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ALLTRISTA CORPORATION POSTS INCREASES IN SECOND QUARTER NET INCOME, EARNINGS PER SHARE AND SALES

 MUNCIE, Ind., July 20 /PRNewswire/ -- Alltrista Corporation (NASDAQ: JARS) today reported second quarter net income of $6,485,000, up $5,587,000 from $898,000 a year ago. Earnings per share increased 76 cents from 13 cents to 89 cents and sales of $81,460,000 were $6,555,000 higher than the $74,905,000 in the comparable 1992 quarter.
 Alltrista Corporation, which began operation as an independent publicly traded company in April 1993, has interests in metal, plastics and consumer products and industrial equipment.
 Net income of $7,877,000 for the six-month period was $6,370,000 above last year's $1,507,000, earnings per share of $1.08 was 87 cents higher than last year's 21 cents and sales grew $15,014,000 to $148,859,000 from $133,845,000 in 1992.
 Last year's second quarter results reflected a $4.9 million pre-tax (41 cents per share after-tax) charge to consolidate two plastic packaging operations, while 1993 first-half net income included a $714,000 or 10 cent per share after-tax non-cash charge for adoption of a new accounting standard for post retirement benefits (FAS No. 106).
 William L. Peterson, Alltrista's chairman, president and chief executive officer, said six of the corporation's seven operating companies had improved results when compared to the second quarter of 1992. He said that after excluding the effect of the second quarter charge last year, Alltrista achieved a 66 percnet increase in net income and a 65 percent earnings per share gain. "This increase was due largely to greater shipments of zinc penny blanks. We would not expect this trend to continue during the second half of 1993, and look for earnings for the remainder of the year to be more in line with the 1992 level," he said.
 Within Alltrista's metal products segment, zinc products also continued to benefit from increased demand for battery cans and industrial products. Metal services improved as a result of reduced losses in the decorating portion of its Baltimore operation. "We are pleased with the progress the Baltimore decorating operation has made this year," Peterson said. "While the Baltimore decorating business is not yet making money, it continues to meet or exceed its planned move to profitability. We anticipate that the plant's decorating business will break even in 1994 as planned."
 During the quarter, food container operating earnings were paced by strong results in the consumer products business that markets home food preservation products, including Ball-brand home canning supplies. Peterson commented that flooding in the Midwest does not appear to have had any impact on sales of home canning supplies. "Sales to our customers continue above those of an excellent 1992," he said, "and we anticipate this will continue throughout the balance of the season, as most portions of our marketing area are experiencing typical growing conditions." Elsewhere in the segment, plastics packaging profit remained at about the 1992 level on slightly lower sales.
 Among other businesses, the industrial plastics and Unimark plastics businesses had improved sales and operating income, while the LumenX vision and x-ray inspection systems business had improved sales and a lower operating loss than in 1992 and currently has a record backlog.
 FINANCIAL HIGHLIGHTS
 (thousands, except per share data)
 Three Months Ended Six Months Ended
 July 4, June 28, July 4, June 28,
 1993 1992 1993 1992
 Net sales $81,460 $74,905 $148,859 $133,845
 Costs and expenses 70,594 68,052 134,464 125,456
 Unusual item --- (4,860) --- (4,860)
 Earnings before taxes
 and accounting
 change 10,866 1,993 14,395 3,529
 Provision for taxes
 on income (4,381) (822) (5,367) (1,467)
 Minority interest --- (273) --- (555)
 Accounting change --- --- (1,151) ---
 Net income $ 6,485 $ 898 $ 7,877 $ 1,507
 Earnings per share $ .89 $ .13 $ 1.08 $ .21
 Shares outstanding 7,301 7,291 7,301 7,291
 -0- 7/20/93
 /CONTACT: Larry Miller of Alltrista Corporation, 317-281-5099, or 317-286-5856 after hours/
 (JARS)


CO: Alltrista Corporation ST: Indiana IN: HOU CHM SU: ERN

KL -- CL016 -- 3476 07/20/93 15:02 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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