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TUSCARORA INCORPORATED ANNOUNCES THIRD QUARTER RESULTS, DECLARES DIVIDEND INCREASE

 NEW BRIGHTON, Pa., June 21 /PRNewswire/ -- Tuscarora Incorporated (NASDAQ: TUSC) today reported operating results for the third quarter of fiscal year 1993, which ended May 31, 1993.
 Net sales were $26.3 million, an increase of 3.6 percent from net sales of $25.4 million for the year earlier quarter. Net income was $1.2 million, compared with net income of $1.3 million for fiscal year 1992's third quarter. Earnings per share were $.20 vs. the $.22 per share earned in the comparable quarter of fiscal year 1992.
 For the nine months ended May 31, 1993, net sales totaled $74.7 million, an increase of 4.5 percent over net sales of $71.6 million for the year earlier period. Net income was $3.1 million, compared with $3.6 million, and earnings per share were $.52, compared with $.60 per share for the first nine months of fiscal 1992.
 John P. O'Leary Jr., president and chief executive officer, said operating results continued to be adversely affected by a lower level of profitability on business with a major customer, IBM, as well as by softness in the general level of business activity in many of the company's traditional industrial packaging markets. He also noted, however, that sales of newer product lines of specialty foam and corrugated paper packaging, rigid plastic shapes, and aluminum containers experienced substantial gains during the period. The third quarter results were also favorably impacted by the previously announced gain on the sale of its interest in White Knight Packaging on April 26, 1993.
 The company also announced its board of directors approved an increase in the regular semi-annual dividend to $.09 per share from $.085 per share paid at the same time last year. The increase will bring total dividends for the current fiscal year to $.18 per share, 12.5 percent higher than the $.16 per share paid in fiscal year 1992. The dividend is payable on July 1, 1993, to shareholders of record on June 25, 1993. This is the 19th consecutive year Tuscarora has increased its annual dividend rate.
 Tuscarora Incorporated, founded in 1962 in New Brighton, is the nation's largest producer of custom-molded foam plastic products made from expanded plastic materials. The company molds and fabricates these materials into protective packaging, material handling products, thermal insulation and component parts. The company also produces interior protective packaging made from multiple materials including foam plastic and corrugated paper, and manufactures returnable aluminum material handling containers and custom thermoformed plastic products.
 Tuscarora's customers include a wide range of industrial and consumer product manufacturers of electronic, high technology, appliance and automotive products. The company operates manufacturing facilities at 19 locations and serves more than 1,500 customers in 40 states, Canada and Mexico.
 TUSCARORA INCORPORATED
 Condensed Summary of Operations
 (In thousands, except per share amounts)
 For the Quarter Ended May 31
 1993 1992 Pct. Change
 Net sales $26,263 $25,358 3.6
 Income before income taxes 1,844 2,202 (16.3)
 Net income 1,222 1,315 (7.1)
 Earnings per share $ .20 $ .22 (9.1)
 Weighted average shares of
 common stock outstanding 6,110 6,103 --
 For the Nine Months Ended May 31
 1993 1992 Pct. Change
 Net sales $74,748 $71,555 4.5
 Income before income taxes 4,999 5,973 (16.3)
 Net income 3,148 3,634 (13.4)
 Earnings per share $ .52 $ .60 (13.3)
 Weighted average shares of
 common stock outstanding 6,108 6,095 --
 -0- 6/21/93
 /CONTACT: Brian C. Mullins of Tuscarora Incorporated, 412-843-8200/
 (TUSC)


CO: Tuscarora Incorporated ST: Pennsylvania IN: CHM SU: ERN

CD-MP -- PG004 -- 3954 06/21/93 09:48 EDT
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Date:Jun 21, 1993
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