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NALCO REPORTS RECORD FOURTH QUARTER AND YEAR SALES/EARNINGS

      NALCO REPORTS RECORD FOURTH QUARTER AND YEAR SALES/EARNINGS
    NAPERVILLE, Ill., Jan. 29 /PRNewswire/ -- Nalco Chemical Company (NYSE: NLC) reported today that sales from continuing operations for the fourth quarter were $334.6 million, up 16.5 percent over restated sales of $287.3 million for a year ago.  The international division led the way with a strong 41.2 percent sales increase, mainly resulting from including sales from the acquisition of five former affiliated companies.  A solid performance by the absorbent chemicals group led U.S. operations followed by improved sales results from the WATERGYR, RPC Chemicals, UNISOLVR and pulp and paper chemicals groups.  Total sales for 1991 set a new company record by increasing almost 16 percent to over $1.23 billion compared to restated sales of nearly $1.07 billion last year.
    Earnings from continuing operations for the fourth quarter were $36.9 million, or 45 cents a share on a fully diluted basis, up 5.6 percent over restated earnings of $35.0 million or 43 cents per share a year ago.  For the year, earnings from continuing operations were $134.6 million, or $1.67 a share fully diluted, an increase of 5.7 percent over restated earnings of $127.4 million, or $1.55 a share for 1990.
    Net earnings for the fourth quarter were $37.4 million, or 46 cents a share fully diluted, 5.1 percent higher than the $35.6 million or 44 cents a share reported a year ago.  Net earnings for the year were $137.8 million, or $1.71 a share on a fully diluted basis, up 5.1 percent over the $131.1 million, or $1.60 a share last year.
    W. H. Clark, chairman and chief executive officer said, "We have decided to report the results of our U.S. Subsidiaries, consisting of Day-Glo Color Corp., Adco Products, Inc. and the Penray Companies, as a discontinued operation because Day-Glo was sold in October 1991, and we are currently in the process of finding good new homes for each of the other two fine, small companies.  These businesses have not produced the higher margins and returns that are available to us in our traditional specialty chemicals business.
    "A recently-completed Nalco sales meeting carried the theme 'Right on Track,' and this is an appropriate message.  We believe we are on track with business management focused upon return on investment for customers and shareholders alike.
    "We expect to achieve superior returns through sales efforts devoted to customer satisfaction, worldwide emphasis on quality improvement, and environmental concern for both our customers' and Nalco's operations."
    Summaries of               Three Months Ended       Year Ended
    Consolidated Earnings         December 31           December 31
                                 1991     1990         1991      1990
    (Dollars in thousands
    except per share figures
    Net sales                 334,623   287,290   1,237,291   1,068,067
    Operating Costs
    And Expenses:
    CPS                       146,127   130,603     547,079     474,823
    GS and A                  124,811   104,209     463,342     394,343
    Total                     270,938   234,812   1,010,421     869,166
    Operating Earnings         63,685    52,478     226,870     198,901
    Other Income
    (Expense):
    Interest & Other Income     3,557     3,720      15,509      11,791
    Interest Expense          ( 8,865)   (2,833)    (27,140)    (11,506)
    Earnings before taxes      58,377    53,365     215,239     199,186
    Income Taxes               22,000    20,290      84,230      80,000
    Earnings from
    Consolidated Operations    36,377    33,075     131,009     119,186
    Affiliates earnings           549     1,896       3,577       8,185
    Earnings from
    continuing operations      36,926    34,971     134,586     127,371
    Discontinued operations       487       615       3,205       3,706
    Net earnings               37,413    35,586     137,791     131,077
    Per Common Share Earnings - Primary:
    Continuing Operations         .49       .46         1.78       1.66
    Discontinued Operations       .01       .01          .04        .05
    Net Earnings                  .50       .47         1.82       1.71
    Earnings - fully diluted
    Continuing operations         .45       .43         1.67       1.55
    Discontinued operations       .01       .01          .04        .05
    Net earnings                  .46       .44         1.71       1.60
    Cash dividends                .21       .20          .83       .755
    Average Primary
    Shares outstanding         70,575    69,801       70,377     70,864
    Average fully diluted
    shares outstanding         79,015    78,241       78,937     79,308


MEDIA CONTACT: Andrew Rauwerda of Nalco Chemical, 708-305-1275/
    (NLC) CO:  Nalco Chemical Company ST:  Illinois IN:  CHM SU:  ERN SB -- NY063 -- 4820 01/29/92 14:41 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 29, 1992
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