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Avery Dennison Reports 4Q Results, Earnings Up 12%

Press release from the issuing company

PASADENA, Calif. - Avery Dennison Corporation (NYSE/PCX:AVY) today reported fourth quarter 2000 and year-end financial results, announcing that annual sales and earnings reached record high levels. "The Company posted another year of record financial performance, despite a weakening domestic economy and a declining Euro," said Philip M. Neal, chairman and chief executive officer of Avery Dennison. "Sales grew more than 7 percent, before the impact of currency exchange rates, and we achieved our ninth consecutive year of double-digit earnings-per-share growth. "We enter 2001 well prepared to address the challenges of a slowing domestic economy with continued investment and focus on top-line growth and productivity improvement," said Neal. Financial highlights for the fourth quarter: * Earnings per share, on a diluted basis, grew to $.69, an increase of 3 percent over the prior year's fourth quarter earnings of $.67 per share. * Net income remained essentially unchanged at $67.5 million, compared with $67.3 million in the prior year quarter. * Reported sales decreased by 1.2 percent to $933.1 million, compared with $944.8 million a year ago. Excluding the impact of currency exchange rates, sales grew 4.2 percent during the quarter. * Unit volume increased 5.2 percent over the same period a year ago. * Operating margin declined 30 basis points from the same period in the prior year to 11.9 percent. * The effective tax rate for the quarter was 31.1 percent to adjust the year-to-date tax rate to 33.5 percent. Unit volume growth in international operations was solid for both the Consumer and Converted Products and Pressure-sensitive Adhesives and Materials sectors. Domestic unit volume growth was flat in both sectors.

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