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IMPERIAL CHEMICAL INDUSTRIES PLC REPORTS 1992 FIRST QUARTER RESULTS

 IMPERIAL CHEMICAL INDUSTRIES PLC REPORTS 1992 FIRST QUARTER RESULTS
 NEW YORK, April 30 /PRNewswire/ -- Imperial Chemical Industries PLC (NYSE: ICI), of London, today reported net income of $251 million for the first quarter of 1992, compared with $214 million for the same quarter in 1991.
 Net income per ADR was $1.41 on sales of $5.32 billion, which compares with $1.20 per ADR on sales of $5.31 billion in the first quarter of 1991.
 Chairman's Comments
 In announcing the results, Sir Denys Henderson, chairman of ICI, commented:
 "We are pleased to report a 7 percent increase in our income before tax as compared with the first quarter of 1991. In Bioscience Products, Pharmaceuticals continued to show good results. Elsewhere there are signs of improvement in the Specialty Chemicals and Materials businesses with Paints a strong performer. However, margins continue to be depressed in our Industrial Chemical operations where customer demand is still weak.
 "It is still uncertain when the difficult trading conditions of the past 18 months will finally be behind us. There are, however, some signs of recovery in the U.S.A. and in the U.K., particularly in the housing, consumer products and textile markets. There are also indications of better growth in parts of Continental Europe but the Japanese economy is faltering.
 "What is clear is that we continue to benefit from our vigorous reshaping program which has been under way for some time. Additionally, the Acrylics and Fibres transactions with Du Pont, which were announced last week, should also have a beneficial impact on shareholder value in due course."
 Comparison with the First Quarter 1991
 Group turnover in the first quarter of 1992 was similar to last year. Higher sales volume (+1 percent), mainly in the United States and Continental Europe, and favorable exchange movements (+4 percent) were offset by the net effect of divestments (-3 percent) and lower local selling prices (-2 percent), mainly in Europe.
 Bioscience operating income increased by $26m to $296m. In Pharmaceuticals, sales of the newer products "Zestril", "Zoladex" and "Diprivan" continued to grow sharply and accounted for almost one-third of sales. Agrochemicals and Seeds operating income was below the previous year due to lower volumes in January and February.
 Operating income in Specialty Chemicals and Materials increased $42m to $85m with all businesses reporting higher income. Materials and Specialties benefited from increased margins and cost-reduction programs. Paints underlying performance improved significantly compared to 1991, as the prior year's results included disposal gains.
 Operating income in Industrial Chemicals of $54m was $7m below last year. The decline was entirely due to Chemicals & Polymers which, despite the inclusion of a disposal gain on the sale of the Salt businesses, saw a fall in income with reduced selling prices and lower volumes. Tioxide trading results improved due to higher volumes and strict cost control.
 In Regional Businesses, operating income decreased from $21m to a loss of $2m mainly as a result of the continuing recession. Income from associated companies was $21m below the prior year which included a disposal gain on the sale of investments.
 The overall effect of disposal gains on income before tax has been similar in each period.
 Taxation
 The tax charge for the first quarter of the year amounted to $108m (first quarter 1991 $125m), comprising U.K. corporation tax of $14m (1991 $14m) and taxation in respect of overseas and associated companies of $94m (1991 $111m).
 Financial Summary
 The results for the first quarter of 1992 are summarized in the following table, together with comparative figures for 1991.
 Three months ended 12 months ended
 March 31 Dec. 31
 1991 1992 1991
 Sales $5.31bn $5.32bn $21.73bn
 Income before tax $345m $369m $1467m
 Net income $214m $251m $943m
 Net income per ADR $1.20 $1.41 $5.32
 Results for all periods have been expressed above in U.S. dollars at a convenient exchange rate of $1.74 to the pound, the rate prevailing on March 31, 1992. Four ICI 1 pound sterling Ordinary Shares are represented by each ADR. Details of the industry segment results are set out in the Appendix.
 Results are based on United Kingdom accounting principles and are unaudited. Under U.S. Generally Accepted Accounting Principles, net income for the three months ended March 31, 1992, would have been $57m lower at $194m. The difference represents recurring differences between U.K. and U.S. GAAP particularly in respect of purchase accounting adjustments, pension accounting and deferred taxation.
 UK Press Statement
 The above release is supplementary to the full Press Statement issued today in London with figures in pounds sterling.
 APPENDIX: SEGMENT INFORMATION
 Group Group
 Sales Operating Income
 First Quarter First Quarter
 CLASS OF BUSINESS 1991 1992 1991 1992
 Business Sector $m $m $m $m
 BIOSCIENCE PRODUCTS:
 Pharmaceuticals 564 672 153 212
 Agrochemicals and Seeds 653 619 117 84
 Total (A) 1216 1291 270 296
 SPECIALTY CHEMICALS AND MATERIALS:
 Specialties 538 557 12 26
 Paints 630 691 33 35
 Materials 882 861 -16 9
 Explosives 211 237 14 15
 Total (A) 2243 2328 43 85
 INDUSTRIAL CHEMICALS 1681 1442 61 54
 REGIONAL BUSINESSES 501 533 21 -2
 Inter-class eliminations -331 -278 10 9
 ICI GROUP TOTAL 5310 5316 405 442
 (A) Totals exclude sales and income within the same class of business.
 /delval/
 -0- 4/30/92
 /CONTACT: Bill Warelis (Wilmington) of ICI, 302-886-3638, or Vincent Leheny (New York), 212-644-9274, for ICI/
 (ICI) CO: Imperial Chemicals Industries PLC ST: Delaware IN: CHM SU: ERN


MK-MP -- PH010 -- 4834 04/30/92 10:36 EDT
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