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Avery Dennison Warns of Lower 4th Quarter Revenue

Press release from the issuing company

PASADENA, Calif. Avery Dennison Corporation (NYSE/PCX:AVY) today announced that, based on preliminary data, revenue for the fourth quarter of 2000 will be less than the Company's previously announced expectations. Revenue for the fourth quarter is now expected to be in the range of $930 million to $940 million, and earnings per share, on a diluted basis, are expected to be in the range of $.66 per share to $.68 per share. The revised revenue expectation represents a reduction of approximately three to four percent from previously announced forecasts, while earnings per share are expected to be at or slightly below the lower end of the range of expectations previously announced for the fourth quarter. For the full-year 2000, the Company expects to report record high results, with earnings per share expected to grow approximately 11 percent over the prior year, excluding a restructuring charge in 1999. Sales growth, excluding the impact of currency exchange rates, is expected to be approximately seven percent for the year. The Company attributed its lower-than-expected sales in the fourth quarter to sluggish economic conditions exclusively in North America. Avery Dennison achieved continued strong sales growth throughout the fourth quarter in other major geographic regions, including Europe, Asia Pacific and Latin America.

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