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DOW CORNING THIRD-QUARTER FINANCIAL RESULTS REPORTED

 DOW CORNING THIRD-QUARTER FINANCIAL RESULTS REPORTED
 MIDLAND, Mich., Oct. 12 /PRNewswire/ -- Dow Corning today reported


results for the third quarter ended Sept. 30, 1992. Sales were $500.6 million, up 9 percent from the $458.7 million in the same quarter a year ago. Net income totaled $16.4 million, down 60 percent from $40.5 million in the third quarter 1991.
 "The results for the quarter were impacted by weak business conditions," said Edward Steinhoff, vice president and chief financial officer. "While sales continue to grow, the rate of growth and attempts to improve prices are being hindered by stagnant or declining economies in most industrialized countries."
 "Sales are not growing fast enough to cover increased fixed costs associated with recent additions to plant capacity, resulting in lower profit margins," Steinhoff said.
 "Additionally, profits were impacted by losses in financial transactions involving interest rates and foreign currencies during the recent turmoil in the European financial markets. This accounts for about half of the profit reduction from the 1991 quarter," he said.
 "Although the volatility in the European financial market continues, Dow Corning has taken additional steps to reduce its financial exposure in these markets," Steinhoff said.
 For the nine months ended Sept. 30, 1992, Dow Corning's sales totaled $1.473 billion, an increase of 7 percent over the $1.373 billion reported in the first nine months of 1991. Net income for the period was $59 million, down 52 percent from the $124 million earned in the same nine-month period in 1991.
 Dow Corning Corporation, a Michigan-based company, is equally owned by The Dow Chemical Company (NYSE: DOW) and by Corning Incorporated (NYSE: GLW). About 50 percent of Dow Corning's sales are outside the U.S.
 -0- 10/12/92
 /CONTACT: Kara Kuchinic-Wittenberg of Dow Corning, 517-496-5994/
 (DOW GLW) CO: Dow Corning Corporation ST: Michigan IN: CHM SU: ERN


DH -- DE008 -- 8765 10/12/92 09:40 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
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