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DOW CORNING CORPORATION SECOND-QUARTER FINANCIAL RESULTS REPORTED

 DOW CORNING CORPORATION SECOND-QUARTER FINANCIAL RESULTS REPORTED
 MIDLAND, Mich., July 27 /PRNewswire/ -- Dow Corning Corporation reported sales and profits for the second quarter of 1992 today. Sales were $488.4 million, up 5.7 percent from the $462.1 million reported in second quarter 1991. Net income totaled $6.3 million, down 84 percent from $40.5 million in second quarter 1991, including a $45 million pre- tax charge for expenses related to the breast-implant issue. Excluding special items and accounting changes, net income for the quarter would have been $36 million, down 19 percent from 1991's second-quarter results.
 For the six months ending June 30, sales totaled $972.4 million, an increase of 6.3 percent over the $914.4 million reported in the first half of 1991. Net income for the period was $42.6 million, down 49 percent from the $83.5 million earned during the same period in 1991. For the first half of 1992, excluding special items and accounting changes, net income would have been $71.7 million, 17 percent lower than the same period last year.
 "We're encouraged that our sales increased reasonably well despite generally soft global economic conditions," said Edward Steinhoff, vice president and chief financial officer. "Although our sales continued to grow into the second quarter, our growth was less than anticipated which resulted in a decline in our operating profits. Charges associated with current and estimated future breast-implant costs impacted our results through the first half of 1992. We believe that financial results in the future will more clearly reflect the performance of our continuing business. We've worked hard to increase productivity, serve customers better, raise quality and control costs. Our efforts are paying off."
 Growth was fastest in the Asian countries, where sales were fueled by strong demand. In Europe, Japan, the U.S. and Canada, overall economic performance continued to be weaker than anticipated. Mexico's results were encouraging, while Brazilian operations were affected by the soft economy.
 "With world economies recovering slowly, our sales grew, although we didn't achieve the price increases we needed," Steinhoff said. "Even in this austere climate, we're finding innovative ways to achieve tangible savings through reduced inventory levels, new direct-to-customer shipping programs and restrained capital spending."
 Dow Corning is jointly owned by The Dow Chemical Company (NYSE: DOW) and Corning, Incorporated (NYSE: GLW).
 -0- 7/27/92
 /CONTACT: Scott Seeburger of Dow Corning, 517-496-4078/
 (DOW GLW) CO: Dow Corning Corporation ST: Michigan IN: CHM SU: ERN


ML -- DE009 -- 3361 07/27/92 09:07 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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