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WHITMAN CORP. REPORTS EARNINGS

 WHITMAN CORP. REPORTS EARNINGS
 CHICAGO, Jan. 15 /PRNewswire/ -- Whitman Corp. (NYSE: WH)


announced today that it set records for sales and earnings per share from continuing operations for the fourth quarter and the full year in 1991. The company earned $80.4 million, or 76 cents a share from continuing operations, more than double the 35 cents a share the company earned last year after the preferred dividend for the Employee Stock Ownership Plan, and before the restructuring charge of $105.4 million in the third quarter of 1990.
 Sales totaled nearly $2.4 billion for the full year, up from sales of $2.3 billion in 1990.
 Net income for 1991 was 92 cents a share, compared to a loss of 19 cents a share in 1990.
 James W. Cozad, chairman and chief executive officer, said, "This was a year of dramatic change for Whitman. We spun off Pet to our shareholders. We restructured our operations, reduced operating costs, paid down debt, and brought our debt-to-capitalization ratio below 60 percent. We have met our strategic objectives of strengthening the balance sheet and improving the quality of earnings. With our three strong operating companies, Whitman is looking to another record year in 1992."
 Fourth Quarter Results
 In the fourth quarter of 1991, Whitman had income from continuing operations of $23.4 million, or 22 cents a share, up from $15.6 million after the ESOP preferred dividend, or 15 cents a share in 1990.
 Fourth quarter sales were $650.9 million, up from $618.5 million in 1990.
 Net income was 22 cents a share for the quarter, compared to 52 cents a quarter last year, when Whitman had earnings of 37 cents a share from Pet Incorporated reported in discontinued operations.
 Operating Company Results
 Pepsi-Cola General Bottlers set sales and earnings records for the year despite intensive price competition in the industry. For the full year, Pepsi General had operating income of $144.7 million, up nine percent over last year, on sales of $1.1 billion.
 Midas International earned $76.4 million in 1991, down from $77.6 million last year, as a result of the impact of the recession on the automotive service industry. Midas had sales of $476.0 million for the year, compared to $476.4 million in 1990.
 Midas' results for the fourth quarter, and the full year reflect the impact of a provision of $2.2 million to cover costs associated with a staff reduction and restructuring of administrative operations. The program is expected to generate annual savings of approximately $3 million. Excluding the effect of this provision, Midas would have reported a modest increase in operating income for the quarter and the full year.
 Hussmann reported the greatest year-over-year improvement as a result of continuing cost efficiencies, a strong performance in Mexico, and acceptance of its new product line. Hussmann had the second best year in its history in 1991, with earnings of $66.1 million, up 44 percent from $45.8 million in 1990. Sales in 1991 totaled $795.4 million, compared to $787.4 million in 1990.
 -0- 1/15/92
 /CONTACT: Whitman corporate communications, 708-818-5000/
 (WH) CO: Whitman Corp. ST: Illinois IN: SU: ERN


TS -- NY048 -- 9983 01/15/92 12:06 EST
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Publication:PR Newswire
Date:Jan 15, 1992
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