Sealed Air Announces Its Expectations for Earnings For The Second Quarter 2000


SADDLE BROOK, N.J., July 5, 2000 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE) announced today that it now anticipates that its second quarter earnings per common share will be at least 5% above its second quarter 1999 earnings of $0.44 per common share, assuming in each case full conversion of the Company's preferred stock. The Company expects the increase in second quarter earnings per common share to be adversely affected by sharp increases in the costs of certain resins used to produce its packaging products. The Company estimates that, during the second quarter, these costs increased more than 25% over the second quarter of 1999 and approximately 10% over the first quarter of 2000.

The Company noted that this recent spike in raw materials costs has led to a short-term reduction in the Company's earnings per common share growth. The Company's initiatives to achieve continuing operating improvements together with the realization of the Company's announced price increases should mitigate the effect in the third quarter of these raw material cost increases. The Company also noted that sales volumes continue to grow as expected in the mid- to high-single digit range and that operating expenses continue to meet expectations. The Company said that it now anticipates that earnings per common share growth for the full year 2000 will be in excess of 10% compared with 1999, assuming in each case full conversion of the Company's preferred stock. The Company does not expect that its recently announced offer for Dolphin Packaging plc will have a material effect on its 2000 operating results.

Sealed Air is engaged primarily in the manufacture and sale of a complementary line of food, protective and specialty packaging materials and systems. To view the Company's latest financial news online via the World Wide Web, visit http://www.cfonews.com/see.

Certain statements made by the Company in this press release are forward-looking statements. These statements include comments as to the company's beliefs and expectations as to future events and trends affecting the Company's business. These forward-looking statements are based upon management's current expectations concerning future events and trends and are necessarily subject to uncertainties, many of which are outside the control of the Company. The factors stated under the heading "Forward-Looking Statements" in Management's Discussion and Analysis of Results of Operations and Financial Condition, which appears in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2000, could cause actual results to differ materially from such statements.



            

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