Olin Announces Fourth Quarter and Full-Year 2007 Earnings

CLAYTON, Mo.--(Business Wire)--Olin Corporation (NYSE: OLN) announced today that its fourth
quarter 2007 income from continuing operations was $29.6 million, or
$0.40 per diluted share, which compares to $15.6 million, or $0.22 per
diluted share in the fourth quarter of 2006. Sales from continuing
operations in the fourth quarter of 2007 were $404.8 million, compared
to $247.1 million in the fourth quarter of 2006.

Joseph D. Rupp, Chairman, President, and Chief Executive Officer
said, "I am pleased that both our Chlor Alkali and Winchester
businesses finished 2007 on a strong note. Chlor Alkali fourth quarter
segment earnings were $68.1 million, which includes $20.9 million from
the Pioneer operations acquired in August. Included in the Chlor
Alkali segment earnings are approximately $5 million of realized
synergies. In achieving these Chlor Alkali earnings we overcame lower
operating rates reflecting both planned maintenance outages at seven
plants and seasonally weaker demand. Winchester earned $2.7 million in
the quarter and completed its best year since 1994. During the
quarter, Winchester benefited from higher selling prices and stronger
than expected demand, which more than offset higher commodity and
manufacturing costs.

Earnings in the first quarter of 2008 are projected to be in the
$0.50 per diluted share range. This forecast reflects a slight
improvement in ECU pricing compared to the fourth quarter of 2007 as
the most recent caustic price increase is implemented. Improvements in
the current level of anticipated demand from the vinyls industry would
favorably impact our projected earnings. Winchester results are
expected to be about equal to the first quarter of 2007 and pension
expense is expected to decline by approximately $3.0 million compared
to the first quarter of 2007."

Income from continuing operations in 2007 was $100.8 million, or
$1.36 per diluted share, compared to income of $123.7 million, or
$1.70 per diluted share in 2006. Sales from continuing operations in
2007 were $1.28 billion compared to $1.04 billion in 2006.

Fourth quarter 2007 results included a $1.3 million pretax receipt
of a contingent payment associated with a prior year's divestiture and
a $1.0 million pretax reduction in stock-based compensation expense
due to the sale of the Metals business. Fourth quarter 2007 results
also included a $3.0 million pretax charge to adjust the asset
retirement obligation previously recorded as required under Statement
of Financial Accounting Standards ("SFAS") No. 143, "Asset Retirement
Obligations". Fourth quarter 2006 results included a $6.0 million
pretax insurance recovery related to Hurricane Katrina business
interruptions. Full year 2006 results also included $0.7 million of
pretax gains associated with real estate transactions and a $21.6
million reduction in income tax expenses associated with the
settlement of the tax treatment of capital losses generated in 1997
and other tax matters.

SEGMENT REPORTING

We define segment results as income (loss) before interest
expense, interest income, other income, and income taxes and include
the results of non-consolidated affiliates in segment results
consistent with management's monitoring of the operating segments.

CHLOR ALKALI PRODUCTS

Chlor Alkali product sales for the fourth quarter of 2007 were
$302.1 million compared to $153.8 million in the fourth quarter of
2006. The increase reflects a 70% increase in volumes due to the
acquisition of the Pioneer operations. Chlorine and caustic soda
volumes, excluding the Pioneer operations, declined by 2% during the
quarter compared to the fourth quarter of 2006. ECU netbacks in the
fourth quarter of 2007, excluding the impact of the Pioneer
acquisition, increased 1% from the fourth quarter of 2006. Fourth
quarter 2007 ECU netbacks in the Pioneer operations were approximately
15% higher than those realized in the Olin operations. Freight costs
included in Olin's ECU netbacks, excluding the Pioneer operations,
increased 29% in the fourth quarter of 2007 compared to the fourth
quarter of 2006. Fourth quarter 2007 Chlor Alkali segment income was
$68.1 million compared to $52.2 million in the fourth quarter of 2006.
The earnings from the Pioneer operations and higher ECU selling prices
more than offset the lower shipment volumes and higher operating
costs.

