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BALCHEM CORPORATION REPORTS EARNINGS

 SLATE HILL, N.Y., Feb. 8 /PRNewswire/ -- Balchem Corporation today reported the following results:
 BALCHEM CORPORATION
 (Unaudited, $000s omitted except for net earnings per share)
 Three months ended Dec. 31: 1992 1991
 Sales $ 2,989 $ 3,392
 Pre-tax operating profit (21) 340
 Extraordinary expense 190 --
 Taxes (68) 128
 Net income (144) 212
 Earnings per share $(0.072) $0.106
 Twelve months ended Dec. 31: 1992 1991
 Sales $12,679 $12,658
 Pre-tax operating profit 634 1,155
 Extraordinary expense 400 --
 Taxes 108(B) 385(A)
 Net income 126 770
 Earnings per share $0.063 $0.385
 Dividend per share $0.0335 $0.0335
 (A) -- includes adjusted taxes for foreign sales corporation and research credits.
 (B) -- Does not yet include adjusted taxes for foreign sales corporation and research credits
 Results for this quarter were decidedly mixed. On the negative side, we had a terrible December, suffering our first monthly loss in more than three year. However, our analysis shows that this was due to an absence of sales and not to the loss of any account. Our business is based on relatively large sales to relatively few accounts, so every now and then there are exceptionally high or exceptionally low sales in a short period. The temporary nature of this setback is confirmed by the advance orders for January which show a return to normalcy is in progress; advanced bookings for February are above normal. There were several positive developments for 1993:
 1. We completed an agreement with ARCO to take over their drummed propylene oxide business. Facilities are now being constructed in Green Pound. Sales will begin during the second quarter 1993.
 2. We completed an agreement to make a new product for a present customer at our Green Pond Plant. The customer will pay for and own the new equipment which has now been ordered. Production and sales should begin during the third quarter of 1993.
 3. At the end of the year and early January we obtained two significant new accounts and four modest-sized accounts for present products. At the end of January we received our first sizable order for aquaculture usage in Thailand.
 4. Steady progress continues on our "super" agri-animal prospects. One of them has started field tests with a 48-cow herd which results should be completed in 4-6 months.
 5. The high non-recurring expenses for environmental and legal costs have been completed.
 Balchem's operating plan for 1993 is based on a return to at least the level of the sales and profit trends that were established before the off-year of 1992.
 -0- 2/8/93
 /CONTACT: Herb Weiss of Balchem, 914-355-2861/


CO: Balchem Corporation ST: New York IN: SU: ERN

SH-TS -- NY026 -- 3960 02/08/93 09:40 EST
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Publication:PR Newswire
Date:Feb 8, 1993
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