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RPM Reports Record Third-Quarter Sales

  • Fiscal 2005 third-quarter consolidated sales increase 8.9%
  • Industrial segment leverages 10.7% sales increase into stronger earnings growth
  • Consumer segment earnings impacted by escalating raw material costs
  • Accounting change for convertible securities reduces diluted EPS

MEDINA, Ohio, April 7 /PRNewswire-FirstCall/ -- RPM International Inc. (NYSE: RPM) today reported record sales for the fiscal 2005 third-quarter ended February 28. Net income and earnings per share declined compared with the fiscal 2004 third quarter, due to continued higher raw material costs and asbestos liability costs.

Frank C. Sullivan, president and CEO, stated, "Due to seasonal effects of winter weather, our third quarter is historically our weakest quarter for both sales and earnings. Nevertheless, both of our operating segments were able to exceed their targets for internal growth, reflecting the ongoing focus on growth among all of our businesses. While we are not satisfied with the earnings results in this most recent quarter, the underlying fundamentals of RPM are the strongest in recent memory, underpinning our optimism about RPM's future."

The company also announced its decision to adopt the provisions of Emerging Issues Task Force Issue 04-8, "The Effects of Contingently Convertible Debt on Diluted Earnings Per Share" ("EITF 04-8") in its fiscal 2005 third quarter. This adoption will reduce full-year 2005 diluted earnings by an estimated $0.06 per share and 2004 diluted earnings by $0.06 per share, as further discussed below.

Third-Quarter Sales and Earnings

RPM reported consolidated record net sales of $516.3 million for the fiscal 2005 third quarter, an 8.9% increase compared with last year's third- quarter sales of $474.0 million. The year-over-year sales growth was the result of organic growth +6.1%; favorable foreign currency translation +1.3%; and acquisitions, net of a small divestiture, +1.5%.

The reported net loss of $4.8 million, or a loss of $0.04 per share, compared with net income of $6.0 million, or $0.05 per share, in the fiscal 2004 third quarter. Excluding the asbestos charge, adjusted fiscal 2005 third-quarter net income was $4.5 million, or $0.04 per share, compared with last year's third-quarter results.

It is important to note that several factors combined to reduce fiscal 2005 third-quarter earnings by nearly $0.02 per share, compared with the fiscal 2004 third quarter. RPM's early adoption of FAS 123 ("Accounting for Stock-Based Compensation") in the first quarter of fiscal 2005, in combination with the expense of initial grants under the company's new omnibus equity incentive plan, approved by RPM stockholders at its annual meeting in October 2004, reduced third-quarter earnings by approximately $0.01 per share this year. In addition, deliberate actions during the past year to move substantial portions of debt from floating to fixed rates increased interest costs year over year, which further reduced 2005 third-quarter earnings per share.

Including an asbestos charge of $15.0 million pre-tax to increase RPM's reserves for known asbestos claims, consolidated earnings before interest and taxes (EBIT) were $0.8 million compared with $17.1 million in the year-ago quarter. Excluding the asbestos charge, adjusted EBIT declined 7.3% to $15.8 million. In addition to FAS 123 and the new omnibus equity plan, this decrease also reflects higher raw material costs, the sum of which were only partly offset by ongoing programs to increase prices and improve productivity.

RPM's industrial segment sales, which accounted for 56.8% of 2005 third- quarter consolidated sales, increased 10.7% to $293.1 million. This year- over-year sales growth reflects organic growth +6.2%; favorable foreign currency translation +1.8%; and acquisitions, net of a small divestiture, +2.7%. The industrial segment EBIT rose 23.0% to $12.2 million, strengthening this segment's EBIT margin by 40 basis points compared with the year-ago quarter.

Consumer segment sales, which accounted for 43.2% of consolidated sales, grew 6.7% to $223.2 million. The year-over-year sales growth resulted from organic growth +6.0%, and from favorable foreign currency translation +0.7%. Consumer EBIT declined 27.1%, however, to $12.9 million, reflecting significantly higher raw material costs, which were partly offset by additional earnings from the higher sales volume, price increases and cost controls.

Reconciliations of EBIT and adjusted net income to the most comparable Generally Accepted Accounting Principles (GAAP) measures, an explanation of how RPM uses EBIT in managing its businesses and a reconciliation of reported results to results excluding the impact of the asbestos charge are provided in the supplemental data accompanying this release.

