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RUBBERMAID REPORTS FIRST QUARTER EARNINGS UP 13 PERCENT

 RUBBERMAID REPORTS FIRST QUARTER EARNINGS UP 13 PERCENT
 WOOSTER, Ohio, April 15 /PRNewswire/ -- Rubbermaid Incorporated (NYSE: RBD) today announced record sales and earnings for the quarter ended March 31, 1992. Earnings for the quarter were $43.9 million, or $.27 per share, a 13 percent increase over the $38.7 million, or $.24 per share, of 1991's comparable period. Sales were $448 million, up 9 percent from the $411 million of last year's first quarter.
 All per share figures have been adjusted for the two-for-one stock split effected Dec. 2, 1991.
 "We are extremely pleased with the company's performance for the quarter," stated Walter W. Williams, Rubbermaid chairman of the board and chief executive officer. "The quarter's sluggish business environment continued the challenge faced in 1991. However, our emphasis on stimulating sales, using customer promotions and merchandising programs, resulted in a relatively strong sales gain. Compared with the first quarter of 1991, unit volume was up 11 percent while price realization decreased by 2 percent. New product placement and the outstanding efforts of all Rubbermaid associates helped us achieve record results.
 "Net earnings were impacted positively by favorable factory operating rates, higher unit volume, tight cost control and productivity improvements," Williams added.
 During the quarter, the company adopted FAS No. 109 "Accounting for Income Taxes" and modified inventory accounting practices to better match production costs with revenues. These accounting changes contributed a onetime favorable impact on net earnings of $17.3 million, shown as a separate after-tax line item on the first quarter's earnings statement.
 The company also established a reserve of $27.5 million (approximately $17.1 million after tax) for the cost of actions to realign and integrate certain operations.
 "Excluding this reserve, pretax earnings would have increased 13 percent," Williams continued.
 "The planned realignments will strengthen the company for future growth by accelerating our use of focused factories and streamlining operations to better serve our customers and meet their changing needs.
 "We are optimistic about the year because of the continuing strong performances of our consumer companies, some sign of improvement with our commercial business and the positive realignment actions we are planning. We expect to generate continued record sales and earnings during 1992," Williams concluded.
 Rubbermaid Incorporated and subsidiaries report for the periods ended March 31:
 Three Months Ended
 March 31, 1992 March 31, 1991
 Net earning per
 Common Share (A) $ .27 $ .24
 STATEMENT OF EARNINGS
 Net sales $448,443,000 $410,922,000
 Cost of sales 297,813,000 271,852,000
 Selling, general and
 administrative expenses 81,187,000 77,470,000
 Realignment costs 27,500,000 ---
 Other charges, (credits), net (677,000) (231,000)
 Earnings before income taxes
 and cumulative effect of
 changes in accounting
 principles 42,620,000 61,831,000
 Income taxes 16,032,000 23,146,000
 Earnings before cumulative
 effect of changes in
 accounting principles 26,588,000 38,685,000
 Cumulative effect of changes
 in accounting principles 17,281,000 ---
 Net earnings $43,869,000 $38,685,000
 DIVIDENDS
 Cash dividends paid $ 13,620,000 $ 12,013,000
 Cash dividends paid
 per common share $ .085 .075
 at March 31
 BALANCE SHEET 1992 1991
 Current assets:
 Cash and cash equivalents $ 41,323,000 $ 11,039,000
 Receivables $370,558,000 $362,053,000
 Inventories 258,151,000 224,544,000
 Prepaid expenses 11,383,000 6,428,000
 Total current assets 681,415,000 604,064,000
 Property, plant and
 equipment, net 470,615,000 404,886,000
 Intangible and other assets,
 net 123,351,000 110,879,000
 Total assets $1,275,381,000 $1,119,829,000
 Current liabilities $ 257,026,000 $ 212,310,000
 Deferred items 79,482,000 73,302,000
 Long-term debt, non-current
 installments 23,896,000 39,915,000
 Shareholder's equity 914,977,000 794,302,000
 Total liabilities and
 equity $1,275,381,000 $1,119,829,000
 (A) Based on average shares outstanding of 160,193,802 and 160,117,640 for the respective 1992 and 1991 three-months periods.
 -0- 4/15/92
 /CONTACT: Richard D. Gates, senior vice president, business development and investor relations of Rubbermaid Incorporated, 216-264-6464, ext. 2477/
 (RBD) CO: Rubbermaid Incorporated ST: Ohio IN: HOU SU: ERN


KK -- CL005 -- 8550 04/15/92 09:42 EDT
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Date:Apr 15, 1992
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