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RUBBERMAID REPORTS 50TH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS

 WOOSTER, Ohio, July 14 /PRNewswire/-- Rubbermaid Incorporated (NYSE: RBD) reported sales and earnings increases of 9 percent and 16 percent respectively for the second quarter ended June 30, 1993. This marked the company's 50th consecutive quarter of record sales and earnings (excluding the accounting effect of adopting FAS 106).
 Earnings for the second quarter increased 16 percent to $50.6 million, or $.32 per share, up from last year's $43.7 million, or $.27 per share. For the six-month period, earnings were $100.2 million, or $.63 per share, up 14 percent from the $87.5 million, or $.54 per share recorded in 1992 (before the retroactive adoption of FAS 106). After the retroactive adoption of FAS 106, 1992's earnings for the six-month period were $67.4 million.
 Second quarter sales increased 9 percent to $488 million, compared to $449 million in 1992, due to strong unit growth. For the six-month period, sales reached $972 million, an 8 percent increase over the $897 million of last year's first half.
 Wolfgang R. Schmitt, Rubbermaid chief executive officer and co- chairman of the board, said, "We are very pleased with the favorable second quarter performance, especially since the sales increase followed a solid unit volume gain in the second quarter of 1992 and overall retail sales continued to be lackluster. We attribute this strong performance to successful new market entries and aggressive emphasis on creative merchandising and marketing programs in all operations.
 "We intend to deliver another record year in 1993," Schmitt continued. "New product efforts have been intensified with plans to exceed 1992's level of introducing, on average, a new product every day of the year. With the momentum of these new products and some firming in the economy, we would expect second half sales comparisons to exceed those of the first half. Continued emphasis on cost controls and productivity improvements, together with the expected sales performance, should enable us to report full-year earnings growth in line with our long-term target," Schmitt concluded.
 Rubbermaid Incorporated and subsidiaries report for the periods ended June 30:
 (Dollars in thousands except per share amounts)
 Three Months Ended
 June 30, 1993 June 30, 1992
 NET EARNINGS PER
 COMMON SHARE (Note A) $ .32 $ .27
 STATEMENT OF EARNINGS
 Net sales $ 488,460 $ 449,054
 Cost of sales 330,365 299,964
 Selling, general and
 administrative
 expenses 78,608 78,379
 Other charges
 (credits), net (726) 906
 Earnings before income
 taxes 80,213 69,805
 Income taxes 29,638 26,147
 Net earnings $ 50,575 $ 43,658
 DIVIDENDS
 Cash dividends paid $ 15,633 $ 13,618
 Cash dividends paid
 per Common Share $ .0975 $ .085
 Six Months Ended
 June 30, 1993 June 30, 1992
 NET EARNINGS PER
 COMMON SHARE (Notes A and B) $ .63 $ .41
 STATEMENT OF EARNINGS
 Net sales $ 972,137 $ 897,497
 Cost of sales 656,160 597,777
 Selling, general and
 administrative
 expenses 158,205 159,566
 Realignment costs - 27,500
 Other charges
 (credits), net (1,940) 229
 Earnings before income
 taxes and cumulative
 effect of changes in
 accounting principles 159,712 112,425
 Income taxes 59,521 42,179
 Earnings before
 cumulative effect of
 changes in accounting
 principles 100,191 70,246
 Cumulative effect of
 changes in accounting
 principles
 Postretirement benefits - (20,112)
 Other - 17,281
 Net earnings $ 100,191 $ 67,415
 DIVIDENDS
 Cash dividends paid $ 31,267 $ 27,238
 Cash dividends paid
 per Common Share $ .195 $ .17
 at June 30
 1993 1992
 BALANCE SHEET
 Current assets:
 Cash and cash equivalents $ 140,358 $ 79,897
 Receivables, net 370,836 344,907
 Inventories 260,689 263,701
 Prepaid expenses 14,596 12,930
 Total current assets 786,479 701,435
 Property, plant and
 equipment, net 521,493 478,432
 Intangible and other
 assets, net 111,963 123,537
 Total assets $1,419,935 $1,303,404
 Current liabilities $ 255,292 $ 261,418
 Deferred items 101,614 103,066
 Long-term debt, non-current 21,346 23,793
 Shareholders' equity 1,041,683 915,127
 Total liabilities and equity $1,419,935 $1,303,404
 (A) Based on average shares outstanding of 160,341,089 and
 160,221,065 for the respective 1993 and 1992 three-month
 periods and 160,303,723 and 160,204,934 for the
 respective six-month periods.
 (B) Net earnings for the first six months of 1992 were $87,527
 ($.54 per share) before a $20,112 charge ($.13 per share)
 representing the cumulative effect of changing the method of
 accounting for postretirement benefits other than pensions.
 -0- 7/14/93
 /CONTACT: Richard D. Gates, senior vice president, business development and investor relations, Rubbermaid Incorporated, 216-264-6464, ext. 2477/
 (RBD)


CO: Rubbermaid Incorporated ST: Ohio IN: HOU SU: ERN

BM -- CL002 -- 1233 07/14/93 09:08 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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