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GEORGIA GULF REPORTS $0.26 PER SHARE

 GEORGIA GULF REPORTS $0.26 PER SHARE
 ATLANTA, Oct. 19 /PRNewswire/ -- Georgia Gulf Corp. (NYSE: GGC)


today reported earnings per share of $0.26 on net income of $10.9 million and sales of $199.7 million for the 1992 third quarter.
 This compares to earnings per share of $0.44, net income of $15.6 million and sales of $206.4 million reported a year earlier.
 For the first nine months of this year, the company reported revenues of $582.3 million down from $656.0 million last year. Net income of $37.4 million decreased from $49.3 million a year earlier. Earnings per share were $0.97 vs. $1.40 for the same period last year.
 The company said, when comparing the 1992 third quarter performance with the same period last year, overall sales volumes were off only modestly. Margins declined sharply though, as a result of the company's inability to raise sales prices on considerably higher raw material costs. When comparing the nine-month periods, the company noted that sales volumes were level but that margins were impacted primarily by declines in sales prices for all products.
 Commenting on the results, Jerry R. Satrum, president and CEO said: "Continuing tough market conditions and lost production resulting from Hurricane Andrew had a significant impact on third quarter results.
 "While our sales volumes generally remain good due to our customer and product mix, we are continuing to see pressure on pricing resulting from the weak economy, which is limiting our ability to pass along higher raw material costs," Satrum said. "This of course means that we are seeing further margin squeeze for some of our products.
 "In terms of Hurricane Andrew, we lost nearly a week of production at our Plaquemine, Louisiana, complex when hurricane-spawned tornados destroyed electrical transmission lines serving the plants. While physical damage to the site was minimal, we estimate that this, along with lost production and sales, impacted third quarter performance by approximately $4.0 to $5.0 million pre-tax," Satrum noted.
 "As far as the balance of the year, we believe a turnaround in the current economic environment will be required in order to avert further declines and achieve quarter-to-quarter improvement in operating earnings."
 Georgia Gulf, headquartered in Atlanta and listed on the NYSE (GGC), is a major manufacturer of several highly integrated lines of commodity chemicals and vinyl polymers including aromatic, natural gas and electrochemical products.
 GEORGIA GULF CORPORATION AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In thousands, except share data)
 9/30/92 9/30/91
 ASSETS
 Current assets
 Cash and cash equivalents $ 3,446 $ 3,492
 Receivables 101,446 109,871
 Inventories 69,071 66,999
 Prepaid expenses 9,444 8,402
 Total current assets 183,407 188,764
 Property, plant and equipment, net 212,417 215,670
 Other assets 16,214 19,898
 Total assets $ 412,038 $ 424,332
 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
 Current liabilities
 Current portion of long-term debt $ 34,309 $ 48,705

 Accounts payable 66,925 57,822
 Interest payable 15,342 17,112
 Accrued income taxes 1,329 3,598
 Other accrued liabilities 19,868 30,378
 Total current liabilities 137,773 157,615
 Long-term debt 407,324 600,058
 Deferred income taxes 38,190 37,906
 Stockholders' equity (deficit) (171,249) (371,247)
 Total liabilities and
 stockholders' equity (deficit) $ 412,038 $ 424,332
 Common stock outstanding 40,199,439 33,709,994
 GEORGIA GULF CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except share data)
 3 Months Ended 9 Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Net sales $ 199,690 $ 206,376 $ 582,296 $ 656,021
 Operating costs and expenses
 Cost of sales (exclusive
 of depreciation) 154,460 148,207 436,157 476,875
 Depreciation 5,544 5,064 16,609 14,755
 Selling and admin. 9,348 10,423 27,680 30,371
 Total operating costs
 and expenses 169,352 163,694 480,446 522,001
 Operating income 30,338 42,682 101,850 134,020
 Other income (expense)
 Interest, net (14,349) (19,768) (47,033) (61,558)
 Income before income
 taxes 15,989 22,914 54,817 72,462
 Prov. for income taxes 5,085 7,334 17,460 23,133
 Net income $ 10,904 $ 15,580 $ 37,357 $ 49,329
 Net income per common
 share $ 0.26 $ 0.44 $ 0.97 $ 1.40
 Weighted average common
 shares and equivalents
 outstanding 41,264,935 35,137,509 38,675,084 35,132,568
 -0- 10/19/92
 /CONTACT: John Walker of Georgia Gulf, 404-395-4587/
 (GGC) CO: Georgia Gulf Corp. ST: Georgia IN: CHM SU: ERN


BN-CS -- AT001 -- 1355 10/19/92 08:32 EDT
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Date:Oct 19, 1992
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