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IMCO RECYCLING'S THIRD QUARTER EARNINGS MOVE UP 11 PERCENT

 IRVING, Texas, Nov. 4 /PRNewswire/ -- IMCO Recycling Inc. (NYSE: IMR) today reported third quarter 1993 net earnings of $2.2 million or $.19 per common share, 11 percent above net earnings of $2.0 million or $.17 per share in the same period last year.
 The company's third quarter 1993 revenues were $19.0 million, 24 percent above revenues of $15.3 million in the 1992 quarter.
 Ralph L. Cheek, chairman and chief executive officer, said production at IMCO's new Ohio aluminum recycling plant was mainly responsible for a 46 percent increase in third quarter processing volume. "Operating costs at this facility have been higher than expected. However, they are steadily improving as it approaches full capacity," he said. "We also continued to experience increased costs for natural gas and labor at our other facilities in the third quarter, but we're achieving some success in our cost-containment efforts."
 Cheek said growth in IMCO's processing volume would remain strong and that he was optimistic about further improvement in the Ohio plant's cost structure. "We continue to believe that our 1993 net earnings will come in above the $7.5 million or $.67 per share earned last year," he said.
 IMCO Recycling's net earnings in the first three quarters of the year totaled $5.8 million or $.51 per share, two percent above earnings of $5.7 million or $.52 per share in the same period of 1992. IMCO's total outstanding shares were four percent higher this year because of the sale of shares in a 1992 public offering.
 Revenues in the first nine months of 1993 were $53.4 million, up 15 percent from $46.4 million in the 1992 period.
 The company's third quarter volume of 205.8 million pounds was 46 percent higher than the 141.4 million pounds processed in the 1992 quarter. The amount of material processed in the first nine months this year increased 32 percent to 563.4 million pounds from 427.3 million pounds. Tolling activity, which involves the recycling of customer- owned material for a processing fee, accounted for 95 percent of volume in the first three quarters of 1993, the same level as in the year-ago period.
 IMCO Recycling Inc. is the world's largest aluminum recycler and also recycles zinc and magnesium. Its production facilities are located in Morgantown, Ky.; Rockwood, Tenn.,; Sapulpa, Okla.; Uhrichsville, Ohio; and Adrian, Mich. IMCO Recycling's headquarters office is in Irving, Texas.
 IMCO Recycling Inc. and Subsidiaries
 ------------------------------------
 Consolidated Results of Operations
 (dollars in thousands, except per share data)
 (unaudited)
 For the three months For the nine months
 ended September 30, ended September 30,
 -------------------- -------------------
 1993 1992 1993 1992
 ---- ---- ---- ----
 REVENUES $19,035 $15,347 $53,413 $46,375
 Cost of sales 14,190 11,096 39,800 33,041
 ------- ------- ------- -------
 GROSS PROFIT 4,845 4,251 13,613 13,334
 Selling, general and
 administrative expenses 1,621 1,582 5,246 5,070
 Interest expense 324 275 625 919
 Interest income (59) (139) (244) (311)
 ------- ------- ------- -------
 1,886 1,718 5,627 5,678
 INCOME BEFORE PROVISION FOR
 INCOME TAXES 2,959 2,533 7,986 7,656
 Provision for income taxes 798 582 2,152 1.914
 ------- ------- ------- -------
 NET EARNINGS $ 2,161 $ 1,951 $ 5,834 $ 5,742
 ======= ======= ======= =======
 Net earnings per
 common share $ 0.19 $ 0.17 $ 0.51 $ 0.52
 ======= ======= ======= =======
 Weighted average common
 and common equivalent
 shares outstanding 11,508,609 11,372,208 11,527,561 11,101,978
 ---------- ---------- ---------- ----------
 -0- 11/4/93
 /CONTACT: Paul V. Dufour, IMCO Recycling Inc., 214-869-6575/
 (IMR)


CO: IMCO Recycling Inc. ST: Texas IN: ENV SU: ERN

DH -- NY087 -- 0795 11/04/93 14:05 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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