Carlisle Companies Incorporated (NYSE:CSL) reported record third quarter sales of $444 million and record third quarter net earnings of $28.2 million, or $0.92 per share (diluted).

The industrial components segment was the primary contributor to the sales and earnings improvement.

For the nine-months ended September 30, 2000, sales of $1.4 billion were up 12% over 1999 year-to-date sales of $1.2 billion, and net earnings of $85.6 million were up 15% over the same period of 1999. Acquisitions made by Carlisle Tire & Wheel and Carlisle Systems & Equipment were the primary contributors to the sales and net earnings gains on a year-to-date basis. In addition, the Company continued to implement productivity improvements throughout its operations, evidenced by the faster rate of growth in earnings.

Stephen P. Munn, Carlisle's Chairman and CEO said, "Carlisle's record third quarter results reflect our commitment to continued growth. A number of new companies that enhance our core business strategies have joined Carlisle, which will provide growth opportunities in the future. We will continue to pursue acquisitions that complement our sales and earnings performance."

Carlisle is a diversified manufacturer of products serving construction materials, industrial components, automotive components and general industry markets.

CARLISLE COMPANIES INCORPORATED
FINANCIAL RESULTS
As of September 30, 2000
(In millions, except per share data)

2000 1999 % Change
Third Quarter ---- ---- --------

Sales $ 444.4 $ 400.9 11%
Net Earnings $ 28.2 $ 24.7 14%
Basic E.P.S. $ 0.93 $ 0.82 14%
Diluted E.P.S. $ 0.92 $ 0.81 14%

Nine Months 2000 1999 % Change
---- ---- --------

Sales $ 1,357.8 $ 1,216.7 12%
Net Earnings $ 85.6 $ 74.5 15%
Basic E.P.S. $ 2.83 $ 2.47 15%
Diluted E.P.S.$ 2.80 $2.43 15%

2000 SEGMENT FINANCIAL DATA
(In millions)

SEPTEMBER - QTR 2000 1999
EBIT EBIT
Sales EBIT % Sales Sales EBIT % Sales
----- ---- ------- ----- ------ -------
Construction
Materials $ 119.5 $ 21.1 17.7% $ 113.9 $ 19.8 17.4%

Industrial
Components 152.8 18.0 11.8% 120.0 12.3 10.3%

Automotive
Components 69.0 3.8 5.5% 71.8 3.3 4.6%

General Industry
/All Other 103.1 11.6 11.3% 95.2 12.3 12.9%
------ ----- ----- -----

Subtotal 444.4 54.5 12.3% 400.9 47.7 11.9%

Corporate/Elims -- (3.9) -- -- (2.7) --
---- ----- ---- -----

Total $ 444.4 $ 50.6 11.4% $ 400.9 $ 45.0 11.2%

SEPTEMBER -YTD 2000 1999

Sales EBIT Assets Sales EBIT Assets
----- ---- ------ ----- ------ ------

Construction
Materials $ 307.9 $ 46.1 $ 296.3 $ 301.4 $ 44.7 $ 242.2

Industrial
Components 499.7 68.8 490.8 409.0 52.7 332.5

Automotive
Components 233.5 18.0 166.7 237.1 16.1 213.6

General Industry
/All Other 316.7 31.3 338.2 269.2 30.3 237.9
------ ----- ------ ------ ----- ------

