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ROHM AND HAAS REPORTS FOURTH QUARTER, FULL YEAR EARNINGS

 ROHM AND HAAS REPORTS FOURTH QUARTER, FULL YEAR EARNINGS
 PHILADELPHIA, Jan. 23 /PRNewswire/ -- Rohm and Haas Company (NYSE: ROH) today announced fourth quarter 1991 earnings of $30 million, or $.44 per share, a 20 percent decrease from the $.55 per share earned in the fourth quarter of 1990.
 Sales of $658 million were 3 percent lower than 1990 revenues.
 Earnings for the full year were $163 million, or $2.45 per share, a 21 percent decrease from 1990. Sales of $2.8 billion were 2 percent below the prior year.
 J. Lawrence Wilson, chairman of the board, said, "Business fell off during the first quarter of 1991 and never really recovered. From time to time we would see temporary increases in isolated segments of the business, but no comeback lasted very long."
 During the fourth quarter and the year, the Performance Plastics, Plastics Additives and ion exchange resins businesses struggled. The company's largest business, Polymers, Resins and Monomers, held up quite well. In the fourth quarter, the Agricultural Chemicals business was strong, largely a result of a comeback in Latin America. In fact, all of the Latin American businesses benefited from better economic conditions, and helped the region record a turnaround from the distressing 1990 fourth quarter performance.
 Wilson said, "Rohm and Haas is never pleased to report a decrease in earnings; however, these financial results are consistent both with the projection made in May at the annual meeting and with our earnings fluctuations during prior downturns. During this recession, we held the line on discretionary costs, cut inventories and began a sustained effort to reduce fixed costs."
 "We are poised to take advantage of an economic recovery: we have ample capacity and excellent market positions. Unfortunately, there are no signs that a recovery is under way. Until one begins, there will not be any major improvement in our earnings."
 ROHM AND HAAS COMPANY AND SUBSIDIARIES
 STATEMENTS OF CONSOLIDATED EARNINGS
 (In millions of dollars)
 Periods ended Quarter Pct. Year Pct.
 Dec. 31 1991 1990 Change 1991 1990 Change
 Net sales $658.3 $677.7 (3) $2,763.0 $2,824.2 (2)
 Cost of sales 433.8 468.9 -- 1,861.5 1,893.8 --
 Gross Profit 224.5 208.8 8 901.5 930.4 (3)
 Selling and
 administrative 123.8 124.1 -- 469.7 454.4 3
 Research and
 development 47.8 47.2 1 183.0 178.2 3
 Interest 12.5 8.5 47 48.3 37.2 30
 Equity in affiliates (0.2) 3.1 (106) 3.1 8.0 (61)
 Other income, net (1.7) 23.8 (107) 36.4 43.8 (17)
 Earnings before
 taxes 38.5 55.9 (31) 240.0 312.4 (23)
 Income taxes 9.0 19.1 (53) 76.9 105.6 (27)
 Net earnings 29.5 36.8 (20) 163.1 206.8 (21)
 Net earnings per
 share in dollars $0.44 $0.55 (20) $2.45 $3.10 (21)
 Average shares
 outstanding
 (000's) 66,753 66,601 -- 66,703 66,651 --
 PHYSICAL VOLUME CHANGE
 Current Quarter Relative Current Year Relative
 to Year-Earlier Quarter to Prior Year
 Pct. Pct.
 INDUSTRY SEGMENT Change INDUSTRY SEGMENT Change
 Polymers, Resins and Monomers 3 Polymers, Resins and Monomers 3
 Plastics 2 Plastics (2)
 Performance Chemicals (15) Performance Chemicals (26)
 Agricultural Chemicals 1 Agricultural Chemicals (9)
 WORLDWIDE 1 WORLDWIDE (2)
 Pct. Pct.
 CUSTOMER LOCATION Change CUSTOMER LOCATION Change
 North America 2 North America (2)
 Europe (6) Europe (6)
 Pacific (4) Pacific 2
 Latin America 11 Latin America 7
 WORLDWIDE 1 WORLDWIDE (2)
 The absence of the Triton business, which was sold in last year's fourth quarter, resulted in the large 1991 volume decline for Performance Chemicals.
 ROHM AND HAAS COMPANY AND SUBSIDIARIES
 SALES BY INDUSTRY SEGMENT AND CUSTOMER LOCATION
 (millions of dollars)
 Periods ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 INDUSTRY SEGMENT
 Polymers, Resins
 and Monomers $287.9 $287.7 $1,290.1 $1,248.9
 Plastics 135.8 138.3 545.6 561.7
 Performance
 Chemicals 143.9 166.7 566.4 650.7
 Agricultural
 Chemicals 90.7 85.0 360.9 362.9
 Total 658.3 677.7 2,763.0 2,824.2
 CUSTOMER LOCATION
 North America $353.9 $350.4 $1,526.8 $1,565.0
 Europe 162.7 188.7 727.1 775.2
 Pacific 88.7 90.9 313.9 297.1
 Latin America 53.0 47.7 195.2 186.9
 Total 658.3 677.7 2,763.0 2,824.2
 NET EARNINGS BY INDUSTRY SEGMENT AND CUSTOMER LOCATION
 INDUSTRY SEGMENT
 Polymers, Resins
 and Monomers $22.7 $17.8 $116.0 $118.7
 Plastics 1.4 7.0 8.4 36.8
 Performance
 Chemicals 6.5 20.2 42.5 55.5
 Agricultural
 Chemicals 9.2 (0.1) 33.4 21.8
 Corporate (10.3) (8.1) (37.2) (26.0)
 Total 29.5 36.8 163.1 206.8
 CUSTOMER LOCATION
 North America $17.9 $24.7 $84.3 $143.6
 Europe 7.3 16.0 59.2 70.0
 Pacific 9.1 7.3 41.9 20.9
 Latin America 5.5 (3.1) 14.9 (1.7)
 Corporate (10.3) (8.1) (37.2) (26.0)
 Total 29.5 36.8 163.1 206.8
 Corporate includes non-operating items such as interest income and expense, as well as an accrual for certain future waste disposal site cleanup costs.
 /delval/
 -0- 1/23/92
 /CONTACT: Laura Hadden of Rohm and Haas, 215-592-3054/
 (ROH) CO: Rohm and Haas Company ST: Pennsylvania IN: CHM SU: ERN


MP-LJ -- PH008 -- 2666 01/23/92 09:57 EST
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