Crown Cork & Seal Company, Inc. [GRAPHIC OMITTED] NEWS RELEASE
9300 Ashton Road
Philadelphia, Pennsylvania 19136
- -------------------------------------------------------------------------------
--------------------------------
CROWN CORK & SEAL ANNOUNCES
THIRD QUARTER 1996 RESULTS
--------------------------------
Philadelphia, PA -- October 14, 1996. Crown Cork & Seal Company, Inc.
(NYSE & PARIS BOURSE - CCK) announces its results for the quarter
ended September 30, 1996, in comparison with 1995 as follows:
(In millions, except share and per share amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
------------------ -----------------
SEPTEMBER 30, SEPTEMBER 30,
------------------ -----------------
1996 1995 1996 1995
---- ---- ---- ----
Net sales $2,462.1 $1,427.1 $6,367.0 $3,939.6
-------- -------- -------- --------
Cost of products sold 1,988.6 1,252.8 5,169.1 3,343.6
Depreciation and
amortization 130.0 67.3 359.8 196.5
Selling and
administrative expense 101.6 36.0 277.4 107.8
Provision for restructuring - 82.5 29.6 102.7
Gain on sale of assets ( 12.6) ( 3.1) ( 22.8) ( 8.1)
Interest expense,
net of interest income 85.0 34.8 223.0 102.8
Translation and
exchange adjustments 3.0 ( 1.8) ( 35.7) ( 1.3)
------- -------- -------- -------
Income (loss)
before income taxes 166.5 ( 41.4) 366.6 95.6
Provision for income taxes 54.1 ( 23.9) 107.7 17.4
Minority interests,
net of equity earnings ( 3.0) ( 2.4) ( 14.1) ( 9.4)
-------- -------- -------- -------
Net income (loss) 109.4 ( 19.9) 244.8 68.8
Preferred stock dividends 5.9 - 13.9 -
-------- -------- -------- -------
Net income (loss) available
to common shareholders $ 103.5 ($ 19.9) $ 230.9 $ 68.8
======== ======== ======== =======
Primary earnings (loss)
per average common share $ .81 ($ .22) $ 1.91 $ .76
======== ======== ======== =======
Fully diluted earnings
(loss) per average
common share $ .78 ($ .22) $ 1.89 $ .76
======== ======== ======== =======
Dividends per common share $ .25 $ .75
======== ========
Weighted average shares
outstanding:
Primary 128,510,213 90,840,987 120,820,436 90,619,389
Fully diluted 139,836,015 90,840,987 129,837,826 90,621,473
Actual common shares
outstanding 128,215,366 90,576,900 128,215,366 90,576,900
Actual preferred
shares outstanding 12,432,622 12,432,622
The results for 1996 include the operations of CarnaudMetalbox from the
acquisition date of February 22, 1996.
Certain prior year amounts have been reclassified to improve comparability.
* * end * *