Subtotal 1,357.8 164.2 1,292.0 1,216.7 143.8 1,026.2

Corporate/
Elims -- (10.3) 79.5 -- (8.4) 47.3
---- ------ ----- ---- ----- -----

Total $ 1,357.8 $ 153.9 $ 1,371.5$1,216.7 $ 135.4 $ 1,073.5


Discussion of Results

Summary

Carlisle Companies Incorporated reported record third quarter
sales of $444 million and record third quarter net earnings of $28.2
million, or $0.92 per share (diluted). The Industrial Components
segment was the primary contributor to the sales and earnings
improvement.
For the nine-months ended September 30, 2000, sales of $1.4
billion were up 12% over 1999 year-to-date sales of $1.2 billion, and
net earnings of $85.6 million were up 15% over the same period last
year. Acquisitions made in the Industrial Components and General
Industry segments were the primary contributors to the sales and net
earnings gains on a year-to-date basis. In addition, the Company
continued to effectively implement cost reduction and productivity
improvements throughout its operations.
Construction Materials sales of $120 million, for the third
quarter 2000, were up 5% over 1999 third quarter sales of $114
million. Increased sales of TPO membrane and insulation products were
the primary contributors to the sales increase. Earnings before
interest and taxes ("EBIT") for the quarter of $21.1 million were up
7% over the third quarter last year. In July, the Company announced
that it purchased a 25% equity interest in Icopal a/s, a leading
European roofing systems company with sales exceeding $600 million.
Earnings from the investment in Icopal are accounted for using the
equity method. The Icopal earnings contribution is shown in the
Construction Materials segment's earnings results, but sales, under
equity accounting rules, were not impacted. Icopal's contribution and
continued favorable warranty experience accounted for 40% and 60%
respectively, of the earnings improvement in the segment, offsetting
the negative effect of rising material costs in a very competitive
roofing market.
Industrial Components reported robust growth in both sales and
earnings. Sales of $153 million for the third quarter outpaced 1999
sales by 27%, while EBIT of $18.0 million exceeded last year by 46%.
Carlisle Tire & Wheel fueled the sales and earnings growth of this
segment through the acquisitions of the consumer tire and wheel
business of Titan International, Inc. acquired in April of this year,
and the CRAGAR steel wheel product line, which was acquired in
December of 1999. Tensolite reported improved results over the third
quarter of 1999 through its expansion into new cable assembly markets
as well as increased aerospace cable demand. In July, the Company
completed the acquisition of UniTrek Company, a manufacturer of radio
frequency and microwave cable assemblies, and wire harnesses supplied
to customers in various wireless markets. UniTrek will further expand
the Company's product offerings in this growing market. Reduced
production levels, experienced at many of the heavy-duty truck
manufacturers, have negatively impacted sales and earnings of the
Company's heavy-duty brake lining business. Strong aftermarket demand,
favorable product mix and the successful implementation of operating
efficiencies at Carlisle Industrial Brake & Friction added to this
segment's sales and earnings growth.
Automotive Components reported a 15% increase in EBIT on slightly
lower sales for the quarter ended September 30, 2000, compared to
third quarter 1999. Sales in this segment have remained strong
throughout the year, after taking into consideration the
deconsolidation of its small U.K. joint venture and the cessation of
its tool manufacturing operations, which together contributed $14.5
million to sales in 1999. The Company's focus on operational
efficiencies has resulted in improvements to operating profits and
this segment's return on assets.
General Industry sales of $103 million were up 8% over 1999 third
quarter sales of $95 million. Sales gains at Carlisle Systems &
Equipment and Carlisle FoodService were supported by acquisitions made
during the year. EBIT for this segment of $11.6 million for the third
quarter 2000, was 6% below the same period last year. During the
quarter FoodService announced price increases to cover cost increases
already experienced, which will not have an effect until the fourth
quarter. Additionally, rising fuel costs, exacerbated by higher
interest rates and regulatory legislation, have negatively impacted
demand and margins at Carlisle Transportation Products.

Acquisitions

During the third quarter, Carlisle completed four acquisitions:
UniTrek, a manufacturer of radio frequency and microwave cable
assemblies and complex wire harnesses, supplying OEM's in the wireless
communications, electronic test and measurement, and defense
electronics markets; a 25% equity investment in Icopal a/s, Europe's
leading commercial roofing systems company; Red River Manufacturing
Inc., a specialty trailer manufacturer; and Zimmer Corporation, which
will broaden Carlisle's global offerings of cheese equipment and whey
processing systems.

Cash Flows

Cash generated from operations for the third quarter was $11
million. Increased net income, amortization and depreciation were
partially offset by higher working capital needs, as the company took
advantage of quarter-end discounts and increased inventory levels for
seasonal demands. For the nine months ended September 30, 2000, cash
generated from operations was $67 million, compared to $90 million in
1999 for the same period. The 1999 nine-month cash flows reflect the
impact of the proceeds, net of a $39 million tax payment, from the
divestiture of the Perishable Cargo business, completed in the first
quarter of 1999. Excluding this tax payment, operating cash flows are
up $16 million year over year. On June 30 of 2000, the Company secured
financing under a $350 million revolving credit facility. Short-term
borrowings of $227 million at September 30, 2000 were used to fund
acquisitions completed during the year.

Backlog

The consolidated backlog of $264 million at September 30, 2000
rose 21% over the September 30, 1999 backlog of $218 million. Improved
backlog positions at Carlisle Tire & Wheel, Tensolite and Carlisle
Industrial Brake & Friction were driven by acquisitions made during
the year and increased demand in these markets.

Overall

Carlisle's record third quarter results reflect the Company's
continued focus on the implementation of its growth strategies. A
number of new companies have joined Carlisle throughout the year,
which will provide for continued growth. Despite some recent softening
evidenced in certain markets, we look forward to continued growth at
Carlisle.