Nine-Month Sales and Earnings

In the first nine months of fiscal 2005, consolidated net sales rose 10.1% to a record $1.801 billion compared with last year's nine-month sales of $1.637 billion. The year-over-year sales growth was due to organic growth +7.2%; favorable foreign currency translation +1.4%; and acquisitions, net of a small divestiture, +1.5%.

Reported net income of $58.8 million and diluted earnings per share of $0.48 compared with net income of $88.9 million and diluted earnings per share of $0.73 a year ago. Net income for the first nine months of fiscal 2004 was unchanged by adoption of EITF 04-8, while diluted earnings per share decreased by $0.03. Excluding the asbestos charges, adjusted net income of $97.5 million this year increased 9.7% compared with last year, while adjusted diluted earnings per share of $0.79 rose 8.2% over the restated $0.73 per share in the fiscal 2004 first nine months.

RPM's early adoption of FAS 123, combined with the expense of initial grants under the new omnibus equity incentive plan, plus RPM's strategic changes in debt structure, which caused comparatively higher interest costs this year, collectively reduced nine-month earnings by approximately $0.03 per diluted share, compared with fiscal 2004.

Nine-month cash flow from operations was $97.2 million, a decrease of $23.5 million compared with fiscal 2004 nine-month cash flow. After-tax asbestos-related payments during the first nine months of fiscal 2005 were $35.2 million versus last year's $24.2 million; however, last year had the benefit of the remaining third-party insurance supplement, amounting to $9.4 million on a pre-tax basis. Before taxes and before insurance, total asbestos-related payments of $56.3 million through nine months this year compared with $47.9 million last year.

Through nine months this year, capital expenditures of $34.5 million compared with depreciation of $36.9 million. Total debt increased $119.1 million, including the net refinancing proceeds less subsequent debt paydowns, from the $200 million 4.45% Senior Notes due 2009 sold in September 2004. The excess cash from the 4.45% Senior Notes is being held in cash and short-term investments toward satisfying RPM's indebtedness under its $150 million 7.0% Senior Notes, which mature on June 15, 2005. Accordingly, RPM's net (of cash) debt-to-capital ratio has improved to 39.2% from 41.2% one year ago and 41.1% this past year end, May 31, 2004.

Asbestos Charge

As previously announced, RPM evaluates the adequacy of its asbestos liability reserves each quarter and adjusts these reserves when appropriate. Accordingly, the company elected to take an additional $15 million pre-tax asbestos charge this third-quarter 2005. This charge brings RPM balance sheet reserves for asbestos liability to $96.3 million. The company believes this level sufficiently supports a conservatively estimated valuation of existing claims in light of the company's more aggressive defense strategy, which entails higher legal costs, but has produced ultimately lower resolution costs.

The company noted that it remains committed to its strategy for managing this liability, and that its outlook is in line with its current reserve assumptions. The company further commented that changes in state laws were not having the anticipated positive effects as soon as expected, partly because its more aggressive defense strategy has slowed the resolution of a number of cases and state dockets have become clogged in smaller jurisdictions where many cases are to be tried.

Contingent Convertible Debt Accounting (EITF 04-8)

The company also announced that it has changed the accounting treatment of its 2.75% Senior Convertible Notes due 2033, effective with its third quarter results ended February 28, 2005. This change comes as a result of the consensus reached by the Emerging Issues Task Force, as outlined in Issue 04-8, "The Effect of Contingently Convertible Instruments on Diluted Earnings Per Share," and ratified by the Financial Accounting Standards Board on October 13, 2004. In accordance with the new accounting guidance, the 8,034,355 contingent shares of the company's common stock related to this convertible debt will now be included in the company's calculation of diluted earnings per share. The net effect of this change will be to reduce RPM's current fiscal year diluted earnings by approximately $0.06 per share. Similarly, the company will also be restating its diluted earnings per share for fiscal 2004 to retroactively reflect this same change in accounting treatment, which will also result in a reduction of $0.06 per share. This contingently convertible security permits the company the flexibility to deliver payment in cash, common stock, or a combination of cash and common stock, and this flexibility remains as attractive to RPM today as when it was issued. While the company could have changed the indenture to limit some of this flexibility in order to avoid some or all of the per share dilution, such change would have cost the company approximately $750,000. Instead, the company chose, as did approximately 90 percent of the more than 300 companies that have issued similar such securities, not to make any such changes at this time. This decision allows the company to retain the flexibility inherent in the security and to save the expense of amending the indenture, both of which it firmly believes are in the best interest of its stockholders. If and when appropriate, the company will consider the possibility of incorporating such amendments and changes to the indenture in the future. In the meantime, with respect to market price, RPM common shares must trade above $22.41 for a specified period of time before these bonds become convertible into the underlying contingent shares.

Business Outlook

RPM's fourth quarter is traditionally its strongest in sales and operating earnings, with sales the past two years up more than 35% sequentially compared with the third quarter. The company continues to see raw material cost increases and has continued to implement price increases throughout its product lines as it enters the spring selling season.

"Our strategies to foster organic growth are paying off as numerous new products and services continue to gain market acceptance, and our strategic approach to acquisitions in North America and Europe is ongoing," said Sullivan. "We continue to expect high-single-digit revenue growth for the full 2005 fiscal year compared with year-ago results; however, the continued escalation of raw material costs makes it more likely that our full-year earnings growth could moderate slightly, to an expected +8% to +10% this year, versus our prior guidance of +10% to +12% growth, after adjusting for asbestos reserve charges."

Webcast Information

RPM management will host a conference call to further discuss these results beginning at 10:00 a.m. Eastern time today. The call can be accessed by dialing 888-396-2356. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. The call, which will last approximately one hour, will be open to the public, but only financial analysts will be permitted to ask questions. The media and all other participants will be in a listen-only mode. For those unable to listen to the live call, a replay will be available from approximately 12:00 p.m. Eastern time on April 7 until 8:00 p.m. Eastern time on April 14, 2005. The replay can be accessed by dialing 888-286-8010. The access code is 51006884. The call also will be available both live and for replay, and as a written transcript, via the Internet on the RPM web site at http://www.rpminc.com .

About RPM

RPM International Inc., a holding company, owns subsidiaries that are world leaders in specialty coatings and sealants serving both industrial and consumer markets. RPM's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. Industrial brands include Stonhard, Tremco, Carboline, Day-Glo, Euco and Dryvit. RPM's consumer products are used by professionals and do-it- yourselfers for home maintenance and improvement, automotive and boat repair and maintenance, and by hobbyists. Consumer brands include Zinsser, Rust- Oleum, DAP, Varathane, Bondo and Testors.

For more information, contact Glenn R. Hasman, vice president of finance and communications, at 330-273-8820 or ghasman@rpminc.com.

This press release contains "forward-looking statements" relating to the business of the company. These forward-looking statements, or other statements made by the company, are made based on management's expectations and beliefs concerning future events impacting the company and are subject to uncertainties and factors (including those specified below) which are difficult to predict and, in many instances, are beyond the control of the company. As a result, actual results of the company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) general economic conditions; (b) the price and supply of raw materials, particularly titanium dioxide, certain resins, aerosols and solvents; (c) continued growth in demand for the company's products; (d) legal, environmental and litigation risks inherent in the company's construction and chemicals businesses and risks related to the adequacy of the company's insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon the company's foreign operations; (g) the effect of non- currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (h) risks and uncertainties associated with the company's ongoing acquisition and divestiture activities; (i) risks related to the adequacy of its contingent liability reserves, including for asbestos-related claims; and other risks detailed in the company's other reports and statements filed with the Securities and Exchange Commission, including the risk factors set forth in the company's prospectus and prospectus supplement included as part of the company's Registration Statement on Form S-4 (File No. 333-114259), as the same may be amended from time to time. RPM does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.



                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (Unaudited)
                                 In thousands

                                                        Nine Months Ended
                                                    February 28,  February 29,
                                                        2005          2004
    Cash Flows From Operating Activities
        Net income                                    $58,826       $88,913
        Depreciation and amortization                  48,930        46,784
        Items not affecting cash and other             21,136        11,920
        Changes in operating working capital          (35,291)       (2,845)
        Changes in asbestos-related
         liabilities, net of tax                        3,569       (24,146)
                                                       97,170       120,626

    Cash Flows From Investing Activities
        Capital expenditures                          (34,453)      (26,169)
        Acquisition of businesses, net of
         cash acquired                                 (9,900)      (24,871)
        Proceeds from the sale of assets                4,500
        Other                                          (5,998)      (11,845)
                                                      (45,851)      (62,885)

