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LSB INDUSTRIES REPORTS RESULTS FOR THE FIRST QUARTER ENDED

 LSB INDUSTRIES REPORTS RESULTS FOR THE FIRST QUARTER ENDED
 OKLAHOMA CITY, May 5 /PRNewswire/ -- LSB Industries, Inc. (AMEX: LSB) today reported operating results for the three months ended March 31, 1992.
 Total revenues, including interest income and sales for the three months ended March 31, 1992 were $56,796,000 compared to $57,701,000 for the same period in 1991.
 Net income for the quarter ended March 31, 1992 was $1,108,000 compared to a net loss of $1,974,000 for the same period in 1991. Net income for 1992 includes an extraordinary gain of $340,000 or $.04 per share from the reduction of income taxes resulting from the utilization of net operating loss carryforwards. After adjustment for dividends on outstanding preferred stocks of the company, net income applicable to common stock was $614,000 or $.10 per share in 1992 as compared to a net loss applicable to common stock of $2,474,000 or $.46 per share for the 1991 quarter.
 Jack E. Golsen stated that overall, the results in the first quarter of 1992 reflected significant improvement from a year ago and reflected a continuation of the improvement that began in 1991. The company's Financial Services Business has now reported a profit for 15 consecutive months. Golsen further stated that the company's Chemical business segment reported substantially better segment operating income for the 1992 quarter than for the 1991 quarter. The company's overall improvement was due to better margins on sales and cost reduction programs that have been implemented. In January 1992, the Chemical business acquired Slurry Explosives Corp., which had annual sales of $10 million in 1991. Chairman Golsen expects improved results in all the company's businesses in 1992.
 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's common stock, debentures, and Series 1 Preferred Stock are listed for trading on the American Stock Exchange.
 LSB Industries, Inc.
 Financial Highlights (Notes)
 (Unaudited)
 (In thousands, except per share amounts)
 Periods ended March 31 1992 1991
 Total revenues $ 56,796 $ 57,701
 Operating costs and expenses 55,618 59,640
 Income (loss) before extraordinary item 768 (1,974)
 Net income (loss) 1,108 (1,974)
 Net income (loss) applicable to common
 stock 614 (2,474)
 Earnings (loss) per common share:
 Primary:
 Income (loss) before extraordinary item 0.06 (0.46)
 Net income (loss) 0.10 (0.46)
 Fully diluted:
 Income (loss) before extraordinary item 0.06 (0.46)
 Net income (loss) 0.09 (0.46)
 Average common shares outstanding:
 Primary 7,726 5,399
 Fully diluted 14,154 5,399
 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, after appropriate adjustments for interest
 on convertible notes and related income tax effects.
 Note 2: The results of operations for the quarter ended March
 31, 1992 include an extraordinary gain of $340,000 ($.04 per share)
 from the reduction of income taxes due to the utilization of net
 operating loss carryforwards.
 -0- 05/05/92
 /CONTACT: Tony M. Shelby, chief financial officer of LSB 405-235-4546/
 (LSB) CO: LSB Industries Inc. ST: Oklahoma IN: FIN SU: ERN


JP -- NY042 -- 6515 05/05/92 11:34 EDT
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Publication:PR Newswire
Date:May 5, 1992
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