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GREAT LAKES POSTS RECORD FIRST QUARTER RESULTS

 WEST LAFAYETTE, Ind., April 19 /PRNewswire/ -- Great Lakes Chemical Corporation (NYSE: GLK) today reported the highest quarterly results in the company's history.
 Record earnings for the 1993 first quarter of $64,242,000 were 21 percent higher than the $53,035,000 reported in the same quarter of last year. The per share earnings increased to $.90 per share from the $.75 per share reported in the same quarter of 1992. Also at an all-time high, revenues for the period increased 23 percent to $436,582,000 compared to the $354,602,000 registered in the corresponding three months of 1992.
 Emerson Kampen, Great Lakes' chairman, president and chief executive officer, commented, "The company's growth continues unabated. During the quarter, we benefited primarily from a combination of fundamentally sound businesses that serve growing markets and the impact of several strategic
actions undertaken during 1992. As a result, we have begun the seventh consecutive year with record financial results."
 He went on to say, "The performance of the Water Treatment Chemicals Group illustrates the Company's strategy for building its businesses from internal and external sources. New product applications to industrial markets in this country and abroad contributed to the double- digit growth in revenues from this business. Likewise, Bio-Lab, Inc., our swimming pool and spa products subsidiary, is actively extending its market penetrations. Utilizing the well-established distribution network of recently acquired, Munich-based Bayrol Chemische Fabrik GmbH, Bio-Lab has placed a special emphasis on European markets."
 "Octel Associates' outstanding quarterly performance is another case in point," he added. "Octel generated record sales and earnings, reflecting continued demand for its antiknock fuel additives. An aggressive product development program, accelerated by last year's purchase of a multipurpose fuel detergent facility, continues to pay increasing dividends toward Octel's diversification initiative. The acquisition of the remaining 50 percent of its former affiliate, Octel Kuhlman, enhanced both Octel's results and its future prospects even further."
 Kampen then pointed out that although the company's record quarterly results underscore its underlying strengths, "a number of factors kept earnings from reaching their full potential. These included sluggish economies in Japan and Europe, weak foreign currencies vis-a-vis the dollar, and market conditions for our furfural derivatives business that could be described as difficult at best."
 "Several steps undertaken during the period," he continued, "promise to have a positive impact in the months ahead. For example, we have implemented initiatives aimed at minimizing the future impact of currency fluctuations. And, we have made great headway on diversifying furfural technology to new markets and applications."
 "The company's progress on these two fronts," he concluded, "represents just part of our plan to make 1993 another banner year. Our OSCA subsidiary appears poised for marked improvement this year, based on its recent success in extending its oil and gas well completion fluids technology to new international markets. We are currently evaluating water treatment technology, patented in Europe by Bayrol, for introduction into the United States. These, and other new product development programs, promise to keep Great Lakes on its upward track."
 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 Three Months Ended March 31
 1993 1992 Pct. Change
 Revenues
 Net sales $430,176 $344,494 24.9
 Equity in earnings of
 affiliates & other income 6,406 10,108 (36.6)
 Total 436,582 354,602 23.1
 Costs and Expenses
 Cost of products sold 272,995 217,363 25.6
 Selling, administrative &
 research expenses 59,570 43,261 37.7
 Interest & other expenses 7,295 10,885 (33.0)
 Total 339,860 271,509 25.2
 Income Before Taxes and
 Minority Interest 96,722 83,093 16.4
 Minority Interest in Income
 of Subsidiaries 7,780 6,058 28.4
 Income Before Taxes 88,942 77,035 15.5
 Income Taxes(A) 24,700 24,000 2.9
 Net Income $64,242 $53,035 21.1
 Net Income per Share $0.90 $0.75 20.0
 Average Shares Outstanding 71,427,379 70,980,238
 (A) -- Effective Jan. 1, 1993, the company adopted Financial Accounting Standard No. 109, "Accounting for Income Taxes." As permitted by Statement 109, the company has elected not to restate the financial statements of any prior years. The cumulative effect of the change was to decrease income taxes by $3,000,000 for the three months ended March 31, 1993.
 -0- 4/19/93
 /CONTACT: David R. Bouchard or Gregory J. Griffith, both of Great Lakes Chemical Corporation, 317-497-6100/
 (GLK)


CO: Great Lakes Chemical Corp. ST: Indiana IN: CHM SU: ERN

AR -- CL017 -- 7459 04/19/93 13:40 EDT
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Date:Apr 19, 1993
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