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NALCO REPORTS INCREASED SECOND QUARTER SALES AND EARNINGS

 NAPERVILLE, Ill., July 27 /PRNewswire/ -- Nalco Chemical Company (NYSE: NLC) reported that second quarter earnings increased 5 percent while sales rose 2 percent.
 Earnings for the quarter were $38.1 million or 46 cents per share on a fully diluted basis, compared to year-ago earnings of $36.4 million or 45 cents per share. Earnings for the first six months were $73.2 million, or 89 cents per share on a fully diluted basis, up 5 percent, before one-time charges for postretirement benefit expenses and prepayment on a long-term debt.
 Sales reached $347.5 million, a 2 percent increase, versus year-ago second quarter results of $340.3 million. Sales for the first six months increased 3 percent to $686.5 million, up from last year's results of $666.7 million.
 In the U.S., sales increased 5 percent in the second quarter. Strong double-digit sales gains were turned in by the Pulp and Paper Chemicals and Absorbent Chemicals Groups, while the Basic Industry, UNISOLV and WATERGY Groups recorded above-average increases. The company's Petroleum Chemicals Division continued to experience some difficulties in certain segments of the petroleum industry. This included the Visco Chemicals oil field business and the finished products Additives Group. At the same time, the Refinery Process Chemicals Group turned in a slight sales gain.
 In Latin America, the company's operations in Venezuela, Colombia, Chile, and Argentina recorded impressive double-digit sales growth for the second quarter. Pacific Rim operations in Japan, Korea and South East Asia also experienced strong double-digit growth. Sales in the Nalco Europe Division grew in local currency but declined in dollars in the second quarter as a result of currency exchange rates and the recession which impacted results.
 Commenting on operations, W.H. Clark, Nalco chairman and chief executive officer, said: "We're continuing to grow in a very tough environment by focusing on the fundamentals. We are hiring the best people, providing outstanding training and keeping our sales force highly motivated. In addition, our sales force uses the very best computer and application technology in the industry to help our customers reduce operating costs and increase efficiency, which results in a better return on the customer's investment. These are just some of the reasons Nalco continues to add new customers in our core water treatment and process chemicals business.
 "I am very proud of the way our employees are coping and winning during this prolonged lackluster economy."
 NALCO CHEMICAL COMPANY
 Summaries Of Consolidated Earnings
 (Dollars in millions, except per share figures)
 Three months Six months
 Periods ended June 30, 1993 1992 1993 1992
 Net Sales 347.5 340.3 686.5 666.7
 Operating Costs & Expenses
 Cost Of Products Sold 151.8 151.1 301.9 297.8
 Operating Expenses 129.9 123.6 255.7 242.4
 Total 281.7 274.7 557.6 540.2
 Operating Earnings 65.8 65.6 128.9 126.5
 Other Income (Expense) (3.5) (5.8) (8.4) (11.9)
 Earnings Before Income Taxes 62.3 59.8 120.5 114.6
 Income Taxes 24.2 23.4 47.3 45.2
 Earnings Before Extraordinary
 Loss And Effects Of
 Accounting Changes 38.1 36.4 73.2 69.4
 Extraordinary Loss From
 Retirement Of Debt, Net
 Of Taxes --- --- (10.6) ---
 Cumulative Effect Of
 Accounting Changes, Net
 Of Taxes --- --- (56.5) ---
 Net Earnings 38.1 36.4 6.1 69.4
 Per Common Share
 Earnings - Primary
 Before Extraordinary Loss
 And Accounting Changes .50 .48 .96 .91
 Extraordinary Loss And
 And Accounting Changes --- --- (.95) ---
 Net Earnings .50 .48 .01 .91
 Earnings - Fully Diluted
 Before Extraordinary Loss
 And Accounting Changes .46 .45 .89 .86
 Extraordinary Loss And
 And Accounting Changes --- --- (.85) ---
 Net Earnings .46 .45 .04 .86
 Cash Dividends .225 .21 .435 .42
 Average Primary Shares
 Outstanding (In Thousands) 69,830 70,986 70,129 70,991
 Average Fully Diluted Shares
 Outstanding (In Thousands) 78,036 79,267 78,335 79,254
 -0- 7/27/93
 /CONTACT: Paul Cholette, 708-305-1147, or Charles Goding, 708-305-1276, both of Nalco/
 (NLC)


CO: Nalco Chemical Company ST: Illinois IN: CHM SU: ERN

MP -- NY029 -- 6145 07/27/93 10:32 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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