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VAN DORN ANNOUNCES 1992 SECOND QUARTER AND FIRST-HALF RESULTS

 VAN DORN ANNOUNCES 1992 SECOND QUARTER AND FIRST-HALF RESULTS
 CLEVELAND, July 17 /PRNewswire/ -- Van Dorn Company (NYSE: VDC) today reported that earnings per share for the second quarter of 1992 were $.17 per share compared to $.15 in 1991. The second quarter of 1991 included a gain of $.05 per share related to the sale of certain manufacturing facilities. Net income for the quarter was $1,438,955 versus $1,238,356 last year, while net sales declined 1 percent to $79,009,074, from $79,749,863. For the first six months, sales increased 3.7 percent to $156,995,225, from $151,334,657, and earnings per share declined to $.22 from $.28 last year. The 1992 first half net income was negatively affected by a net of $339,149, $.04 per share, related to special charges and credits recorded in the first quarter.
 Container segment sales increased 2.7 percent in the quarter while operating profits increased 15.2 percent to $4,223,906. Sales and profit increased at both the food and household and paint and chemical container segments for the quarter. For the first half, container segment sales increased 1.4 percent and operating profits were down 5.8 percent after adding back the $600,000 charge associated with the cessation of operations of a joint venture that was recorded in the first quarter of 1992.
 Plastic Machinery segment sales declined 9.3 percent to $21,756,931 in the second quarter. The segment had an operating loss of $351,062 compared to a $198,380 operating loss last year which included a gain of $200,000 related to the sale of certain manufacturing facilities. For the first six months, sales increased 9.9 percent and the segment reduced its operating loss to $226,483, from $762,565.
 Commenting on the quarter, W.G. Pryor, president and CEO, said, "The improved operating earnings for the quarter are the result of manufacturing efficiencies, cost reduction efforts, and other improvements we have implemented over the last eighteen months. While the economy continues to hamper our growth and profitability, we are confident of reporting improved earnings per share for the full year and believe we are well positioned to take advantage of opportunities once the economy improves."
 VAN DORN COMPANY
 REPORT FOR THE SECOND QUARTER AND FIRST HALF, 1992
 WITH COMPARATIVE FIGURES FOR 1991
 (Unaudited - Subject to year-end audit)
 For Three Months Ended For Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Sales $79,009,074 $79,749,863 $156,995,225 $151,334,657
 Income before
 taxes 2,000,955 1,858,356 1,466,271(A) 3,522,762
 Income taxes 562,000 620,000 1,360,000(B) 1,190,000
 Income before
 cumulative
 effect of
 accounting
 change 1,438,955 1,238,356 106,271 2,332,762
 Cumulative
 effect of change
 in accounting
 for income taxes - - 1,725,051 -
 Net income 1,438,955 1,238,356 1,831,322 2,332,762
 Income per share
 before cumulative
 effect of accounting
 change(C) .17 .15 .01 .28
 Cumulative effect
 of change in
 accounting for
 income taxes(C) - - .21 -
 Net income per
 share(C) .17 .15 .22 .28
 Average number of
 shares out-
 standing during
 period 8,362,814 8,345,438 8,360,822 8,345,756
 Actual number of
 shares out-
 standing at end
 of period 8,364,462 8,345,342 8,364,462 8,345,342
 (C) -- Based on the average number of shares outstanding.
 Notes:
 (A) Included in income is $1,607,000 ($.12 per share) of expenses relating to the Crown Cork & Seal proposal, certain share-holders' lawsuits, severance costs, and accrued expenses in connection with the cessation of operations of a joint venture.
 (B) Included in income taxes is a provision for deferred taxes of $1,100,000 ($.13 per share) on accumulated profits at a subsidiary.
 -0- 7/17/92
 /CONTACT: Thomas R. Miklich, executive vice president of Van Dorn Company, 216-447-8777/
 (VDC) CO: Van Dorn Company ST: Ohio IN: MAC SU: ERN


KK -- CL015 -- 0253 07/17/92 12:27 EDT
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Date:Jul 17, 1992
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