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ETHYL REPORTS HIGHER HIGHER SECOND-QUARTER RESULTS

 ETHYL REPORTS HIGHER HIGHER SECOND-QUARTER RESULTS
 RICHMOND, Va., July 16 /PRNewswire/ -- Ethyl Corporation (NYSE: EY)


today reported higher net income and earnings per share for the second quarter and first six months of 1992 compared to the corresponding periods in 1991.
 Net income for the second quarter of 1992 was $52.6 million, or 45 cents a share, up five percent and seven percent, respectively, from second-quarter 1991 net income of $50.1 million, or 42 cents a share.
 For the first six months of 1992, net income was $115.8 million, or 98 cents a share, representing an increase of 12 percent and 13 percent, respectively, from six-month 1991 net income of $103 million, or 87 cents a share.
 Included in the results for the second quarter of 1992 are higher after-tax realized investment gains by First Colony Life Insurance Company of $7.5 million, or six cents a share, versus $1.3 million, or one cent a share in 1991. For the six-month period, after-tax realized gains in 1992 were $18.5 million, or 16 cents a share, versus $4.4 million, or four 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.
 Earnings for 1992 were unfavorably affected by significant costs associated with the recent start-up of Ethyl's new linear alpha olefin (LAO) production facility in Feluy, Belgium. These costs amounted to $3.9 million after taxes, or three cents a share, for the quarter, and $5.7 million after taxes, or five cents a share, for the six-month period. Results for the second quarter and first six months of 1991 included an after-tax charge of $3 million, or three cents a share, to cover the costs of relocating the Ethyl Petroleum Additives Division (EPAD) headquarters to Richmond. Excluding the effects of realized investment gains in both years, LAO start up costs in 1992 and EPAD relocation costs in 1991, income and earnings per share in 1992 were five percent below 1991 for the second quarter but one percent ahead of 1991 for the six-month period.
 Chemicals operating profit for the second quarter of 1992 declined 15 percent, while insurance segment income was up 32 percent from a year ago. Excluding realized investment gains, insurance income in the second quarter was ahead of 1991 by seven percent.
 Total chemicals net sales and insurance revenues for the second quarter of 1992 were $662 million, up four percent from $638.1 million for the second quarter of 1991. For the first six months of 1992, total chemicals net sales and insurance revenues amounted to $1.34 billion, also representing an increase of four percent from $1.29 billion for the comparable 1991 period. Insurance revenues for 1992 increased 11 percent for the quarter and 13 percent for the six-month period versus 1991. Chemicals net sales declined one percent for the quarter and two percent for the six-month period compared to 1991.
 Bruce C. Gottwald, president and chief executive officer of Ethyl, said: "Chemicals operating profit for the second quarter reflects lower demand and margins for industrial chemicals and start-up costs associated with our new European linear alpha olefin unit. Lubricant additives results showed improvement in the second quarter compared to the first quarter of 1992. However, the second-quarter results significantly lagged the second quarter of 1991. We expect the improving trend for lubricant additives to continue in addition to the benefits of the Amoco petroleum additives acquisition, which was closed on June 26. Insurance income before realized investment gains continued its favorable trend compared to last year's strong results."
 -0- 7/16/92
 /CONTACT: A. Prescott Rowe, 804-788-5413, or Robert P. Buford IV, 804-788-5494, both of Ethyl Corporation/
 (EY) CO: Ethyl Corporation ST: Virginia IN: CHM SU: ERN


JZ -- CH004 -- 9927 07/16/92 10:14 EDT
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Date:Jul 16, 1992
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