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NL INDUSTRIES ANNOUNCES THIRD QUARTER 1992 RESULTS

 NL INDUSTRIES ANNOUNCES THIRD QUARTER 1992 RESULTS
 HOUSTON, Oct. 23 /PRNewswire/ -- NL Industries, Inc. (NYSE: NL)


announced a net loss for the quarter ended Sept. 30, 1992, of $8.1 million, or $.16 per share, on net sales of $232 million, compared with net income of $4.8 million, or $.08 per share, on net sales of $202 million in the comparable 1991 quarter. The company reported a net loss for the first nine months of 1992 of 18.8 million, or $.37 per share, on net sales of $694 million, compared to a net loss of $10.3 million, or $.16 per share, on net sales of $645 million in the comparable 1991 period. The results for the 1991 nine-month period included an aggregate pre-tax loss on securities transactions of $52.8 million.
 Operating income of Kronos' titanium dioxide pigments business for the third quarter of 1992 decreased 7 percent from the year-earlier period as a decline in average selling prices was mostly offset by higher sales volume. Operating income for the first nine months of 1992 declined 37 percent compared to 1991 as the effects of the continuing decline in the average selling prices and start-up costs at the new Lake Charles plant were only partially offset by increases in sales and production volumes.
 Rheox's operating income for the third quarter and first nine months of 1992 increased slightly from the comparable 1991 periods principally due to changes in currency exchange rates.
 Interest and dividend income declined in the third quarter and first nine months of 1992 from the year-earlier periods due to lower levels of funds available for investment.
 General corporate expenses, net for the first nine months of 1992 were comparable to the 1991 period as an increased provision for environmental costs was offset by lower proxy solicitation expenses.
 Interest expenses increased in 1992 from the comparable 1991 periods because the company ceased capitalizing interest upon completing construction of the new Lake Charles plant in March 1992, and due to the unfavorable impact of changes in currency exchange rates, partially offset by lower outstanding principal amounts. The 1991 nine-month period included a $9 million reduction of the company's accrual for income tax-related interest.
 The extraordinary items in 1991 relate primarily 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, Texas. NL's common stock is traded on the New York Stock Exchange under the symbol "NL."
 NL INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (Unaudited, In Millions, Except Per Share Data)
 Period ended Quarter Nine Months
 Sept. 30 1991 1992 1991 1992
 Net Sales:
 Kronos $175.7 $204.6 $562.1 $609.3
 Rheox 26.7 27.7 82.6 84.7
 Total net sales $202.4 $232.3 $644.7 $694.0
 Operating income:
 Kronos 23.6 21.9 94.3 59.8
 Rheox 6.8 7.5 21.2 21.6
 Operating income 30.4 29.4 115.5 81.4
 General corporate:
 Securities transactions,
 net (3.3) (1.3) (52.8) (4.0)
 Interest and dividends 11.4 1.7 32.7 12.5
 Expenses, net (7.1) (9.2) (25.4) (25.0)
 Interest expense (25.0) (31.4) (73.9) (90.8)
 Income (loss) before
 income taxes 6.4 (10.8) (3.9) (25.9)
 Provision for income tax
 benefit (expense) (1.5) 3.0 (12.5) 8.0
 Minority interest (.3) (.3) (.8) (.9)
 Income (loss) before
 extraordinary items 4.6 (8.1) (17.2) (18.8)
 Extraordinary items .2 -- 6.9 --
 Net income (loss) $ 4.8 $(8.1) $(10.3) $(18.8)
 Per share of common stock:
 Before extraordinary
 items $ .08 $ (.16) $ (.27) $ (.37)
 Extraordinary items -- -- .11 --
 Net income (loss) .08 (.16) (.16) (.37)
 Weighted average common
 shares outstanding 61.1 50.9 63.1 50.9
 NL INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In Millions, Unaudited)
 Period Ended 12/31/91 9/30/92
 Cash and cash equivalents $ 125.3 $ 182.9
 Current marketable securities 228.0 41.2
 Other current assets 442.3 470.9
 Noncurrent marketable securities 220.3 23.9
 Other assets 76.6 72.8
 Property and equipment 738.6 770.8
 Total $1,831.1 $1,562.5
 Current liabilities 360.2 266.5
 Noncurrent liabilities 1,527.4 1,410.8
 Minority interest 1.8 2.5
 Shareholders' equity (deficit):
 Capital and retained earnings 64.3 24.0
 Adjustments:
 Currency translation (116.7) (134.3)
 Marketable equity securities (5.9) (7.0)
 Sub-total (58.3) (117.3)
 Total $1,831.1 $1,562.5
 Common shares outstanding 51.2 50.9
 NL INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Shareholders' Equity (Deficit)
 (Unaudited)
 Period Ended Nine Months Sept. 30 1991 1992
 Balance at beginning of period $ 38.6 $ (58.3)
 Net loss (10.3) (18.8)
 Dividends declared (27.0) (17.8)
 Adjustments:
 Currency translation 65.0 (17.6)
 Marketable equity securities 133.7 (1.1)
 Purchases of treasury stock (193.4) (3.7)
 Balance at end of period $ 6.6 $ (117.3)
 -0- 10/23/92
 /CONTACT: Robert P. Wallace of NL Industries, 713-987-5186/
 (NL) CO: NL Industries, Inc. ST: Texas IN: CHM SU: ERN


TM-LD -- NY080 -- 4430 10/23/92 19:23 EDT
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Date:Oct 23, 1992
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