Printer Friendly

GREAT LAKES REPORTS RECORD RESULTS

 WEST LAFAYETTE, Ind., July 19 /PRNewswire/ -- Great Lakes Chemical Corporation (NYSE: GLK) today announced record earnings and record revenues for both the second quarter and for the first six months of 1993.
 For the second quarter of 1993, net income increased to an all-time high of $70,106,000, or $.98 per share, representing a 19 percent increase from the $58,777,000, or $.83 per share, reported for the same quarter one year ago. Revenues climbed to $470,763,000, or 21 percent higher than the $388,698,000 generated in the same period last year.
 For the first six months of 1993, net income rose 20 percent to a record $134,348,000, or $1.88 per share, contrasted with $111,812,000, or $1.57 share, earned in the first half of 1992. Revenues grew 22 percent to $907,345,000 from the $743,300,000 posted in the same six- month period in 1992.
 Emerson Kampen, chairman, president and CEO, stated, "Great Lakes' rise among the chemical industry's elite continues unabated. The momentum generated from growing core businesses, selective acquisitions, and new product introductions affirms our basic growth strategies."
 Kampen pointed out that virtually every major business area improved from a year ago, with the recreational water treatment area recording the most significant gains. "Our wholly-owned subsidiary, Bio-Lab, Inc., registered sharply increased sales and profits. Their future prospects were further brightened by the mid-quarter acquisition of AquaChem, which affords Bio-Lab an important foothold in mass merchandising -- the fastest growing sector of the pool and spa products market."
 He went on to say, "Flame retardant sales remained healthy as markets in the United States and the Pacific Rim more than compensated for the continued weakness in Europe. What's more, demand for certain flame retardant products has sustained a level that warrants investment in additional capacity. Plans are well under way to implement additional manufacturing improvements to keep pace with market needs."
 "In another important area, revenues from the Petroleum Additives Group held essentially even with a year ago as the contribution to our bottom line continued to increase," he added. "Shipments of our new fuel detergent grew markedly while antiknock compound volumes remained on target."
 Kampen concluded, "We view the next six months as a period that offers no less promise than our record performance in the first half of 1993. We intend to build on the Company's solid foundation as new products such as FM-200 and photographic bromides for global markets come on stream in the months ahead. Additionally, our environmental remediation business recently received contracts totalling more than $60 million in new business over the next three years. These and other initiatives promise to keep the Company 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 Six Months Ended June 30,
 1993 1992 Pct Change
 Revenues
 Net Sales $ 892,015 $726,143 22.8
 Equity in earnings of
 affiliates and other income 15,330 17,157 (10.6)
 Total 907,345 743,300 22.1
 Costs and Expenses
 Cost of products sold 561,410 460,041 22.0
 Selling, administrative and
 research expenses 121,766 87,666 38.9
 Interest and other expenses 21,705 19,882 9.2
 Total 704,881 567,589 24.2
 Income Before Taxes and
 Minority Interest 202,464 175,711 15.2
 Minority Interest in Income
 of Subsidiaries 15,916 13,499 17.9
 Income Before Taxes 186,548 162,212 15.0
 Income Taxes 52,200 50,400 3.6
 Net Income $134,348 $111,812 20.2
 Net Income per Share $ 1.88 $ 1.57 19.7
 Average Shares Outstanding 71,398,721 71,042,263
 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,
 1993 1992 Pct Change
 Revenues
 Net Sales $461,839 $381,649 21.0
 Equity in earnings of
 affiliates and other income 8,924 7,049 26.6
 Total 470,763 388,698 21.1
 Costs and Expenses
 Cost of products sold 288,415 242,678 18.8
 Selling, administrative and
 research expenses 62,196 44,405 40.1
 Interest and other expenses 14,410 8,997 60.2
 Total 365,021 296,080 23.3
 Income Before Taxes and
 Minority Interest 105,742 92,618 14.2
 Minority Interest in Income
 of Subsidiaries 8,136 7,441 9.3
 Income Before Taxes 97,606 85,177 14.6
 Income Taxes 27,500 26,400 4.2
 Net Income $ 70,106 $ 58,777 19.3
 Net Income per Share $ .98 $ .83 18.1
 Average Shares Outstanding 71,370,379 71,104,334
 -0- 7/19/93
 /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

BM -- CL008 -- 2977 07/19/93 10:34 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 19, 1993
Words:882
Previous Article:TEMPLE-INLAND INC. REPORTS LOWER EARNINGS FOR SECOND QUARTER
Next Article:FIRST COLONY REPORTS SECOND QUARTER AND SIX MONTHS RESULTS
Topics:


Related Articles
GREAT LAKES ANNOUNCES 47 PERCENT SECOND QUARTER EARNINGS GAIN
GREAT LAKES ANNOUNCES RECORD THIRD QUARTER, YTD RESULTS
GREAT LAKES ANNOUNCES RECORD RESULTSFOR FOURTH QUARTER AND FULL YEAR 1992
GREAT LAKES POSTS RECORD FIRST QUARTER RESULTS
KAMPEN ADDRESSES FINANCIAL COMMUNITY
GREAT LAKES CHEMICAL REPORTS RECORD 1993 RESULTS
GREAT LAKES CHEMICAL NEWS RELEASE
GREAT LAKES POSTS RECORD FIRST QUARTER RESULTS
GREAT LAKES REPORTS RECORD RESULTS
GREAT LAKES REPORTS RECORD RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters