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TREMONT ANNOUNCES SECOND QUARTER 1992 RESULTS

 TREMONT ANNOUNCES SECOND QUARTER 1992 RESULTS
 DENVER, July 23 /PRNewswire/ -- Tremont Corp. (NYSE: TRE) reported a


1992 second quarter net loss of $6.6 million, or $.89 per share, on sales of $41.3 million, compared to a net loss of $2.0 million, or $.27 per share, on sales of $44.6 million in the second quarter of 1991. The company's net loss for the first half of 1992 was $12.2 million, or $1.66 per share, on sales of $77.2 million compared to net income of $1.0 million, or $.14 per share, on sales of $90.7 million in the first half of 1991.
 Titanium metals sales revenues declined 9 percent to $37.6 million in the second quarter and declined 17 percent to $70.1 million in the first half of 1992 compared to the corresponding 1991 periods. Although sales volume in 1992 has improved compared to 1991, market demand for titanium products used in the military and commercial aerospace industries and certain other industrial markets remains at a depressed level. Average selling prices for the second quarter and first half of 1992 were 13 percent and 16 percent, respectively, lower than the corresponding 1991 periods. Titanium metals 1992 operating loss was $2.8 million for the second quarter and $6.3 million for the first half of the year. While changes in product mix have also adversely affected operating income, the company's continuing efforts to reduce costs have been favorable. The company's titanium metals operations are expected to report operating losses for the balance of 1992.
 Bentonite mining 1992 sales and operating income improved reflecting moderate market recovery, while the 1991 second quarter included a $.8 million charge for a change in estimate of prior year severance and ad valorem tax liabilities.
 The company's 1992 results include a loss attributable to its equity interest in NL Industries Inc. of $2.0 million for the second quarter and $3.6 million for the first half of the year.
 Interest income decreased in 1992 principally due to a lower level of temporary cash investments. The company's income tax benefit in 1992 varies from a normally expected rate due to losses for which no benefit is currently available.
 Tremont Corp., headquartered in Denver, is a leading integrated producer of titanium metal products and is also engaged in bentonite mining. Tremont's common stock is traded on the New York and Pacific Stock Exchanges under the symbol "TRE".
 TREMONT CORP.
 Summary of Consolidated Operations
 (In millions, except per share data)
 (Unaudited)
 Quarter ended Six months ended
 June 30, June 30,
 1991 1992 1991 1992
 Net sales:
 Titanium metals $41.2 $37.6 $84.1 $70.1
 Bentonite mining 3.4 3.7 6.6 7.1
 Total net sales $44.6 $41.3 $90.7 $77.2
 Operating income (loss):
 Titanium metals $ 2.8 $(2.8) $ 6.2 $(6.3)
 Bentonite mining (.7) .4 (.4) .9
 Total operating income (loss) 2.1 (2.4) 5.8 (5.4)
 Equity in loss of NL Industries - (2.0) - (3.6)
 General corporate items:
 Interest income 2.0 .5 4.4 1.2
 Loss on property held for
 sale (3.9) - (2.6) -
 Other, net (1.9) (2.0) (3.5) (3.5)
 Interest expense (1.1) (1.1) (2.2) (1.9)
 Income (loss) before income
 taxes (2.8) (7.0) 1.9 (13.2)
 Income tax provision (benefit) (.8) (.4) .9 (1.0)
 Net income (loss) $(2.0) $(6.6) $ 1.0 $(12.2)
 Net income (loss) per
 common share $(.27) $(.89) $ .14 $(1.66)
 Weighted average common
 shares 7.4 7.4 7.4 7.3
 -0- 7/23/92
 /CONTACT: Mark A. Wallace of Tremont, 303-296-5652/
 (TRE) CO: Tremont Corp. ST: Colorado IN: MNG SU: ERN


DG-RM -- DV003 -- 2312 07/23/92 09:24 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
Words:638
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