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TUSCARORA PLASTICS ANNOUNCES IMPROVED THIRD QUARTER RESULTS, DIVIDEND INCREASE

 TUSCARORA PLASTICS ANNOUNCES IMPROVED THIRD QUARTER RESULTS,
 DIVIDEND INCREASE
 NEW BRIGHTON, Pa., June 18 /PRNewswire/ -- Tuscarora Plastics, Inc. (NASDAQ: TUSC) today reported significantly improved operating results for its third quarter of fiscal year 1992.
 The quarter ended May 31, 1992. Net sales were $25.4 million, an increase of 14.5 percent from net sales of $22.2 million for the year earlier quarter. Net income increased 21.7 percent to $1.3 million, compared with $1.1 million for last year's third quarter. Earnings per share were $.22, an increase of 22.2 percent from the $.18 earned during the same quarter of fiscal year 1991.
 For the nine months ended May 31, 1992, net sales were $71.6 million, an increase of 13.9 percent from net sales of $62.8 million for the year earlier period. Net income was $3.6 million, an increase of 21.5 percent compared with $3.0 million for the first nine months of the prior fiscal year. Earnings per share were $.60, an increase of 22.4 percent from the $.49 per share for the year earlier period.
 Earnings per share data for the third quarter and first nine months of fiscal year 1991 have been restated to reflect a 2-for-1 split of the company's common stock on April 14, 1992.
 John P. O'Leary Jr., president and chief executive officer, said the improved results for both the third quarter and first nine months could be attributed to the continuing broad-based growth of the company's business. He also said the January 1992 acquisition of New England-based Glendale Plastics had a favorable impact on the company's results.
 O'Leary said the company's sales have been steadily growing for the past year and based on the current level of orders he anticipates a strong fourth quarter and a significant improvement in the results of fiscal year 1992 vs. 1991.
 Tuscarora also announced that its regular semiannual dividend, adjusted for the split of the common stock, will be increased to $.085 per share from $.07 per share paid at the same time last year. The increase will bring total dividends for the current fiscal year to $.16 per share, an increase of 14 percent over the $.14 per share paid in fiscal year 1991. The dividend is payable on July 1, 1992, to shareholders of record on June 25, 1992. This is the 18th consecutive year the annual dividend rate has been increased.
 Tuscarora Plastics, founded in 1962 in New Brighton, 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 and material handling products for a wide range of industrial and consumer product manufacturers. The company also custom-molds and fabricates foam plastic shapes for use as thermal insulation and component parts for original equipment manufacturers, and manufactures corrugated internal packaging forms and returnable aluminum material handling containers. Tuscarora currently operates manufacturing facilities at 20 locations throughout the United States.
 TUSCARORA PLASTICS, INC.
 Condensed Summary of Operations
 (In thousands, except per share amounts)
 Quarter ended May 31 1992 1991 Pct. Change
 Net sales $25,358 $22,150 14.5
 Income before income taxes 2,202 1,758 25.3
 Net income 1,315 1,081 21.7
 Earnings per share(A) $.22 $.18 22.2
 Weighted average shares of
 common stock outstanding(A) 6,103 6,077 --
 Nine months ended May 31 1992 1991 Pct. Change
 Net sales $71,555 $62,802 13.9
 Income before income taxes 5,973 4,850 23.1
 Net income 3,634 2,990 21.5
 Earnings per share(A) $.60 $.49 22.4
 Weighted average shares
 of common stock outstanding(A) 6,095 6,048 --
 (A) Restated to reflect 2-for-1 split of the common stock on April 14, 1992.
 -0- 6/18/92
 /CONTACT: Brian Mullins of Tuscarora Plastics, 412-843-8200/
 (TUSC) CO: Tuscarora Plastics, Inc. ST: Pennsylvania IN: CHM SU: ERN


CD-JT -- PG002 -- 1361 06/18/92 08:45 EDT
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Date:Jun 18, 1992
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