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SEALRIGHT RESULTS TO REFLECT $4 MILLION IN YEAR-END ADJUSTMENTS

 OVERLAND PARK, Kan., Jan. 19 /PRNewswire/ -- Sealright Co. Inc. (NASDAQ: SRCO), a manufacturer of packaging and packaging systems for the grocery and dairy industries, today released unaudited figures showing fourth-quarter earnings that would have been $1.7 million, or $0.15 a share, if not for the impact of $4 million in adjustments. The figures reflect charges taken for a writedown for a planned plant closing and two accounting changes for postretirement life insurance benefits (FASB 106) and income taxes (FASB 109). Prior quarters will be restated to properly reflect the accounting changes.
 Without the special charges, earnings for the fourth quarter would have been $1.7 million, or $0.15 a share, on net sales of $56.4 million, compared with $2.3 million, or $0.21 a share, on sales of $58.5 million in the same period a year ago. Following the special charges, Sealright reported a loss for the fourth quarter of $1.7 million, or $0.15 a share.
 For the year, before the special charges Sealright would have reported earnings of $17.1 million, or $1.54 a share. With the special charges, Sealright reported earnings of $13.7 million, or $1.24 a share, compared with $15.9 million ($1.44 a share) in 1991. Unaudited sales for the year were $263.8 million, compared with $258.3 million in 1991.
 A $1.6 million before-tax writedown was taken to reflect the net realizable value calculation of plant and equipment associated with the previously announced relocation of Sealright's Kansas City, Kan., manufacturing plant planned for 1994. The early adoption of the required FASB accounting changes resulted in $2.4 million in noncash after-tax charges.
 Sealright's 1992 figures do not reflect the late December acquisition of Venture Packaging, Inc. Venture, a privately held company with 1991 sales of $29 million, is a Charlotte, North Carolina- based supplier of flexible-film packaging and labeling.
 Sealright said sales comparisons with the fourth quarter of 1991 reflect the impact of very heavy shipments late last year of flexible packaging materials for smoking-cessation patches and special promotional labeling in connection with the Winter Olympics. The company said 1992 fourth-quarter sales and earnings figures also reflect competitive pressures on pricing and lower frozen dairy dessert container sales.
 Sealright is North America's leading supplier of packaging and packaging systems for ice cream and other frozen dairy desserts. The company and its subsidiaries also produce paperboard and plastic packaging and labeling for a variety of food, medical, and household products.
 SEALRIGHT CO., INC.
 4TH QUARTER COMPARISONS, 1992-1991
 For the period ended December 31, 1992
 (in thousands, except per-share data)
 Unaudited Unaudited
 1992 1991
 Net Sales $56,409 $58,517
 Cost of Sales 44,758 44,675
 Gross Profit 11,651 13,842
 Selling, General & Admin. Expense 7,823 7,904
 Write Down Plant Facilities
 to Net Realizable Value 1,586 0
 Operating Income 2,242 5,938
 Interest Expense 658 803
 Other Expense 528 180
 Income Before Cumulative Effect of
 Accounting Changes and Provision
 for Income Taxes 1,056 4,955
 Provision for Income Taxes 332 2,615
 Income Before Cumulative Effect
 of Accounting for Income Taxes and
 Post Retirement Benefits 724 2,340
 Cumulative Effect of Accounting
 for Income Taxes and
 Post Retirement Benefits 2,416 0
 Net Income ($1,692) $ 2,340
 NET INCOME PER SHARE ($0.15) $0.21
 ADJUSTMENT FOR AFTER-TAX EFFECT
 OF UNUSUAL AND NONRECURRING EXPENSES $0.30 0
 TOTAL PROFIT BEFORE UNUSUAL AND
 NONRECURRING EXPENSES $0.15 $0.21
 NUMBER OF SHARES OUTSTANDING 11,090 11,058
 SEALRIGHT CO. INC.
 12-MONTH COMPARISONS, 1992-1991
 For the period ended December 31, 1992
 (in thousands, except per-share data)
 Unaudited Unaudited
 1992 1991
 Net Sales $263,778 $258,349
 Cost of Sales 198,335 195,853
 Gross Profit 65,443 62,496
 Selling, General & Admin. Expense 32,392 29,918
 Write Down Plant Facilities
 to Net Realizable Value 1,586 0
 Operating Income 31,465 32,578
 Interest Expense 2,839 3,730
 Other Expense 1,748 1,303
 Income Before Cumulative Effect of
 Accounting Changes and Provision
 for Income Taxes 26,878 27,545
 Provision for Income Taxes 10,735 11,624
 Income Before Cumulative Effect
 of Accounting for Income Taxes and
 Post Retirement Benefits 16,143 15,921
 Cumulative Effect of Accounting
 for Income Taxes and
 Post Retirement Benefits 2,416 0
 Net Income $ 13,727 $ 15,921
 NET INCOME PER SHARE $1.24 $1.44
 ADJUSTMENT FOR AFTER-TAX EFFECT
 OF UNUSUAL AND NONRECURRING EXPENSES $0.30 0
 TOTAL PROFIT BEFORE UNUSUAL
 AND NONRECURRING EXPENSES $1.54 $1.44
 NUMBER OF SHARES OUTSTANDING 11,090 11,058
 -0- 1/19/93
 /CONTACT: David Burket for Sealright, 816-474-9407/
 (SRCO)


CO: Sealright Co., Inc. ST: Kansas IN: PAP SU: ERN

TM -- SF011 -- 6630 01/19/93 19:10 EST
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Date:Jan 19, 1993
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