WINCHESTER

Winchester fourth quarter 2007 sales were $102.7 million, compared
to $93.3 million in the fourth quarter of 2006. The increase reflects
higher selling prices and stronger sales volumes. Commercial and law
enforcement sales both increased during the quarter compared to the
fourth quarter of 2006. Fourth quarter 2007 military sales were
approximately equal to the fourth quarter of 2006. Winchester's fourth
quarter 2007 profit was $2.7 million compared to $2.6 million in the
fourth quarter of 2006. Higher selling prices offset the impact of
higher commodity and manufacturing costs and a less favorable product
mix.

CORPORATE AND OTHER COSTS

For the year 2007, pension expense was $3.9 million, compared to
$16.2 million in 2006. The year over year decrease reflects the
favorable impact of the $180 million of voluntary contributions made
in 2006 and 2007, a 25-basis point increase in the discount rate in
2007, and favorable 2006 asset performance. Pension expense in 2006
included a $2.4 million curtailment charge associated with the
voluntary transition of certain Winchester union employees from a
defined benefit plan to a defined contribution plan.

Under SFAS No. 158, the Company recorded a non-cash after-tax
credit of $124.1 million to Shareholders' Equity as of December 31,
2007 for the defined benefit pension plan and post-retirement medical
plan. This credit reflects the use of a higher discount rate on
pension benefit obligations and favorable returns on plan assets
during 2007. The credits reflect the difference between the
accumulated benefit obligation and the year-end market value of assets
of the pension plan.

As of December 31, 2006, the Company recorded a non-cash after-tax
credit of $54.5 million to Shareholders' Equity primarily due to the
use of a higher discount rate on pension benefit obligations.
Additionally, effective December 31, 2006, the Company adopted SFAS
No. 158, which requires that a net asset or liability be recognized to
report the funded status of defined benefit pension and other
post-retirement benefit plans on its balance sheet. At December 31,
2006, after-tax charges to Shareholders' Equity of $39.7 million and
$33.6 million were recorded for the defined benefit pension plan and
post-retirement medical plans, respectively.

Fourth quarter charges to income for environmental investigatory
and remedial activities were $8.6 million in 2007, compared to $6.3
million in the fourth quarter of 2006. During 2007, charges to income
for environmental investigatory and remedial activities totaled $37.9
million compared to $22.6 million in 2006. The 2006 charges included
$1.2 million of recoveries from third parties of costs incurred and
expensed in prior periods. These charges relate primarily to remedial
and investigatory activities associated with former waste sites and
past operations. The increase in 2007 charges compared to 2006 relates
primarily to a $7.9 million increase in costs at a former waste
disposal site based on revised remediation estimates resulting from
negotiations with a government agency.

Other corporate and unallocated costs in 2007 decreased due to
lower legal and legal related settlement costs, which offset higher
compensation expenses, including stock- based compensation costs. The
legal and legal related settlement costs are associated primarily with
legacy environmental matters. During the fourth quarter of 2007, the
Company, based on revised estimates, increased the asset retirement
obligation it had previously recorded by $3.0 million as required by
SFAS No. 143.

Other operating income for 2007 includes the $1.3 million pretax
receipt of a contingent payment associated with a prior year's
divestiture. Other operating income for 2006 includes the pretax
insurance recovery of $6.0 million related to Hurricane Katrina
business interruptions and $0.7 million of pretax gains associated
with real estate transactions.

DISCONTINUED OPERATIONS

On October 15, 2007, Olin Corporation announced it had signed a
definitive agreement to sell its Metals business to a subsidiary of
Global Brass and Copper Holdings, Inc., an affiliate of KPS Capital
Partners, LP, for a purchase price of $400 million, payable in cash.
The final cash received was subject to a customary working capital
adjustment. The transaction closed on November 19, 2007. The Metals
business is reflected in the financial statements as a discontinued
operation. In 2007, there was income from discontinued operations of
$0.39 per diluted share, compared to income of $0.36 per diluted share
in 2006.

