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UST POSTS 17 PERCENT INCREASE IN SECOND QUARTER NET EARNINGS AND EARNINGS PER SHARE

 UST POSTS 17 PERCENT INCREASE IN SECOND QUARTER
 NET EARNINGS AND EARNINGS PER SHARE
 GREENWICH, Conn., July 20 /PRNewswire/ -- UST (NYSE: UST) today announced that primary earnings per share increased 17 percent for the second quarter ended June 30 to 35 cents per share, compared with 30 cents per share for the similar 1991 period. Primary earnings per share for the first six months of 1992 rose 18 percent to 66 cents per share, versus 56 cents per share for the corresponding 1991 period.
 Second quarter net earnings were $78.1 million, a 17 percent gain over $66.8 million for the similar 1991 period. For the first six months of 1992, net earnings rose 17 percent to $147.9 million, compared with $126.2 million for the corresponding 1991 period.
 Net sales for the second quarter increased 19 percent to $263.1 million, versus $220.9 million for the corresponding period in 1991. For the first six months of 1992, net sales rose 18 percent to $498.7 million, compared with $424.3 million for the corresponding period in 1991.
 The Tobacco, Wine and Other segments posted sales gains for both the second quarter and six-month period. Moist smokeless tobacco sales were primarily responsible for the increase in the Tobacco segment.
 Domestic unit volume for moist smokeless tobacco products increased 3.2 percent in the second quarter to 151.8 million cans, compared with the similar period in 1991. For the first six months of 1992, unit volume rose 4.7 percent to 291.7 million cans.
 UST, through its subsidiaries, is a leading producer and marketer of moist smokeless tobacco products including Copenhagen, Skoal, Skoal Long Cut, and Skoal Bandits. Other consumer products marketed by UST subsidiaries include premium wines sold nationally through the Chateau Ste. Michelle, Columbia Crest, Conn Creek, and Villa Mt. Eden wineries.
 Copenhagen, Skoal, Skoal Long Cut, Skoal Bandits, Chateau Ste. Michelle, Columbia Crest, Conn Creek, and Villa Mt. Eden are registered trademarks of UST subsidiaries.
 UST
 Consolidated Sales And Earnings
 (In thousands, except per share data, unaudited)
 Second quarter ended June 30
 1992 1991 Pct. Change
 Net sales $263,128 $220,882 +19
 Costs and expenses
 Cost of products sold 64,861 52,738 +23
 Selling, advertising and
 administrative 72,729 61,358 +19
 Interest income, net (471) (327) +44
 Total costs and expenses 137,119 113,769 +21
 Earnings before income taxes 126,009 107,113 +18
 Income taxes 47,924 40,266 +19
 Net earnings 78,085 66,847 +17
 Earnings per share:
 Primary .35 .30 +17
 Fully diluted .35 .30 +17
 Cash dividends per common share .20 .16 1/2 +21
 Average number of common and
 common equivalent shares outstanding
 during the three-month period:
 Primary 222,556 225,699
 Fully diluted 222,556 225,699
 Six months ended June 30
 1992 1991 Pct. Change
 Net sales $498,682 $424,322 +18
 Costs and expenses
 Cost of products sold 119,178 100,680 +18
 Selling, advertising and
 administrative 141,909 122,528 +16
 Interest income, net (930) (1,121) -17
 Total costs and expenses 260,157 222,087 +17
 Earnings before income taxes 238,525 202,235 +18
 Income taxes 90,582 76,058 +19
 Net earnings 147,943 126,177 +17
 Earnings per share:
 Primary .66 .56 +18
 Fully diluted .66 .56 +18
 Cash dividends per common share .40 .33 +21
 Average number of common and
 common equivalent shares outstanding
 during the three-month period:
 Primary 223,226 226,001
 Fully diluted 223,226 226,454
 -0- 7/20/92
 /CONTACT: David Schutzman of UST, 203-622-3479/
 (UST) CO: UST Inc. ST: Connecticut IN: HOU SU: ERN


LR-OS -- NY021 -- 0660 07/20/92 10:47 EDT
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Date:Jul 20, 1992
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