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NL ANNOUNCES SECOND QUARTER 1992 RESULTS

 NL ANNOUNCES SECOND QUARTER 1992 RESULTS
 HOUSTON, July 22 /PRNewswire/ -- NL Industries, Inc. (NYSE: NL)


today announced a net loss for the quarter ended June 30, 1992, of $6.3 million, or $.12 per share, on net sales of $235.6 million, compared with net income of $18.5 million, or $.29 per share, on net sales of $217.2 million in the comparable 1991 quarter.
 The company had a net loss for the first half of 1992 of $10.7 million, or $.21 per share, on net sales of $461.7 million, compared to a net loss of $15.1 million, or $.24 per share, on net sales of $442.3 million in the first half of 1991. The 1991 first-half results included an aggregate pretax loss on securities transactions of $49.5 million.
 Operating income of Kronos' titanium dioxide pigments business in the second quarter and first half of 1992 declined 40 percent and 46 percent, respectively, compared to comparable 1991 periods as the effects of a significant decline in average selling prices and start-up costs at the new Lake Charles plant were only partially offset by an increase in sales volume.
 Rheox's operating income for the second quarter of 1992 of $7.6 million increased by $.6 million from the comparable 1991 period principally due to increased sales volumes and changes in currency exchange rates. Rheox's operating income for the first half of 1992 declined slightly from the 1991 period primarily due to higher operating costs.
 Interest and dividend income declined in the second quarter and first half of 1992 from the comparable 1991 periods due to lower levels of funds available for investment.
 General corporate expenses, net, in the first half of 1992 decreased from the first half of 1991 as lower proxy solicitation expenses were partially offset by an increased provision for environmental accruals.
 Interest expense increased in the second quarter of 1992 over the comparable 1991 period because the company ceased capitalizing interest upon completing construction of the new Lake Charles plant in March 1992, and the reduction in the second quarter of 1991 of the company's accrual for income tax-related interest by $9 million. Excluding the impact of this 1991 reduction, interest expense increased slightly in the first half of 1992 over the comparable 1991 period due to lower capitalized interest.
 The extraordinary item in 1991 relates to the income tax benefit of the utilization of tax loss and credit carryforwards.
 NL Industries, Inc., a major producer of titanium dioxide pigments and specialty chemicals, is headquartered in Houston. NL's common stock is traded on the New York and Pacific stock exchanges.
 NL INDUSTRIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited; in millions, except per-share data)
 Periods ended Quarter Six months
 June 30 1991 1992 1991 1992
 Net sales:
 Kronos $ 190.7 $ 206.8 $ 386.4 $ 404.7
 Rheox 26.5 28.8 55.9 57.0
 Total 217.2 235.6 442.3 461.7
 Operating income:
 Kronos 31.1 18.7 70.7 37.8
 Rheox 7.0 7.6 14.5 14.2
 Operating income 38.1 26.3 85.2 52.0
 General corporate:
 Securities transactions, net 0.7 1.1 (49.5) (2.7)
 Interest and dividends 11.2 4.8 21.2 10.8
 Expenses, net (7.4) (8.0) (18.3) (15.8)
 Interest expense (18.3) (33.2) (48.9) (59.4)
 Income (loss) before income
 taxes 24.3 (9.0) (10.3) (15.1)
 Provision for income tax
 benefit (expense) (6.5) 3.1 (11.1) 5.0
 Minority interest (0.2) (0.4) (0.4) (0.6)
 Income (loss) before
 extraordinary item 17.6 (6.3) (21.8) (10.7)
 Extraordinary item 0.9 -- 6.7 --
 Net income (loss) $ 18.5 $ (6.3) $ (15.1) $ (10.7)
 Per share of common stock:
 Before extraordinary item $ 0.28 $ (0.12) $ (0.34) $ (0.21)
 Extraordinary item 0.01 -- 0.10 --
 Net income (loss) $ 0.29 $ (0.12) $ (0.24) $ (0.21)
 Weighted average common
 shares outstanding 63.9 50.9 64.0 50.9
 Consolidated Balance Sheets
 (In millions)
 12/31/91 6/30/92
 (unaudited)
 Cash and cash equivalents $ 125.3 $ 256.7
 Current marketable securities 228.0 128.2
 Other current assets 442.3 446.9
 Non-current marketable securities 220.3 28.6
 Other assets 76.6 72.9
 Property and equipment 738.6 760.1
 Total $ 1,831.1 $ 1,693.4
 Current liabilities 360.2 389.4
 Non-current liabilities 1,527.4 1,382.9
 Minority interest 1.8 2.3
 Shareholders' equity (deficit):
 Capital and retained earnings 64.3 34.6
 Adjustments:
 Currency translation (116.7) (110.4)
 Marketable equity securities (5.9) (5.4)
 Total $ 1,831.1 $ 1,693.4
 Common shares outstanding 51.2 50.9
 Condensed Consolidated Statements of Shareholders' Equity (Deficit)
 (Unaudited)
 Six months ended June 30 1991 1992
 Balance at beginning of period $ 38.6 $ (58.3)
 Net loss (15.1) (10.7)
 Dividends declared (19.2) (15.3)
 Adjustments:
 Currency translation 98.4 6.3
 Marketable equity securities 133.2 0.5
 Purchases of treasury stock (6.7) (3.7)
 Balance at end of period $ 229.2 $ (81.2)
 -0- 7/22/92
 /CONTACT: Robert P. Wallace of NL Industries, 713-987-5186/
 (NL) CO: NL Industries, Inc. ST: Texas IN: CHM SU: ERN


CK-LD -- NY120 -- 2206 07/22/92 19:58 EDT
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Date:Jul 22, 1992
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