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RPM'S SECOND QUARTER AND SIX-MONTH SALES, EARNINGS AND EARNINGS PER SHARE AT EXPECTED LEVELS

 RPM'S SECOND QUARTER AND SIX-MONTH SALES,
 EARNINGS AND EARNINGS PER SHARE AT EXPECTED LEVELS
 MEDINA, Ohio, Jan. 14 /PRNewswire/ -- RPM, Inc. (NASDAQ: RPOW) today announced results for the second quarter and first half of its 1992 fiscal year attained expected levels.
 Sales for the three-month period, ended Nov. 30, 1991, were a record $139,301,356, a 4 percent increase over the prior year's record second quarter sales of $133,754,564. Second quarter earnings totaled a record $10,054,774, a marginal increase over the prior year's record earnings of $10,040,330. Earnings per share totaled $.32, compared to $.33 earned in the prior year's second quarter. Weighted common shares outstanding in the second quarter were approximately 2 percent higher compared to last year's shares, as a result of the June 1990 conversion of $30 million Eurobond issue.
 For the six-month period, sales increased to a record $269,504,881 over the prior year's record sales of $268,609,421. Earnings totaled $20,292,299, a 4 percent decrease from last year's record six-month earnings of $21,250,020. Earnings per share totaled $.65, a 6 percent decrease from the prior year's record earnings per share of $.69.
 The prior year results have been restated for the December 1990 acquisition of Paramount Technical Products, Inc., and the May 1991 acquisition of Chemical Coatings, Inc., both on a pooling-of-interest basis.
 As earlier reported, sales and earnings for the first half of the 1992 fiscal year were expected to be below those of the prior year. This is the reslut of the January 1991 divestiture of Proko Industries, Inc., and the sale of 50 percent of the Euclid Chemical Company to form a joint venture with Holderbank of Zurich, Switzerland. Additionally, RPM's Kop-Coat acquisition and 1991 Rust-Oleum Europe acquisition have resulted in seasonal shifts of sales and earnings from the first to the second half of the fiscal year. These events are viewed as being very positive to RPM's future.
 RPM's results for the six-month period are in line with expectations with the sales and earnings of core businesses ahead of the records set by those businesses during the first half of the 1991 fiscal year. Strong performance during the second half of the fiscal year is expected, which will result in RPM's 45th consecutive record year in sales, earnings and earnings per share.
 As previously reported, the acquisition of Day-Glo Color Corp. was compelted on Oct. 31, 1991. Day-Glo, with $60 million in annual revenues and strong brand-name recognition, will be an excellent addition to RPM. RPM does not expect Day-Glo to contribute to earnings until the 1993 fiscal year.
 The RPM Board of Directors declared, on Jan. 6, 1992, the regular quarterly cash dividend of $.17 per share to be paid on Jan. 31, 1992 to shareholders of reocrd Jan. 17, 1992. This quarterly dividend represents a 10 percent increase over the prior year's quarterly dividend of $.155. This is the 18th consectuive year in which RPM has increased its cash dividend and is indicative of the strong, positive outlook of the RPM board.
 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Six Months Ended
 Nov. 30, 1991 Nov. 30, 1990
 (Restated 1)
 Net Sales $269,504,881 $268,609,421
 Cost of Sales 154,613,813 155,703,323
 Gross Profit $114,891,068 $112,906,098
 Selling, General &
 Administrative Expenses 81,064,651 77,615,167
 Income Before Income Taxes
 & Minority Interest $33,826,417 $35,290,931
 Provision for Income Taxes 13,530,567 14,067,713
 Income Before Minority
 Interest $20,295,850 $21,223,218
 Minority Interest in
 Consolidated Subsidiaries 3,551 (26,802)
 Net Income $20,292,299 $21,250,020
 Earnings per Common Share
 & Common Share Equivalent(A) $.65 $.69
 Earnings per Common Share Assuming
 Full Dilution(A) $.63 $.68
 (Unaudited)
 Three Months Ended
 Nov. 30, 1991 Nov. 30, 1990
 (Restated 1)
 Net Sales $139,301,356 $133,754,564
 Cost of Sales 80,366,583 78,448,702
 Gross Profit $58,934,773 $55,305,862
 Selling, General &
 Administrative Expenses 42,185,418 38,627,904
 Income Before Income Taxes
 & Minority Interest $16,749,355 $16,677,958
 Provision for Income Taxes 6,699,741 6,667,842
 Income Before Minority
 Interest $10,049,614 $10,010,116
 Minority Interest in
 Consolidated Subsidiaries (5,160) (30,214)
 Net Income $10,054,774 $10,040,330
 Earnings per Common Share
 & Common Share Equivalent(A) $.32 $.33
 Earnings per Common Share Assuming
 Full Dilution(A) $.31 $.32
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (Unaudited)
 November 30,
 1991 1990
 (Restated 1)
 ASSETS:
 Current Assets $240,527,477 $203,730,024
 Property, Plant & Equipment (net) 111,391,260 85,326,109
 Other Assets 170,256,793 108,607,652
 TOTAL ASSETS $522,175,530 $397,663,785
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current Liabilities $74,518,661 $68,821,007
 Long-Term Debt 223,710,932 117,568,586
 Other Liabilities 7,178,150 5,874,664
 TOTAL LIABILITIES $305,407,743 $192,264,257
 Shareholders' Equity 216,767,787 205,399,528
 TOTAL LIABILITIES &
 SHAREHOLDERS' EQUITY $522,175,530 $397,663,785
 Current Ratio 3.2:1 3.0:1
 Shareholders' Equity per Share(A) $6.92 $6.66
 Working Capital $166,008,816 $134,909,017
 (A) -- Weighted average shares outstanding, including common share equivalents, totaled 31,321,586 in 1991 and 30,827,064 in 1990.
 (1) -- Restated to reflect the acquisitions of Paramount Technical Products, Inc. in December 1990 and Chemical Coatings, Inc., in May 1991.
 -0- 1/14/92
 /CONTACT: Thomas C. Sullivan or James A. Karman, 216-273-5090, both of RPM Inc./
 (RPOW) CO: RPM Inc. ST: Ohio IN: CHM MAC SU: ERN


KK -- CL008 -- 9443 01/14/92 09:57 EST
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