U.S. Can Announces Record First Quarter Results /

Earnings Up 78% Oak Brook, Ill. (ots-PRNewswire) - U.S. Can Corporation's(NYSE: USC) first quarter earnings increased 78% over the firstquarter of last year. U.S. Can Chairman and CEO Paul W. Jonessaid, "I am pleased to report record first quarter earnings of$5.6 million or $0.41 per share versus first quarter 1998 of $3.1million or $0.23 per share." He cited higher operating margins,improved productivity and lower interest as the primarycontributors to the record quarter. Overall we experienced a significant increase in gross profitratios over 1998. Cash flow for the quarter continued to bestrong. The $15 million of cash flow generated was used tofurther reduce debt by $9 million and the remainder increased theCompany's cash balances. Mr. Jones stated that, "We are encouraged by the results ofour first quarter and look forward to continuing improvement over1998 for the balance of the year. The continued focus on improvedearnings is in-line with our objective of increasing shareholdervalue." For the quarter ended April 4, 1999, U.S. Can reported netsales of $185 million, which was in-line with the Company's plan,but a decrease of 4% from the first quarter of 1998. Increasedaerosol sales in Europe were offset by lower domestic aerosol,custom and specialty, and paint sales. Gross margin of 14.0% in the first quarter of 1999 was aseventeen percent improvement over the 12.0% gross marginreported in the first quarter of 1998. First quarter 1999 marginsreflect improved performance in Europe and productivityimprovements in the domestic operations. Operating margin of 9.5%also compares favorably to the 7.8% reported in the first quarterof 1998. Interest expense of $7.6 million in the first quarter of 1999was a reduction of 12% from the corresponding period of 1998.Continued focus on cash flow, working capital and capitalprograms are the main contributors to the decrease. Dilutedearnings per share of $0.41 in the first quarter of 1999 comparesto $0.23 reported in the first quarter of 1998. U.S. Can Corporation is a leading manufacturer of steelcontainers for personal care, household, automotive, paint andindustrial products in the United States and Europe, as well asplastic containers in the United States. Certain statements in this release constitute "forward-lookingstatements" within the meaning of the Federal securities laws.Such statements involve known and unknown risks and uncertaintieswhich may cause the Company's actual results, performance orachievements to be materially different than future results,performance or achievements expressed or implied in this release.By way of example and not limitation and in no particular order,known risks and uncertainties include the timing of, and netproceeds realized from, divestitures; the timing and cost ofplant closures; the level of cost reduction achieved throughrestructuring; the success of new technology; changes in marketconditions or product demand; loss of important customers;changes in raw material costs; and currency fluctuations. Inlight of these and other risks and uncertainties, the inclusionof a forward-looking statement in this release should not beregarded as a representation by the Company that any futureresults, performance or achievements will be attained. otsOriginal Text Service: U.S. Can Corporation Internet:http://www.newsaktuell.de Contact: John L. Workman ExecutiveVice President and Chief Financial Officer of U.S. CanCorporation (USA) 630-571-2531 Web site: http://www.uscanco.com

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