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NL INDUSTRIES ANNOUNCES SECOND QUARTER 1993 RESULTS

 HOUSTON, July 27 /PRNewswire/ -- NL Industries, Inc. (NYSE: NL) announced a net loss of $28.0 million, or $.55 per share, on net sales of $221.4 million for the quarter ended June 30, 1993. The net loss for the second quarter of 1992 was $8.5 million, or $.17 per share, on net sales of $235.6 million. NL's net loss for the first six months of 1993 was $41.5 million, or $.82 per share, on net sales of $419.9 million. The net loss for the comparable 1992 period was $47.8 million, or $.94 per share, on net sales of $461.7 million. The 1992 results included one-time noncash charges of $31.8 million, or $.62 per share, resulting from the adoption of two mandated accounting changes effective Jan. 1, 1992.
 Operating income of Kronos' titanium dioxide pigments business in the second quarter and first half of 1993 declined $11.1 million and $12.9 million compared to the respective 1992 periods, as the effects of continued declines in average selling prices and the impact of production curtailments to reduce inventory levels were only partially offset by the reduction in start-up costs of Kronos' new Louisiana plant.
 Rheox's operating income for the second quarter of 1993 approximated that of the second quarter of 1992. Operating income for the first half of 1993 was slightly lower than the comparable 1992 period due to the effects of slightly higher operating costs and slightly lower sales volumes.
 Interest and dividend income for the second quarter and the first six months of 1993 declined from the comparable 1992 periods due to lower levels of funds available for investment. General corporate expenses, net, were higher in the 1993 periods primarily due to increased provisions for environmental remediation costs.
 Lower outstanding principal balances of debt in 1993, principally the company's Deutsche mark term loan, and lower DM interest rates reduced interest expense in the 1993 periods.
 The provision for income taxes differs from the expected rate primarily because of losses in certain countries in which no benefit is currently available.
 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 under the symbol "NL."
 NL INDUSTRIES, INC.
 Condensed Consolidated Statements of Operations
 (Unaudited, in millions, except per share data)
 Period Ended Quarter Six months
 June 30, 1992 1993 1992 1993
 Net sales:
 Kronos $ 206.8 $193.2 $404.7 $365.3
 Rheox 28.8 28.2 57.0 54.6
 235.6 221.4 461.7 419.9
 Operating income:
 Kronos 18.7 7.6 37.6 24.7
 Rheox 7.6 7.6 14.3 13.6
 Operating income 26.3 15.2 51.9 38.3
 General corporate:
 Interest and dividends 4.8 .9 10.8 2.2
 Securities transactions,
 net 1.1 .3 (2.7) 2.0
 Expenses, net (8.1) (13.4) (16.3) (22.0)
 Interest expense (33.3) (26.5) (59.4) (52.8)
 Loss before income taxes (9.2) (23.5) (15.7) (32.3)
 Income tax benefit
 (expense) 1.1 (4.3) .3 (8.9)
 Minority interest (.4) (.2) (.6) (.3)
 Loss before cumulative
 effect of changes in
 accounting principles (8.5) (28.0) (16.0) (41.5)
 Cumulative effect of
 changes in accounting
 principles -- -- (31.8) --
 Net loss $(8.5) $(28.0) $(47.8) $(41.5)
 Per share of common stock:
 Before cumulative effect
 of changes in accounting
 principles $(.17) $(.55) $(.32) $(.82)
 Cumulative effect
 of changes in
 accounting principles -- -- (.62) --
 Net loss $(.17) $(.55) $(.94) $(.82)
 Weighted average common
 shares outstanding 51.0 50.9 50.9 50.9
 NL INDUSTRIES, INC.
 Condensed Consolidated Balance Sheets
 (In million)
 December 31 June 30
 1992 1993
 (unaudited)
 Cash and cash equivalents $ 87.3 $ 71.5
 Current marketable securities 100.6 47.6
 Other current assets 447.9 359.8
 Noncurrent marketable securities 23.6 20.1
 Other assets 66.7 158.1
 Property and equipment 746.0 726.3
 $1,472.1 $1,383.4
 Current maturities of
 long-term debt $43.3 $239.2
 Other current liabilities 205.5 194.4
 Long-term debt 992.0 743.0
 Other noncurrent liabilities 375.3 375.6
 Minority interest 2.3 2.6
 Shareholders' deficit:
 Capital and accumulated deficit (33.6) (75.1)
 Currency translation and
 other adjustments (112.7) (96.3)
 Total shareholders' deficit (146.3) (171.4)
 Total $1,472.1 $1,383.4
 Common shares outstanding 50.9 50.9
 NL INDUSTRIES, INC.
 Condensed Consolidated Statements of Shareholders' Deficit
 (Unaudited, in millions)
 Six Months Ended June 30, 1992 1993
 Balance at beginning of period $ (58.3) $ (146.3)
 Net loss (47.8) (41.5)
 Dividends declared (15.3) --
 Currency translation and
 other adjustments 6.7 16.4
 Purchases of treasury stock (3.6) --
 Balance at end of period (118.3) (171.4)
 Summary Consolidated Statements of Cash Flows
 (Unaudited)
 Six Months
 Six Months Ended June 30, 1992 1993
 Net cash provided (used) by:
 Operating activities $ (49.2) $ (34.9)
 Investing activities 238.3 37.3
 Financing activities (89.3) (16.4)
 Net increase (decrease) in cash from
 operating, investing and financing
 activities $ 99.8 $ (14.0)
 -0- 7/27/93
 /CONTACT: Dennis G. Newkirk of NL Industries, Inc., 713-987-6332/
 (NL)


CO: NL Industries, Inc. ST: Texas IN: CHM SU: ERN

LD-TM -- NY104 -- 6521 07/27/93 20:16 EDT
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Date:Jul 27, 1993
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