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PS materials sales rise at Avery Dennison

July 25, 2006

Sales of pressure sensitive materials by Avery Dennison (NYSE:AVY) for the second quarter were $810 million, up 1 percent from the prior year. “Underlying unit growth improved sequentially for the roll materials business in North America, as customers continue to value our service and product advantages,” says Dean A. Scarborough, president and CEO. “We expect volume growth to accelerate in the second half of the year. I am particularly encouraged by the continued strength of the materials operations in the emerging markets of Asia, Latin America, and Eastern Europe.”

Avery Dennison, Pasadena, CA, USA, reported net income of $112 million or $1.12 per share for the quarter, compared with $89.4 million or $0.89 per share in the prior year. Second quarter 2006 earnings from continuing operations were $96.4 million or $0.96 per share, up 8 percent from $89.6 million or $0.89 per share in the prior year. Net sales for the second quarter were $1.41 billion, approximately even with the same quarter last year.

“We continued to make steady progress in reaching our goals this quarter, and in developing new sources of future top line growth and productivity improvement,” says Scarborough. “We remain committed to the pursuit of a balanced long term strategy to drive both solid sales growth and continued margin expansion.”