During the third quarter of 2007, a loss on disposal of
discontinued operations of $125.4 million, or $1.68 per diluted share,
was recognized. During the fourth quarter of 2007, the loss on the
disposal was adjusted to $139.0 million, or $1.87 per diluted share.
The final amount of the loss is dependent on the final determination
of the value of the working capital in the business at the date of the
closing of the transaction. Total cash proceeds realized from the
operation and sale of the Metals business in 2007 was approximately
$480 million.

DIVIDEND

On January 25, 2008, Olin's Board of Directors declared a dividend
of $0.20 on each share of Olin common stock. The dividend is payable
on March 10, 2008 to shareholders of record at the close of business
on February 11, 2008. This is the 325th consecutive dividend to be
paid by the Company.

CONFERENCE CALL INFORMATION

The Company's fourth quarter earnings conference call with
securities analysts is scheduled for 11:00 A.M. Eastern Time, Tuesday,
January 29. The call will feature remarks by Joseph D. Rupp, Olin's
Chairman, President and Chief Executive Officer, and John E. Fischer,
Olin's Vice President and Chief Financial Officer. Anyone wishing to
listen to the call may do so via the Internet by following the
instructions posted under the Conference Call icon on Olin's website,
www.olin.com. Listeners should log on to the website at least 5
minutes before the call. The call will also be audio archived on the
Olin website for future replay. A text of the prepared remarks from
the conference call will be available on the website in the Investor
section.

COMPANY DESCRIPTION

Olin Corporation is a manufacturer concentrated in two business
segments: Chlor Alkali Products and Winchester. Chlor Alkali Products
manufactures chlorine and caustic soda, sodium hydrosulfite,
hydrochloric acid, hydrogen, potassium hydroxide and bleach products.
Winchester products include sporting ammunition, reloading components,
small caliber military ammunition and components, and industrial
cartridges.

FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements. These
statements relate to analyses and other information that are based on
management's beliefs, certain assumptions made by management,
forecasts of future results, and current expectations, estimates and
projections about the markets and economy in which we and our various
segments operate. The statements contained in this communication that
are not statements of historical fact may include forward-looking
statements that involve a number of risks and uncertainties.

We have used the words "anticipate," "intend," "may," "expect,"
"believe," "should," "plan," "project," "estimate," and variations of
such words and similar expressions in this communication to identify
such forward-looking statements. These statements are not guarantees
of future performance and involve certain risks, uncertainties and
assumptions, which are difficult to predict and many of which are
beyond our control. Therefore, actual outcomes and results may differ
materially from those matters expressed or implied in such
forward-looking statements. We undertake no obligation to update
publicly any forward-looking statements, whether as a result of future
events, new information or otherwise. Relative to the dividend, the
payment of cash dividends is subject to the discretion of our board of
directors and will be determined in light of then-current conditions,
including our earnings, our operations, our financial conditions, our
capital requirements and other factors deemed relevant by our board of
directors. In the future, our board of directors may change our
dividend policy, including the frequency or amount of any dividend, in
light of then-existing conditions.

