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H.B. FULLER REPORTS RECORD FIRST QUARTER SALES AND EARNINGS

 H.B. FULLER REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
 ST. PAUL, Minn., March 23 /PRNewswire/ -- H.B. Fuller Company (NASDAQ: FULL) today reported record first quarter net sales of $218.8 million for the quarter ended Feb. 29, 1992, an increase of 8 percent from $202.1 million for the same period in 1991. Net earnings for the quarter were also a record at $6.0 million, up 65 percent from $3.7 million in 1991. Earnings per share increased 63 percent to $.65, compared to last year's $.40 per share.
 U.S. sales were up significantly for the quarter when compared to the same period last year. Total U.S. operations showed substantial improvements in operating earnings due to better gross margins and a reduction of operating expenses as a percent of sales. Gross margins improved due to better plant utilization and raw material cost reductions.
 The Adhesive, Sealants and Coatings Division sales were up significantly for the quarter compared to 1991 levels. Sales to the graphic arts industry and polymer related industries were up significantly and to the nonwoven industry sales were substantially higher when compared to the prior year. There were significant increases in sales to accounts in engineered systems, window and automotive industries, and Fiber Resins. John Ray, general manager for the ASC Division commented that "although the increases in sales of structural adhesives are encouraging signs of improved economic activity in the United States, we also have developed some unique adhesives that contribute to the growing sales in these industries."
 The Specialty Divisions and subsidiaries experienced a significant increase in sales. Industrial Coatings and Linear Products had substantial increases in sales for the quarter. Tec Incorporated and Foster Corporation, both subsidiaries, along with the Monarch Division produced moderate increases in sales.
 Excluding an 8 percent negative currency impact, sales in Europe were approximately the same as the first quarter of 1991. Operating earnings were down significantly for the quarter. The general slowdown of European economies contributed to lower sales in Germany, Austria and the Netherlands. Despite these conditions, Italy, France and the United Kingdom had moderate sales increases over 1991. On an industry basis there were improvements in construction, automotive and leather goods offset by reduced sales in wood and packaging.
 Latin American operations had significant increases in sales and substantial increases in operating earnings for the quarter when compared to 1991. Argentina and Brazil showed improvement over the prior year but continued to depress operating earnings in the region. The company's Protecto paint activities in Central America had significant increases in sales and operating earnings for the quarter.
 Asia/Pacific area had significant increases in sales and a substantial increase in operating earnings over 1991. Canada's sales were down moderately compared to prior year.
 Tony Andersen, president and CEO, commented, "the first quarter is an excellent start of what should be a very good year for Fuller. We are confident about 1992."
 H.B. Fuller Company is a worldwide manufacturer and marketer of specialty chemical products, including adhesives, sealants, coatings, paints, waxes and sanitation chemicals with 1991 sales of $853 million.
 H.B. FULLER COMPANY
 FINANCIAL INFORMATION
 (dollars in thousands, except per share amounts)
 (unaudited)
 Three Months Ended
 2/29/92 2/28/91
 Net sales $218,807 $202,081
 Cost of sales (146,747) (137,754)
 Gross profit 72,060 64,327
 Selling, administrative and
 other expenses (58,319) (54,227)
 Operating earnings 13,741 10,100
 Interest expense (3,484) (3,597)
 Other income/(expense), net 270 20
 Earnings before income taxes and
 minority interests 10,527 6,523
 Income taxes (4,231) (2,647)
 Net earnings of consolidated subsidiaries
 applicable to minority interests (275) (223)
 Net earnings $6,021 $3,653
 Earnings per common share $0.65 $0.40
 Dividends per common share $0.155 $0.15
 Average number of common and common
 equivalent shares outstanding 9,306,517 9,172,456
 2/29/92 2/28/91
 Working capital $115,260 $113,414
 Total assets 518,587 500,721
 Long-term debt 65,487 99,863
 Stockholders' equity 227,855 200,893
 -0- 3/23/92
 /CONTACT: (Investor) Richard Edwards, 612-647-3650, or (Media) Bill Belknap, 612-647-3604, both of H.B. Fuller/
 (FULL) CO: H.B. Fuller Company ST: Minnesota IN: CHM SU: ERN


AL -- MN011 -- 0754 03/23/92 16:53 EST
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Date:Mar 23, 1992
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