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SONOCO REPORTS SECOND QUARTER RESULTS

 HARTSVILLE, S.C., July 15 /PRNewswire/ -- Net income for Sonoco Products Company (NASDAQ-NMS: SONO) increased 10.2 percent in the second quarter of 1993, compared with the same period of 1992, according to a report issued by the company today (July 15).
 Sales for the second quarter, which ended July 4, were $478.5 million compared with $461.6 million in the same quarter last year. Net income was $31.8 million compared with $28.9 million reported for the same period of 1992. Earnings per share for the recently ended quarter were $.36 per share compared with 1992's second quarter earnings of $.33 per share.
 Sales for the first half of 1993 were $945.4 million, compared with 1992 first half sales of $891.4 million. Net income for the first six months of this year was $58.7 million, compared with $51 million for the first half of 1992. Earnings per share for the first half of 1993 were $.67 per share, a 13.6 percent increase over 1992's first half earnings of $.59 per share. The 1992 amounts have been adjusted for the incremental charges that came with the adoption of two accounting standards but do not reflect the one-time charge of $37.9 million, which was the cumulative effect of those accounting changes. Also, all income figures have been adjusted to reflect the two-for-one stock split announced in April of this year.
 "While we are pleased with the continued improvement in performance, there are signs the economy is stagnant and this is slowing business in some of our operations," said C.W. Coker, chairman and chief executive officer. "We still expect to have a good year because of several restructuring actions that have been implemented. The restructuring has gone very well, according to plan, and we are pleased with the strategic moves we have made to better position our businesses. The big unknown now is the economy," he said.
 As a convenience to the financial community, we offer the following table:
 THREE MONTHS ENDED SIX MONTHS ENDED
 (Dollars in thousands except per share)
 07/04/93 06/28/92 07/04/93 06/28/92(A)
 Sales $478,508 $461,574 $945,446 $891,367
 Income from operations
 before income taxes $ 51,705 $ 46,283 $ 96,018 $ 83,375
 Income tax provision (20,100) (18,200) (37,800) (33,400)
 Equity in earnings of
 affiliates 203 771 498 1,007
 Income before effect of
 accounting changes 31,808 28,854 58,716 50,982
 Net after-tax effect of
 accounting changes -- -- -- (37,892)
 Net income $31,808 $28,854 $58,716 $13,090
 Per share:
 Income before effect
 of accounting changes $.36 $.33 $.67 $.59
 Net after-tax effect of
 accounting changes -- -- -- (.44)
 Net income per share $.36 $.33 $.67 $.15
 Average shares outstanding 87,259,527 86,516,412
 (A) Results have been restated to reflect adoption of FAS No. 106 -- Employers' Accounting for Postretirement Benefits Other than Pensions and FAS No. 109 -- Accounting for Income Taxes. Accordingly, first quarter 1992 results include a $38 million after-tax charge, or $.44 per share, to comply with the accounting changes. Adoption of FAS No. 106 also resulted in an incremental retiree benefit expense of approximately $3 million after-tax, or $.03 per share, which was charged evenly over all four quarters of 1992.
 -0- 7/15/93
 /CONTACT: Dick Puffer, Sonoco Products Company, 803-383-7425/
 (SONO)


CO: Sonoco Products Company ST: South Carolina IN: PAP SU: ERN

SB -- CH009 -- 1919 07/15/93 11:48 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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