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 WEST LAFAYETTE, Ind., April 19 /PRNewswire/ --Great Lakes Chemical Corporation (NYSE: GLK) today announced record revenues and earnings for the first quarter of 1994.
 Revenues for the quarter just ended increased six percent to $460.7 million, versus the $436.6 million reported in the first quarter of 1993. Also a record, net income of $66.9 million, or $.94 per share, grew four percent from the $64.2 million or $.90 per share (which included $.04 per share resulting from a non-recurring tax adjustment), posted in the same three months of last year.
 Speaking on behalf of the Office of the President, Robert B. McDonald, Senior Vice President, stated, "Overall, we are encouraged by the Company's results. Our basic specialty chemicals businesses continue to benefit from excellent fundamentals."
 He elaborated, "Demand for the Company's bromine-based flame retardants remained strong in the United States and Pacific Rim. The early buy programs for swimming pool and spa chemicals point to the beginnings of what could be another excellent season. Sales of clear drilling fluids used in oil and gas production essentially maintained record levels. We expect these important business areas to remain on an upward trend throughout the balance of 1994."
 "Despite our progress on many fronts," he went on to explain, "a series of isolated and unrelated events came to bear in the quarter that prevented earnings from being several cents per share higher. An ice storm at our South Arkansas manufacturing operations interrupted production and delayed shipments, and inclement weather forced a substantial number of our customers located throughout the Eastern United States to endure unplanned shut-down periods. While we contended with adverse weather on this continent, Octel Associates encountered a fire at its Ellesmere Port manufacturing facility that interrupted operations for a period of time."
 He then added, "Also during the quarter, Octel delayed delivering bulk shipments of antiknock compound to two major customers until appropriate financial terms could be arranged. A shortfall in hard currency in Russia and Iran, albeit temporary, dictated that Octel take this prudent action. We firmly believe this situation will be rectified later this year."
 Mr. McDonald said, "The impact from these aberrations should be replaced by positive new developments as the year unfolds. We anticipate a substantial increase in the penetration of new and existing customers with our broadened line of polymer additives, enhanced by the recent acquisition of Enichem Synthesis S. p. A. A number of additional manufacturing capacity expansions will come on stream later this year in order to meet rising worldwide demand for bromine derivatives and non- bromine based polymer additives.
 "We view 1994," he concluded, "as a year that holds great promise no matter what challenges lie ahead. The strategies that have worked well in the past form the basis for bringing about another excellent year."
 Great Lakes Chemical Corporation, a Fortune 300 company, is the world's leading producer of certain specialty chemicals for such applications as flame retardants, fire extinguishants, water treatment chemicals and fuel additives. The stock of the Company is traded on the New York Stock Exchange.
 Great Lakes Chemical Corporation and Subsidiaries
 Consolidated Statements of Income
 (thousands of dollars, except per share data)
 For the Three Months Ended Mar. 31,
 1994 1993 Change
 Net Sales $ 448,676 $ 430,176 4.3%
 Equity in earnings of
 affiliates and other income 11,062 6,406 72.7
 Total 460,738 436,582 5.5
 Costs and Expenses
 Cost of products sold 288,605 272,995 5.7
 Selling, administrative and
 research expenses 56,051 59,570 (5.9)
 Interest and other expenses 10,417 7,295 42.8
 Total 356,073 339,860 4.8
 Income Before Taxes and
 Minority Interest 104,665 96,722 8.2
 Minority Interest in Income
 of Subsidiaries 7,981 7,780 2.6
 Income Before Taxes 96,684 88,942 8.7
 Income Taxes 29,800 24,700 20.6
 Net Income $ 66,884 $ 64,242 4.1%
 Net Income per Share $ .94 $ .90 4.4%
 Average Shares Outstanding 71,308,272 71,427,379
 The 1994 first quarter includes a one-time charge of $.015 per share, resulting from the adoption of Financial Accounting Standard (FAS) No. 112.
 The 1993 first quarter includes a one-time gain of $.04 per share, resulting from the adoption of FAS No. 109.
 -0- 4/19/94
 /CONTACT: David R. Bouchard or Gregory J. Griffith of Great Lakes Chemical, 317-497-6100/

CO: Great Lakes Chemical Corporation ST: Indiana IN: CHM SU: ERN

DA -- CL051 -- 7224 04/19/94 17:52 EDT
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Publication:PR Newswire
Date:Apr 19, 1994

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