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IMCO RECYCLING'S SECOND QUARTER NET EARNINGS INCREASED 37 PERCENT

 IMCO RECYCLING'S SECOND QUARTER NET EARNINGS INCREASED 37 PERCENT
 IRVING, Texas, July 30 /PRNewswire/ -- IMCO Recycling Inc. (NYSE: IMR) today said its second quarter 1992 net earnings rose 37 percent from those of the same quarter last year on record volume for the period.
 The company's net earnings in the second quarter were $1,918,000 or $.18 per common share on revenues of $14,668,000. These results compare with net earnings of $1,402,000 or $.13 per share on revenues of $12,648,000 in the second quarter of 1991.
 Ralph L. Cheek, chairman and chief executive officer, said IMCO Recycling's improved performance "is due to continued strong demand for our recycling services created by higher industry shipments of can stock and increased returns of used beverage cans. According to The Aluminum Association, reclamation of used beverage cans and can plant scrap both increased by 11 percent through the first four months of 1992.
 "In addition, our capacity is greater and we benefited from the high operating rate of our plants as well as a positive contribution from Interamerican Zinc, Inc., which was acquired by IMCO Recycling in early 1992."
 Cheek also noted that IMCO Recycling completed its previously announced common stock offering on July 17. "This offering is a positive step for us," he said, "because it broadens our stockholder base and increases the number of shares available for trading, which should improve the liquidity of our stock."
 The $5.3 million proceeds from the sale by the company of 500,000 common shares at $11.25 per share will be used to pay a portion of the costs for a new aluminum recycling plant that IMCO is building in Uhrichsville, Ohio. The offering also included the sale of 1,150,000 shares by two stockholders.
 "The Uhrichsville plant will become an important part of our operations in 1993 and beyond," Cheek said. "Construction of the $18 million facility is proceeding on schedule and initial production is planned for December. When completed in mid-1993, Uhrichsville will increase IMCO's annual aluminum capacity by 50 percent to 800 million pounds."
 IMCO Recycling's net earnings in the first half of 1992 totaled $3,791,000 or $.35 per share on revenues of $31,028,000, up 30 percent from earnings of $2,918,000 or $.27 per share on revenues of $27,070,000 in the first six months of 1991.
 The company's second quarter processing volume of 142.4 million pounds was a record high for the period and 25 percent above the 113.5 million pounds processed in the same period a year ago. The amount of material processed in the first half of the year increased 25 percent to 286.0 million pounds, also a record. Tolling activity, which involves the recycling of customer-owned material for a processing fee, accounted for 95 percent of processing volume in the first half of 1992 compared with 88 percent of processsing volume in the first six months of 1991.
 IMCO Recycling Inc. is the largest independent recycler of aluminum beverage cans, scrap and dross in the United States and it also recycles magnesium and zinc. The company is an important part of the growing resource recovery industry and is the only publicly owned firm whose activities are concentrated in the aluminum recycling market. Its production facilities are located in Morgantown, Ky.; Rockwood, Tenn.; Sapulpa, Okla.; and Adrian, Mich.
 IMCO RECYCLING INC. AND SUBSIDIARIES
 Consolidated Results of Operations
 (dollars in thousands, except per share data)
 (unaudited)
 For the three months For the six months
 ended June 30, ended June 30,
 1992 1991 1992 1991
 Revenues $14,668 $12,648 $31,028 $27,070
 Cost of sales 10,187 9,493 21,945 20,259
 Gross Profit 4,481 3,155 9,083 6,811
 Selling, general and
 administrative
 expenses 1,662 1,262 3,488 2,612
 Interest expense 323 278 644 631
 Interest income (96) (130) (172) (254)
 1,889 1,410 3,960 2,989
 Income Before Provision
 For Income Taxes 2,592 1,745 5,123 3,822
 Provision for income
 taxes 674 343 1,332 904
 Net Earnings $ 1,918 $ 1,402 $ 3,791 $ 2,918
 Net earnings per
 common share $ 0.18 $ 0.13 $ 0.35 $ 0.27
 Weighted average
 common and common
 equivalent shares
 outstanding 11,003,151 10,890,628 10,936,540 10,831,536
 -0- 7/30/92
 /CONTACT: Paul V. Dufour of IMCO Recycling Inc., 214-869-6575/
 (IMR) CO: IMCO Recycling Inc. ST: Texas IN: SU: ERN


SB -- NY017 -- 4952 07/30/92 09:11 EDT
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Date:Jul 30, 1992
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