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P&G 1992-93 ONGOING OPERATING NET EARNINGS UP 11 PERCENT

 CINCINNATI, Aug. 10 /PRNewswire/ -- The Procter & Gamble Company (NYSE: PG) today announced record sales and ongoing operating net earnings for the fiscal year ended June 30, 1993.
 Worldwide net earnings excluding the previously announced restructuring reserves and accounting changes were $2,078,000,000, an increase of 11 percent compared with $1,872,000,000 for the previous year. Earnings per common share on the same basis were $2.91 per share, an increase of 11 percent over $2.62 per share a year earlier. Net sales were $30,433,000,000, up 4 percent from $29,362,000,000 for the preceding year.
 In the fourth quarter, the Company established a $1.5 billion after- tax reserve for plant consolidations and other organizational restructuring; and retroactively adopted two mandatory accounting standards related to retiree medical benefits and deferred taxes which reduced net earnings by $1.0 billion. Together with the $200 million after-tax restructuring reserve for divestiture of the 100 percent juice business established in September, 1992, one-time special charges in fiscal 1993 reduced net earnings by $2.7 billion. These one-time charges exceeded the $2.1 billion of ongoing operating net earnings and resulted in a reported after-tax loss of $656 million, or ($1.11) per share, for the fiscal year.
 The impact of these one-time charges will not affect dividend payments. Dividends of $1.10 per common share were paid during the year which compares with $1.03 per share for the previous year. Beginning with the quarterly dividend payable on or after August 15, 1993, the annual dividend rate was increased 13 percent to $1.24 per share. This will mark the 38th consecutive fiscal year in which dividend payments per share have increased.
 Commenting on the year's results, P&G Chairman and Chief Executive Edwin L. Artzt said, "This was both our best year ever and one of our toughest. We're pleased that our business is moving forward strongly in the face of the continuing sluggish economic climate in much of the world, and that our efforts to improve the value of our brands are paying off.
 "We are also very confident that our grass-roots restructuring program, along with other efforts to increase quality and reduce cost, will ensure continued growth and competitiveness for our brands in the years ahead."
 April-June worldwide net earnings excluding reserves and accounting changes were $341,000,000, an increase of 1 percent compared with $339,000,000 for the same quarter of the previous year. On this basis, earnings per common share $.47, a 2 percent increase from $.46 per share for the fourth quarter a year ago. Worldwide net sales were $7,365,000,000, an increase of 3 percent over $7,167,000,000 for the same three months in the previous year.
 Commenting on fourth quarter results Artzt said, "We are particularly pleased that pretax operating earnings were up 9 percent excluding reserves and accounting changes, continuing the same solid rate of growth of the first three quarters. Also, net earnings were up 23 percent excluding the sale of our Italian coffee business in 1991/92. Approximately half of the increase was attributable to a lower tax rate."
 The United States business ended the year with an encouraging upward trend in volume shipped. Unit volume excluding the divested juice and pulp businesses was up only 1 percent for the full year, but volume was up a strong 6 percent in the final quarter.
 The international businesses again established a unit volume record, with a 10 percent increase over the previous year. Particularly strong, double-digit increases were achieved by Latin America, Asia-Pacific, European paper and citrus products, and the Middle East Africa-general export businesses.
 1992-93 FINANCIAL SUMMARY
 ($ millions)
 April - June Fiscal Year
 Pct. Pct.
 1993 1992 Change 1993 1992 Change
 On-Going Basis
 Net Sales $7,365 $7,167 2.8 30,433 $29,362 3.6
 Net Earnings $ 341 $ 339(A) 0.6 $ 2,078 $ 1,872 11.0
 Net Earnings
 Per Share $ .47 $ .46 2.2 $ 2.91 $ 2.62 11.1
 - Assuming
 Full
 Dilution $ .44 $ .44 -- $ 2.72 $ 2.45 11.0
 Impact of Reserves & Accounting Changes
 Net Sales $ -- $ -- $ -- $ --
 Net Earnings $(1,560) $ -- $(2,734) $ --
 Net Earnings
 Per Share $ (2.30) $ -- $ (4.02) $ --
 - Assuming
 Full
 Dilution $ (2.11) $ -- $ (3.68) $ --
 Average Shares
 Outstanding
 (million) 680.4 677.4 680.4 677.4
 Including Impact of Reserves & Accounting Changes
 Net Sales $ 7,365 $7,167 2.8 $30,433 $29,362 3.6
 Net Earnings $(1,219) $ 339 n.m. $ (656) $ 1,872 n.m.
 Net Earnings
 Per Share $ (1.83) $ .46 n.m. $ (1.11) $ 2.62 n.m.
 - Assuming
 Full
 Dilution $ (1.67) $ .44 n.m. $ (.96) $ 2.45 n.m.
 (n.m. = not meaningful)
 (A) -- Excluding $61 million gain on the sale of the Italian coffee business, April-June, 1992 earnings were $278 million.
 -0- 8/10/93
 /CONTACT: Linda L. Ulrey, 513-945-8210 or Sue M. Hale, 513-945-8019, both of The Procter & Gamble Company/
 (PG)


CO: The Procter & Gamble Company ST: Ohio IN: HOU SU: ERN

BM -- CL007 -- 1064 08/10/93 09:18 EDT
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Date:Aug 10, 1993
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