The risks, uncertainties and assumptions involved in our
forward-looking statements, many of which are discussed in more detail
in our filings with the SEC, including without limitation the "Risk
Factors" section of our Annual Report on Form 10-K for the year ended
December 31, 2006, include, but are not limited to, the following:

-- sensitivity to economic, business and market conditions in the
United States and overseas, including economic instability or
a downturn in the sectors served by us, such as ammunition,
housing, vinyls, and pulp and paper, and the migration by
United States customers to low-cost foreign locations;

-- the cyclical nature of our operating results, particularly
declines in average selling prices in the chlor alkali
industry and the supply/demand balance for our products,
including the impact of excess industry capacity or an
imbalance in demand for our chlor alkali products;

-- economic and industry downturns that result in diminished
product demand and excess manufacturing capacity in any of our
segments and that, in many cases, result in lower selling
prices and profits;

-- the effects of any declines in global equity markets on asset
values and any declines in interest rates used to value the
liabilities in our pension plan;

-- costs and other expenditures in excess of those projected for
environmental investigation and remediation or other legal
proceedings;

-- higher-than-expected raw material, energy, transportation,
and/or logistics costs;

-- unexpected litigation outcomes;

-- the occurrence of unexpected manufacturing interruptions and
outages, including those occurring as a result of labor
disruptions and production hazards;

-- new regulations or public policy changes regarding the
transportation of hazardous chemicals and the security of
chemical manufacturing facilities; and

-- an increase in our indebtedness or higher-than-expected
interest rates, affecting our ability to generate sufficient
cash flow for debt service.

All of our forward-looking statements should be considered in
light of these factors. In addition, other risks and uncertainties not
presently known to us or that we consider immaterial could affect the
accuracy of our forward-looking statements.

2008 - 03

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Olin Corporation
Consolidated Statements of Income (a)

----------------------------------------------------------------------
Three Months Year Ended
Ended December 31, December 31,
(In millions, except per share
amounts) 2007 2006 2007 2006
----------------------------------------------------------------------

Sales $404.8 $247.1 $1,276.8 $1,039.7
Operating Expenses:
Cost of Goods Sold 335.9 197.9 1,038.3 795.7
Selling and Administration 33.7 30.2 126.4 125.2
Other Operating Income (b) 1.4 6.0 1.9 6.7
----------------------------------------------------------------------
Operating Income 36.6 25.0 114.0 125.5
Earnings of Non-consolidated
Affiliates 11.6 8.2 46.0 45.3
Interest Expense 6.2 5.0 22.1 20.3
Interest Income 2.4 3.2 11.6 11.6
Other Income 1.0 - 1.2 1.1
----------------------------------------------------------------------
Income from Continuing
Operations before Taxes 45.4 31.4 150.7 163.2
Income Tax Provision 15.8 15.8 49.9 39.5
----------------------------------------------------------------------
Income from Continuing
Operations 29.6 15.6 100.8 123.7
(Loss) Income from
Discontinued Operations, Net (0.7) 11.2 29.0 26.0
Loss on Disposal of
Discontinued Operations, Net (13.6) - (139.0) -
----------------------------------------------------------------------
Net Income (Loss) $15.3 $26.8 $(9.2) $149.7
----------------------------------------------------------------------
Net Income (Loss) Per Common
Share:
Basic Income (Loss) per
Common Share:
Income from Continuing
Operations $0.40 $0.22 $1.36 $1.70
(Loss) Income from
Discontinued Operations, Net (0.01) 0.15 0.39 0.36
Loss on Disposal of
Discontinued Operations, Net (0.18) - (1.87) -
----------------------------------------------------------------------
Net Income (Loss) $0.21 $0.37 $(0.12) $2.06
----------------------------------------------------------------------
Diluted Income (Loss) per
Common Share:
Income from Continuing
Operations $0.40 $0.22 $1.36 $1.70
(Loss) Income from
Discontinued Operations, Net (0.01) 0.15 0.39 0.36
Loss on Disposal of
Discontinued Operations, Net (0.19) - (1.87) -
----------------------------------------------------------------------
Net Income (Loss) $0.20 $0.37 $(0.12) $2.06
----------------------------------------------------------------------
Dividends Per Common Share $0.20 $0.20 $0.80 $0.80
----------------------------------------------------------------------
Average Common Shares
Outstanding - Basic 74.4 73.1 74.0 72.6
----------------------------------------------------------------------
Average Common Shares
Outstanding - Diluted 74.8 73.3 74.3 72.8
----------------------------------------------------------------------

