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LSB INDUSTRIES REPORTS NET INCOME OF $4,276,000 FOR THE SECOND QUARTER ENDED JUNE 30, 1992

 LSB INDUSTRIES REPORTS NET INCOME OF $4,276,000 FOR
 THE SECOND QUARTER ENDED JUNE 30, 1992
 OKLAHOMA CITY, Aug. 5 /PRNewswire/ -- LSB Industries, Inc. (AMEX: LSB) today reported operating results for the three months and six months ended June 30, 1992.
 Results For Quarter Ended June 30, 1992.
 Total revenues, including interest income and sales for the three months, ended June 30, 1992 were $71,891,000 compared to $66,864,000 for the same period in 1991.
 Net income for the quarter ended June 30, 1992 was $4,276,000 compared to net income of $2,122,000 for the same period in 1991. After adjustment for dividends on outstanding preferred stocks of the company, net income applicable to common stock was $3,806,000 or $.49 per share in 1992 as compared to net income applicable to common stock of $1,641,000 or $.22 per share for the 1991 quarter.
 Results For Six Months Ended June 30, 1992.
 Total revenues for the six months ended June 30, 1992 were $128,687,000 compared to $124,565,000 for the same period in 1991.
 Net income for the six months ended June 30, 1992, was $5,384,000. In the comparable six months ended June 30, 1991, the company had net income of $148,000.
 After adjustment for dividends on the company's outstanding preferred stock the net income applicable to common stock for the six months ended June 30, 1992 was $4,420,000 or $.59 per share, compared to a net loss applicable to common stock of $833,000 or $.10 per share for the same period in 1991.
 In making the announcement, Jack E. Golsen, chairman, noted that the company's Financial Services Business continued to make a strong contribution to overall earnings posting its sixth consecutive quarterly profit. He further noted that the company's Chemical Business, consistent with expectations, achieved record sales and profits for the quarter and the year to date. The Chemical Business benefited from the $20 million expansion completed in 1990 and from strong customer demand. In January 1992, the Chemical Business acquired Slurry Explosive Corp., which had annual sales of $10 million in 1991.
 In other business Golsen announced that John Shelley had been elected President of Equity Bank for Savings, the primary operating entity in the company's Financial Services Business.
 LSB is a diversified company engaged in financial services and a variety of manufacturing, engineering, and marketing activities on a world-wide basis. LSB's principal industrial business activities consist of the manufacture and sale of chemical products, commercial air conditioning products, and automotive and industrial products.
 LSB INDUSTRIES, INC.
 Financial Highlights (Notes)
 (unaudited -- in thousands, except per share amounts)
 Periods ended Six months Three months
 June 30, 1992 1991 1992 1991
 Total revenues $ 128,687 $ 124,565 $ 71,891 $ 66,864
 Operating costs
 and expenses $ 122,821 $ 124,185 $ 67,203 $ 64,545
 Net income $ 5,384 $ 148 $ 4,276 $ 2,122
 Net income (loss)
 applicable to
 common stock $ 4,420 $ (833) $ 3,806 $ 1,641
 Earnings (loss)
 per common share:
 Primary $ 0.59 $ (0.10) $ 0.49 $ 0.22
 Fully diluted(A) $ 0.39 $ (0.10) $ 0.30 $ 0.16
 Average common
 shares outstanding:
 Primary 7,872 6,739 8,001 8,079
 Fully diluted 14,282 9,991 14,393 14,583
 (A) Fully diluted earnings per share are the same as primary earnings per share in certain periods if the effect of the fully diluted calculation is anti-dilutive.
 LSB INDUSTRIES, INC.
 Notes to Unaudited Financial Highlights
 Three Month and Six Month Periods Ended
 June 30, 1992 and 1991
 Note 1: Primary earnings per share are based upon the weighted average number of common and dilutive common equivalent shares outstanding during each period after giving appropriate effect to preferred stock dividends.
 Fully diluted earnings per share are based on the weighted average number of common and dilutive common equivalent shares outstanding and the assumed conversion of dilutive convertible securities outstanding.
 Note 2: In February 1992, the Financial Accounting Standards Board issued SFAS No. 109, "Accounting for Income Taxes" effective for fiscal years beginning after Dec. 15, 1992. This statement provides that deferred income tax liabilities and assets will be determined using the liability method at presently enacted rates.
 The company has implemented SFAS No. 109 during the second quarter of 1992 effective as of Jan. 1, 1992.
 The effect of the implementation of SFAS No. 109 on net income for the three months and six month periods ended June 30, 1992 was insignificant; however, the benefit of the utilization of the company's net operating loss carryforward is reflected as a reduction of the company's provision for income taxes under Statement No. 109 rather than as an extraordinary item.
 Following is the effect of the retroactive adoption of Statement No. 109 on the company's Financial Highlights for the three months ended March 31, 1992:
 As
 Previously As
 Reported Restated
 (in thousands, except per share amounts)
 Income before provision for income
 taxes and extraordinary item $1,178 $1,178
 Provision for income taxes 410 70
 Income before extraordinary item 768 1,108
 Extraordinary item 340 -
 Net income $1,108 $1,108
 Earnings per share:
 Primary:
 Income before extraordinary item $ .06 $ .10
 Extraordinary item .04 -
 Net income $ .10 $ .10
 Fully diluted:
 Income before extraordinary item $ .06 $ .09
 Extraordinary item .03 -
 Net income $ .09 $ .09
 -0- 8/5/92
 /CONTACT: Tony M. Shelby, chief financial officer of LSB Industries, 405-235-4546/
 (LSB) CO: LSB Industries, Inc. ST: Oklahoma IN: FIN SU: ERN


SH -- NY039 -- 7033 08/05/92 10:56 EDT
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