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ALCO STANDARD REPORTS STRONG FIRST QUARTER

 VALLEY FORGE, Pa., Jan. 28 /PRNewswire/ -- Alco Standard Corporation (NYSE: ASN) reported today that for the quarter ended Dec. 31, 1992, revenues, operating income, income before taxes and earnings per share advanced sharply over the same period last year.
 For the first quarter of its 1993 fiscal year, revenues were $1.4 billion, up 25.4 percent. Operating income increased to $61 million, up 24.6 percent over the prior year. Income before taxes from continuing operations advanced 24.1 percent to $41 million. Earnings per share from continuing operations were $.52, more than 20 percent above earnings of $.43 per share for the same period in fiscal 1992.
 Commenting on these results, Ray B. Mundt, chairman and chief executive officer, said, "Our 1993 fiscal year is off to an excellent start. Market share gains and productivity improvements in our paper business are helping to generate healthy gains in sales and operating income. Our office products group continues to achieve dramatic revenue and earnings gains, thanks in large part to strong internal sales growth and an aggressive dealer acquisition program. And our financial condition has never been better."
 For the quarter, total North American revenues from paper and industrial products distribution reached $1.1 billion, 24.3 percent ahead of last year. Operating income advanced 24 percent to $32.5 million. Revenues from U. S. operations increased 5.8 percent and operating income was up 9.1 percent.
 Revenues for Alco Office Products increased 28 percent to $348 million, while operating income advanced 25.3 percent to $29 million. While acquisitions contributed to these advances, the performance of core companies continues to excel. Internal revenue growth was 18 percent, with operating income increasing nearly 19 percent. This reflects an aggressive market share initiative designed to expand AOP's already impressive equipment base.
 Richard C. Gozon, Alco's president and chief operating officer noted, "As these results show, even though we face tough economic conditions in many markets, our operating companies are prepared to meet those challenges. Our businesses are world class competitors and lead their industries. Our marketing programs and product mix are focused on profitable customer segments with excellent growth prospects. Improving conditions in both the economy and the paper industry, combined with continuing focus on expense control, should allow Alco to meet or exceed investor expectations for fiscal 1993.
 Alco Standard Corporation, headquartered in Valley Forge, is a publicly owned paper and office products distribution company.
 ALCO STANDARD CORPORATION
 FINANCIAL SUMMARY
 (In thousands, except per-share data)
 Pct.
 Three Months Ended Dec. 31 1992 1991 Change
 Revenues:
 Paper - U.S. $925,409 $874,557 5.8
 Paper - Canada 172,584 8,747
 Alco Office Products 347,605 271,517 28.0
 Corporate and Eliminations (1,142) (2,630)
 Total $1,444,456 $1,152,191 25.4
 Income:
 Paper - U.S. $28,142 $25,784 9.1
 Paper - Canada 4,329 404
 Alco Office Products 28,536 22,774 25.3
 Operating Income 61,007 48,962 24.6
 Interest (11,794) (8,740)
 Nonallocated Items (8,294) (7,244)
 Income Before Taxes
 from Continuing Operations 40,919 32,978 24.1
 Less
 Taxes on Income 16,160 13,211
 Net Income:
 From Continuing Operations 24,759 19,767 25.3
 From Discontinued Operations 1,188 1,889
 Total $25,947 $21,656
 Earnings Per Share:
 From Continuing Operations $.52 $.43 20.9
 From Discontinued Operations .03 .04
 Total $.55 $.47
 Average Shares Outstanding 46,740 45,306 3.2
 /delval/
 -0- 1/28/93
 /CONTACT: David B. Kirkland of Alco Standard, 215-993-3730, or at home, 215-542-9025/
 (ASN)


CO: Alco Standard Corporation ST: Pennsylvania IN: PAP SU: ERN

MK -- PH010 -- 0147 01/28/93 10:29 EST
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Date:Jan 28, 1993
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