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NL REPORTS 1991 RESULTS

 NL REPORTS 1991 RESULTS
 HOUSTON, Feb. 3 /PRNewswire/ -- NL Industries, Inc. (NYSE: NL)


reported a net loss for 1991 of $16.5 million, or $.27 per share, on net sales of $840.3 million, compared to net income of $92.4 million, or $1.40 per share, on net sales of $906.6 million in 1990.
 The results for 1991 include an aggregate pretax loss on securities transactions of $53.1 million. The net loss for the fourth quarter of 1991 was $6.2 million, or $.12 per share, on net sales of $195.6 million, compared with net income of $10.5 million, or $.16 per share, on net sales of $227.3 million in the fourth quarter of 1990.
 Operating income of Kronos' titanium dioxide pigments business declined 52 percent to $110.8 million for the year as the effects of a substantial decline in average selling prices and slightly lower production volume were only partially offset by an increase in sales volume. Operating income for the fourth quarter of 1991 declined 66 percent from the comparable 1990 period to $16.5 million primarily due to the decline in average selling prices.
 Rheox's operating income for 1991 was comparable to 1990, excluding a third quarter 1990 charge related to the settlement of certain patent infringement litigation, as lower sales volume was mostly offset by lower operating costs. Operating income for the fourth quarter of 1991 increased from the year-earlier period due to lower operating costs partially offset by lower sales volume.
 Interest expense in 1991 was comparable to 1990 due to higher average Deutsche mark interest rates and outstanding borrowings offset by an increase in capitalized interest and a $9 million reduction in income tax-related accrued interest in 1991.
 Securities transactions in 1991 reflect losses primarily resulting from the company's disposition of its interest in Lockheed Corporation. Securities transactions in 1990 reflect net gains primarily resulting from the company's disposition of its interest in Georgia Gulf Corporation. Interest and dividend income for 1991 was comparable to 1990 as slightly lower levels of funds available for investment in 1991 were offset by slightly higher average yields on those investments. Interest and dividend income for the fourth quarter of 1991 declined from the comparable 1990 period due to a lower level of funds available for investment.
 General corporate expenses, net, for 1991 were comparable to 1990 as a $9 million reduction in certain proxy solicitation expenses was offset by increased provisions for environmental accruals and litigation settlements and expenses in the fourth quarter.
 Extraordinary items relate to the income tax benefit of the utilization of tax loss and credit carryforwards in 1991, and the early redemption of certain sinking fund debentures in both years.
 As previously reported, the company purchased 11.3 million shares of its common stock in September 1991 pursuant to a "Dutch auction" self- tender offer for an aggregate cost of $181.4 million. At Jan. 31, 1992, the company had also purchased an aggregate of 3.9 million shares of its common stock pursuant to a 5 million share repurchase program authorized in 1990.
 NL's 1991 results are subject to final audit.
 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.
 Consolidated Statement of Operations
 (In millions, except per-share data)
 Periods ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 Net sales:
 Kronos $170.0 $199.6 $732.1 $792.4
 Rheox 25.6 27.7 108.2 114.2
 Total $195.6 $227.3 $840.3 $906.6
 Operating income:
 Kronos $ 16.5 $ 49.2 $110.8 $230.3
 Rheox 6.9 4.1 28.2 23.6
 Group expense, net -- (0.4) -- (2.8)
 Operating income 23.4 52.9 139.0 251.1
 General corporate:
 Securities transactions,
 net (.3) (3.4) (53.1) 8.7
 Interest and dividends 7.8 11.0 40.5 40.6
 Expenses, net (19.5) (11.4) (45.0) (44.3)
 Interest expense (26.5) (30.4) (100.4) (101.2)
 Income (loss) before
 income taxes (15.1) 18.7 (19.0) 154.9
 Provision for income
 taxes (benefit) (8.6) 7.8 3.9 60.1
 Minority interest .4 .4 1.1 1.3
 Income (loss) before
 extraordinary items (6.9) 10.5 (24.0) 93.5
 Extraordinary items .7 -- 7.5 (1.1)
 Net income (loss) $ (6.2) $ 10.5 $(16.5) $ 92.4
 Per share of common stock:
 Before extraordinary
 items $ (.13) $ .16 $ (.40) $ 1.42
 Extraordinary items .01 -- .13 (.02)
 Net income (loss) $ (.12) $ .16 $ (.27) $ 1.40
 Weighted average common
 shares outstanding 51.7 64.4 60.2 65.7
 Consolidated Balance Sheets
 Dec. 31 1991 1990
 Cash and cash equivalents $ 125.3 $ 435.3
 Current marketable and other securities 228.0 7.8
 Other current assets 442.3 441.3
 Non-current marketable and other securities 220.3 429.7
 Other assets 76.6 75.5
 Property and equipment, net 738.6 577.1
 Total $1,831.1 $1,966.7
 Current liabilities $ 360.2 $ 400.4
 Non-current liabilities 1,527.4 1,526.2
 Minority interest 1.8 1.5
 Shareholders' equity:
 Capital and retained earnings 64.3 318.0
 Currency translation adjustment (116.7) (136.3)
 Unrealized loss on non-current marketable
 equity securities (5.9) (143.1)
 Total $1,831.1 $1,966.7
 Common shares outstanding 51.2 64.1
 Consolidated Statements of Shareholders' Equity
 Years ended Dec. 31 1991 1990
 Balance at beginning of year $ 38.6 $ 132.3
 Net income (loss) (16.5) 92.4
 Dividends declared (34.7) (39.8)
 Adjustments:
 Currency translation 19.6 (49.9)
 Marketable equity securities 137.2 (74.6)
 Purchase of treasury stock (202.5) (22.1)
 Other, net -- .3
 Balance at end of year $ (58.3) $ 38.6
 -0- 2/3/92
 /CONTACT: Robert P. Wallace of NL Industries, 713-987-5186/
 (NL) CO: NL Industries Inc. ST: Texas IN: OIL SU: ERN CK-TM -- NY020 -- 6084 02/03/92 10:44 EST
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Date:Feb 3, 1992
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