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RUBBERMAID REPORTS STRONG THIRD QUARTER, SALES UP 10 PERCENT, EARNINGS UP 14 PERCENT

 RUBBERMAID REPORTS STRONG THIRD QUARTER,
 SALES UP 10 PERCENT, EARNINGS UP 14 PERCENT
 WOOSTER, Ohio, Oct. 13 /PRNewswire/ -- Rubbermaid Incorporated (NYSE: RBD) today announced record sales and earnings for the quarter and nine months ended Sept. 30, 1992. Third quarter earnings increased 14 percent, to a record $52.6 million, or $.33 per share, up from last year's $46.4 million, or $.29 per share. Sales increased 10 percent to a record $473.5 million from $429.4 million in 1991. Unit volume was up by 11 percent.
 Nine month earnings reached $140.2 million, or $.87 per share, up 13 percent over last year's $124.1 million, or $.78 per share. Sales were $1.371 billion, an increase of 9 percent from $1.258 billion in 1991. Unit volume increased by 10 percent.
 Per share figures have been adjusted for the December 1991 two-for- one stock split.
 Walter W. Williams, Rubbermaid chairman of the board and chief executive officer, said, "Our third quarter performance was extremely gratifying, considering the continued sluggishness of the economy and lackluster markets. Our associates continued to perform admirably under trying circumstances. With record new product introductions, creative customer promotions and merchandising programs, we were able to maintain our consistent record of sales and earnings increases.
 "Unit volume was up a strong 11 percent in the quarter, while price realization was a negative 1 percent," Williams stated. "Profits were impacted positively by favorable factory operating rates, higher unit volume, tight cost control and productivity improvements. Material costs continue to show upward movement.
 "For the remainder of 1992, we expect to outperform industry and strengthen our competitive position. We have seen positive signs of improvement in our commercial business and anticipate the continuation of strong performances by our consumer companies. We remain cautiously optimistic and expect to continue increases in sales and earnings for the fourth quarter and the year," Williams concluded.
 Rubbermaid Incorporated and subsidiaries report for the periods ended Sept. 30:
 Three Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 Net earnings per
 common share (A) $.33 $.29
 STATEMENT OF EARNINGS
 Net sales $473,480,000 $429,360,000
 Cost of sales 315,636,000 280,361,000
 Selling, general and
 administrative expenses 73,940,000 76,155,000
 Realignment costs --- ---
 Other charges, (credits)
 net (167,000) (2,850,000)
 Earnings before income taxes
 and cumulative effect
 of changes in accounting
 principles 84,071,000 75,694,000
 Income taxes 31,448,000 29,344,000
 Earnings before cumulative
 effect of changes in
 accounting principles 52,623,000 46,350,000
 Cumulative effect of changes
 in accounting principles --- ---
 Net earnings $52,623,000 $46,350,000
 DIVIDENDS
 Cash dividend paid $13,618,000 $12,010,000
 Cash dividends paid
 per common share $.085 $.075
 Nine Months Ended
 Sept. 30, 1992 Sept. 30, 1991
 Net earnings per
 common share (A) $.87 $.78
 STATEMENT OF EARNINGS
 Net sales $1,370,977,000 $1,257,580,000
 Cost of sales 913,413,000 833,368,000
 Selling, general and
 administrative expenses 233,506,000 226,208,000
 Realignment costs 27,500,000 ---
 Other charges, (credits)
 net 62,000 (2,415,000)
 Earnings before income taxes
 and cumulative effect
 of changes in accounting
 principles 196,496,000 200,419,000
 Income taxes 73,627,000 76,334,000
 Earnings before cumulative
 effect of changes in
 accounting principles 122,869,000 124,085,000
 Cumulative effect of changes
 in accounting principles 17,281,000 ---
 Net earnings $140,150,000 $124,085,000
 DIVIDENDS
 Cash dividend paid $40,856,000 $36,034,000
 Cash dividends paid
 per common share $.255 $.225
 at Sept. 30
 BALANCE SHEET 1992 1991
 Current assets:
 Cash and cash equivalents $ 60,898,000 $105,517,000
 Receivables, net 407,979,000 363,962,000
 Inventories 266,679,000 206,544,000
 Prepaid expenses 17,800,000 6,828,000
 Total current assets 753,356,000 682,851,000
 Property, plant and
 equipment, net 486,976,000 425,812,000
 Intangible and other
 assets, net 121,495,000 117,484,000
 Total assets $1,361,827,000 $1,226,147,000
 Current liabilities $ 269,263,000 $ 256,973,000
 Deferred items 84,054,000 80,611,000
 Long-term debt, non-current 21,499,000 30,026,000
 Shareholders' equity 987,011,000 858,537,000
 Total liabilities and
 equity $1,361,827,000 $1,226,147,000
 (A) Based on average shares outstanding of 160,212,233 and 160,141,747 for the respective 1992 and 1991 three-month periods and 160,206,870 and 160,132,539 for the respective nine month periods.
 -0- 10/13/92
 /CONTACT: Richard D. Gates of Rubbermaid Incorporated, 216-264-6464, ext. 2477/
 (RBD) CO: Rubbermaid Incorporated ST: Ohio IN: HOU SU: ERN


KK -- CL003 -- 9154 10/13/92 09:12 EDT
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Publication:PR Newswire
Date:Oct 13, 1992
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