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MASLAND CORPORATION REPORTS INCREASED FIRST QUARTER SALES AND EARNINGS

 CARLISLE, Pa., Nov. 4 /PRNewswire/ -- Masland Corporation (NASDAQ: MSLD) with its wholly owned operating subsidiary, Masland Industries, today announced increased consolidated sales, operating profit and earnings for the first quarter of fiscal 1994 which ended Oct. 1, 1993.
 For the first quarter, net sales increased 16 percent to $90 million from $77.7 million reported for the same quarter last year. Operating profits were $7.8 million compared with $2.4 million reported in the fiscal 1993 quarter. Net income was $2.9 million, or 21 cents per share, compared with $.5 million, or 3 cents per share, last year.
 William J. Branch, chairman and CEO, said that the improvement in net sales was primarily due to increased OEM vehicle production, the financial consolidation beginning in May 1993 of the company's Amtex subsidiary, and participation on several new vehicles including the Mercury Villager, the Lincoln Mark VIII, the Nissan Altima, the Toyota small pickup truck, and the Chrysler Ram pickup truck. First quarter operating income grew at a faster rate than net sales due to productivity improvements and the effect of increased sales on fixed costs.
 On Nov. 3, 1993, as part of an initial public offering, certain stockholders of the company sold 11,247,267 shares of common stock at an offering price of $17 per share. The company did not receive any proceeds from the offering. The underwriters have an option to purchase an additional 1,124,727 shares at $17 less applicable underwriting discounts. If exercised, proceeds will go to the company and will be used for general corporate purposes. The company's management did not sell its shares, and after the offering, owns approximately 24 percent of the company's stock on a fully diluted basis.
 Also on Nov. 3, 1993, the company redeemed all of its outstanding preferred stock and accumulated dividends for $13 million. Preferred dividends had accrued at the rate of 11.7 per ?per annum, and in the first quarter of fiscal 1994 were $.4 million.
 On Nov. 2, 1993, the company officially opened a new manufacturing plant in Mississanga, Ontario, Canada. This 125,000 square foot facility more than doubles the company's capacity in Canada.
 Masland Corporation, through its operating subsidiary Masland Industries, is a leading North American designer and manufacturer of floor systems, soft-surface interior and luggage compartment trim, dash insulators, and other acoustical products designed to manage noise and vibration for passenger cars and light trucks. The company operates 9 manufacturing facilities in the United States, Canada and Mexico. Principal customers include Chrysler, Ford, General Motors, Nissan, and Toyota, as well as most other North American vehicle manufacturers. The company is headquartered in Carlisle.
 MASLAND CORPORATION
 Condensed Statement of Operations
 (Unaudited; in thousands, except share data)
 Three months ended Oct. 1, 1993 Oct. 2, 1992
 Net sales $90,037 $77,738
 Operating income 7,806 2,363
 Net income 3,284 783
 Net income available to common shareholders 2,918 457
 Pro forma net income per common share(A) $.21 $.03
 Supplemental pro forma net income
 per common share(A) .22 .05
 Weighted average number of common and
 common equivalent shares outstanding 14,083,070 14,028,721
 (A) The pro forma and supplemental pro forma earnings per common share are based on the average number of common and common equivalent shares outstanding during the period. The total weighted average common shares outstanding have been adjusted to give effect to the conversion of the Class P common stock into common stock at the time of the company's initial public offering. Supplemental pro forma earnings per common share has been adjusted to give effect to the redemption of the company's preferred stock and accumulated unpaid dividends with proceeds from the company's revolving credit facility.
 /delval/
 -0- 11/4/93
 /CONTACT: Carl Andrews, of Andrews Sacunas & Saline for Masland Industries, 717-233-8853, or Dan Perkins of Masland Industries, 717-249-1866/
 (MSLD)


CO: Masland Industries ST: IN: AUT SU: ERN

MP-MJ -- PH032 -- 0895 11/04/93 15:53 EST
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Date:Nov 4, 1993
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