(a)Unaudited.
(b)The three months and year ended December 31, 2007 includes a $1.3
million receipt of a contingent payment associated with a prior
year's divestiture. The three months and year ended December 31,
2006 reflects a $6.0 million insurance recovery for business
interruption experienced at our Chlor Alkali operations.
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Olin Corporation
Segment Information (a)

(In millions)
----------------------------------------------------------------------
Three Months Year Ended
Ended December 31, December 31,
2007 2006 2007 2006
----------------------------------------------------------------------
Sales:
Chlor Alkali Products $302.1 $153.8 $845.1 $666.1
Winchester 102.7 93.3 431.7 373.6
----------------------------------------------------------------------
Total Sales $404.8 $247.1 $1,276.8 $1,039.7
----------------------------------------------------------------------
Income from Continuing
Operations before Taxes:
Chlor Alkali Products (b) $68.1 $52.2 $237.3 $256.3
Winchester 2.7 2.6 26.4 15.8
Corporate/Other:
Pension Income
(Expense) (c) 0.2 (4.6) (3.9) (16.2)
Environmental Provision (8.6) (6.3) (37.9) (22.6)
Other Corporate and
Unallocated Costs (15.6) (16.7) (63.8) (69.2)
Other Operating Income (d) 1.4 6.0 1.9 6.7
Interest Expense (6.2) (5.0) (22.1) (20.3)
Interest Income 2.4 3.2 11.6 11.6
Other Income 1.0 - 1.2 1.1
----------------------------------------------------------------------
Income from Continuing
Operations before Taxes $45.4 $31.4 $150.7 $163.2
----------------------------------------------------------------------

(a)Unaudited.
(b)Earnings of non-consolidated affiliates are included in the Chlor
Alkali Products segment results consistent with management's
monitoring of the operating segments. The earnings from non-
consolidated affiliates were $11.6 million and $8.2 million for
the three months ended December 31, 2007 and 2006, respectively,
and $46.0 million and $45.3 million for the year ended December
31, 2007 and 2006, respectively.
(c)The service cost and the amortization of prior service cost
components of pension expense related to the employees of the
operating segments are allocated to the operating segments based
on their respective estimated census data. All other components of
pension costs are included in Corporate/Other and include items
such as the expected return on plan assets, interest cost and
recognized actuarial gains and losses.
(d)The three months and year ended December 31, 2007 includes a $1.3
million receipt of a contingent payment associated with a prior
year's divestiture. The three months and year ended December 31,
2006 reflects a $6.0 million insurance recovery for business
interruption experienced at our Chlor Alkali operations.
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Olin Corporation
Consolidated Balance Sheets (a)
(In millions, except per share data)

----------------------------------------------------------------------

December 31, 2007 2006
----------------------------------------------------------------------

Assets:
Cash & Cash Equivalents $306.0 $199.8
Short-Term Investments 26.6 76.6
Accounts Receivable, Net 202.0 135.4
Inventories 106.7 82.7
Current Deferred Income Taxes 15.0 8.9
Other Current Assets 19.3 19.3
Current Assets of Discontinued Operations - 402.2
----------------------------------------------------------------------
Total Current Assets 675.6 924.9
Property, Plant and Equipment
(Less Accumulated Depreciation of $912.6 and
$869.4) 503.6 251.2
Prepaid Pension Costs 111.9 -
Deferred Income Taxes 30.1 117.3
Other Assets 58.9 12.3
Goodwill 301.9 -
Assets of Discontinued Operations - 336.5
----------------------------------------------------------------------
Total Assets $1,682.0 $1,642.2
----------------------------------------------------------------------

