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ROHM AND HAAS COMPANY ANNOUNCES FOURTH QUARTER EARNINGS

 PHILADELPHIA, Jan. 25 /PRNewswire/ -- Rohm and Haas Company (NYSE: ROH) today announced a fourth quarter 1992 loss related to common stock of $10.4 million, or $.15 per share.
 Excluding a one-time charge related to downsizing the company's Philadelphia plant, fourth quarter earnings were $26.4 million, or $.39 per share. This is 7 percent below the $28.3 million, or $.45 per share reported for 1991. Sales of $756 million were 15 percent higher than the 1991 fourth quarter. Approximately 90 percent of the revenue gain was attributable to acquisitions completed during the second quarter of 1992.
 J. Lawrence Wilson, chairman of the board, said, "We are pleased that the pace of business remained strong during the fourth quarter, despite worsening economic conditions in Europe and Japan and a slow recovery in the United States. Excluding acquisitions, shipping volumes increased 5 percent over the prior year. Our revenue and earnings growth failed to keep pace with the volume growth largely due to an 8 percent decrease in European currency values between the third and fourth quarters, downward pressure on selling prices, unfavorable manufacturing cost variances, and the adoption of new accounting standards.
 Rohm and Haas adopted Financial Accounting Standard (FAS) 106 (Employer's Accounting for Post-Retirement Benefits Other Than Pensions) and FAS 109 (Accounting for Income Taxes) as of January 1, 1992. The "transition adjustment" for these changes was $179 million, or $2.69 per share. The after-tax charge for the additional 1992 accrual was $7.5 million, or $.11 per share. Earnings for the first three quarters will be restated to reflect the additional charge.
 Net earnings for the year available to common stock, before the transition adjustment, were $170 million, or $2.56 per share. This included the one-time charge of $37 million, or $.56 per share related to the Philadelphia plant. Excluding this item, earnings were $207 million, or $3.12 per share, an increase of 27 percent over the $163 million, or $2.45 per share reported for 1991. Sales of $3.1 billion were 11 percent higher than reported for 1991.
 Wilson commented, "Nineteen ninety-two was an excellent financial year for Rohm and Haas. Our businesses grew and margins improved from depressed 1991 results despite the lackluster external economic climate. We are positioned to take advantage of any continued improvement in the U.S. economy as well as recoveries in either Europe or Japan."
 ROHM AND HAAS COMPANY AND SUBSIDIARIES
 Statements of Consolidated Earnings
 (In millions of dollars)
 Quarter Year
 Periods ended Percent Percent
 Dec. 31 1992 1991 Change 1992 1991 Change
 Net sales $756.0 $658.3 15 $3,063.4 $2,763.0 11
 Cost of sales 552.3 433.8 27 2,014.3 1,861.5 8
 Gross Profit 203.7 224.5 (9) 1,049.1 901.5 16
 Selling and
 administrative 155.8 123.8 26 549.1 469.7 17
 Research and
 development 52.9 47.8 11 199.5 183.0 9
 Interest 12.1 12.5 (3) 53.0 48.3 10
 Equity in
 affiliates (2.2) (0.2) -- (.9) 3.1 --
 Other income
 (expense), net 2.3 (1.7) -- 14.4 36.4 (60)
 Earnings (loss)
 before taxes (17.0) 38.5 -- 261.0 240.0 9
 Income taxes (8.8) 9.0 -- 87.1 76.9 13
 Net earnings (loss)
 before cumulative
 effect of
 accounting changes (8.2) 29.5 -- 173.9 163.1 7
 Cumulative effect of
 accounting changes -- -- -- (178.7) -- --
 Net earnings (loss) (8.2) 29.5 -- (4.8) 163.1 --
 Net earnings (loss)
 applicable to common
 shareholders (10.4) 28.3 -- (11.0) 156.6 --
 Net earnings (loss)
 per common
 share (in dollars):
 Before cumulative
 effect of accounting
 changes $(.15) $.45 -- $2.53 $2.45 3
 Cumulative effect of
 accounting changes -- -- -- (2.69) -- --
 Net earnings (loss) (.15) .45 -- (.16) 2.45 --
 Average common
 shares outstanding
 (000's) 67,544 64,153 -- 66,396 64,103 --
 PHYSICAL VOLUME CHANGE
 Current Quarter Relative Current Year Relative to
 to Year-Earlier Quarter Prior Year
