Roger Pondel, 310/207-9300