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STANLEY REPORTS FIRST QUARTER PROGRESS; DIVIDEND DECLARED

 NEW BRITAIN, Conn., March 3 /PRNewswire/ -- Richard H. Ayers, chairman and chief executive officer of The Stanley Works (NYSE: SWK), reported today: "Stanley businesses are showing better results as the improvement in order rates, begun in December, continues. At this point in the quarter, we feel that our businesses, excluding the effects of the asset sale and increased reserves described below, will show strong gains in operating profits compared with the first quarter of 1992."
 In February, the company realized a gain of $.33 per share on the sale of its investment in Max Co. Ltd. stock. The company expects, however, that it may be necessary to increase reserves for restructuring and product liability as further information becomes available late in the first quarter. The gain from the asset sale is expected to exceed the potential increases in these reserves.
 The company also reported a settlement, subject to court approval, of a. In June 1991, Stanley's board authorized the purchase, as appropriate, of up to 4.8 million shares. Since then, the company has purchased 1.3 million shares, of which 250,000 shares were purchased since Jan. 22.
 The board today declared a regular first quarter dividend of $.33 per share on the common stock. The dividend is payable Saturday, April 3, 1993, to shareholders of record at the close of business on Monday, March 15, 1993. Dividend payments in 1993 mark the 117th consecutive year in which the company has paid dividends.
 The Stanley Works is a worldwide producer and marketer of tools, hardware and specialty hardware products for consumer, home improvement, industrial and professional use.
 -0- 3/3/93
 /CONTACT: Ronald F. Gilrain, vice president - public affairs of Stanley, 203-827-3882/
 (SWK)


CO: The Stanley Works ST: Connecticut IN: HOU SU: DIV

GK -- NY058 -- 2498 03/03/93 13:09 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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