Liabilities and Shareholders' Equity:
Current Installments of Long-Term Debt $7.7 $1.7
Accounts Payable 150.6 87.9
Income Taxes Payable 2.5 4.8
Accrued Liabilities 244.7 174.0
Current Liabilities of Discontinued Operations - 156.7
----------------------------------------------------------------------
Total Current Liabilities 405.5 425.1
Long-Term Debt 251.3 252.2
Accrued Pension Liability 46.0 234.4
Other Liabilities 329.7 183.1
Liabilities of Discontinued Operations - 4.1
----------------------------------------------------------------------
Total Liabilities 1,032.5 1,098.9
----------------------------------------------------------------------
Commitments and Contingencies
Shareholders' Equity:
Common Stock, Par Value $1 Per Share,
Authorized 120.0 Shares:
Issued and Outstanding 74.5 Shares (73.3 in
2006) 74.5 73.3
Additional Paid-In Capital 742.0 721.6
Accumulated Other Comprehensive Loss (165.4) (318.5)
(Accumulated Deficit) Retained Earnings (1.6) 66.9
----------------------------------------------------------------------
Total Shareholders' Equity 649.5 543.3
----------------------------------------------------------------------
Total Liabilities and Shareholders' Equity $1,682.0 $1,642.2
----------------------------------------------------------------------

(a) Unaudited.
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Olin Corporation
Consolidated Statements of Cash Flows (a)
(In millions)

----------------------------------------------------------------------

Year Ended December 31, 2007 2006
----------------------------------------------------------------------
Operating Activities:
Net (Loss) Income $(9.2) $149.7
Loss (Income) from Discontinued Operations, Net 110.0 (26.0)
Earnings of Non-consolidated Affiliates (46.0) (45.3)
Other Operating Income - Gain on Disposition of Real
Estate - (0.7)
Stock-Based Compensation 4.9 5.6
Depreciation and Amortization 48.0 37.8
Deferred Income Taxes (9.0) (28.0)
Qualified Pension Plan Contributions (102.4) (80.0)
Qualified Pension Plan Expense 14.4 27.8
Common Stock Issued Under Employee Benefit Plans 3.3 3.3
Changes in:
Receivables (7.7) (5.0)
Inventories 1.4 (2.7)
Other Current Assets 7.1 (9.8)
Accounts Payable and Accrued Liabilities 19.9 45.2
Income Taxes Payable (6.6) (19.4)
Other Assets 8.8 11.7
Other Noncurrent Liabilities 40.0 (34.5)
Other Operating Activities (9.7) 5.0
----------------------------------------------------------------------
Cash Provided By Continuing Operations 67.2 34.7
Discontinued Operations:
(Loss) Income from Discontinued Operations, Net (110.0) 26.0
Loss on Disposal of Discontinued Operations 160.0 -
Operating Activities from Discontinued Operations 63.8 4.0
----------------------------------------------------------------------
Cash Provided By Discontinued Operations 113.8 30.0
----------------------------------------------------------------------
Net Operating Activities 181.0 64.7
----------------------------------------------------------------------
Investing Activities:
Capital Expenditures (76.1) (61.7)
Business Acquired through Purchase Transaction (426.1) -
Cash Acquired through Business Acquisition 126.4 -
Proceeds from Disposition of Property, Plant and
Equipment 0.5 1.3
Purchase of Short-Term Investments - (76.6)
Proceeds from Sale of Short-Term Investments 50.0 -
Proceeds from Sale/Leaseback of Equipment 14.8 -
Distributions from Affiliated Companies, Net 25.4 44.0
Other Investing Activities 1.7 (0.1)
----------------------------------------------------------------------
Cash Used for Continuing Operations (283.4) (93.1)
Discontinued Operations:
Proceeds from Sale of a Business 404.3 -
Investing Activities from Discontinued Operations (7.3) (19.1)
----------------------------------------------------------------------
Cash Provided by (Used for) Discontinued Operations 397.0 (19.1)
----------------------------------------------------------------------
Net Investing Activities 113.6 (112.2)
----------------------------------------------------------------------
Financing Activities:
Long-Term Debt Repayments (145.7) (1.1)
Issuance of Common Stock 12.2 16.4
Stock Options Exercised 5.3 4.4
Excess Tax Benefits from Stock Options Exercised 1.1 0.8
Dividends Paid (59.2) (58.1)
Deferred Debt Costs (2.1) (18.8)
----------------------------------------------------------------------
Net Financing Activities (188.4) (56.4)
----------------------------------------------------------------------
Net Increase (Decrease) in Cash and Cash Equivalents 106.2 (103.9)
Cash and Cash Equivalents, Beginning of Year 199.8 303.7
----------------------------------------------------------------------
Cash and Cash Equivalents, End of Period $306.0 $199.8
----------------------------------------------------------------------

