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PREMARK REPORTS SHARPLY HIGHER EARNINGS

 PREMARK REPORTS SHARPLY HIGHER EARNINGS
 DEERFIELD, Ill., April 16 /PRNewswire/ -- Premark International,


Inc. (NYSE: PMI) announced today that first-quarter 1992 net income rose sharply to $20.5 million, or 63 cents per share, from $8.9 million, or 29 cents per share, in 1991. Sales grew more than 4 percent to $678 million.
 The increase in net income was driven by significantly higher segment profit at the Food Equipment Group and Tupperware's international business. Lower interest expense and a reduced tax rate also contributed to the improvement.
 The Food Equipment Group's domestic business benefited from improved equipment sales in both the food retail and foodservice markets, as well as from higher service revenues. Continued strength in Tupperware's international operations was offset by lower U.S. sales and profit, which reflected a decline in the active sales force. In the Consumer and Decorative Products Segment, the introduction of new decorative products gave a boost to sales, which more than offset lower fitness equipment sales. Profit for the segment was down because of competitive pricing pressures at Ralph Wilson Plastics, lower sales and higher product development costs at Precor, and new plant start-up costs at Tibbals Flooring Co.
 "We're encouraged by the signs of improvement in the U.S. markets served by our Food Equipment Group and the margin improvement that business is achieving from on-going efforts to lower costs," said Warren L. Batts, Premark's chairman and chief executive officer. "Meanwhile, the early signs of an upturn in domestic housing bodes well for our decorative products businesses but has not yet translated into increased demand for our products. At Tupperware, international operations should maintain their strong momentum. Reversing the sales decline in the domestic business is a key priority as we continue with strategic programs designed to build a growing, more profitable business for the long term."
 Premark International, Inc. is a $2.8 billion multinational company that markets premium products under leading brand names such as Tupperware, West Bend, Wilsonart, Hobart, Vulcan, Hartco, Precor and Florida Tile. Premark stock is listed on the New York, Pacific and London Stock Exchanges.
 PREMARK INTERNATIONAL, INC.
 Condensed Consolidated Statement of Income
 (Unaudited - In millions except per share)
 13 weeks ended 3/28/92 3/30/91 Percent Increase
 (Decrease)
 SALES
 Tupperware $252.5 $245.9 2.7
 Food Equipment 250.0 238.5 4.8
 Consumer and Decorative
 Products 175.9 166.0 5.9
 Total $678.4 $650.4 4.3
 SEGMENT PROFIT
 Tupperware $ 20.6 $ 20.1 2.6
 Food Equipment 9.4 3.0 +
 Consumer and Decorative
 Products 10.3 11.1 (6.5)
 Total $ 40.3 $ 34.2 17.9
 Unallocated expenses (3.2) (4.9) (34.2)
 Interest expense, net (6.9) (13.2) (47.7)
 Income before income taxes 30.2 16.1 87.1
 Provision for income taxes 9.7 7.2 33.1
 NET INCOME $ 20.5 8.9 +
 Net Income Per Common Share $ 0.63 $ 0.29 +
 Average No. of Common Shares 32.9 30.9
 -0- 4/16/92
 /CONTACT: George Shafer of Premark International, 708-405-6252/
 (PMI) CO: Premark International Inc. ST: Illinois IN: HOU SU: ERN


SM -- NY098 -- 9421 04/16/92 15:17 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 16, 1992
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