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QUAKER STATE REPORTS EARNINGS, DECLARES DIVIDEND

 QUAKER STATE REPORTS EARNINGS, DECLARES DIVIDEND
 OIL CITY, Pa., July 30 /PRNewswire/ -- Quaker State Corporation


(NYSE: KSF) reported net income of $4,043,000 ($.15 per share) and sales of $215,322,000 for the second quarter of 1992.
 This compares to sales of $211,659,000 and net income of $5,867,000 ($.22 per share) in the same period of 1991.
 At its monthly meeting, the board of directors voted a regular, quarterly dividend of $.20 per share, payable on Sept. 15 to stockholders of record on Aug. 14, 1992.
 For the first six months, Quaker State reported sales of $415,236,000, compared to $400,153,000 in the first half of 1991. Net income for the period was $5,317,000 ($.20 per share) compared to $13,306,000 ($.49 per share) in the first six months of 1991. The 1991 results included $7,170,000 ($.26 per share) which was the cumulative effect of implementing FASB Accounting Standard No. 96 during that year.
 The company's refining and marketing segment, Quaker State Oil Refining Corporation, reported operating profits of $7 million in the second quarter, compared to $11.1 million in the same quarter of 1991. The decline reflects primarily lower refining margins and increased marketing expenses.
 The company's fast lube segment reported operating profits of $1.1 million, compared to $596,000 in the second quarter of 1991. The improvement reflects a modest increase in car counts and average ticket prices as well as a $250,000 investment gain.
 The Valley Camp Coal Company reported a smaller operating loss, $593,000, than its loss of $1.3 million in the second quarter of 1991. The improvement reflects the fact that The Helen Mining Co. was profitable in the second quarter, compared to a loss of more than $1 million in the second quarter a year ago. However, Shrewsbury Coal Co. and Valley Camp of Utah, Inc. both reported operating losses for the quarter, and the Utah operation was placed on standby on June 29 when its coal supply contract expired.
 Operating profits of Quaker State's oil and gas production unit declined slightly in the second quarter, from $812,000 a year ago to $734,000 in the current period. Improved gas and oil volumes and higher crude oil pricing were offset by lower natural gas prices and increased depletion and depreciation expense. However, primarily due to improved natural gas volumes, operating profits for the first six months of 1992 increased 15 percent to $2.3 million.
 Heritage Insurance Group reported a gain in revenues as auto sales started to turn up and realized investment gains increased. But higher claims costs led to a modest decline in operating profits, from $1.9 million a year ago to $1.7 million in the second quarter of this year.
 Truck-Lite Company, Inc. reported an $18,000 operating profit in the second quarter, compared to a loss of $176,000 in the second quarter of 1991. Among the factors that helped the company return to profitability were the start-up of shipments of rear deck assemblies for the Ford Escort and improved operating results at the new heavy duty production and distribution center at McElhattan, Pa.
 Chairman and Chief Executive Officer Jack W. Corn said, "While the second quarter left much to be desired, we were pleased that both sales and operating profits improved over the first quarter." He noted that gains in the second quarter over the first quarter in both revenues and profits, some of them quite significant, were turned in by Quaker State Oil Refining Corporation, Quaker State Minit-Lube, Heritage Insurance Group and Truck-Lite.
 QUARTER ENDED SIX MONTHS ENDED
 6/30/92 6/30/91 6/30/92 6/30/91
 (in thousands, except per share data)
 (unaudited)
 Net Income
 Per Share $ .15 $ .22 $ .20 $ .49(A)
 Sales and
 Operating
 Revenues $215,322 $211,659 $415,236 $400,153
 Operating
 Profit $ 10,610 $ 13,235 $ 17,229 $ 17,698
 Income Before
 Income
 Taxes
 and
 Cumulative
 Effect of
 Accounting
 Change $ 5,563 $ 8,302 $ 7,367 $ 8,686
 Net Income $ 4,043 $ 5,867 $ 5,317 $ 13,306(A)
 Weighted
 Average
 Capital
 Shares
 Outstanding 27,181 27,152 27,184 27,156
 (A) Includes the cumulative effect of an accounting change of $7,170 ($.26 per share)
 /delval/
 -0- 7/30/92
 /CONTACT: Benton H. Faulkner of Quaker State, 814-676-7877/
 (KSF) CO: Quaker State Corporation ST: Pennsylvania IN: OIL SU: ERN


CD -- PG011 -- 5213 07/30/92 15:18 EDT
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Date:Jul 30, 1992
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