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TUSCARORA PLASTICS ANNOUNCES IMPROVED FIRST QUARTER RESULTS, 18TH CONSECUTIVE DIVIDEND INCREASE

 TUSCARORA PLASTICS ANNOUNCES IMPROVED FIRST QUARTER RESULTS,
 18TH CONSECUTIVE DIVIDEND INCREASE
 NEW BRIGHTON, Pa., Dec. 19 /PRNewswire/ -- Tuscarora Plastics, Inc. (NASDAQ: TUSC) today reported that operating results for its first quarter of fiscal year 1992 improved significantly over the first quarter of fiscal year 1991.
 The quarter ended Nov. 30, 1991. Net sales were $23.7 million, an increase of 13.5 percent from net sales of $20.9 for the year earlier quarter. Net income was $1.4 million for fiscal year 1991's first quarter. Earnings per share were $.45, a 21.6 percent increase over the $.37 earned during the comparable quarter of fiscal year 1991.
 John P. O'Leary Jr., president and chief executive officer, attributed the improved first quarter results to an across-the-board increase in business. He said the increase continued a trend which has been under way since July. Commenting on the remainder of the year, O'Leary was less certain business would continue growing at the current pace in light of recent indications of continuing slowness in the U.S. economy. He did say, however, he expected the acquisition of Glendale Plastics, announced on Dec. 9, and slated to be completed in mid-January, would favorably impact the company during the second half of fiscal year 1992.
 Tuscarora also announced that it will increase its regular semiannual dividend to $.15 per share from $.14 per share paid the same time last year. This is the 18th consecutive year the company has increased its annual dividend rate. The annual dividend rate is now $.30 per share. The increased dividend is payable Jan. 2, 1992 to shareholders of record on Dec. 23, 1991.
 Tuscarora Plastics, founded in 1962 in New Brighton, Pa., 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 and material handling products for a wide range of industrial and consumer product manufacturers; and thermal insulation and component parts for original equipment manufacturers. The company also manufactures corrugated internal packaging forms constructed from die-cut and glued paper- based materials.
 Tuscarora currently operates manufacturing facilities at 20 locations throughout the United States.
 TUSCARORA PLASTICS, INC.
 Condensed Summary of Operations
 (In thousands, except per share amounts)


For the quarter ended
Nov. 30, 1991 1990 Pct. increase
Net sales $23,692 $20,869 13.5


Income before income
 taxes 2,202 1,785 23.4
Net income 1,354 1,105 22.5
Earnings per share $.45 $.37 21.6


Weighted average shares
 of common stock outstanding 3,043 3,012 --
 -0- 12/19/91
 /CONTACT: Brian C. Mullins of Tuscarora Plastics, 412-843-8200/
 (TUSC) CO: Tuscarora Plastics, Inc. ST: Pennsylvania IN: CHM SU: ERN


CD -- PG002 -- 3714 12/19/91 08:40 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 19, 1991
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