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ALCO STANDARD REPORTS STRONG FIRST QUARTER RESULTS

 ALCO STANDARD REPORTS STRONG FIRST QUARTER RESULTS
 VALLEY FORGE, Pa., Jan. 28 /PRNewswire/ -- Alco Standard Corporation


(NYSE: ASN) today reported strong operating performance for its first quarter ended Dec. 31, 1991, with earnings per share from continuing operations 21.1 percent ahead of last year.
 Revenues for the quarter were $1,206,397,000, up 4.2 percent from last year and operating income was $51,211,000, up 14.6 percent. Earnings per share from continuing operations were $.46, compared with $.38 during the first quarter of fiscal 1991.
 Commenting on the company's performance, Ray B. Mundt, chairman and chief executive officer, said, "Paper Corporation of America, Alco's largest business group, is benefiting from the steps taken last year to strengthen its marketing, operational and information systems programs. Although continuing to experience weak demand for paper in certain grades and markets, PCA posted a 6 percent increase in operating income while revenues increased 3.1 percent. Given the state of the economy and current conditions in the paper manufacturing industry, we are extremely pleased with these results.
 "Alco Office Products had another outstanding quarter, as operating income grew 37.7 percent on a revenue increase of 10.5 percent. During the quarter, the profitability of AOP continued to increase, with operating income rising from 6.7 percent to 8.4 percent of revenues.
 "The Triumph Group was again impacted by the weak construction market resulting in declines in both revenues and operating income. Although disappointing, these first quarter results were moderately ahead of Triumph's business plan.
 "Our company remains in solid financial health with excellent asset management and strong cash flow. We fully expect that the initiatives taken in fiscal 1991 to improve productivity and increase market share will enable the company to attain record levels of performance in fiscal 1992."
 Alco Standard Corporation, headquartered in Valley Forge, is a publicly owned distribution and services company. For its fiscal year ended Sept. 30, 1991, revenues were $4.8 billion.
 ALCO STANDARD CORPORATION
 (In thousands, except per-share data)
 Three months ended Percent
 Dec. 31 1991 1990 Change
 Revenues:
 Paper Corporation of America $901,193 $874,345 3.1
 Alco Office Products 271,517 245,640 10.5
 The Triumph Group 33,695 37,968 (11.3)
 Operating revenues 1,206,405 1,157,953 4.2
 Other businesses 2,743 3,321 ---
 Corporate and eliminations (2,751) (3,818) ---
 Total 1,206,397 1,157,456 4.2
 Income:
 Paper Corporation of America 25,365 23,925 6.0
 Alco Office Products 22,774 16,537 37.7
 The Triumph Group 3,072 4,209 (27.0)
 Operating income 51,211 44,671 14.6
 Other businesses (7) (46) ---
 Interest and nonallocated items (16,176) (16,273) ---
 Income before taxes
 from continuing operations 35,028 28,352 23.5
 Less:
 Taxes on income 14,011 11,142 ---
 Income from continuing operations 21,017 17,210 22.1
 Income from discontinued operations 639 50,578 ---
 Net income 21,656 67,788 ---
 Earnings per share:
 From continuing operations $.46 $.38 21.1
 From discontinued operations .01 1.13 ---
 Total .47 1.51 ---
 Average shares outstanding 45,306 44,766 1.2
 /delval/
 -0- 1/28/92
 /CONTACT: David B. Kirkland of Alco Standard, 215-296-8000, or at home, 215-542-9025/
 (ASN) CO: Alco Standard Corporation ST: Pennsylvania IN: SU: ERN


LJ-MP -- PH007 -- 4107 01/28/92 09:48 EST
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Date:Jan 28, 1992
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