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ETHYL REPORTS LOWER 1991 RESULTS

 ETHYL REPORTS LOWER 1991 RESULTS
 RICHMOND, Va., Jan. 22 /PRNewswire/ -- Ethyl Corporation (NYSE: EY)


reported today that net income and earnings per share for the year and the fourth quarter of 1991 were below 1990. The report is based on preliminary figures.
 Excluding the effects of special charges in 1991 and 1990 and a non- recurring gain in 1990, earnings and earnings per share in 1991 declined five and four percent, respectively, from 1990. Including special items, 1991 net income was $206.7 million, or $1.75 per share, down 11 percent and 10 percent, respectively, from 1990 net income of $232.2 million, or $1.95 per share.
 For the fourth quarter of 1991, excluding the effects of special items in 1991 and 1990, earnings and earnings per share declined 10 percent from the prior year. Including special items, 1991 net income for the fourth quarter amounted to $48.3 million, or 41 cents a share, down 27 percent from fourth-quarter 1990 net income of $66.4 million, or 56 cents a share.
 Included in the 1991 earnings is a fourth-quarter, after-tax charge of $4 million, or three cents a share, resulting from discontinuance of certain developmental research programs. Earnings for 1991 also included a second-quarter, after-tax charge of $3 million, or three cents a share, covering the estimated expenses of the mid-1992 relocation of the Petroleum Additives Division headquarters from St. Louis to Richmond.
 Earnings for the year 1990 included a fourth-quarter after-tax gain of $50.8 million, or 43 cents per share, resulting from the sale of a subsidiary, Hardwicke Chemical Company. The non-recurring gain was offset in part by special charges totaling $42.4 million after taxes, or 36 cents per share, covering the write-off of goodwill and relocation costs related to Ethyl's pharmaceutical subsidiary, Whitby, Inc., and provisions for environmental remediation projects at certain chemicals facilities.
 For 1991, total chemicals net sales and insurance revenues amounted to $2.57 billion, an increase of two percent from $2.51 billion a year earlier. Total chemicals net sales and insurance revenues in the fourth quarter of 1991 were $659.7 million, down 2 percent from $676.5 million in the fourth quarter of 1990. Chemicals net sales for 1991 declined four percent for the year and 10 percent for the fourth quarter versus 1990. Insurance revenues for 1991 increased 13 percent for the year and 11 percent for the fourth quarter.
 Floyd D. Gottwald, Jr., chairman of the board, said: "Chemicals segment operating profit, before inclusion of special items, for the fourth quarter of 1991 declined 21 percent from 1990, reflecting substantially weaker lubricant additives performance, offset in part by higher antiknocks profit. The Petroleum Additives Division incurred significantly higher research and development and technical service expenses than 1n 1990 to qualify certain lubricant additives. Chemicals results reflect the loss of market share in these products disclosed in earlier quarters of 1991. Insurance segment income continued its favorable trend and was up 12 percent from the 1990 quarter."
 -0- 1/22/92
 /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


DF -- CH003 -- 2161 01/22/92 10:12 EST
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Publication:PR Newswire
Date:Jan 22, 1992
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