    Cash Flows From Financing Activities
        Additions to (reductions of)
         long-term and short-term debt                123,832       (14,295)
        Cash dividends                                (51,314)      (47,419)
        Exercise of stock options                      10,741         4,116
                                                       83,259       (57,598)

    Increase in Cash and Short-Term Investments      $134,578          $143



                      CONSOLIDATED STATEMENTS OF INCOME
                                 (Unaudited)
                     In thousands, except per share data

                                                   AS REPORTED
                                      Nine Months Ended   Three Months Ended
                                    February    February   February  February
                                    28, 2005    29, 2004   28, 2005  29, 2004

    Net Sales                      $1,801,319  $1,636,542  $516,337  $473,978
    Cost of sales                   1,024,627     908,121   305,220   270,175
    Gross profit                      776,692     728,421   211,117   203,803
    Selling, general &
     administrative expenses          599,749     569,810   195,273   186,705
    Asbestos charges                   62,000                15,000
    Interest expense, net              25,485      20,761     8,600     7,767
    Income before income taxes         89,458     137,850    (7,756)    9,331
    Provision for income taxes         30,632      48,937    (2,984)    3,313
    Net Income                        $58,826     $88,913   $(4,772)   $6,018

    Basic earnings per share of
     common stock                       $0.50       $0.77    $(0.04)    $0.05

    Diluted earnings per share of
     common stock (b)                   $0.48       $0.73    $(0.04)    $0.05

    Average shares of common stock
     outstanding - basic              116,700     115,687   117,284   115,835

    Average shares of common stock
     outstanding - diluted (b)        126,206     124,627   119,152   125,385

    (a) Adjusted figures presented remove the impact of the additional
        asbestos charges taken during the second and third quarters of fiscal
        2005.

    (b) Amounts for all periods presented include the effect of our
        contingently issuable shares, as required by EITF Issue No. 04-8.
        Conversion of the 8,034,355 shares related to convertible securities
        for the three-month period ended February 28, 2005 was not assumed,
        since the result would have been antidilutive.



                      CONSOLIDATED STATEMENTS OF INCOME
                                 (Unaudited)
                     In thousands, except per share data

                                                   ADJUSTED (a)
                                      Nine Months Ended    Three Months Ended
                                    February    February   February  February
                                    28, 2005    29, 2004   28, 2005  29, 2004

    Net Sales                      $1,801,319  $1,636,542  $516,337  $473,978
    Cost of sales                   1,024,627     908,121   305,220   270,175
    Gross profit                      776,692     728,421   211,117   203,803
    Selling, general &
     administrative expenses          599,749     569,810   195,273   186,705
    Asbestos charges
    Interest expense, net              25,485      20,761     8,600     7,767
    Income before income taxes        151,458     137,850     7,244     9,331
    Provision for income taxes         53,957      48,937     2,716     3,313
    Net Income                        $97,501     $88,913    $4,528    $6,018

    Basic earnings per share of
     common stock                       $0.84       $0.77     $0.04     $0.05

    Diluted earnings per share of
     common stock (b)                   $0.79       $0.73     $0.04     $0.05

    Average shares of common stock
     outstanding - basic              116,700     115,687   117,284   115,835

    Average shares of common stock
     outstanding - diluted (b)        126,206     124,627   119,152   125,385

    (a) Adjusted figures presented remove the impact of the additional
        asbestos charges taken during the second and third quarters of fiscal
        2005.

    (b) Amounts for all periods presented include the effect of our
        contingently issuable shares, as required by EITF Issue No. 04-8.
        Conversion of the 8,034,355 shares related to convertible securities
        for the three-month period ended February 28, 2005 was not assumed,
        since the result would have been antidilutive.



