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CARAUSTAR INDUSTRIES REPORTS THIRD QUARTER, NINE-MONTH RESULTS

 ATLANTA, Oct. 25 /PRNewswire/ -- Caraustar Industries, Inc. (NASDAQ-NMS: CSAR) today reported that revenues for the third quarter ended Sept. 30, were $85.4 million, an increase of 7.8 percent over revenues of $79.2 million for the same quarter of 1992.
 Net income and net income from continuing operations were $6.5 million, or $0.26 per share, compared with third quarter 1992 net income and net income from continuing operations of $7.0 million, or $0.38 per share. Net income and net income from continuing operations for the third quarter of 1993 were reduced by $600,000 as a result of the federal income tax rate change on prior periods.
 Revenue for the nine-month period ended Sept. 30, rose 9.2 percent to $251.2 million, compared with $230.1 million for the same period in 1992. Net income from continuing operations for the 1993 nine- month period was $20.2 million, or $0.80 per share, compared with $20.0 million, or $1.09 per share for the first nine months of 1992. Net income for the first nine months of 1993 was $22.2 million, or $0.88 per share, and includes a $2.0 million gain from the adoption of Financial Accounting Standards No. 106 and 109, "Employers Accounting for Postretirement Benefits Other than Pensions" and "Accounting for Income Taxes," respectively. Net income for the first nine months of 1992 was $26.7 million, or $1.46 per share, and includes losses from discontinued operations of $5.0 million and an extraordinary gain from debt forgiveness of $11.8 million.
 Subsequent to the close of the third quarter, Caraustar successfully completed its previously announced acquisition of Federal Packaging Corporation which will add approximately $36 million in sales to the company annually, and brings to Caraustar over 210 highly dedicated employees.
 Caraustar's 12 recycling paperboard mills make the company one of the largest and lowest cost producers of recycled paperboard in the United States. At its 36 converting facilities, the company manufactures a wide variety of paper tubes, cores, folding cartons, plastic products 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)
 3 mos. ended Year to Date
 9/30/93 9/30/92 9/30/93 9/30/92
 (Unaudited) (Unaudited)
 Net sales $85,391 $79,218 $251,156 $230,118
 Cost of sales (55,609) (50,586) (163,696) (143,753)
 Gross profit 29,782 28,632 87,460 86,365
 Selling, general and
 administrative expenses (16,927) (14,080) (49,567) (43,547)
 Operating income 12,855 14,552 37,893 42,818
 Other income (expense) 130 27 423 (160)
 Interest income 144 31 464 90
 Interest expense (1,722) (3,464) (5,088) (10,474)
 Income from continuing
 operations before income
 taxes and minority
 interest 11,407 11,146 33,692 32,274
 Provision for income
 taxes (4,920) (4,114) (13,493) (12,301)
 Minority interest 9 --- 9 ---
 Income from continuing
 operations 6,496 7,032 20,208 19,973
 Discontinued operations, net of income taxes:
 Loss from operations --- --- --- (1,585)
 Loss on disposal of
 subsidiary including
 provision of $571 for
 operating losses during
 phase-out period --- --- --- (3,433)
 Extraordinary item, gain on
 forgiveness of debt --- --- --- 11,771
 Cumulative effect of
 accounting changes on
 years prior to 1993,
 net of income taxes --- --- 1,985 ---
 Net income $ 6,496 $ 7,032 $ 22,193 $ 26,726
 Primary:
 Net income per common share:
 Continuing operations $ 0.26 $ 0.40 $ 0.80 $ 1.13
 Discontinued operations 0.00 0.00 0.00 (0.28)
 Extraordinary item 0.00 0.00 0.00 0.66
 Accounting changes 0.00 0.00 0.08 0.00
 Total $ 0.26 $ 0.40 $ 0.88 $ 1.51
 Primary weighted average number
 of shares outstanding 25,399 17,802 25,360 17,753
 Fully diluted:
 Net income per common share:
 Continuing operations $ 0.26 $ 0.38 $ 0.80 $ 1.09
 Discontinued operations 0.00 0.00 0.00 (0.27)
 Extraordinary item 0.00 0.00 0.00 0.64
 Accounting changes 0.00 0.00 0.08 0.00
 Total $ 0.26 $ 0.38 $ 0.88 $ 1.46
 Fully diluted weighted average number
 of shares outstanding 25,409 18,294 25,363 18,279
 -0- 10/25/93
 /CONTACT: H. Lee Thrash III, chief financial officer, Caraustar Industries, 404-948-3100/
 (CSAR)


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

BR-RA -- AT004 -- 6161 10/25/93 09:21 EDT
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Date:Oct 25, 1993
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