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IMC FERTILIZER REPORTS FISCAL 1992 EARNINGS, CITES DEPRESSED PRICES FOR MAJOR PRODUCTS

 IMC FERTILIZER REPORTS FISCAL 1992 EARNINGS,
 CITES DEPRESSED PRICES FOR MAJOR PRODUCTS
 NORTHBROOK, Ill., July 29 /PRNewswire/ -- IMC Fertilizer Group, Inc. (NYSE: IFL) today reported earnings of $90.9 million, or $4.12 per share on average outstanding shares of 22.1 million, for the company's 1992 fiscal year ended June 30. Those earnings compare with last year's reported earnings of $95.8 million, or $3.85 per share on average outstanding shares of 24.9 million.
 Net sales for the year were $1.059 billion, a six percent decrease from fiscal 1991 when net sales were $1.131 billion.
 Included in the third-quarter 1992 net earnings was a gain of $18.2 million, or 82 cents per share, from the sale last February of IMC Fertilizer's ammonia production facility at Sterlington, La. Reporter 1991 earnings included a fourth-quarter gain of $11.2 million, or 45 cents per share, as the result of the sale of potash reserve interests in New Mexico.
 Fiscal 1992 earnings, as reported, are before the recording of a one-time charge of $165.5 million for the cumulative effect on prior years of a change in accounting for income taxes as a result of the adoption of Statement of Financial Accounting Standards No. 109, as of July 1, 1991.
 The effect of recording that one-time charge resulted in a net loss of $74.6 million, or $3.38 per share for the year ended June 30, 1992.
 Fourth quarter net earnings were $7.6 million, or 35 cents per share, compared with $29.3 million, or $1.29 per share in 1991. Sales for the fourth quarter totaled $279.7 million, compared with $302.6 million for the same period a year ago.
 "The numbers generated during the April-June quarter, a very important period for the North American fertilizer business, were disappointing, due to continued depressed prices of major products," according to Billie B. Turner, chairman and chief executive officer.
 "The situation remained frustrating, especially for phosphate chemicals prices which continued to deteriorate despite good market demand. Other negative factors were the impacts of the temporary closing of the company's uranium oxide recovery operations and extended plant shutdowns to control inventories late in the year.
 On the plus side, savings in production costs helped offset some of the negative impact of weaker prices again in the fourth quarter," Turner said.
 IMC Fertilizer Group, Inc. is one of the world's leading producers and marketers of two basic crop nutrients, phosphate rock and potash, and a major manufacturer of concentrated phosphates. The company also produces sulphur, oil and natural gas.
 IMC FERTILIZER GROUP, INC.
 (In millions except per share amounts)
 Periods ended Quarter Year
 June 30 1992 1991 1992 1991
 Net sales $279.7 $302.6 $1,058.5 $1,131.2
 Cost of goods sold 231.3 247.4 829.0 890.3
 Gross margins 48.4 55.2 229.5 240.9
 Selling, administrative
 and general expenses 24.7 19.1 68.1 65.1
 Other operating (income)
 and expense, net 5.2 (18.3) (31.4) (20.2)
 Operating earnings(A) 18.5 54.4 192.8 196.0
 Interest earned and other
 non-operating (income)
 and expense, net (.5) (2.5) 6.9 2.1
 Interest charges 10.2 12.2 44.5 41.1
 Earnings from operations
 before income taxes 8.8 44.7 141.4 152.8
 Provision for income taxes 1.2 15.4 50.5 57.0
 Earnings before cumulative
 effect of account. change 7.6 29.3 90.9 95.8
 Cumulative effect of
 accounting change(B) -- -- (165.5) --
 Net earnings (loss) $7.6 $29.3 ($74.6) $95.8
 Earnings (Loss) Per Share(C):
 Earnings before cumulative
 effect of accounting change $.35 $1.29 $4.12 $3.85
 Cumulative effect of
 accounting change(B) -- -- (7.50) --
 Net earning (loss) $.35 $1.29 ($3.38) $3.85
 (A) The fourth quarter of 1992 included charges of $5.3 million from the announced shutdown and mothballing of the company's uranium production facilities and $3 million from the buy out of a lease commitment, partially offset by $4.4 million in lower depreciation expense as a result of revising the useful lives of certain plant assets. 1992 also included a gain of $34.2 million from the sale of the company's ammonia production facility. The fourth quarter of 1991 included a gain of $17.9 million from the sale of certain potash interests, partially offset by a charge of $4 million from the write-off of a customer receivable.
 (B) Reflected the cumulative effect of an accounting change for periods prior to July 1, 1991, resulting from the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," in February 1992, retroactive to July 1, 1991.
 (C) Earnings per share were based on the weighted average number of shares and equivalent shares outstanding. Shares used in the calculations were 22.1 million shares for the quarter and year ended June 30, 1991.
 -0- 7/29/92
 /CONTACT: Tom Unzicker, 708-205-4839, or investors, John E. Galvin, 708-205-4814, both of IMC Fertilizer/
 (IFL) CO: IMC Fertilizer Group Inc. ST: Illinois IN: CHM SU: ERN


LR-SM -- NY019 -- 4519 07/29/92 10:39 EDT
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