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CULBRO REPORTS EARNINGS

 CULBRO REPORTS EARNINGS
 NEW YORK, Jan. 21 /PRNewswire/ -- Culbro Corporation (NYSE: CUC)


today reported net income for the year ended Nov. 30, 1991 of $3,176,000 or $0.74 per share on sales of $1,104,272,000. Net income in the eleven months ended Dec. 1, 1990 was $3,109,000 or $0.72 per share on sales of $908,395,000. The 1990 fiscal period was shortened because of the change in the corporation's fiscal year end from December to November. The corporation also reported net income of $2,922,000 or $0.68 per share on sales of $287,822,000 in the 1991 fourth quarter. In 1990, the final reporting period (2 months) had a net loss of ($1,031,000) or ($0.24) per share on sales of $167,669,000.
 Culbro stated that both its consumer products businesses, cigar and wholesale distribution, were very profitable in 1991. The wholesale distribution business reduced its inventory levels carried on LIFO, which contributed approximately $10 million of pre-tax profits for the year, including $5.7 million in the fourth quarter. The corporation stated this inventory reduction will be beneficial in maintaining lower debt levels and was accomplished without causing adverse tax consequences. Culbro's other businesses, including its 27 percent investment in the U.K. publishing company, Centaur Communications Limited, were down from last year, largely impacted by the weak economy. The 1991 results also included a ($3,300,000) pretax loss from the sale of Moll Tool & Plastics Corp. and a charge of $900,000 to settle certain lease obligations of a formerly owned business.
 Culbro is a diversified organization with interests in cigars, wholesale distribution of tobacco and sundry consumer products, industrial products including labeling systems and packaging machinery, real estate and landscape nursery stock.
 CULBRO CORPORATION AND SUBSIDIARY COMPANIES
 Consolidated Statement of Operations Summary
 (In thousands, except per share amounts)
 Fiscal period ended (A) Fiscal period ended (A)
 11/30/91 12/1/90 11/30/91 12/1/90
 (3 months) (2 months) (12 months) (11 months)
 Net sales and
 other revenue 287,822 167,669 1,104,272 908,395
 Cost of goods
 sold (B) 249,504 147,443 965,208 792,265
 Selling, general &
 admin. expenses 28,891 19,651 110,680 98,568
 Loss on sale of
 business (C) -- -- 3,300 --
 Other expense
 (income) (D) -- (1,689) 900 (2,264)
 Operating profit 9,427 2,264 24,184 19,826
 Equity in net (loss)
 income of Centaur (1,540) (490) (1,940) 260
 Fees on sales of
 accounts receivable 697 -- 1,063 --
 Int. expense, net 3,063 2,864 15,271 14,904
 Income (loss) before
 income taxes 4,127 (1,090) 5,910 5,182
 Income taxes
 (benefit) 1,205 (59) 2,734 2,073
 Net income (loss) $2,922 ($1,031) $3,176 $3,109
 Net income (loss)
 per share $0.68 ($0.24) $0.74 $0.72
 Average number
 of shares
 outstanding 4,308,000 4,307,000 4,307,000 4,307,000
 NOTE:
 (A) The 1991 fourth quarter and fiscal year ended on Nov. 30, 1991. In 1990, the corporation changed its fiscal year end to the Saturday nearest to Nov. 30, from the Saturday nearest to Dec. 31. As a result, the 1990 fiscal period ended on Dec. 1 and included 11 months and the 1990 final reporting period included 2 months.
 (B) The 1991 fourth quarter and full year include net pretax benefits of $5.7 million and $9.9 million, respectively, from lower LIFO inventories.
 (C) The Corporation recorded a pretax loss of $3.3 million on the July 30 sale of its injection molded plastics business, Moll Tool and Plastics.
 (D) Other expense in 1991 represents a charge of $900K to settle certain lease obligations of a former subsidiary in the wholesale distribution business. Other income in 1990 includes principally gains from the sales of excess warehouse and manufacturing facilities.
 -0- 1/21/92
 /CONTACT: A. Ross Wollen of Culbro Corporation, 212-561-8714/
 (CUC) CO: Culbro Corporation ST: New York IN: HOU SU: ERN


SM-KW -- NY077 -- 1900 01/21/92 13:34 EST
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Publication:PR Newswire
Date:Jan 21, 1992
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