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TUSCARORA INCORPORATED ANNOUNCES SECOND QUARTER RESULTS

 NEW BRIGHTON, Pa., March 22 /PRNewswire/ -- Tuscarora Incorporated (NASDAQ: TUSC) today reported operating results for the second quarter of fiscal year 1993 which ended Feb. 28, 1993.
 Net sales were $23.4 million, an increase of 4.1 percent from net sales of $22.5 million for the year earlier quarter. Net income was $715,000, compared with net income of $965,000 for fiscal year 1992's second quarter. Earnings per share were $.12, vs. the $.16 per share earned in the comparable quarter of fiscal year 1992.
 For the six months ended Feb. 28, 1993, net sales totalled $48.5 million, an increase of 5.0 percent over net sales of $46.2 million for the same period a year earlier. Net income was $1.9 million, compared with $2.3 million, and earnings per share were $.32, compared with the $.38 per share for the first six months of fiscal 1992.
 John P. O'Leary Jr., president and chief executive officer, attributed the decline in second quarter earnings to a lower level of sales to IBM Corporation, one of the company's largest customers. He said when the effect of the IBM business was excluded, both gross profits and operating margins showed improvement compared with the year earlier period.
 O'Leary said orders placed for the third and fourth quarters are quite strong, and he expects that sales and profitability gains will be made in most of the company's major markets, including its IBM business. He said the prospects for improved financial results for the balance of the fiscal year are favorable.
 Tuscarora Incorporated, founded in 1962 in New Brighton, Pa., is the nation's largest producer of custom molded foam plastic products made from expanded plastic materials. The company molds and fabricates these materials into protective packaging, material handling products, thermal insulation and component parts. The company also produces interior protective packaging made from multiple materials including foam plastic and corrugated paper and manufactures returnable aluminum material handling containers and custom thermoformed plastic products.
 Tuscarora's customers include a wide range of industrial and consumer product manufacturers of electronic, high technology, appliance and automotive products. The company operates manufacturing facilities at 19 locations and serves more than 1,500 customers in 40 states, Canada and Mexico.
 TUSCARORA INCORPORATED
 Condensed Summary of Operations
 (in thousands, except per share amounts)
 Quarter Ended Feb. 28 1993 1992 Pct. Change
 Net Sales $23,423 $22,505 4.1
 Income before Income Taxes 1,143 1,569 -27.1
 Net Income 715 965 -25.9
 Earnings Per Share $ .12 $ .16 -25.0
 Weighted Average Shares of
 Common Stock Outstanding 6,108 6,090 --
 Six Months Ended Feb. 28 1993 1992 Pct. Change
 Net Sales $48,485 $46,197 5.0
 Income before Income Taxes 3,155 3,771 -16.3
 Net Income 1,942 2,319 -16.2
 Earnings Per Share $ .32 $ .38 -15.8
 Weighted Average Shares of
 Common Stock Outstanding 6,107 6,090 --
 -0- 3/22/93
 /CONTACT: Brian C. Mullins of Tuscarora Incorporated, 412-843-8200/
 (TUSC)


CO: Tuscarora Incorporated ST: Pennsylvania IN: CHM SU: ERN

KC-LJ -- PG001 -- 8080 03/22/93 09:07 EST
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Date:Mar 22, 1993
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