 INDUSTRY SEGMENT Percent INDUSTRY SEGMENT Percent
 Change Change
 Polymers, Resins and Monomers 26 Polymers, Resins and Monomers 17
 Plastics 2 Plastics 8
 Performance Chemicals 66 Performance Chemicals 38
 Agricultural Chemicals 2 Agricultural Chemicals 1
 WORLDWIDE 25 WORLDWIDE 17
 CUSTOMER LOCATION Percent CUSTOMER LOCATION Percent
 Change Change
 North America 26 North America 18
 Europe 12 Europe 11
 Pacific 45 Pacific 23
 Latin America 25 Latin America 13
 WORLDWIDE 25 WORLDWIDE 17
 SALES BY INDUSTRY SEGMENT AND CUSTOMER LOCATION
 (millions of dollars)
 Periods ended Quarter Year
 Dec. 31 1992 1991 1992 1991
 INDUSTRY SEGMENT
 Polymers, Resins and Monomers $334.6 $287.9 $1,424.9 $1,290.1
 Plastics 133.8 135.8 573.1 545.6
 Performance Chemicals 194.6 143.9 682.3 566.4
 Agricultural Chemicals 93.0 90.7 383.1 360.9
 Total 756.0 658.3 3,063.4 2,763.0
 CUSTOMER LOCATION
 North America $393.6 $353.9 $1,678.3 $1,526.8
 Europe 177.9 162.7 788.0 727.1
 Pacific 122.4 88.7 382.7 313.9
 Latin America 62.1 53.0 214.4 195.2
 Total 756.0 658.3 3,063.4 2,763.0
 NET EARNINGS (LOSS) BY INDUSTRY SEGMENT AND CUSTOMER LOCATION
 (millions of dollars)
 Periods ended Quarter Year
 Dec. 31 1992 1991 1992 1991
 INDUSTRY SEGMENT
 Polymers, Resins and Monomers $5.4 $22.7 $124.1 $116.0
 Plastics 2.6 1.4 38.0 8.4
 Performance Chemicals (8.8) 6.5 18.7 42.5
 Agricultural Chemicals (.1) 9.2 25.5 33.4
 Corporate (7.3) (10.3) (211.1) (37.2)
 Total (8.2) 29.5 (4.8) 163.1
 CUSTOMER LOCATION
 North America $(24.5) $17.9 $83.2 $84.3
 Europe 8.5 7.3 76.8 59.2
 Pacific 9.8 9.1 27.8 41.9
 Latin America 5.3 5.5 18.5 14.9
 Corporate (7.3) (10.3) (211.1) (37.2)
 Total (8.2) 29.5 (4.8) 163.1
 Corporate includes non-operating items such as interest income and expense, as well as a charge of $178.7 million for the year ended Dec. 31, 1992 for the cumulative effect of accounting changes.
 STATEMENTS OF CONSOLIDATED EARNINGS
 RESTATED FOR CHANGES IN ACCOUNTING METHODS
 (in millions of dollars, except per-share amounts)
 Three Months Ended March 31 June 30 Sept. 30
 1992 1992 1992
 Net sales $ 714.4 $ 783.3 $ 809.7
 Cost of sales 441.2 493.6 527.2
 Gross Profit 273.2 289.7 282.5
 Selling and administrative 122.3 125.5 145.5
 Research and development 47.5 47.3 51.8
 Interest 13.4 13.5 14.0
 Equity in affiliates (.3) 0.4 1.2
 Other income, net 1.1 9.7 1.3
 Earnings before taxes 90.8 113.5 73.7
 Income taxes 33.5 39.1 23.3
 Net earnings before cumulative effect
 of accounting changes 57.3 74.4 50.4
 Cumulative effect of
 accounting changes (178.7) --- ---
 Net earnings (loss) (121.4) 74.4 50.4
 Net earnings (loss) applicable to
 common shareholders (123.2) 74.0 48.6
 Net earnings (loss) per
 common share (in dollars):
 Before cumulative effect
 of accounting changes $.86 $1.12 $.72
 Cumulative effect of
 accounting changes (2.78) --- ---
 Net earnings (loss) $(1.92) $1.12 $.72
 Average common shares
 outstanding (000's) 64,184 66,351 67,515
 NET EARNINGS (LOSS) BY INDUSTRY SEGMENT AND CUSTOMER LOCATION
 RESTATED FOR CHANGES IN ACCOUNTING METHODS
 INDUSTRY SEGMENT
 Polymers, Resins
 and Monomers $ 36.5 $ 44.4 $ 37.8
 Plastics 10.2 15.0 10.2
 Performance Chemicals 7.9 7.4 12.2
 Agricultural Chemicals 12.4 16.7 (3.5)
 Corporate (188.4) (9.1) (6.3)
 Total $ (121.4) $ 74.4 $ 50.4
 CUSTOMER LOCATION
 North America $ 33.2 $ 48.6 $ 25.9
 Europe 25.4 23.4 19.5
 Pacific 5.6 5.4 7.0
 Latin America 2.8 6.1 4.3
 Corporate (188.4) (9.1) (6.3)
 Total $ (121.4) $ 74.4 $ 50.4
 Quarterly earnings have been restated for adoption of new accounting standards for post-retirement benefits and income taxes. Corporate includes a charge of $178.7 million in the first quarter for the cumulative effect of accounting changes.
 /delval/
 -0- 1/25/93
 /CONTACT: Laura Hadden of Rohm and Haas, 215-592-3054/
 (ROH)


CO: Rohm and Haas Company ST: Pennsylvania IN: CHM SU: ERN

MP -- PH027 -- 8546 01/25/93 13:32 EST
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Date:Jan 25, 1993
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