                       SUPPLEMENTAL SEGMENT INFORMATION
                                 (Unaudited)
                                 In thousands

                                                    AS REPORTED
                                     Nine Months Ended     Three Months Ended
                                     February    February  February  February
                                     28, 2005    29, 2004  28, 2005  29, 2004
    Net Sales:
      Industrial Segment           $1,023,540    $911,252  $293,144  $264,754
      Consumer Segment                777,779     725,290   223,193   209,224
           Total                   $1,801,319  $1,636,542  $516,337  $473,978

    Income Before Income Taxes (b):
      Industrial Segment
           Income Before Income
            Taxes (b)                $114,563     $95,990   $12,488   $10,029
           Interest (Expense), Net        277          85       253        81
           EBIT (c)                  $114,286     $95,905   $12,235    $9,948
      Consumer Segment
           Income Before Income
            Taxes (b)                 $90,707     $91,932   $13,041   $17,727
           Interest (Expense), Net        267          89       159        49
           EBIT (c)                   $90,440     $91,843   $12,882   $17,678
      Corporate/Other
           Income Before Income
            Taxes (b)               $(115,812)   $(50,072) $(33,285) $(18,425)
           Interest (Expense), Net    (26,029)    (20,935)   (9,012)   (7,897)
           EBIT (c)                  $(89,783)   $(29,137) $(24,273) $(10,528)
           Consolidated
                Income Before
                 Income Taxes (b)     $89,458    $137,850   $(7,756)   $9,331
                Interest
                 (Expense), Net       (25,485)    (20,761)   (8,600)   (7,767)
                EBIT (c)             $114,943    $158,611      $844   $17,098

     (a) Adjusted figures presented remove the impact of the additional
         asbestos charges taken during the second and third quarters of fiscal
         2005.

     (b) The presentation includes a reconciliation of Income Before Income
         Taxes, a measure defined by Generally Accepted Accounting Principles
         (GAAP) in the United States, to EBIT.

     (c) EBIT is defined as earnings before interest and taxes.  We evaluate
         the profit performance of our segments based on income before income
         taxes, but also look to EBIT as a performance evaluation measure
         because interest expense is essentially related to corporate
         acquisitions, as opposed to segment operations. We believe EBIT is
         useful to investors for this purpose as well, using EBIT as a metric
         in their investment decisions.  EBIT should not be considered an
         alternative to, or more meaningful than, operating income as
         determined in accordance with GAAP, since EBIT omits the impact of
         interest and taxes in determining operating performance, which
         represent items necessary to our continued operations, given our
         level of indebtedness and ongoing tax obligations.  Nonetheless, EBIT
         is a key measure expected by and useful to our fixed income
         investors, rating agencies and the banking community all of whom
         believe, and we concur, that this measure is critical to the capital
         markets' analysis of our segments' core operating performance. We
         also evaluate EBIT because it is clear that movements in EBIT impact
         our ability to attract financing.  Our underwriters and bankers
         consistently require inclusion of this measure in offering memoranda
         in conjunction with any debt underwriting or bank financing.  EBIT
         may not be indicative of our historical operating results, nor is it
         meant to be predictive of potential future results.



                       SUPPLEMENTAL SEGMENT INFORMATION
                                 (Unaudited)
                                 In thousands

                                                    ADJUSTED (a)
                                     Nine Months Ended     Three Months Ended
                                     February    February  February  February
                                     28, 2005    29, 2004  28, 2005  29, 2004
    Net Sales:
      Industrial Segment           $1,023,540    $911,252  $293,144  $264,754
      Consumer Segment                777,779     725,290   223,193   209,224
           Total                   $1,801,319  $1,636,542  $516,337  $473,978

    Income Before Income Taxes (b):
      Industrial Segment
           Income Before Income
            Taxes (b)                $114,563     $95,990   $12,488   $10,029
           Interest (Expense), Net        277          85       253        81
           EBIT (c)                  $114,286     $95,905   $12,235    $9,948
      Consumer Segment
           Income Before Income
            Taxes (b)                 $90,707     $91,932   $13,041   $17,727
           Interest (Expense), Net        267          89       159        49
           EBIT (c)                   $90,440     $91,843   $12,882   $17,678
      Corporate/Other
           Income Before Income
            Taxes (b)                $(53,812)   $(50,072) $(18,285) $(18,425)
           Interest (Expense), Net    (26,029)    (20,935)   (9,012)   (7,897)
           EBIT (c)                  $(27,783)   $(29,137)  $(9,273) $(10,528)
           Consolidated
                Income Before
                 Income Taxes (b)    $151,458    $137,850    $7,244    $9,331
                Interest
                 (Expense), Net       (25,485)    (20,761)   (8,600)   (7,767)
                EBIT (c)             $176,943    $158,611   $15,844   $17,098

     (a) Adjusted figures presented remove the impact of the additional
         asbestos charges taken during the second and third quarters of fiscal
         2005.

