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NL ANNOUNCES FIRST QUARTER 1992 RESULTS

 NL ANNOUNCES FIRST QUARTER 1992 RESULTS
 HOUSTON, April 28 /PRNewswire/ -- NL Industries, Inc. (NYSE: NL)


announced a net loss of $4.4 million, or $.09 per share, on net sales of $226.1 million for the quarter ended March 31, 1992. The net loss for the first quarter of 1991 was $33.5 million, or $.52 per share, on net sales of $225.0 million. The 1991 results included an aggregate pre-tax loss on securities transactions of $50.2 million.
 Operating income of Kronos' titanium dioxide pigments business in the first quarter of 1992 was $19.2 million, compared to $39.6 million for the 1991 period, as the effects of a significant decline in average selling prices and start-up costs of Kronos' new Lake Charles chloride process pigments plant were only partially offset by an increase in sales volume.
 Rheox's operating income for the first quarter of 1992 of $6.6 million was $.9 million less than the comparable 1991 period due to slightly lower sales prices and volumes and slightly higher manufacturing costs.
 Interest and dividend income for the first quarter of 1992 declined from the comparable 1991 period due to a lower level of funds available for investment. Interest expense decreased due to higher capitalized interest in 1992. General corporate expenses, net, were lower in the 1992 period due to a decrease in certain proxy solicitation expenses partially offset by an increased provision for environmental accruals.
 The extraordinary item relates to the income tax benefit of the utilization of tax loss and credit carryforwards in 1991.
 NL Industries, Inc., a major producer of titanium dioxide pigments and specialty chemicals, is headquartered in Houston, Texas. NL's common stock is traded on the New York and Pacific Stock Exchanges under the symbol "NL."
 NL INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (Unaudited -- In millions, except per share data)
 Quarter Ended March 31 1992 1991
 Net sales:
 Kronos $197.9 $195.7
 Rheox 28.2 29.3
 Total 226.1 225.0
 Operating income:
 Kronos 19.2 39.6
 Rheox 6.6 7.5
 Operating income 25.8 47.1
 General corporate:
 Securities transactions, net (3.8) (50.2)
 Interest and dividends 6.0 10.0
 Expenses, net (7.8) (10.9)
 Interest expense (26.2) (30.6)
 Loss before income taxes (6.0) (34.6)
 Provision for income tax benefit (exp.) 1.8 (4.5)
 Minority interest (.2) (.2)
 Loss before extraordinary item (4.4) (39.3)
 Extraordinary item -- 5.8
 Net loss (4.4) (33.5)
 Per share of common stock:
 Before extraordinary item $(.09) $(.61)
 Extraordinary item -- .09
 Net loss (.09) (.52)
 Weighted avg. com. shares outstanding 51.0 64.1
 NL INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In millions)
 3/31/92 12/31/91
 (Unaudited)
 Cash & cash equivalents $ 133.7 $ 125.3
 Current marketable securities 172.9 228.0
 Other current assets 429.7 442.3
 Non-current marketable securities 209.2 220.3
 Other assets 69.6 76.6
 Property and equipment 734.9 738.6
 Total 1,750.0 1,831.1
 Current liabilities $ 317.0 $ 360.2
 Non-current liabilities 1,464.4 1,527.4
 Minority interest 2.1 1.8
 Shareholders' equity (deficit):
 Capital and retained earnings 48.6 64.3
 Adjustments:
 Currency translation (76.5) (116.7)
 Marketable equity securities (5.6) (5.9)
 Total 1,750.0 1,831.1
 Common shares outstanding 50.9 51.2
 NL INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Shareholders' Equity (Deficit)
 (Unaudited)
 Quarter Ended March 31 1992 1991
 Balance at beginning of period $ (58.3) $ 38.6
 Net loss (4.4) (33.5)
 Dividends declared (7.6) (9.6)
 Adjustments:
 Currency translation 40.2 71.2
 Marketable equity securities .3 134.5
 Purchase of treasury stock (3.7) --
 Balance at end of period (33.5) 201.2
 -0- 4/28/92
 /CONTACT: Robert P. Wallace of NL Industries, 713-987-5186/
 (NL) CO: NL Industries, Inc. ST: Texas IN: CHM SU: ERN


PS -- NY143 -- 4109 04/28/92 19:06 EDT
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Date:Apr 28, 1992
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