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ETHYL CORPORATION ANNOUNCES EARNINGS

 ETHYL CORPORATION ANNOUNCES EARNINGS
 RICHMOND, Va., Oct. 21 /PRNewswire/ -- Ethyl Corporation (NYSE: EY)


today reported higher net income and earnings per share for the third quarter and first nine months of 1992 compared to the corresponding periods in 1991 due to a significant increase in realized investment gains by First Colony Life Insurance Company.
 Net income for the third quarter of 1992 was $72 million, or 61 cents a share, up 30 percent from third quarter 1991 net income of $55.3 million, or 47 cents a share.
 For the first nine months of 1992, net income was $187.8 million, or $1.59 a share, an increase of 19 percent from nine-month 1991 net income of $158.3 million, or $1.34 a share.
 Included in the results for the third quarter of 1992 are higher after-tax realized investment gains by First Colony of $23 million, or 19 cents a share, versus $4.5 million, or three cents a share in 1991. For the nine-month period, realized gains in 1992 were $41.5 million, or 35 cents a share, versus $8.9 million, or seven cents a share, in the 1991 period. The higher gains were due primarily to premature bond calls and redemptions as a result of prevailing low interest rates.
 Excluding the effect of realized investment gains in both years, 1992 pre-tax income was one percent ahead of 1991 for the third quarter and about even with 1991 for the nine-month period. However, 1992 after-tax income on the same basis was four percent below 1991 for the third quarter and two percent behind 1991 for the nine-month period, reflecting a higher effective income tax rate in 1992 compared to the prior-year periods.
 Chemicals operating profit for the third quarter of 1992 declined four percent, while insurance income before inclusion of realized investment gains was ahead of 1991 by 11 percent. Insurance income including investment gains was up 80 percent from a year ago.
 Total revenues for the third quarter of 1992 were $794.7 million, up 28 percent from $623.1 million for the third quarter of 1991. For the first nine months of 1992, total revenues amounted to $2.14 billion, representing an increase of 12 percent from $1.92 billion for the comparable 1991 period. Insurance revenues for 1992 increased 32 percent for the quarter and 19 percent for the nine-month period versus 1991. Chemicals net sales increased 24 percent for the quarter and seven percent for the nine-month period compared to 1991.
 Bruce C. Gottwald, president and chief executive officer of Ethyl, said: "Chemicals operating profit in the third quarter of 1992 continued to be affected unfavorably by start-up costs associated with Ethyl's new European linear alpha olefin unit but to a lesser degree compared to the second quarter. Lubricant additives and fuel additives other than antiknocks showed improvement in the third quarter compared to a year ago, primarily due to the benefits of the Amoco petroleum additives acquisition in late June. Results in other product lines were mixed. Insurance income before realized investment gains continued its favorable trend. We expect a higher than usual level of investment gains to occur for the rest of the year."
 -0- 10/21/92
 /CONTACT: A. Prescott Rowe, 804-788-5413, or Robert P. Buford IV, 804-788-5494, both of Ethyl Corporation/
 (EY)
 ETHYL CORPORATION PLANS FRENCH ACQUISITION (NYSE: EY) today issued the following U.S. version of a joint announcement it released in France with Rhone-Poulenc and Entreprise Miniere et Chemique:
 "Ethyl Corporation, a multinational company headquartered in Richmond, Virginia, and Rhone-Poulenc, a French-based multinational chemical and pharmaceutical company, have reached an agreement in principle under which Ethyl will acquire Rhone-Poulenc's and Entreprise Miniere et Chemique's common affiliate company Potasse et Produits Chimiques (PPC). PPC located at Thann, Haut-Rhin, France, is jointly owned by Rhone-Poulenc through their affiliate Thann & Mulhouse and by Entreprise Miniere et Chimique. The proposed transaction is valued in excess of 100 million U.S. dollars.
 "PPC's annual turnover in 1991 was 586 million French francs (approximately 120 million U.S. dollars). PPC is one of the largest producers of organic and inorganic brominated compounds used mainly as photographic, agrochemical and pharmaceutical intermediates. The company also operates an electrolysis unit to produce caustic potash and potassium carbonate used in the glass, chemical and food industries.
 "Ethyl Corporation is one of the world's largest producers of elemental bromine and brominated chemicals. PPC will complement Ethyl's global position in performance chemicals and will strengthen Ethyl's and PPC's position in bromine derivatives. The transaction is subject to satisfactory completion of due diligence, approval by Ethyl's board of directors and appropriate governmental authorities. The transaction is expected to be completed by year- end."
 Based in Richmond, Virginia, Ethyl Corporation is a Fortune-500 producer and marketer of value-added chemicals for the petroleum and plastics industries. Ethyl also makes high-technology chemical intermediates for detergents, polymers, electronics, agricultural chemicals and pharmaceuticals. In addition, Ethyl owns First Colony Life Insurance Company. Ethyl had 1991 revenues of $2.6 billion and net income of $206.7 million.
 -0- 10/21/92
 /CONTACT: A. Prescott Rowe, 804-788-5413, or Robert P. Buford IV, 804-788-5494, both of Ethyl Corporation/
 (EY RPU) CO: Ethyl Corporation; Rhone-Poulenc; Entreprise Miniere et Chemique
 Potasse et Produits Chimiques; Thann & Mulhouse ST: Virginia IN: CHM MTC SU: ERN TNM


CM -- CH001 -- 2713 10/21/92 09:16 EDT
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Date:Oct 21, 1992
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