(a) Unaudited.
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Olin Corporation
-------------------------------------------------------------------
Quarterly Trend Data (a)
(In millions, except per
share amounts)
-------------------------------------------------------------------
2007
-----------------------------------------
First Second Third Fourth Total
Quarter Quarter Quarter Quarter Year
-------------------------------------------------------------------
Sales $255.5 $266.2 $350.3 $404.8 $1,276.8
Income from Continuing
Operations before Taxes 24.5 32.2 48.6 45.4 150.7
Depreciation and
Amortization 9.6 9.5 12.1 16.8 48.0
Capital Expenditures 9.2 13.0 17.9 36.0 76.1
Dividends Paid 14.7 14.8 14.8 14.9 59.2
-------------------------------------------------------------------
Total Debt to Total
Capitalization 31.3% 29.5% 45.2% 28.5% 28.5%
-------------------------------------------------------------------
Diluted Income (Loss) Per
Common Share:
Income from Continuing
Operations $0.22 $0.29 $0.44 $0.40 $1.36
Income (Loss) from
Discontinued
Operations, Net 0.09 0.19 0.12 (0.01) 0.39
Loss on Disposal of
Discontinued
Operations, Net - - (1.68) (0.19) (1.87)
-------------------------------------------------------------------
Net Income (Loss) $0.31 $0.48 $(1.12) $0.20 $(0.12)
-------------------------------------------------------------------
Dividends $0.20 $0.20 $0.20 $0.20 $0.80
-------------------------------------------------------------------
Average Common Shares
Outstanding - Diluted 73.8 74.2 74.6 74.8 74.3
-------------------------------------------------------------------

-------------------------------------------------------------------
2006
-----------------------------------------
First Second Third Fourth Total
Quarter Quarter Quarter Quarter Year
-------------------------------------------------------------------
Sales $263.7 $255.2 $273.7 $247.1 $1,039.7
Income from Continuing
Operations before Taxes 49.5 43.0 39.3 31.4 163.2
Depreciation and
Amortization 9.0 9.5 9.7 9.6 37.8
Capital Expenditures 10.8 11.4 13.0 26.5 61.7
Dividends Paid 14.4 14.5 14.6 14.6 58.1
-------------------------------------------------------------------
Total Debt to Total
Capitalization 35.9% 34.4% 31.9% 31.8% 31.8%
-------------------------------------------------------------------
Diluted Income Per Common
Share:
Income from Continuing
Operations $0.42 $0.37 $0.70 $0.22 $1.70
Income from
Discontinued
Operations, Net 0.05 0.08 0.07 0.15 0.36
-------------------------------------------------------------------
Net Income $0.47 $0.45 $0.77 $0.37 $2.06
-------------------------------------------------------------------
Dividends $0.20 $0.20 $0.20 $0.20 $0.80
-------------------------------------------------------------------
Average Common Shares
Outstanding - Diluted 72.4 72.6 72.8 73.3 72.8
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(a)Unaudited.
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Olin Corporation
Investor Contact:
Larry P. Kromidas
(618) 258-3206

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