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PPG REPORTS 1992 RESULTS, DIRECTORS SET DIVIDEND

 PITTSBURGH, Jan. 21 /PRNewswire/ -- PPG Industries (NYSE: PPG) today reported fourth quarter 1992 net income of $67.9 million, or 64 cents a share, on sales of $1.4 billion. A year ago, with after-tax restructuring charges equal to 15 cents a share, net income was $31.5 million, or 29 cents a share, on sales of $1.4 billion.
 For all of 1992, net income was $319.4 million, or $3.01 a share -- including charges equal to 21 cents a share for an award to a competitor in a glass technology dispute -- on sales of $5.8 billion. In 1991, net income was $276.2 million, or $2.60 a share -- including a one-time gain from an accounting change that was partially offset by business realignment charges, for a net gain equal to 24 cents a share -- on sales of $5.7 billion.
 Also today, PPG's board of directors declared a regular quarterly dividend of 50 cents a share, payable March 12 to shareholders of record Feb. 16.
 "Although the U.S. economy is in the early stages of recovery, PPG's fourth quarter 1992 earnings were held back by an increasingly weak European economic environment," said Vincent An a difficult economic environment , reinforces the importance of our quality, efficiency and productivity efforts," Sarni said. "While economic weakness continued in many global markets, PPG continued its strong cash flow performance and met a goal to reduce debt to 33 percent of capital."
 PPG's coatings segment operating income increased in the fourth quarter from a year ago despite a modest decline in sales. North American auto refinish sales were particularly strong, while volumes for European coatings and North American architectural finishes declined significantly. Unfavorable European currency translations also contributed to the sales decline. All-time highs for full-year segment sales and operating income, Sarni noted, were led by strong performances for original and refinish automotive coatings and industrial products.
 He said increasing volumes, stabilized prices and efficiencies indicate the beginning of a North American flat glass earnings turnaround. In the fourth quarter, the glass segment registered higher volumes for North American flat glass as well as North American and European auto replacement glass, and benefited from ongoing cost control. Segment operating income declined, however, on lower volumes for original equipment auto glass, European flat glass, continuous strand fiber glass and other products, and lower flat glass prices worldwide.
 The chemicals segment saw improved volume for specialty products such as surfactants and silicas, offsetting slightly lower volume and continued price weakness in chlor-alkali products. Sales benefited from improved pricing for selected chlorine derivatives. In spite of higher energy and raw-material costs, segment operating income improved slightly.
 "Overall, continued productivity gains and North American economic recovery, signs of which are encouraging, should contribute significantly to earnings in 1993," Sarni said. "We expect to increase sales and earnings, led by further performance improvement in North American businesses. European operations, however, will continue to feel pressures of a soft economy through at least the first half of the year."
 PPG INDUSTRIES AND CONSOLIDATED SUBSIDIARIES
 CONDENSED STATEMENT OF INCOME (unaudited)
 3 Months Ended 12 Months Ended
 Dec. 31 Dec. 31
 (millions)
 1992 1991 1992 1991
 Net Sales $1,413.3 $1,424.5 $5,813.9 $5,672.6
 Cost of sales 920.2 933.5 3,694.8 3,676.1
 GROSS PROFIT 493.1 491.0 2,119.1 1,996.5
 Other expenses:
 Selling & other 278.7 276.1 1,082.8 1,078.9
 Depreciation 85.8 90.2 351.5 351.2
 Interest 33.3 39.4 141.0 153.4
 Other charges (earnings)
 - net (19.3) (2.6) (8.4) (24.8)
 (Gain) Loss from business
 divestitures &
 realignments (0.2) 26.8 10.4 84.3
 INCOME BEFORE INCOME
 TAXES & MINORITY
 INTEREST 114.8 61.1 541.8 353.5
 Income taxes 47.0 28.3 218.4 146.7
 Minority interest (0.1) 1.3 4.0 5.4
 Income before cumulative
 effect of change in
 accounting for glass
 furnace repairs 67.9 31.5 319.4 201.4
 Cumulative effect, change
 in accounting, net of
 income taxes -- -- -- 74.8
 NET INCOME $ 67.9 $ 31.5 $ 319.4 $ 276.2
 Earnings per share
 Earnings before
 cumulative effect,
 change in accounting $0.64 $0.29 $3.01 $1.90
 Cumulative effect,
 change in accounting -- -- -- 0.70
 EARNINGS PER SHARE $0.64 $0.29 $3.01 $2.60
 Avg. shares outstanding 106.1 106.2 106.1 106.2
 CONDENSED BALANCE SHEET (unaudited)
 Dec. 31 Dec. 31
 1992 1991
 (millions)
 Current assets:
 Cash & cash equivalents $ 61.4 $ 37.6
 Receivables - net 1,023.4 1,057.9
 Inventories 742.3 875.3
 Other 123.7 202.5
 Total current assets 1,950.8 2,173.3
 Investments 233.6 193.1
 Property less accumulated depreciation 2,971.5 3,183.2
 Other assets 505.8 506.6
 TOTAL $5,661.7 $6,056.2
 Current liabilities:
 Short-term debt & lease obligations $ 434.4 $ 410.4
 Accounts payable & accrued liabilities 809.0 915.1
 Income taxes 9.6 15.0
 Total current liabilities 1,253.0 1,340.5
 Long-term debt & lease obligations 872.3 1,163.2
 Deferred income taxes 471.6 475.6
 Accumulated provisions 305.6 346.9
 Minority interest 60.3 75.5
 Shareholders' equity 2,698.9 2,654.5
 TOTAL $5,661.7 $6,056.2
 BUSINESS SEGMENT INFORMATION (unaudited)
 3 Months Ended 12 Months Ended
 Dec. 31 Dec. 31
 (millions)
 1992 1991 1992 1991
 Net Sales
 Coatings & Resins $ 558 $ 569 $2,319 $2,185
 Glass 518 530 2,168 2,186
 Chemicals 278 271 1,112 1,100
 Other 59 55 215 202
 TOTAL $1,413 $1,425 $5,814 $5,673
 Operating income
 Coatings & Resins 80 71 368 257
 Glass 20 25 119 125
 Chemicals 40 38 185 195
 Other -- (12) -- (9)
 Gain (Loss) from
 business divestitures
 & realignments 1 (25) (10) (83)
 TOTAL $ 141 $ 97 $ 662 $ 485
 Interest - net (29) (35) (124) (131)
 Other unallocated
 corporate income
 (expense) - net 3 1 4 1
 Business divestitures &
 realignments (expense)
 - corporate -- (2) -- (1)
 INCOME BEFORE INCOME
 TAXES, MINORITY
 INTEREST & ACCOUNTING
 CHANGE $ 115 $ 61 $ 542 $ 354
 -0- 1/21/93
 /CONTACT: John S. Ruch of PPG Industries, 412-434-2445/
 (PPG)


CO: PPG Industries ST: Pennsylvania IN: CHM SU: ERN

CD -- PG008 -- 7299 01/21/93 10:17 EST
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