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REXENE CORPORATION ANNOUNCES THIRD QUARTER 1992 RESULTS

 DALLAS, Nov. 16 ~PRNewswire~ -- Rexene Corporation (NYSE: RXN) today reported results for the third quarter ended Sept. 30, 1992. Sales for the third quarter of 1992 were $109.6 million compared with $107.7 million for the third quarter of 1991.
 Operating income for the third quarter of 1992 was $3.6 million compared with operating income of $3.1 million for the third quarter of 1991. Net income totaled $95.7 million, or $3.04 per share, for the third quarter of 1992 compared with a net loss of $10.0 million, or $0.32 per share, for the third quarter of 1991. The earnings per share amounts have been computed using the weighted average shares outstanding for the company before its Chapter 11 Plan of Reorganization which became effective Sept. 18, 1992.
 Net income for the third quarter was favorably affected by an extraordinary gain of $123.7 million for debt forgiveness under the Plan of Reorganization. Excluding the effects of the reorganization, the results for the third quarter of 1992 would be a net loss of approximately $6 million.
 Rexene's operating income for the third quarter of 1992 compared with the third quarter of 1991 increased by approximately $500,000 principally due to a $2.7 million decrease in general and administration expenses, partially offset by higher feedstock prices and a charge to increase the company's environmental remediation accrual.
 Andrew J. Smith, chief executive officer for Rexene, said, "Comparable sales for the third quarter of 1992 and 1991 reflect relatively unchanged conditions in the general economy and in the businesses in which we compete. Increases in selling prices over the past months have been offset by higher feedstock costs. Overcapacity in the styrene industry continues to negatively affect sales and income in that business.
 "We were able to complete our Chapter 11 restructuring in the third quarter which significantly improved our capital structure. The company's balance sheet as of Sept. 30, 1992 also reflects our adoption of fresh start accounting principles. Our ability to complete the restructuring in near record time and maintain sales and operating income levels reflects the extraordinary support we have received from our customers, employees and suppliers."
 Rexene also announced that the company has exercised the Pay-in-Kind (PIK) feature of its Subordinated Notes for 90 percent of the interest for the interest period ended Nov. 14, 1992. As a result, the company is issuing approximately $2.9 million in additional Subordinated Notes.
 Sales for the nine months ended Sept. 30, 1992 were $316.1 million compared with $350.9 million for the same period in 1991. Operating income for the nine months of 1992 was $9.4 million compared with $14.6 million for the same period in 1991. Net income totaled $92.2 million, or $2.93 per share, for the nine months ended Sept. 30, 1992, compared with a net loss of $31.7 million, or $1.01 per share, for the same period in 1991. The earnings per share amounts have been computed using the weighted average shares outstanding of the company before Sept. 18, 1992.
 Net income for the nine months ended Sept. 30, 1992 was affected by the extraordinary item and reorganization items discussed above.
 Sales for the first nine months of 1992 decreased $34.8 million or approximately 10 percent compared to the same period in 1991 primarily due to lower volumes and selling prices in the company's polyethylene, polypropylene and styrene businesses. CT Film sales for the first nine months of 1992 were consistent with the same period in 1991.
 Operating income for the first nine months of 1992 decreased approximately $5.2 million compared to the same period in 1991 primarily due to the lower selling prices for polyethylene and styrene, partially offset by an $8.5 million decrease in general and administrative expenses.
 Rexene Corporation manufactures thermoplastic resins and petrochemical products including polyethylene and polypropylene resins and plastic films. Rexene, headquartered in Dallas, Texas has manufacturing facilities in Texas, Wisconsin, Georgia, Delaware and Utah.
 REXENE CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Dollars in Thousands, Except Per Share Amounts)
 (Unaudited)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Net sales $109,640 $107,668 $316,106 $350,902
 Operating income 3,615 3,111 9,392 14,554
 Interest expense -- (16,867) -- (49,397)
 Reorganization items (1992)~debt
 restructuring costs (1991) (31,845) (2,395) (38,514) (9,786)
 Extraordinary gain debt
 forgiveness 123,672 -- 123,672 --
 Net income (loss) $ 95,691 $ (9,986) $ 92,196 $(31,660)
 Per share data:
 Loss before extraord. gain $ (0.89) $ (0.32) $ (1.00) $ (1.01)
 Extraordinary gain, debt
 forgiveness 3.93 -- 3.93 --
 Net income (loss) $ 3.04 $ (0.32) $ 2.93 $ (1.01)
 -0- 11~16~92
 ~CONTACT: Neil J. Devroy of Rexene Corporation, 214-450-9101~
 (RXN)


CO: Rexene Corporation ST: Texas IN: CHM SU: ERN

PS -- NY092 -- 1370 11~16~92 14:35 EST
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Date:Nov 16, 1992
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