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DOW CORNING ANNOUNCES FIRST-QUARTER FINANCIAL RESULTS

 MIDLAND, Mich., April 28 /PRNewswire/ -- Dow Corning Corp. today reported first-quarter sales and net income for 1993. Sales were $490.8 million, up 1.4 percent from the $484.0 million recorded in the same period in 1992.
 Net income totaled $30.7 million, down 14.2 percent from an adjusted 1992 first-quarter net income of $35.8 million, which excludes non- recurring items.
 Including non-recurring items, special charges and new accounting standards, the 1992 first quarter showed a loss of $83.4 million.
 "The pattern of low sales growth seen in 1992 has continued into early 1993," said Edward Steinhoff, Dow Corning vice president and chief financial officer.
 "In just about every part of the world, economies are declining -- or at best, flat," he said. "It has taken hard work to get revenue growth in this difficult environment."
 However, Steinhoff noted, a slow but visible recovery in the U.S. is encouraging and the Pacific Rim region is still the "bright spot," with growing economies and strong demand.
 "We believe the second quarter of this year will see continued modest growth in sales and an increasing benefit from our cost-reduction programs," Steinhoff said.
 Dow Corning Corp., world leader in the production of silicones, is equally owned by The Dow Chemical Co. (NYSE: DOW) and Corning Inc. (NYSE: GLW). About half of Dow Corning's sales are outside the U.S.
 -0- 4/28/93
 /CONTACT: Kara Kuchinic-Wittenberg of Dow Corning Corporation, 517-496-5994/
 (DOW GLW)


CO: Dow Corning Corporation ST: Michigan IN: CHM SU: ERN

SB -- DE004 -- 1784 04/28/93 08:37 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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