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VAN DORN ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS

 VAN DORN ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS
 CLEVELAND, Ohio, April 16, 1992 -- Van Dorn Company (NYSE: VDC) today reported that earnings per share for the first quarter of 1992 were $.05 per share compared to $.13 in 1991. Net income for the quarter was $392,367 versus $1,094,406 last year, while net sales increased 8.9 percent to $77,986,151 from $71,584,794.
 First quarter net income was negatively affected by $2,064,200, $.25 per share, due to the expenses related to the Crown Cork & Seal proposal, costs associated with certain shareholders' lawsuits, severance costs related to a cost reduction effort, accrued expenses in connection with the cessation of operations of a joint venture and a provision for deferred taxes on accumulated profits of a subsidiary. Financial Accounting Standards Board Statement 109, "Accounting for Income Taxes," was adopted effective January 1, 1992, resulting in an increase in net income for the quarter of $1,725,051, $.21 per share.
 Container segment sales were about even with last year, while operating profits declined to $2,233,797, from $3,830,242 the year before. This year's operating profit includes a charge of $600,000 associated with the cessation of operations of a joint venture. Sales in the food and household container division declined 4.8 percent due principally to reduced sales of the half-tray container to the military. The reduction in half-tray sales also caused operating profits to be below 1991 levels. Sales at the paint and chemical division increased 6.8 percent as business has begun to recover in its primary markets; however, price competition remains intense and continued delays in the introduction of the Trim-Rim(TM) container resulted in lower operating profits for the quarter.
 Plastic Machinery segment sales increased 36.3 percent from last year's depressed level. The sales increase and an improved pricing environment resulted in an operating profit of $124,579 compared to an operating loss last year of $564,185.
 Commenting on the quarter, W. G. Pryor, President and CEO said, "We are encouraged by the improved sales and operating results of the Plastic Machinery segment for the quarter. Order backlog, while below last year's level at this time, is improving, and proposal activity remains high, making us optimistic about continued improvement for 1992. The outlook for the food and household container segment for the balance of the year is good, while improvement in the operating results of the paint and chemical division depend heavily on the successful reintroduction of the Trim-Rim(TM) container that is being aggressively marketed."
 Pryor further commented that "the expenses associated with the Crown Cork & Seal proposal and certain shareholder lawsuits that negatively impacted the first quarter should be behind us, and we are looking forward to improved performance for the balance of 1992."
 VAN DORN COMPANY
 REPORT FOR THE FIRST QUARTER, 1992
 WITH COMPARATIVE FIGURES FOR 1991
 (Unaudited - Subject to year-end audit)
 For Three Months Ended
 March 31,
 1992 1991
 Sales $77,986,151 $71,584,794
 Income (loss) before income taxes (534,684) 1,664,406
 Income taxes 798,000 570,000
 Income (loss) before cumulative
 effect of accounting change (1,332,684) 1,094,406
 Cumulative effect of change in
 accounting for income taxes 1,725,051 -
 Net income 392,367 1,094,406
 Income (loss) per share before
 cumulative effect of
 accounting change* (.16) .13
 Cumulative effect of change in
 accounting for income taxes .21 -
 Net income per share(A) .05 .13
 Average number of shares
 outstanding during period 8,358,831 8,346,078
 Actual number of shares
 outstanding at end of period 8,361,462 8,345,642
 (A) Based on the average number of shares outstanding.
 -0- 4/16/92
 /CONTACT: Thomas R. Miklich, executive vice president of Van Dorn Company, 6000 Lombardo Center, Suite 300, Cleveland, Ohio 44131, 216-447-8777/
 (VDC) CO: Van Dorn Company ST: Ohio IN: SU: ERN


LC -- CL013 -- 9379 04/16/92 14:28 EDT
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Date:Apr 16, 1992
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