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SONOCO REPORTS SECOND QUARTER RESULTS

 SONOCO REPORTS SECOND QUARTER RESULTS
 HARTSVILLE, S.C., July 8 /PRNewswire/ -- Sonoco Products Company


(NASDAQ-NMS: SONO) announced that sales and earnings for the second quarter of 1992 increased over the same period last year according to figures released today (July 8) by the company.
 Sales for the second quarter, which ended June 28, were $461.6 million compared with $422.2 million in the same quarter last year. Net income was $29.6 million compared with $22.4 million in the same period of 1991. Earnings per share for the second quarter were $.68 compared with $.52 a year ago.
 Year-to-date sales were $891.4 million compared with $829.9 million in 1991. Net income for the first six months was $52.3 million compared with $45.2 million. Earnings per share for the first half of the year were $1.21, an increase of 15.2 percent compared with the $1.05 reported in the first half of 1991. The 1991 year-to-date figures included an after-tax gain of $.10 per share from the sale of Sonoco's 40 percent interest in Sonoco Graham.
 "We are pleased with the performance of our businesses during the first half of this year. The results show a continuing rebound of our operations from the recession that impacted performance during 1991," said C.W. Coker, chairman and chief executive officer.
 "These results also reflect actions we have been taking and investments we have made over the past couple of years to enhance competitiveness in all our markets," said Coker.
 "While the economy continues to send mixed signals, we are optimistic that if the recovery continues, Sonoco will have a strong year," concluded Coker.
 As a convenience to the financial community, we offer the following table:
 THREE MONTHS ENDED SIX MONTHS ENDED
 (Dollars in thousands except per share)
 6/28/92 6/30/91(A) 6/28/92 6/30/91(A)
 Sales $461,573 $422,235 $891,366 $829,896
 Income from
 operations before
 income taxes $ 47,407 $ 36,901 $ 85,624 $ 74,946
 Income tax
 provision (18,600) (15,100) (34,300) (31,400)
 Equity in
 earnings of
 affiliates 771 584 1,007 1,699
 Net income $ 29,578 $ 22,385 $ 52,331 $ 45,245
 Net income per
 share $.68 $.52 $1.21 $1.05
 Average shares
 outstanding 43,258,206 43,099,094
 (A) Includes a gain of $8.5 million pre-tax, $4.5 million after-tax
 or $.10 per share from the sale of the Company's 40 percent
 interest in Sonoco Graham Company.
 -0- 7/8/92
 /CONTACT: Dick Puffer, Sonoco Products Company, 803-383-7425/
 (SONO) CO: Sonoco Products Company ST: South Carolina IN: PAP SU: ERN


JZ -- CH006 -- 7549 07/08/92 16:08 EDT
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Publication:PR Newswire
Date:Jul 8, 1992
Words:452
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