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NEWELL REPORTS RECORD FIRST QUARTER RESULTS

 FREEPORT, Ill., April 21 /PRNewswire/ -- Newell Co. (NYSE: NWL) announced today that sales and net income for the quarter ended March 31, 1993, reached record highs for any first quarter in the company's history. For the 1993 first quarter, net sales were a recinternal sales growth and the 1992 acquisitions of Stuart Hall and Intercraft. These sales gains were reduced by $39 million because of the absence of revenue from the company's closures business, which was divested at year-end 1992.
 Net income for the 1993 first quarter was a record $27.7 million, or $0.35 per share, up $44.4 million from a loss of $16.7 million last year. The net loss for the first quarter of 1992 reflects a $44.1 million one-time charge because of the adoption of SFAS 106, "Employers' Accounting for Postretirement Benefits Other than Pensions." Excluding the one-time charge, nonrecurring securities gains, and the contribution from the divested closures business, first quarter 1992 earnings per share were $0.31.
 A company spokesperson stated, "We're pleased that we reached record levels for both sales and net income despite continued economic uncertainty and general softness in retail activity. We are confident that order patterns will improve as we progress through 1993."
 Newell manufactures and markets high-volume staple consumer products which are sold through a variety of retail and wholesale distribution channels. Product categories include hardware, housewares and office products.
 NEWELL CO.
 Consolidated Statements of Income
 (Unaudited)
 (In millions except per share data)
 Three Months Ended March 31,
 1993 1992 Pct.
 Change
 Net sales $334.2 $310.1 7.8 pct
 Cost of products
 sold 229.7 217.0
 Gross income 104.5 93.1 12.2 pct
 Percent of sales 31.3 pct 30.0 pct
 Selling, general
 and administrative
 expense 56.4 49.0
 Operating income 48.1 44.1 9.1 pct
 Percent of sales 14.4 pct 14.2 pct
 Non-operating
 expenses (income):
 Interest - net 3.2 3.2
 Goodwill 2.3 1.3
 Other (3.6) (5.3)
 Total 1.9 (0.8)
 Income before
 taxes and
 cumulative effect
 of accounting
 change 46.2 44.9 2.8 pct
 Percent of sales 13.8 pct 14.5 pct
 Income taxes 18.5 17.5
 Effective rate 40.0 pct 39.0 pct
 Net income before
 cumulative effect
 of accounting
 change 27.7 27.4 1.0 pct
 Percent of sales 8.3 pct 8.8 pct
 Cumulative effect
 of accounting
 change --- (44.1)
 Net income $27.7 ($16.7)
 Percent of sales 8.3 pct (5.4 pct)
 Earnings per share
 before cumulative
 effect of
 accounting change $0.35 $0.36 (2.8 pct)
 Cumulative effect of
 accounting change --- (0.58)
 Earnings per share $0.35 ($0.22)
 -0- 4/21/93
 /CONTACT: William T. Alldredge, VP-finance of Newell Co., 815-235-4171/
 (NWL)


CO: Newell Co. ST: Illinois IN: HOU SU: ERN

MS-KJ -- SD001 -- 8529 04/21/93 09:15 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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