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ALCO STANDARD REPORTS STRONG SECOND QUARTER RESULTS

 ALCO STANDARD REPORTS STRONG SECOND QUARTER RESULTS
 VALLEY FORGE, Pa., April 23 /PRNewswire/ -- Alco Standard Corporation (NYSE: ASN) today reported strong operating performance for its second quarter ended March 31, 1992, with earnings per share from continuing operations 24.4 percent ahead of last year.
 Revenues for the quarter were $1,244,030,000, up 6.5 percent from last year and net income from continuing operations was $25,203,000, up 25.1 percent. Earnings per share from continuing operations were $.56, compared with $.45 during the second quarter of fiscal 1991.
 Commenting on the company's performance for the second quarter, Ray B. Mundt, chairman and chief executive officer, said, "Paper Corporation of America, Alco's largest business group, continues to benefit from the steps taken last year to strengthen its marketing, operational and information systems programs. With stronger demand for paper in certain grades and markets, PCA posted an 8.7 percent increase in operating income while revenues increased 4.3 percent. Given the state of the economy, we are extremely pleased with these results.
 "Alco Office Products had another outstanding quarter, as operating income grew 20.5 percent on a revenue increase of 13.8 percent. During the quarter, the profitability of AOP continued to increase, with operating income rising from 7.9 percent to 8.4 percent of revenues.
 "The Triumph Group was impacted by a weak economy throughout the aviation and industrial markets its serves, resulting in declines in both revenues and operating income. Both of these markets are expected to show improvement in our third and fourth quarters."
 For the six months ended March 31, 1992, revenues were $2,450,427,000, up 5.4 percent from last year, while net income from continuing operations was $46,220,000, up 23.7 percent. Earnings per share from continuing operations were $1.02 for the first six months compared with $.83 in the first half of fiscal 1991, an increase of 22.9 percent.
 Commenting on the outlook for the balance of fiscal 1992, Mundt added, "Our company remains in solid financial health with excellent asset management and strong cash flow. We fully expect that, with our strong first and second quarter results combined with the initiatives taken in fiscal 1991 to improve productivity and increase market share, Alco will 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
 March 31 1992 1991 Change
 Revenues:
 Paper Corporation of America $910,632 $872,936 4.3
 Alco Office Products 294,630 258,951 13.8
 The Triumph Group 34,507 36,764 (6.1)
 Other businesses 3,102 2,909 ---
 Corporate and eliminations 1,159 (3,195) ---
 Total 1,244,030 1,168,365 6.5
 Income:
 Paper Corporation of America $28,293 $26,024 8.7
 Alco Office Products 24,620 20,431 20.5
 The Triumph Group 3,390 4,197 (19.2)
 Operating income 56,303 50,652 11.2
 Other businesses (155) (447) ---
 Investment gain 2,600 --- ---
 Interest and nonallocated items (16,743) (17,722) ---
 Income before taxes from
 continuing operations 42,005 32,483 29.3
 Less taxes on income 16,802 12,332 ---
 Net income:
 From continuing operations 25,203 20,151 25.1
 From discontinued operations 626 2,559 ---
 Total 25,829 22,710 ---
 Earnings per share:
 From continuing operations $.56 $.45 24.4
 From discontinued operations .01 .06 ---
 Total .57 .51 ---
 Six months ended Percent
 March 31 1992 1991 Change
 Revenues:
 Paper Corporation of America $1,811,825 $1,747,281 3.7
 Alco Office Products 566,147 504,591 12.2
 The Triumph Group 68,202 74,732 (8.7)
 Other businesses 5,845 6,230 ---
 Corporate and eliminations (1,592) (7,013) ---
 Total 2,450,427 2,325,821 5.4
 Income:
 Paper Corporation of America $53,658 $49,949 7.4
 Alco Office Products 47,394 36,968 28.2
 The Triumph Group 6,462 8,406 (23.1)
 Operating income 107,514 95,323 12.8
 Other businesses (162) (493) ---
 Investment gain 2,600 --- ---
 Interest and nonallocated items (32,919) (33,995) ---
 Income before taxes from
 continuing operations 77,033 60,835 26.6
 Less taxes on income 30,813 23,474 ---
 Net income:
 From continuing operations 46,220 37,361 23.7
 From discontinued operations 1,265 53,137 ---
 Total 47,485 90,498 ---
 Earnings per share:
 From continuing operations $1.02 $.83 22.9
 From discontinued operations .02 1.19 ---
 Total 1.04 2.02 ---
 Average shares outstanding 45,492 44,746 1.7
 /delval/
 -0- 4/23/92
 /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


KA-MP -- PH013 -- 1767 04/23/92 10:39 EDT
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