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SPECIALTY CHEMICAL RESOURCES FIRST HALF NET SALES INCREASE 23 PERCENT; PROFORMA NET INCOME $996,000 VS. LOSS OF $378,000

 SPECIALTY CHEMICAL RESOURCES FIRST HALF NET SALES INCREASE 23
 PERCENT; PROFORMA NET INCOME $996,000 VS. LOSS OF $378,000
 CLEVELAND, July 23 /PRNewswire/ -- Specialty Chemical Resources, Inc. (AMEX: CHM) today reported a 13 percent increase in operating profit on a 23 percent increase in sales for the six months ended June 30, 1992, as compared to the same period of the prior year. Net sales for the first half of 1992 were $24,501,000, up from $19,868,000 a year earlier. Operating profit for the first half of this year was $1,908,000 versus $1,692,000 for the same period of last year.
 During the first half of this year, the company retired all of its prior indebtedness and incurred non-cash, non-recurring charges associated with debt retirement of $945,000 for deferred financing costs and $191,000 for an original issue discount. After all such non-recurring charges, the company had a net loss of $50,000, or two cents per share, on a weighted average of 2,754,000 shares outstanding, compared to a loss of $378,000, or 38 cents per share, on a weighted average of 1,008,000 outstanding shares for the first six months of 1991. On a proforma basis, excluding the non-recurring charges, the company's net income for the first half of 1992 was $996,000, or 36 cents per share, compared to a net loss of $378,000, or 38 cents per share, for the same period of the prior year.
 For the second quarter ended June 30, 1992, Specialty Chemical Resources reported net sales of $13,302,000 and net income of $836,000, as compared to $11,005,000 and $92,000, respectively, for the same period of the prior year. On a per share basis, the company earned 22 cents during the second quarter of 1992, versus nine cents during the second quarter of 1991. These per share results are based on 3,768,000 and 1,008,000 weighted average shares outstanding during the second quarter of 1992 and 1991, respectively.
 Commenting on the first half and second quarter operating results, Edwin M. Roth, chairman and chief executive officer, stated, "We are pleased with the year-to-year gains in net sales and net income. New customers, a flow of new products and continued growth of the company's core business have all contributed to the improved 1992 operating results. Product mix during the second quarter held down gross profit margins, notwithstanding the 21 percent increase in net sales. Although under close control, operating expenses are continually being reviewed for possible reductions." Roth went on to say, "Bookings and shipments reached record levels during June and the product mix showed improvement. This trend has continued into July."
 The company's financial condition is sound, with current assets of $14,202,000, current liabilities of $5,408,000, long-term debt of $7,966,000 and shareholders' equity of $28,916,000 as of June 30, 1992.
 Specialty Chemical Resources is a leading formulator and packager of aerosol products primarily for industrial maintenance and automotive service professionals. The company's aerosol products include cleaners, sealants, gasket compounds, lubricants, waxes, adhesives, paints, coatings, degreasers, polishes, anti-statics and tire inflators.
 SPECIALTY CHEMICAL RESOURCES INC. AND SUBSIDIARY
 CONSOLIDATED INCOME STATEMENTS Unaudited
 (Amounts in thousands except per share amounts)
 3 MONTHS
 Periods ended June 30 1992 1991(a)
 Net sales $ 13,302 $ 11,005
 Gross Profit 2,568 2,554
 Operating profit 970 1,122
 Interest expense 148 1,017
 Other (income) expenses:
 Write-off of original issue
 discount(b) --- ---
 Write off of deferred
 financing costs(b) --- ---
 Other (income) (14) ---
 Income (loss) before taxes 836 105
 Taxes --- 13
 Net income (loss) $ 836 $ 92
 Earnings (loss) per share $ .22 $ .09
 Weighted average shares
 outstanding(c) 3,768 1,008
 Proforma (Excludes the write-off
 of original issue discount and
 deferred financing costs):
 Net income (loss) $ 836 $ 92
 Earnings (loss) per share $ .22 $ .09
 Weighted average shares
 outstanding(c) 3,768 1,008
 6 MONTHS
 Periods ended June 30 1992 1991(a)
 Net sales $ 24,501 $ 19,868
 Gross Profit 5,012 4,443
 Operating profit 1,908 1,692
 Interest expense 838 2,059
 Other (income) expenses:
 Write-off of original issue
 discount(b) 191 ---
 Write off of deferred
 financing costs(b) 945 ---
 Other (income) (16) (2)
 Income (loss) before taxes (50) (365)
 Taxes --- 13
 Net income (loss) $ (50) $ (378)
 Earnings (loss) per share $ (.02) $ (.38)
 Weighted average shares
 outstanding(c) 2,754 1,008
 Proforma (Excludes the write-off
 of original issue discount and
 deferred financing costs:
 Net income (loss) $ 996 $ (378)
 Earnings (loss) per share $ .36 $ (.38)
 Weighted average shares
 outstanding(c) 2,754 1,008
 (a) Financial information excludes data related to operations discontinued in 1991.
 (b) Non-recurring, non-cash write-off of original issue discount and deferred financing costs related to retirement of debt with common stock offering proceeds.
 (c) Weighted average shares outstanding include common stock equivalents except in loss periods whereby they would be anti- dilutive.
 CONSOLIDATED BALANCE SHEETS Unaudited
 (Dollars in thousands)
 June 30 Dec. 31
 1992 1991
 Assets
 Current assets
 Cash $ 20 $ 293
 Receivables 8,128 6,294
 Inventory 5,580 5,160
 Other 474 224
 Total Current Assets $14,202 $11,971
 Net fixed assets 3,909 3,760
 Other 24,179 26,088
 Total Assets $42,290 $41,819
 Liabilities
 Current liabilities
 Current debt $ 1 $ 1,573
 Accounts payable 4,985 5,348
 Other 422 765
 Total Current Liabilities $ 5,408 $ 7,686
 Long-term debt 7,966 29,924
 Shareholders' equity 28,916 4,209
 Total Liabilities and
 shareholders' Equity $42,290 $41,819
 -0- 7/23/92
 /CONTACT: Corey B. Roth of Specialty Chemical Resources, Inc, 216-468-1380/ CO: Specialty Chemical Resources, Inc. ST: Ohio IN: CHM SU: ERN


KK -- CL021 -- 2722 07/23/92 16:36 EDT
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