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Lots Going On
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Business New Haven
8/24/1998
By: Kristine Hansen
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NORWALK - Olin Corp. (NYSE: OLN) announced that its board of directors had given approval for the spin off to its shareholders of the company's specialty chemical operations. The company also announced its 287th consecutive dividend on a quarterly basis of 30 cents per share. Also announced were second-quarter earnings of $38.6 million (80 cents/share) vs. $38.6 million (75 cents) for the same quarter a year ago. EPS increased due to the reduced number of shares outstanding resulting from the company's stock repurchase program. Sales were down to $613.0 million for the second quarter vs. $632 million for the second quarter 1997. This was a result of reduced metal values. Olin's stock closed at 33 3/4, up 1/16, on August 10.
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