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EARNINGS

April 28, 1993

Avery Dennison, the Pasadena company that makes stick-on labels ubiquitous in today's offices, reported higher first-quarter profit. For the three-month period ended March 31, net income was up 15% to $23.3 million from $20.3 million in the year-ago period. Earnings per share rose 21% to 40 cents a share from 33 cents last year. Revenue fell to $666.5 million, down slightly from $669.8 million in the first quarter of 1992. The results included a one-time benefit of $1.1 million, related to the adoption of new accounting standards for taxes and retiree medical benefits, the company said. Charles D. Miller, chief executive of Avery Dennison, said "solid growth" in the company's domestic materials businesses and its Avery office products business was primarily responsible for the improved results.

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