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STANLEY SECOND QUARTER EARNINGS WILL BE BELOW LAST YEAR ON WEAKER THAN EXPECTED SALES

 NEW BRITAIN, Conn., June 24 /PRNewswire/ "Second quarter sales have fallen below company expectations," reported Richard H. Ayers, chairman and chief executive officer of The Stanley Works (NYSE: SWK) today. "Consistent with the reports we have been seeing from many other companies, we are feeling the effects of sluggish consumer sales, 'on- again, off-again' housing activity and lackluster industrial production. This, combined with a further weakness in European markets will likely result in sales only slightly above 1992 second quarter levels."
 "We had been expecting sales to improve during the quarter with a corresponding improvement in margins. This has not been the case and we now believe that the minor sales gains and negligible price increases will result in weak margins and earnings below last year's second quarter."
 Mr. Ayers said, "The economic uncertainty that currently prevails in the U.S. should clear away with the passage of a positive economic bill and we would expect that Stanley businesses will then achieve stronger sales gains and earnings growth for the remainder of the year." He added, "While we continue to believe that earnings will be above last year, we expect that they will be below current Street estimates".
 Stanley will report its second quarter earnings results on Wednesday, July 21.
 The Stanley Works is a leading worldwide producer of tools, hardware and specialty hardware for home improvement, consumer, industrial and professional use.
 -0- 6/24/93
 /CONTACT: Ronald F. Gilrain, vice president-public affairs of Stanley Works, 203-827-3882/
 (SWK)


CO: Stanley Works ST: Connecticut IN: SU: ERP

TS -- NY060 -- 5362 06/24/93 13:52 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
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