1 Cup brown sugar
1 Cup light corn syrup
1/2 cup butter (1 cube)
1 can sweetened condensed milk (see recipe below)
1 1/2 Cups popcorn kernels
Bring to boil over medium heat brown sugar, corn syrup and butter. Boil for 1 minute, turn heat to low and add sweetened condensed milk. Meanwhile pop popcorn kernels and place in a large paper sack or very large bowl. Pour caramel sauce over popcorn and shake/stir until caramel is evenly distributed. Store in a covered container.
Sweetened Condensed Milk
Place 1/2 cup hot water in blender. Turn on and slowly add 3/4 cup sugar and 3/4 cup powdered milk. Blend until smooth. Makes about 1 1/2 cups, enough to substitute for one can, although it won't be as thick.
NOTE: For recipes where the sweetened condensed milk is replacing shortening, add 4 tablespoons butter or margarine to the hot water.