Glatfelter Co.A combination of the recession and the...

P. H.

July 16, 1991

P. H. Glatfelter Co.

A combination of the recession and the recent start up of new, competing paper machines pushed second-quarter earnings of this Spring Grove, Pa.-based papermaker down by about one-fifth from the same period last year.

While attributing some of the decline to recession-inspired consumption cutbacks, Glatfelter also blamed a recent building spree in the paper industry.

Glatfelter makes everything from cigarette paper to writing paper.

Three months ended 6/30/91

G; .... ....Revenue.... .... .... Net.... .... .... Share

....135,147,000.... .... 17,531,000. .... 0.77

'90.... ....156,907,000.... .... 22,264,000. .... 0.94

% change.... 13.9.... ...... .... 21.3.... ... .... 18.1

Six months ended 6/30/91

G; .... ....Revenue.... .... .... Net.... .... .... Share

....284,253,000.... .... 38,056,000. .... 1.67

'90.... ....315,414,000.... .... 42,228,000. .... 1.78

% change....-9.9..... ...... .... -9.9.... ... .... -6.2

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