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WITCO REPORTS RECORD SALES FOR FIRST QUARTER 1993

 NEW YORK, April 21 /PRNewswire/ -- Witco Corporation (NYSE: WIT) reported record sales of $553,174,000 for the first quarter of 1993, up 32 percent from sales of $420,319,000 for the same period of 1992.
 The increase in sales was almost entirely attributable to the businesses acquired from Schering AG in November 1992. Net earnings for the first quarter of 1993 were $18,807,000, or 80 cents per common share, compared to first quarter 1992 net earnings of $18,928,000, or 82 cents per common share, before the cumulative effect of an accounting change. After the cumulative effect of an accounting change for the adoption of FAS 106 for postretirement benefits other than pensions, Witco's net earnings for the first quarter of 1992 were $4,238,000, or 23 cents per common share.
 Witco's Chairman and Chief Executive Officer William R. Toller said, "We are encouraged by the strengths exhibited by our businesses in North America and in Europe. Sales of our chemical and petroleum groups, with the exception of lubricants, have shown improvement. In addition, we are beginning to see contributions from the recently acquired Schering businesses and from the cost reduction program we have instituted. We are optimistic that these trends will continue as the year proceeds." excess of $1.7 billion.
 WITCO CORPORATION AND SUBSIDIARY COMPANIES
 Three Months Ended March 31 1993(A) 1992
 Net sales $553,174,000 $420,319,000
 Income before federal and foreign
 income taxes and cumulative effect
 of accounting change 28,669,000 29,030,000
 Federal and foreign income taxes 9,862,000 10,102,000
 Inc. bef. cumulative effect of
 accounting change 18,807,000 18,928,000
 Cumulative effect of accounting
 change -- (14,690,000)(B)
 Net income 18,807,000 4,238,000
 Net income per common share:
 Income before cumulative effect of
 accounting change $.80 $.82
 Cumulative effect of accounting change -- (.59)(B)
 Net income $.80 $.23
 Average number of common shares 25,344,000 24,784,000
 (A) 1993 includes net sales of $128,000,0000 and income before taxes of approximately $3,500,000 related to the acquisition in November 1992 of two divisions of Schering AG.
 (B) Represents the cumulative effect of the adoption in 1992 of FAS 106 for postretirement benefits other than pensions.
 -0- 4/21/93
 /CONTACT: C.R. Soderlind, senior vice president, 212-605-3813, or S.L. Levy, manager public relations, 212-605-3815, both of Witco/
 (WIT)


CO: Witco Corporation ST: New York IN: CHM SU: ERN

LR-PS -- NY024 -- 8568 04/21/93 09:43 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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