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NEWELL REPORTS RECORD FOURTH QUARTER RESULTS 1991 FULL YEAR EARNINGS ARE AN ALL-TIME HIGH; RETURN ON EQUITY EXCEEDS 22 PERCENT

NEWELL REPORTS RECORD FOURTH QUARTER RESULTS 1991 FULL YEAR EARNINGS ARE
 AN ALL-TIME HIGH; RETURN ON EQUITY EXCEEDS 22 PERCENT
 FREEPORT, Ill., Jan. 27 /PRNewswire/ -- Newell (NYSE: NWL) announced today that sales and earnings for the quarter ended Dec. 31, 1991, reached a record high for any quarter in the company's history. For the 1991 fourth quarter, earnings per share were 53 cents, up 15.2 percent over the 46 cents achieved in the fourth quarter of 1990 and net income was $33.3 million, up 19.8 percent from $27.8 million last year. Net sales for the quarter were a record $310.2 million, up 14.2 percent from $271.5 million achieved in the comparable period in 1990. The increase in sales in the fourth quarter is attributable to new product introductions and market share gains in both hardware and housewares product lines, and the July 1991 entry into office products.
 For the full year 1991, earnings per share were $1.81, up an adjusted 14.6 percent from the $1.58 last year. The adjustment excludes a 9 cents per share net nonrecurring gain from the sale of securities recorded in the first quarter of 1990.
 Net income, for the full year 1991, was $112.2 million, up an adjusted 17 percent from $95.9 in 1990. Net sales for the full year 1991, were $1.119 billion, up 4.3 percent from $1.073 billion in 1990. Internal sales growth for the full year of 1991 was approximately 4 percent.
 The increase in earnings for the full year of 1991 is due to increased sales and continued improvement in the company's operating profit margin.
 For the full year of 1991, the operating profit margin was 17.6 percent, up from the 16.2 percent achieved in 1990. The operating profit margin improved as a result of 1) improved efficiency at Amerock, 2) consolidation of domestic cookware operations, 3) the shutdown of Canadian manufacturing plants, and 4) internal sales growth.
 A company spokesman stated, "We are pleased that our efforts to gene rate internal sales growth have been successful. Newell's 5 percent third quarter and 11 percent fourth quarter internal sales growth rates are noteworthy considering the weak retail environment experienced in 1991. Going forward, we believe that our strategy of supplying brand-name, staple products to volume retailers, with an emphasis on excellent customer service, will enable Newell to continue its record of 15 percent or better annual growth in earnings per share."
 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 distributors and home improvement centers. Office products are sold through office product superstores, mass market chains, and office product 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 Twelve Months Ended
 December 31 December 31
 1991 1990 Pct. 1991 1990 Pct.
 Change Change
 Net
 sales $310,153 271,547 14.2 pct $1,118,886 $1,072,566 4.3 pct
 Cost of
 products
 sold 211,198 184,308 762,807 748,396
 Gross
 income 98,955 87,239 13.4 pct 356,079 324,170 9.8 pct
 Percent
 of sales 31.9 pct 32.1 pct 31.8 pct 30.2 pct
 Selling,
 general and
 administra-
 tive
 expense 42,258 38,226 158,833 150,299
 Operating
 income 56,697 49,013 15.7 pct 197,246 173,871 13.4 pct
 Percent
 of sales 18.3 pct 18.0 pct 17.6 pct 16.2 pct
 Net non-
 operating
 expense 1,660 3,066 10,698 3,042 (a)
 Income
 before
 taxes 55,037 45,947 19.8 pct 186,548 170,829 9.2 pct
 (a)
 Percent
 of sales 17.7 pct 16.9 pct 16.7 pct 15.9 pct
 Income
 taxes 21,740 18,149 74,343 69,479
 Net income 33,297 27,798 19.8 pct 112,205 101,350 10.7 pct
 (a)
 Percent
 of sales 10.7 pct 10.2 pct 10.0 pct 9.4 pct
 Preferred
 dividends 0 113 366 560
 Income available to
 common $33,297 $27,685 20.3 pct $111,839 $100,790 11.0 pct
 (a)
 Income per
 common share:
 Primary $0.53 $0.46 15.2 pct $1.81 $1.67 8.4 pct
 (a)
 Fully
 diluted 0.53 0.46 15.2 pct 1.81 1.67 8.4 pct
 (a)
 (a) 1990 results include a first quarter net nonrecurring 9 cents per share gain from the sale of securities.
 -0- 1/27/92 R
 /CONTACT: William T. Alldredge, VP-finance of Newell Co., 815-961-2114/
 (NWL) CO: Newell Co. ST: Illinois IN: SU: ERN


AL -- SD007 -- 3824 01/27/92 14:09 EST
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