Earnings up 27% for M.A. Hanna

The Ohio-based company said this represents a 27% increase from the $16.4 million or 59 cents per share earned in the second quarter of 1988.

The company earned an additional $15.0 million in the quarter from the sale of claims in a bankruptcy proceeding which raised total net income to a record $35.9 million or $1.27 per fully diluted share.

Net sales in the second quarter of 1989 were $291.5 million, up 11% from the year-ago period when net sales were $262.0 million.

Net sales in the first half of 1989 were $547.9 million, an increase of 9% over sales of $502.2 million in the first half of 1988. Net income from operations was $34.7 million for the 6-month period, up 26% from the $27.5 million earned in the first six months of 1988.

M.A. Hanna is an international formulated polymers company with interests in natural resources including those held by its iron ore affiliate, the Iron Ore Company of Canada.

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