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PROCTER & GAMBLE 1991-92 EARNINGS UP SIX PERCENT

 PROCTER & GAMBLE 1991-92 EARNINGS UP SIX PERCENT
 CINCINNATI, Aug. 10 /PRNewswire/ -- The Procter & Gamble Company


(NYSE: PG) today announced a 6 percent increase in earnings on sales growth of 9 percent for the fiscal year ended June 30, 1992.
 Worldwide net earnings for the year were $1,872,000,000, an increase of 6 percent compared with $1,773,000,000 for the preceding year. Net sales were $29,362,000,000, up 9 percent over $27,026,000,000 for the previous year.
 Earnings per common share were $2.62, an increase of 7 percent over $2.46 for the previous year. Dividends of $1.03 per common share were paid during the year; this compares with $.98 per share during the preceding year. All per share numbers reflect the two-for-one common stock split effective May 15, 1992.
 Commenting on the year's results, P&G chairman and chief executive Edwin L. Artzt said, "This was a year of solid growth. After a slow start with earnings down 3 percent in the first quarter, we picked up momentum and averaged a 10 percent increase in earnings over the last three quarters and achieved record fiscal year sales, earnings and dividends. These were achieved despite a major increase in our level of investment in new product initiatives and new businesses and continued economic softness in many of the world's largest markets, including the United States, Canada and some parts of Europe."
 For the April-June period, the last quarter of P&G's fiscal year, worldwide net earnings were $339,000,000, an increase of 12 percent over $304,000,000 for the same quarter of the previous year. Earnings per common share were $.46, a 12 percent increase over $.41 per share for the fourth quarter a year ago. Worldwide net sales were $7,167,000,000, an increase of 7 percent over $6,722,000,000 for the same three months last year.
 New product investment in Europe had a significant impact on the company's year-to-year results for the fourth quarter. During this period, Always feminine protection pads and new color guard versions of P&G's laundry detergents were expanded broadly. These activities essentially offset a gain of $61 million on the sale of the company's Italian coffee business.
 Net earnings for the fiscal year in the United States totaled $1,461,000,000, a 7 percent increase over the previous year. Unit volume growth was particularly noteworthy in the paper, laundry and food and beverage business despite the sustained sluggishness of the U.S. economy. Continued softness in pulp prices also slowed significantly the growth in earnings.
 International net earnings amounted to $625,000,000, a 19 percent increase over the previous year. Every region delivered double-digit unit volume growth including Europe and the Middle East, Latin America and Canada, and the Far East. New product initiatives and entry into new markets including Eastern Europe continued to fuel this broadly based growth.
 The Procter & Gamble Company
 Millions of Dollars Except Per Share Amounts
 1991-92 1990-91 Percent Change
 Three Months Ended June 30
 Net Sales $7,167 $6,722 6.6
 Net Earnings 339 304 11.5
 Net Earnings Per Common Share(A) .46 .41 12.2
 --Assuming Full Dilution(A) .44 .38 15.8
 Fiscal Year Ended June 30
 Net Sales $29,362 $27,026 8.6
 Net Earnings 1,872 1,773 5.6
 Net Earnings Per Common Share(A) 2.62 2.46 6.5
 --Assuming Full Dilution(A) 2.45 2.31 6.1
 (A) Adjusted for two-for-one stock split effective May 15, 1992.
 -0- 8/10/92
 /CONTACT: Linda L. Ulrey, 513-983-5796; or Sydney L. McHugh, 513-983-4185; both of The Procter & Gamble Company/
 (PG) CO: Procter & Gamble ST: Ohio IN: HOU SU: ERN


KK -- CL003 -- 8400 08/10/92 09:38 EDT
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Date:Aug 10, 1992
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