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STEPAN EXPECTS TO REPORT RECORD EARNINGS

 NORTHFIELD, Ill., Jan. 20 /PRNewswire/ -- Stepan Company (AMEX: SCL) announced that it expects to report record annual earnings.
 F. Quinn Stepan, chairman and president, stated: Revenues and earnings for 1992 will be a record.'' It is expected that earnings for 1992 will be in the range of $15,500,000 to $16,000,000, or $2.87 to $2.96 per share. The previous annual record was established in 1990 when the company reported earnings of $14,491,000, or $2.64 per share.
 The results for the year include unusual charges to earnings for environmental expenses, a write-down of an investment plus a change in the accounting method for income taxes. The net result of all these adjustments and the change in accounting method approximates a four cent per share increase. The unusual charge for environmental expenses will result in an after-tax charge of $3.1 million to earnings, or 58 cents per share; the write-down of an investment will have an after-tax impact of $1.3 million, or 25 cents per share. Both of these charges will be included in the fourth quarter which will result in a loss. The change in the method of accounting for income taxes will result in a net benefit of $4.6 million, or 87 cents per share. This is primarily due to the revaluation of deferred tax liabilities at the lower federal income tax rate established by the Tax Reform Act of 1986. Included in this benefit is a change to current recognition of previously deferred investment tax credit benefits. This change is retroactive to Jan. 1, 1992, and will result in the restatement of earnings for the first three quarters of 1992.
 Final earnings for the year will be announced on Feb. 17, 1993.
 -0- 1/20/93
 /CONTACT: Walter J. Klein of Stepan, 708-446-7500/
 (SCL)


CO: Stepan Company ST: Illinois IN: CHM SU: ERP

TM -- NY075 -- 7059 01/20/93 16:21 EST
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Publication:PR Newswire
Date:Jan 20, 1993
Words:324
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