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CONTINENTAL CAN COMPANY, INC. REPORTS RESULTS

 SYOSSET, N.Y., May 12 /PRNewswire/ -- Continental Can Company, Inc. (NYSE: CAN) chairman and chief executive officer, Donald J. Bainton, today announced results for the periods ended March 31, 1993.
 For the first quarter of 1993, the company reported sales of $108 million, a 7 percent decline, compared to 1992's first quarter sales of $116 million. The company reported a net loss of $824,000 ($.27 per share) in the first quarter of 1993 vs. a net loss of $834,000 ($.27 per share) in the first quarter of 1992. Included in the net loss in 1992 was an extraordinary charge for deferred financing fees related to the acquisition of Plastic Containers, Inc. (PCI) amounting to $1,502,000 ($.49 per share) and a benefit of $460,000 ($.15 per share) resulting from the cumulative effect of an accounting change.
 According to Mr. Bainton, the sales decline resulted primarily from weakness in the company's European operations, particularly Ferembal. Contributing to the decline was a 14 percent increase in the value of the dollar against the Spanish peseta, although other foreign currency translation rates were approximately equal over both periods. The sales decline at Ferembal related primarily to a reduction in cans for pet food and a reduction in vegetable cans as producers reduce inventory levels of canned products. Mr. Bainton stated that the same factors affected the company's bottom line results.
 "The loss in the first quarter of 1993 reflects the continuing impact of economic weakness in the European economies in which the bulk of our packaging sales are made. In addition, the inventory reduction by canned food producers in France is expected to adversely affect Ferembal's results for the remainder of the year," said Bainton. "While we do not expect any substantial improvement in European economies during 1993, we believe that results in 1994 will be enhanced by economic recovery in Europe and the replenishment of producers' inventories. We remain optimistic regarding improved results at PCI in both 1993 and 1994."
 Continental Can Company, Inc., through its subsidiaries, manufactures extrusion blow-molded plastic containers, metal cans, films and equipment for the packaging industry, and prints and laminates packaging for the food and snack food industries. The company also owns Lockwood, Kessler & Bartlett, Inc., an engineering firm located in the United States.
 CONSOLIDATED CAN COMPANY, INC.
 Consolidated Statements of Earnings
 (In thousands, except per share data)
 Periods ended March 31 1993 1992
 Sales $107,982 $115,977
 Cost of goods sold 88,405 93,555
 Gross profit 19,577 22,422
 S,G&A expenses 15,102 16,726
 Operating income 4,475 5,696
 Other income (expense):
 Interest expense, net (5,655) (5,833)
 Foreign currency exchange loss (85) (3)
 Other -- net 37 63
 Net other expense (5,703) (5,773)
 Loss before provision for
 income taxes, minority
 interest, and extraord. item (1,228) (77)
 Provision for income taxes 286 163
 Loss before minority interest,
 extraord. item and cumulative
 effect of accounting change (1,514) (240)
 Minority interest (690) (448)
 Income (loss) before extraord.
 item and cumulative effect of
 accounting change (824) 208
 Extraordinary item, net -- (1,502)
 Cumulative effect of
 accounting change, net -- 460
 Net loss ($824) ($834)
 Earnings (loss) per
 common share -- primary:
 Before extraord. item and
 cumulative effect of
 accounting change ($0.27) $0.07
 Extraordinary item -- (0.49)
 Cumulative effect of
 accounting change -- 0.15
 Net loss per common share ($0.27) ($0.27)
 Earnings (loss) per common
 share, assuming full dilution:
 Before extraord. item and
 cumulative effect of
 accounting change ($0.24) $0.07
 Extraordinary item -- (0.44)
 Cumulative effect of
 accounting change -- 0.14
 Net loss per common share,
 assuming full dilution ($0.24) ($0.23)
 Weighted average shares outstanding 3,032,000 3,062,000
 Depreciation and amortization $8,879 $9,022
 Gross cash flow $8,055 $8,188
 -0- 5/12/93
 /CONTACT: Donald J. Bainton, CEO, or Abdo Yazgi, EVP, 516-822-4940, of Continental Can/
 (CAN)


CO: Continental Can Company, Inc. ST: New York IN: MNG SU: ERN

PS-SM -- NY013 -- 7412 05/12/93 09:12 EDT
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Date:May 12, 1993
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