-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IQB0ZLi/YqUav4I0Ma9EhSZ7lplfZgBLVqbuxoSM8i12CIcwInQZ/l4OhZm9V0jo fR37WqqUD/FPreYF9D7jBA== 0000059255-96-000011.txt : 19960424 0000059255-96-000011.hdr.sgml : 19960424 ACCESSION NUMBER: 0000059255-96-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960423 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960423 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALHI INC /DE/ CENTRAL INDEX KEY: 0000059255 STANDARD INDUSTRIAL CLASSIFICATION: SUGAR & CONFECTIONERY PRODUCTS [2060] IRS NUMBER: 870110150 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05467 FILM NUMBER: 96549441 BUSINESS ADDRESS: STREET 1: THREE LINCOLN CENTRE STREET 2: 5430 LBJ FRWY STE 1700 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2142331700 MAIL ADDRESS: STREET 1: THREE LINCOLN CENTER STREET 2: 5430 LBJ FREEWAY SUITE 1700 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: LLC CORP DATE OF NAME CHANGE: 19870329 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY LOAN CORP DATE OF NAME CHANGE: 19800414 8-K 1 VALHI, INC. 04/23/96 8-K FILING SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 23, 1996 ----------------------------------------------- (Date of Report, date of earliest event reported) VALHI, INC. --------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 1-5467 87-0110150 ------------------------------------------------------------ (State or other (Commission (IRS Employer jurisdiction of File Number) Identification incorporation) No.) 5430 LBJ Freeway, Suite 1700, Dallas, TX 75240-2697 ------------------------------------------------------------ (Address of principal executive offices) (Zip Code) (214) 233-1700 ------------------------------------------------------------ (Registrant's telephone number, including area code) Not applicable ------------------------------------------------------------ (Former name or address, if changed since last report) Item 5: Other Events ------------ On April 23, 1996, the Registrant issued the press release attached -------------- hereto as Exhibit 99.1 which is incorporated herein by reference. Item 7: Financial Statements, Pro Forma Financial Information ------------------------------------------------------- and Exhibits ------------ (c) Exhibit ------- Item No. Exhibit Index -------- ----------------------------------- 99.1 Press release dated April 23, 1996 -------------- issued by the Registrant SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VALHI, INC. (Registrant) By: /s/ Steven L. Watson --------------------------- Steven L. Watson Vice President & Secretary EX-99.1 2 VALHI, INC. FIRST QUARTER EARNINGS RELEASE VALHI REPORTS FIRST QUARTER RESULTS DALLAS, TEXAS . . . April 23, 1996. . . Valhi, Inc. (NYSE: VHI) reported a net loss of $5.7 million, or $.05 per share, for the first quarter of 1996. Excluding a previously-announced charge of approximately $15 million after-tax to close its New Mexico medium density fiberboard (`MDF'') plant, net income for the first quarter was $9.0 million, or $.08 per share, compared to net income of $12.4 million, or $.11 per share, in the first quarter of 1995. Chemicals earnings at 54%-owned NL Industries for the first quarter approximated the year-ago period as lower operating income of NL's Kronos titanium dioxide pigments (`TiO2'') business offset higher earnings of NL's Rheox specialty chemicals business. First quarter TiO2 sales volumes declined 11% from the record volumes of the first quarter of 1995 as slow economic activity in markets where Kronos sells TiO2 contributed to continued soft demand for the quarter. While average TiO2 prices for the first quarter of 1996 were 5% higher than the first quarter of last year, average prices for the quarter were 3% lower than the fourth quarter of 1995. Rheox's sales prices and volumes improved and its earnings were also aided by a gain related to the reduction of certain U.S. employee pension benefits. Refined sugar sales and earnings improved 14% and 36%, respectively, principally as a result of higher sales volumes. Sugar volumes in the 1995 period were hampered by government-imposed marketing allotments which expired September 30, 1995. Building products results included Medite's $24 million pre-tax plant closure charge and lower MDF selling prices. Industry capacity additions, particularly in Europe, and slow economic conditions in markets where Medite sells MDF contributed to the lower average MDF prices, which were down approximately 17% from the first quarter of last year and down 5% from the fourth quarter of 1995. In other operations, improved fast food earnings were offset by lower hardware products earnings. NL Industries resumed dividend payments in the first quarter of 1996 and minority interest in the 1996 period consists principally of NL dividends paid to NL stockholders other than Valhi. Valhi, Inc. is a major producer of TiO2, refined sugar, MDF and other products. * * * * * VALHI, INC. AND SUBSIDIARIES SUMMARY OF OPERATIONS (Unaudited) Quarters ended March 31, 1995 and 1996 (In millions, except earnings per share)
1995 1996 ---- ---- NET SALES Chemicals $250.9 $240.4 Refined sugar 111.2 127.1 Building products 58.6 46.5 Other 46.9 48.8 ------ ------ $467.6 $462.8 ====== ====== OPERATING INCOME Chemicals $36.9 $36.6 Refined sugar 6.4 8.7 Building products * 10.3 (22.5) Other 6.6 6.0 ------ ------ TOTAL OPERATING INCOME 60.2 28.8 Equity in Waste Control Specialists - (1.1) General corporate items, net (3.5) (4.1) Interest expense (32.8) (30.2) ------ ------ Income (loss) before income taxes 23.9 (6.6) Income taxes (benefit) 11.2 (3.2) Minority interest .3 2.3 ------ ------ NET INCOME (LOSS) $ 12.4 $ (5.7) ====== ====== NET INCOME (LOSS) PER COMMON SHARE $.11 $(.05) ==== ===== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 114.4 114.6 ===== =====
[FN] * Building products operating income in 1996 includes a $24 million charge related to the announced closure of Medite's New Mexico MDF plant. -----END PRIVACY-ENHANCED MESSAGE-----