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NEWELL REPORTS RECORD FIRST QUARTER RESULTS

 NEWELL REPORTS RECORD FIRST QUARTER RESULTS
 FREEPORT, Ill., April 21 /PRNewswire/ -- Newell (NYSE: NWL)


announced today that sales and earnings per share for the quarter ended March 31, 1992, reached record highs for any first quarter in the company's history. Results for the quarter include the full quarter's results of Sanford Corp., which was acquired in February 1992, and is being accounted for on a pooling of interests basis. Newell Co. results for 1991 have been restated to include Sanford.
 For the 1992 first quarter, net sales were a record $310.1 million, up 14.2 percent from $271.6 million achieved in the first quarter of 1991. The increase in sales is attributable to sales growth at continuing businesses of 8 percent and the 1991 acquisition of W.T. Rogers and Keene Manufacturing, both manufacturers and marketers of office products.
 Net income for the 1992 first quarter was $27.4 million, up 11.7 percent from $24.5 million last year. Earnings per share were 36 cents, up 9.1 percent from 33 cents in the first quarter of 1991. The earnings per share calculations reflect the increase in shares outstanding from the recent acquisition of office products companies.
 First quarter operating margins declined from 16.2 percent last year to 14.5 percent this year, reflecting a higher proportion of promotional sales at the housewares divisions, expenses related to recently acquired businesses, costs and inefficiencies with the start-up of new production facilities and manufacturing programs, expenses associated with new business at major customers, and increased consumer advertising.
 A company spokesman stated, "Most of the items impacting our first quarter operating margin are either temporary or were one-time charges and the outlook for the remainder of 1992 continues to be excellent. We are particularly pleased that our efforts to generate internal sales growth are continuing to be successful despite the weak economy. In addition, the assimilation of the recently acquired office products businesses is progressing smoothly, and we are more convinced than ever that our commitment to office products enhances our long-term sales and profit growth outlook."
 Newell manufactures and markets high-volume hardware/housewares, office and industrial products. Hardware/housewares products are sold principally through discount, variety, chain and hardware stores, hardware and housewares distrits dealers and wholesalers. Industrial products are sold directly and through distributors to volume purchasers.
 NEWELL CO.
 Consolidated Statements of Income
 (Unaudited)
 (In thousands)
 Three Months Ended
 March 31,
 1992 1991 Pct.
 Change
 Net sales $310,119 $271,590 14.2 pct
 Cost of products
 sold 216,365 185,251 ---
 Gross income 93,754 86,339 8.6 pct
 Percent of sales 30.2 pct 31.8 pct ---
 Selling, general and
 administrative
 expenses 48,755 42,400 ---
 Operating income 44,999 43,939 2.4 pct
 Percent of sales --- --- ---
 Net non-operating
 (income) expenses 99 3,309 ---
 Income before
 income taxes 44,900 40,630 10.5 pct
 Percent
 of sales 14.5 pct 15.0 pct ---
 Income taxes 17,511 16,110 ---
 Net income 27,389 24,520 11.7 pct
 Percent of sales 8.8 pct 9.0 pct ---
 Preferred dividends 0 113 ---
 Income available
 to common $27,389 $24,407 12.2 pct
 Income per
 common share:
 Primary $0.36 $0.33 9.1 pct
 Fully diluted $0.36 $0.33 9.1 pct
 -0- 4/21/92
 /CONTACT: William T. Alldredge, VP-finance of Newell Co., 815-961-2114/
 (NWL) CO: Newell Co. ST: Illinois IN: HOU SU: ERN


DM-AL -- SD002 -- 0410 04/21/92 09:09 EDT
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