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TREMONT TO ADOPT NEW ACCOUNTING STANDARDS IN 1992

 DENVER, Dec. 31 /PRNewswire/ -- Tremont Corp. (NYSE: TRE) announced today that it will report a net one-time non-cash charge of approximately $32 million, or approximately $4.36 per share, as a result of adopting two accounting changes retroactive to Jan. 1, 1992. The changes in accounting methods relate to postretirement benefits other than pensions (OPEB) and income taxes as prescribed by Statements of Financial Accounting Standards (SFAS) Nos. 106 and 109, respectively. The effect of these accounting changes will be recognized as cumulative catch-up adjustments as of Jan. 1, 1992, and will result in a restatement of the company's previously reported 1992 quarterly results.
 Approximately $5 million of the net one-time charge relates to the company's interest in its unconsolidated affiliate, NL Industries Inc. NL, as well as the company, is adopting SFAS Nos. 106 and 109 in 1992.
 While adoption of these new accounting standards impacts reported financial position and results of operations, they relate to accrual accounting for OPEB and to accounting for deferred income taxes and, accordingly, do not affect the company's cash flows.
 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."
 -0- 12/31/92
 /CONTACT: Mark A. Wallace, VP and controller of Tremont, 303-296-5651/
 (TRE)


CO: Tremont Corp. ST: Colorado IN: MNG SU:

JB-MS -- LA007 -- 0912 12/31/92 12:53 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:247
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