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CARLISLE PLASTICS REPORTS DRAMATICALLY IMPROVED THIRD QUARTER EARNINGS

 BOSTON, Oct. 26 /PRNewswire/ -- Carlisle Plastics, Inc. (NYSE: CPA) reported net income for the third quarter of $2.7 million or 15 cents per share, compared to a net loss of $8.5 million or 48 cents per share in the comparable 1992 period.
 Net sales for the quarter were $94.8 million vs. $93.6 million a year ago.
 Net income, after extraordinary items and a change in accounting principle, for the nine-month period ended Sept. 30, 1993, was $5.8 million, or 33 cents per share, vs. a net loss of $6.4 million, or 36 cents per share, for the same period in 1992. Net sales for the nine- month period were $273.4 million, compared with $268 million a year ago.
 William H. Binnie, chairman and chief executive officer stated, "We are delighted to report our third quarter earnings, which reflect a significant improvement compared to a year ago. Operating income for the quarter was $9.7 million, versus an operating loss of $5.1 million in the comparable period in 1992. Operating cash flow, defined as operating income plus depreciation and amortization, for the third quarter was $14.5 million, an increase of $15.4 million versus the comparable period. Our third quarter performance as well as our year-to-date performance underscores the improvement in our business."
 As previously disclosed on Aug. 31, 1993, the company announced the expansion of its hanger business through the acquisition of the product line of Anaheim Plastics, Inc., a major manufacturer of plastic hangers for the California market. In addition, the company established a hanger distribution center in San Francisco and a manufacturing and distribution facility in Korea. The company plans to expand to Indonesia in 1994. These developments have substantially strengthened the company's position as the leading supplier of plastic hangers.
 Carlisle Plastics, Inc. manufactures, sells and develops consumer and consumer-related commercial plastic products, including its Ruffies(R) brand and private-label trash bags, garment hangers, and containers for milk and water.
 CARLISLE PLASTICS, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (Unaudited)
 (In thousands except per share amounts)
 Periods Ended Sept. 30,
 Three Months Nine Months
 1993 1992 1993 1992
 Net sales $94,790 $93,625 $273,388 $267,984
 Cost of goods sold 68,108 70,612 197,862 195,056
 Gross profit 26,682 23,013 75,526 72,928
 Operating expenses 16,977 18,861 51,327 52,865
 New product
 introduction --- 4,886 --- 7,743
 Restructuring --- 4,320 --- 4,320
 Operating inc. (loss) 9,705 (5,054) 24,199 8,000
 Interest expense 5,535 6,080 17,156 15,883
 Interest and other
 income (68) (188) (290) (282)
 Other --- (319) --- (460)
 Income (loss) before
 provision for income
 taxes, extraordinary
 item and cumulative
 effect in change in
 accounting principle 4,238 (10,627) 7,333 (7,141)
 Provision for income
 taxes (benefit) 1,573 (2,156) 2,933 (722)
 Income (loss) before
 extraordinary item
 and cumulative effect
 of change in accounting
 principle 2,665 (8,471) 4,400 (6,419)
 Extraordinary item
 (net of taxes) --- --- (234) ---
 Cumulative effect
 of change in
 accounting principle
 relating to
 income taxes --- --- 1,586 ---
 Net income (loss) $2,665 $(8,471) $5,752 $(6,419)
 Earnings (loss) per
 common share:
 Before extraordinary
 item and change in
 accounting
 principle $0.15 ($0.48) $0.25 ($0.36)
 Extraordinary item --- --- (0.01) ---
 Cumulative effect of
 change in accounting
 principle relating
 to income taxes --- --- 0.09 ---
 Net income (loss) $0.15 ($0.48) $0.33 ($0.36)
 Common and common
 equivalent shares 17,686 17,609 17,664 17,609
 -0- 10/26/93
 /CONTACT: Rhonda Iannacone of Carlisle Plastics, 617-557-2670/
 (CPA)


CO: Carlisle Plastics, Inc. ST: Massachusetts IN: HOU SU: ERN

DD-DJ -- NE002 -- 6756 10/26/93 09:16 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
Words:628
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