CARLISLE COMPANIES INCORPORATED
Consolidated Statement of Earnings
----------------------------------
For the periods ended September 30, 2000
(In thousands except per share data)

Third Quarter Nine Months
2000 1999 % Change 2000 1999 % Change

Net sales $444,367 $ 400,855 10.9% $ 1,357,816 $ 1,216,692 11.6%

Cost and expenses:
Cost of goods
sold 348,566 310,928 12.1% 1,056,988 944,040 12.0%

Selling and administrative
expenses 42,857 42,516 0.8% 138,306 129,709 6.6%

Research and development
expenses 3,878 3,908 -0.8% 12,045 11,886 1.3%

Gain on divestiture of business ($16.6m),
net of other
charges ($15.9m) --- --- --- --- (685) ---

Other (income) & expense,
net (1,540) (1,513) 1.8% (3,446) (3,694) -6.7%

Earnings before interest &
income taxes 50,606 45,016 12.4% 153,923 135,436 13.7%

Interest expense,
net 6,418 4,893 31.2% 18,585 14,328 29.7%

Earnings before income
taxes 44,188 40,123 10.1% 135,338 121,108 11.7%

Income taxes 15,978 15,447 3.4% 49,729 46,626 6.7%

Net earnings $ 28,210 $ 24,676 14.3% $ 85,609 $ 74,482 14.9%
% of Net Sales 6.3% 6.2% 6.3% 6.1%


Basic earnings per
share $0.93 $0.82 13.5% $2.83 $2.47 14.6%

Average shares outstanding
(000's) - basic 30,255 30,178 30,234 30,180

Diluted earnings per
share $0.92 $0.81 13.6% $2.80 $2.43 15.2%

Average shares outstanding
(000's)-diluted 30,611 30,616 30,599 30,636

Dividends $6,051 $5,439 $16,939 $15,089

Per share $0.20 $0.18 11.1% $0.56 $0.50 12.0%


CARLISLE COMPANIES INCORPORATED
Condensed Consolidated Balance Sheet
As of September 30, 2000
(In thousands)

2000 1999

Assets
Current Assets
Cash and cash equivalents $ 29,513 $ 10,721
Receivables 268,500 258,772
Inventories 262,862 211,088
Prepaid expenses and other 76,097 57,769
Total current assets 636,972 538,350
Property, plant and equipment, net 405,866 342,389
Other assets 328,670 192,774
$ 1,371,508 $ 1,073,513
====================================

Liabilities and Shareholders' Equity
Current Liabilities
Short-term debt, including current
maturities $ 227,472 $ 3,120
Accounts payable 115,410 109,368
Accrued expenses 130,770 140,987
Total current liabilities 473,652 253,475
Long-term debt 282,216 281,533
Other liabilities 75,427 76,589
Shareholders' equity 540,213 461,916
$ 1,371,508 $ 1,073,513
====================================

Supplemental Information 2000 1999
Working capital $163,320 $284,875
Working capital turnover(a) 10.88 5.63
Net debt $480,175 $273,932
Net debt / Total capitalization 47.1% 37.1%

(a) Quarterly sales annualized divided by September working
capital

CARLISLE COMPANIES INCORPORATED
Comparative Consolidated Statement of Cash Flows
------------------------------------------------
For the periods ended September 30, 2000
(In thousands)

Third Quarter Nine Months
2000 1999 2000 1999

Operating activities
Net earnings $ 28,210 $ 24,676 $ 85,609 $ 74,482
Reconciliation of net earnings to cash flows:
Depreciation and
amortization 16,093 12,296 46,010 37,414
Working capital (31,842) (8,823) (59,620) (23,063)
Other (1,291) 1,203 (5,006) 745

Net cash provided by operating
activities 11,170 29,352 66,993 89,578

Investing activities
Capital expenditures (23,240) (9,060) (49,692) (33,383)
Acquisitions, net of cash (76,183) - (205,993) (28,228)
Proceeds from sale of property, equipment
and business 21 998 53 16,328
Other (962) 7,576 3,692 127
Net cash used in investing
activities (100,364) (486)(251,940) (45,156)

Financing activities
Net change in short-term
debt 116,055 (19,080) 225,483 (28,365)
Proceeds from long-term
debt - 1,558 - 10,000
Reductions of long-term
debt (379) (166) (2,265) (1,744)
Dividends (6,051) (5,439) (16,939) (15,089)
Purchases of treasury shares1,254 (1,669) (2,236) (2,386)
Net cash provided by (used in) financing
activities 110,879 (24,796) 204,043 (37,584)
Change in cash and cash
equivalents 21,685 4,070 19,096 6,838
Cash and cash equivalents
Beginning of year 7,828 6,651 10,417 3,883
End of year $ 29,513 $ 10,721 $ 29,513 $ 10,721