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ALCO STANDARD REPORTS THIRD QUARTER RESULTS

 ALCO STANDARD REPORTS THIRD QUARTER RESULTS
 VALLEY FORGE, Pa., July 23 /PRNewswire/ -- Alco Standard Corporation


(NYSE: ASN) today reported operating income up 8.7 percent for its third quarter ended June 30, 1992, with earnings per share from continuing operations 17.3 percent ahead of last year. Revenues for the quarter were $1,294,738,000, up 9.2 percent from last year and net income from continuing operations was $30,066,000, up 27.5 percent. Earnings per share from continuing operations were $.61, compared with $.52 during the third quarter of fiscal 1991. Included in these results is a gain of $1,969,000 from the sale of an investment.
 Commenting on the company's performance for the third quarter, Ray B. Mundt, Chairman and Chief Executive Officer, said: "Our 8.7 percent increase in operating income for the third quarter reflects the particularly strong performance of Alco Office Products. AOP had another outstanding quarter, as performance from its base businesses, coupled with its continuing acquisition program, contributed to a 29.3 percent increase in operating income. The results include two acquisitions accounted for as poolings of interest; prior year results were not restated.
 "Third quarter revenues for Paper Corporation of America were up 2.7 percent; operating income, however, declined 6.5 percent. The quarter results reflect the difficult conditions being experienced in the paper industry. However, on a year-to-date basis, PCA is ahead of last year, and continues to outperform the industry. We are confident that PCA's focused marketing initiatives, coupled with increased productivity in their operating disciplines, position them well as they move into the fourth quarter.
 "Revenues for The Triumph Group were down 3.8 percent; however, operating income rose 1.6 percent on improved results in a majority of the businesses."
 For the nine months ended June 30, 1992, revenues were $3,745,165,000, up 6.7 percent from last year, while net income from continuing operations was $76,286,000, up 25.2 percent. Earnings per share from continuing operations were $1.63 compared with $1.35 in fiscal 1991, an increase of 20.7 percent.
 Commenting on the outlook for the balance of fiscal 1992, Mundt added: "Our company continues to enjoy solid financial health with excellent asset management and strong cash flow. We remain confident that Alco can achieve its financial objectives for 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
 FINANCIAL SUMMARY
 (in thousands, except per share data)
 Three Months Ended June 30
 1992 1991 Change
 Revenues (pct.)
 Paper Corporation of America $900,024 $876,732 2.7
 Alco Office Products 357,713 273,237 30.9
 The Triumph Group 34,656 36,021 (3.8)
 Other Businesses 2,796 2,763
 Corporate and Eliminations (451) (3,515)
 $1,294,738 $1,185,238 9.2
 Income
 Paper Corporation of America $ 28,071 $ 30,037 (6.5)
 Alco Office Products 30,212 23,369 29.3
 The Triumph Group 3,617 3,561 1.6
 Operating Income 61,900 56,967 8.7
 Other Businesses (210) (102)
 Investment Gain 1,969
 Interest and Nonallocated Items(14,964) (17,796)
 Income Before Taxes
 from Continuing Operations 48,695 39,069 24.6
 Less
 Taxes on Income 18,629 15,488
 Net Income
 From Continuing Operations 30,066 23,581 27.5
 From Discontinued Operations 813 (15,477)
 $ 30,879 $ 8,104
 Earnings Per Share
 From Continuing Operations $ .61 $ .52 17.3
 From Discontinued Operations .02 (.35)
 $ .63 $ .17
 ALCO STANDARD CORPORATION
 FINANCIAL SUMMARY
 (in thousands, except per share data)
 Nine Months Ended June 30
 1992 1991 Change
 (pct.)
 Revenues
 Paper Corporation of America $2,711,849 $2,624,013 3.3
 Alco Office Products 923,860 777,828 18.8
 The Triumph Group 102,858 110,753 (7.1)
 Other Businesses 8,641 8,993
 Corporate and Eliminations (2,043) (10,528)
 $3,745,165 $3,511,059 6.7
 Income
 Paper Corporation of America $ 81,729 $ 79,986 2.2
 Alco Office Products 77,606 60,337 28.6
 The Triumph Group 10,079 11,967 (15.8)
 Operating Income 169,414 152,290 11.2
 Other Businesses (372) (595)
 Investment Gain 4,569
 Interest and Nonallocated Items (47,883) (51,791)
 Income Before Taxes
 from Continuing Operations 125,728 99,904 25.8
 Less
 Taxes on Income 49,442 38,962
 Net Income
 From Continuing Operations 76,286 60,942 25.2
 From Discontinued Operations 2,078 37,660
 $ 78,364 $ 98,602
 Earnings Per Share
 From Continuing Operations $ 1.63 $ 1.35 20.7
 From Discontinued Operations .04 .84
 $ 1.67 $ 2.19
 Average Shares Outstanding 46,924 45,000 4.3
 /delval/
 -0- 7/23/92
 /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


SF -- PH047 -- 2756 07/23/92 17:08 EDT
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