     (b) The presentation includes a reconciliation of Income Before Income
         Taxes, a measure defined by Generally Accepted Accounting Principles
         (GAAP) in the United States, to EBIT.

     (c) EBIT is defined as earnings before interest and taxes.  We evaluate
         the profit performance of our segments based on income before income
         taxes, but also look to EBIT as a performance evaluation measure
         because interest expense is essentially related to corporate
         acquisitions, as opposed to segment operations. We believe EBIT is
         useful to investors for this purpose as well, using EBIT as a metric
         in their investment decisions.  EBIT should not be considered an
         alternative to, or more meaningful than, operating income as
         determined in accordance with GAAP, since EBIT omits the impact of
         interest and taxes in determining operating performance, which
         represent items necessary to our continued operations, given our
         level of indebtedness and ongoing tax obligations.  Nonetheless, EBIT
         is a key measure expected by and useful to our fixed income
         investors, rating agencies and the banking community all of whom
         believe, and we concur, that this measure is critical to the capital
         markets' analysis of our segments' core operating performance. We
         also evaluate EBIT because it is clear that movements in EBIT impact
         our ability to attract financing.  Our underwriters and bankers
         consistently require inclusion of this measure in offering memoranda
         in conjunction with any debt underwriting or bank financing.  EBIT
         may not be indicative of our historical operating results, nor is it
         meant to be predictive of potential future results.



                         CONSOLIDATED BALANCE SHEETS
                                 In thousands

                                          February 28, February 29,   May 31,
    Assets                                    2005         2004        2004
                                           (Unaudited) (Unaudited)
    Current Assets
        Cash and short-term investments      $173,139     $50,868     $38,561
        Trade accounts receivable       417,231     373,603     502,994
        Allowance for doubtful accounts (20,242)    (18,460)    (18,147)
        Net trade accounts receivable         396,989     355,143     484,847
        Inventories                           337,562     291,908     289,359
        Deferred income taxes                  53,928      54,284      51,164
        Prepaid expenses and other current
         assets                               147,354     137,063     130,686
        Total current assets                1,108,972     889,266     994,617

    Property, Plant and Equipment, at Cost    801,789     747,977     767,072
        Allowance for depreciation and
         amortization                        (416,930)   (381,122)   (386,017)
        Property, plant and equipment, net    384,859     366,855     381,055

    Other Assets
        Goodwill                              660,760     649,811     648,243
        Other intangible assets, net of
         amortization                         279,005     279,799     282,372
        Other                                  51,877      38,001      46,832
        Total other assets                    991,642     967,611     977,447

    Total Assets                           $2,485,473  $2,223,732  $2,353,119

    Liabilities and Stockholders' Equity

    Current Liabilities
        Accounts payable                     $172,076    $142,740    $205,092
        Current portion of long-term debt       3,425       2,080         991
        Accrued compensation and benefits      69,077      68,481      88,670
        Accrued loss reserves                  51,605      55,777      56,699
        Asbestos-related liabilities           50,000      49,579      47,500
        Other accrued liabilities              71,684      62,597      72,222
        Income taxes payable                    1,734     (10,580)      6,319
        Total current liabilities             419,601     370,674     477,493

    Long-Term Liabilities
        Long-term debt, less current
         maturities                           835,625     709,753     718,929
        Asbestos-related liabilities           46,318      56,370      43,107
        Other long-term liabilities            68,751      62,578      59,910
        Deferred income taxes                  80,206      81,308      78,388
        Total long-term liabilities         1,030,900     910,009     900,334
           Total liabilities                1,450,501   1,280,683   1,377,827

    Stockholders' Equity
        Preferred stock; none issued
        Common stock (outstanding 117,452;
         115,952; 116,122)                      1,175       1,160       1,161
        Paid-in capital                       533,226     512,443     513,986
        Treasury stock, at cost                              (135)
        Accumulated other comprehensive
         income (loss)                         29,034       2,295      (3,881)
        Retained earnings                     471,537     427,286     464,026
        Total stockholders' equity          1,034,972     943,049     975,292

    Total Liabilities and Stockholders'
     Equity                                $2,485,473  $2,223,732  $2,353,119

SOURCE RPM International Inc.

Contact: Glenn R. Hasman, vice president of finance and communications of RPM International Inc., +1-330-273-8820, or ghasman@rpminc.com


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