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GREAT LAKES ANNOUNCES 47 PERCENT SECOND QUARTER EARNINGS GAIN

 GREAT LAKES ANNOUNCES 47 PERCENT SECOND QUARTER EARNINGS GAIN
 WEST LAFAYETTE, Ind., July 16 /PRNewswire/ -- Great Lakes Chemical Corporation (NYSE: GLK) today reported record results for both the second quarter and first six months of 1992.
 Net income for the 1992 second quarter rose 47 percent to an all- time high $58,777,000, or $.83 per share, compared to the $39,967,000, or $.57 per share, posted in the same period of the previous year. Revenues increased 10 percent to $388,698,000, versus the $352,361,000 registered in the second quarter of 1991.
 For the first six months of 1992, earnings grew to a record $111,812,000, or $1.57 per share, up 41 percent from the $78,648,000, or $1.11 per share, earned in the first half of 1991. Revenues for the period improved to $743,300,000, which is 9 percent higher that the $683,670,000 recorded for the first half of last year.
 Great Lakes' chairman, president and CEO Emerson Kampen stated, "We view the company's record-setting performance as a good indication of our ability to succeed during times of challenging worldwide economic conditions. To put our progress into perspective, revenues and earnings for the last six months alone exceed the company's results for all of 1988."
 Kampen highlighted the company's water treatment chemicals and bromine specialty chemicals businesses as significant factors for the record quarter. "The flame retardant group, benefiting from market penetrations outside the electronics industry, booked sales higher than the previous quarter and the period one year ago with U.S. demand stronger than any other part of the world. Sales of water treatment chemicals to industrial markets also maintained impressive double- digit growth.
 "In the swimming pool and spa markets," he continued, "our wholly owned subsidiary, Bio-Lab, Inc., registered improved sales from the same three months last year. These results are impressive considering the unseasonable cool temperatures in the Midwest and an unusual amount of rain in the Southwest during the critical early days of the buying period."
 He went on to say, "Octel Associates recorded the best quarter in its history with sales volumes of its primary product line running ahead of the most optimistic projections. At the same time, Octel continued making progress toward diversifying into new fuel additives and developing new specialty chemical applications."
 Kampen concluded, "While many companies await signs of a marked improvement in the world economy, we have taken steps to improve manufacturing efficiencies
and have implemented programs to keep costs contained. Concurrently, we are making investments in new products and manufacturing facilities to serve key markets around the world. As a result, Great Lakes has maintained its growth in profitability and is positioned to reap additional gains from new and established businesses."
 Great Lakes Chemical Corporation, a Fortune 500 company, is the world's leading producer of bromine, brominated chemicals and furfural derivatives for such applications as flame retardants, agriculture, oil and gas well completion fluids, water sanitizers and other specialty applications. The stock of the company is traded on the New York Stock Exchange.
 Great Lakes Chemical Corporation and Subsidiaries
 Consolidated Statements of Income (Unaudited)
 (thousands of dollars, except per share data)
 For the Six Months Ended June 30,
 1992 1991 Pct. Change
 Revenues
 Net Sales $726,143 $665,253 9.2
 Equity in earnings of
 affiliates and other
 income 17,157 18,417 (6.8)
 Total 743,300 683,670 8.7
 Costs and Expenses
 Cost of products sold 460,041 427,205 7.7
 Selling, administrative and
 research expenses 87,666 83,731 4.7
 Interest and other expenses 19,882 13,557 46.7
 Total 567,589 524,493 8.2
 Income Before Taxes and
 Minority Interest 175,711 159,177 10.4
 Minority Interest in Income
 of Subsidiaries 13,499 44,529 (69.7)
 Income Before Taxes 162,212 114,648 41.5
 Income Taxes 50,400 36,000 40.0
 Net Income $111,812 $ 78,648 42.2
 Net Income per Share $ 1.57 $ 1.11 41.4
 Average Shares
 Outstanding 71,042,263 70,551,218
 Great Lakes Chemical Corporation and Subsidiaries
 Consolidated Statements of Income (unaudited)
 (thousands of dollars, except per share data)
 For the Three Months Ended June 30,
 1992 1991 Pct Change
 Revenues
 Net Sales $ 381,649 $ 346,053 10.3
 Equity in earnings of
 affiliates and other
 income 7,049 6,308 11.7
 Total 388,698 $ 352,361 10.3
 Costs and Expenses
 Cost of products sold 242,678 223,299 8.7
 Selling, administrative and
 research expenses 44,405 39,228 13.2
 Interest and other expenses 8,997 5,632 59.7
 Total 296,080 268,159 10.4
 Income Before Taxes and
 Minority Interest 92,618 84,202 10.0
 Minority Interest in Income
 of Subsidiaries 7,441 24,935 (70.2)
 Income Before Taxes 85,177 59,267 43.7
 Income Taxes 26,400 19,300 36.8
 Net Income $ 58,777 $ 39,967 47.1
 Net Income per Share $ 0.83 $ 0.57 45.6
 Average Shares
 Outstanding 71,104,334 70,622,058
 -0- 7/16/92
 /CONTACT: David R. Bouchard or Gregory J. Griffith, both of Great Lakes Chemical Corporation, 317-497-6100/
 (GLK) CO: Great Lakes Chemical Corporation ST: Indiana IN: CHM SU: ERN


KK -- CL018 -- 9891 07/16/92 15:18 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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