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CARAUSTAR INDUSTRIES, INC. REPORTS RECORD 1992 RESULTS

 ATLANTA, March 1 /PRNewswire/ -- Caraustar Industries, Inc. (NASDAQ: CSAR) today reported that annual revenues for the period ended Dec. 31, 1992, increased 11.9 percent to a record $308.7 million, compared with $275.9 million in 1991.
 Income from continuing operations rose 17.5 percent to a record $24.9 million, up from $21.2 million reported last year. Net income for the year was a record $22.9 million vs. $17.6 million in 1991, up 30.1 percent. The net income figures include net after-tax losses from discontinued operations of ($5.0) million in 1992 and ($3.6) million in 1991, and net after-tax extraordinary gains (net of extraordinary losses) of $3.0 million in 1992. Earnings per share increased 16.2 percent to a record $1.15 in 1992 from $0.99 in 1991. Earnings per share from continuing operations for the year were $1.25, compared with $1.19 in 1991.
 Revenues for the three months ended Dec. 31, 1992, were $78.6 million, compared with $73.9 million in 1991, a 6.4 percent increase. Net income from continuing operations for the three months amounted to $5.0 million or $0.20 per share vs. income of $5.4 million or $0.30 per share for the same period last year. After giving effect to an extraordinary loss of ($8.6) million, the result of a prepayment penalty for the refinancing of the company's senior notes, Caraustar reported a net loss of ($3.7) million, or ($0.15) per share, compared with net income of $5.0 million or $0.28 per share (including $0.02 per share loss from discontinued operations) in the fourth quarter of 1991.
 As previously announced, fourth quarter results were lower than expected primarily because of substantial paper mill downtime and associated costs during late November and December. In conjunction with normal maintenance downtime, Caraustar's paperboard mills scheduled additional shutdowns to accelerate completion of several capital projects which will increase the mills' production capacities. The company also experienced significant weakness in demand for its folding carton paperboard grades which has continued into the first quarter of 1993.
 Caraustar also declared a dividend of $0.08 per share for the first quarter of 1993, payable on April 9, to shareholders of record at the close of business on March 22.
 Caraustar Industries, Inc. with 25 operating companies throughout the United States and Mexico, is one of the largest and lowest-cost producers and converters of recycled paperboard. At the company's 11 recycled paperboard mills and 33 converting facilities, it manufactures a wide variety of paper tubes, cores, folding cartons, and industrial packaging. Caraustar also operates 25 recycling and waste collection facilities.
 CARAUSTAR INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In Thousands, Except Per Share Data)
 (Unaudited)
 12 mos. ended 3 mos. ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $308,687 $275,944 $ 78,569 $ 73,885
 Cost of sales (199,076) (175,302) (53,430) (47,733)
 Gross profit 109,611 100,642 25,139 26,152
 Selling, general, and
 administrative exps. (57,408) (50,118) (15,605) (13,593)
 Operating income 52,203 50,524 9,534 12,559
 Interest expense, net (12,294) (16,357) (1,899) (3,913)
 Inc. from cont. opers.
 before income taxes 39,909 34,167 7,635 8,646
 Provision for inc. taxes (14,979) (12,948) (2,678) (3,275)
 Income from continuing
 operations 24,930 21,219 4,957 5,371
 Discontinued operations, net of income taxes:
 Loss from operations (1,585) (3,599) --- (369)
 Estimated loss on disposal
 of subsidiary, including
 provision of $571 for
 operating losses during
 phase-out period (3,433) --- --- ---
 Income before extraordinary
 item 19,912 17,620 4,957 5,002
 Extraordinary item, gain
 on forgiveness of debt
 net of taxes 11,771 --- --- ---
 Extraordinary item, loss
 on prepayment penalty,
 net of taxes (8,784) --- (8,629) ---
 Net income $22,899 $17,620 $ (3,672) $ 5,002
 Primary
 Net income per common share:
 Continuing operations $ 1.26 $ 1.19 $ 0.20 $ 0.30
 Discontinued operations (0.25) (0.20) 0.00 (0.02)
 Extraordinary item 0.15 0.00 (0.35) 0.00
 Total $ 1.16 $ 0.99 $ (0.15) $ 0.28
 Primary W.A. number of
 shares outstanding 19,791 17,720 24,976 17,720
 Fully diluted
 Net income per common share:
 Continuing operations $ 1.25 $ 1.19 $ 0.20 $ 0.30
 Discontinued operations (0.25) (0.20) 0.00 (0.02)
 Extraordinary item 0.15 0.00 (0.35) 0.00
 Total $ 1.15 $ 0.99 $ (0.15) $ 0.28
 Fully diluted W.A. number of
 shares outstanding 20,024 17,720 24,993 17,720
 -0- 3/1/93
 /CONTACT: H. Lee Thrash III, chief financial officer of Caraustar Industries, 404-948-3101/
 (CSAR)


CO: Caraustar Industries, Inc. ST: Georgia IN: SU: ERN DIV

RA-BR -- AT002 -- 1270 03/01/93 09:39 EST
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Date:Mar 1, 1993
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