EX-99.1 2 vexh9910905.txt Exhibit 99.1
Valhi, Inc. and Subsidiaries Selected Consolidated Statement of Income Data Years ended December 31, 2003 and 2004 (In thousands, except per share data) (Unaudited) 2003 2004 ---- ---- ------------------------------------------------------------------------------------------- As originally Adjustment As restated As originally Adjustment As restated reported reported ------------------------------------------------------------------------------------------- Income from continuing operations before income tax and minority interest $ 45,358 $ - $ 45,358 $ 78,098 $ - $ 78,098 Provision for income taxes (benefit) (8,496) 22,479 13,983 (288,055) 8,169 (279,886) Minority interest in after tax earnings 12,080 (3,460) 8,620 57,493 (1,353) 56,140 ------------ ------------ ------------ ----------- -------- ---------- Income from continuing operations 41,774 (19,019) 22,755 308,660 (6,816) 301,844 Discontinued operations (2,874) - (2,874) 3,732 - 3,732 ------------- --------- ------------- ---------- --------- --------- Cumulative effect of change in accounting principle 586 - 586 - - - --- --------- --- --------- --------- ------ Net income $ 39,486 $ (19,019) $ 20,467 $ 312,392 $ (6,816) $ 305,576 ========== ============ ======== ========== =========== ========== Earnings per share: Basic net income per share $ .33 $ (.16) $ .17 $ 2.60 $ (.06) $ 2.54 ========= =========== ========= ========== =========== ========== Diluted net income per share $ .33 $ (.16) $ .17 $ 2.59 $ (.05) $ 2.54 ========= =========== ========= ========== =========== ==========
Valhi, Inc. and Subsidiaries Selected Consolidated Statements of Comprehensive Income Years ended December 31, 2003 and 2004 (In thousands, except per share data) (Unaudited) 2003 2004 ---- ---- ------------------------------------------------------------------------------------------- As originally Adjustment As restated As originally Adjustment As restated reported reported ------------------------------------------------------------------------------------------- Net income $ 39,486 $ (19,019) $ 20,467 $ 312,392 $ (6,816) $ 305,576 --------- ---------- -------- ---------- --------- ---------- Other comprehensive income: Marketable securities 860 - 860 3,243 - 3,243 Currency translationa 32,017 - 32,017 49,134 - 49,134 Pension liabilities (22,193) - (22,193) 1,375 - 1,375 -------- --------- ----------- --------- --------- -------- Other comprehensive income 10,684 - 10,684 53,752 - 53,752 --------- ---------- ----------- --------- ----------- -------- Comprehensive income $ 50,170 $ (19,019) $31,151 $ 366,144 $ (6,816) $359,328 ========== ============ ======= ========== =========== ========
Valhi, Inc. and Subsidiaries Selected Consolidated Statement of Stockholders' Equity Data Year ended December 31, 2003 (In thousands) (Unaudited) Total stockholders' equity Originally Reported Adjustment As restated --------- ---------- -------- Balance at December 31, 2002 $ 614,756 $ 48,800 $663,556 Net income 39,486 (19,019) 20,467 Income tax related to Kronos distribution (19,019) 19,019 - Other, net 24,511 - 24,511 ------------ --------- ------------ Balance at December 31, 2003 $ 659,734 $ 48,800 $ 708,534 ========= ========== =========
Valhi, Inc. and Subsidiaries Selected Consolidated Statement of Stockholders' Equity Data Year ended December 31, 2004 (In thousands) (Unaudited) Total stockholders' equity Originally Reported Adjustment As restated --------- --------- ---------- Balance at December 31, 2003 $ 659,734 $ 48,800 $708,534 Net income 312,392 (6,816) 305,576 Income tax related to Kronos distribution (6,816) 6,816 - Other, net 24,173 - 24,173 ------------ --------- ------------ Balance at December 31, 2004 $ 989,483 $48,800 $ 1,038,283 ========= ========= ===========
Valhi, Inc. and Subsidiaries Selected Consolidated Statement of Cash Flow Data Year ended December 31, 2003 (In thousands) (Unaudited) Originally reported Adjustment As restated --------- ------------ ----------- Items comprising cash flow from operating activities: Net income $ 39,486 $ (19,019) $ 20,467 ========= ============ ========= Minority interest- continuing operations $ 12,080 $ (3,460) $ 8,620 ========= =========== ======== Accounts with affiliates $ 2,293 $ 22,479 $24,772 ======= ========= =======
Valhi, Inc. and Subsidiaries Selected Consolidated Statement of Cash Flow Data Year ended December 31, 2004 (In thousands) (Unaudited) Originally reported Adjustment As restated ---------- ---------- -------- Items comprising cash flow from operating activities: Net income $ 312,392 $ (6,816) $305,576 ========== =========== ======== Minority interest - continuing operations $ 57,493 $ (1,353) $56,140 ========= =========== ======= Accounts with affiliates $ (19,892) $ 8,169 $(11,723) ========== ======= =========
Valhi, Inc. and Subsidiaries Condensed Consolidated Balance Sheet December 31, 2004 (In thousands) (Unaudited)
Originally reported Adjustment As restated ---------- ------------- --------------- Current assets $799,090 $ - $799,090 Marketable securities 176,770 80,000 256,770 Property and equipment, net 652,795 - 652,795 Other noncurrent assets 970,872 - 970,872 -------------------- -------------------- --------------- $2,599,527 $80,000 $2,679,527 ==================== ==================== =============== Current liabilities $311,662 $ - $311,662 Deferred income taxes 161,758 31,200 192,958 Other noncurrent liabilities 978,384 - 978,384 Minority interest 158,240 - 158,240 Stockholders' equity 989,483 48,800 1,038,283 -------------------- -------------------- --------------- $2,599,527 $80,000 $2,679,527 ==================== ==================== =============== Components of stockholders' equity: Common stock at par $1,242 $ - $1,242 Paid in capital 85,213 25,835 111,048 Retained earnings 864,821 105,883 970,704 Accumulated other comprehensive income : Marketable securities 88,367 (82,918) 5,449 Foreign currency 45,561 - 45,561 Pension liabilities (57,779) - (57,779) Treasury stock (37,942) - (37,942) -------------------- -------------------- --------------- $989,483 $48,800 $1,038,283 ==================== ==================== ===============
Valhi, Inc. and Subsidiaries Condensed Consolidated Balance Sheet December 31, 2003 (In thousands) (Unaudited)
Originally Reported Adjustment As restated ---------------- -------------------- --------------- Current assets $670,846 $ - $670,846 Marketable securities 176,941 80,000 256,941 Property and equipment, net 637,486 - 637,486 Other noncurrent assets 734,181 - 734,181 -------------------- -------------------- --------------- $2,219,454 $80,000 $2,299,454 ==================== ==================== =============== Current liabilities $292,764 $ - $292,764 Deferred income taxes 301,648 31,200 332,848 Other noncurrent liabilities 865,519 - 865,519 Minority interest 99,789 - 99,789 Stockholders' equity 659,734 48,800 708,534 -------------------- -------------------- --------------- $2,219,454 $80,000 $2,299,454 ==================== ==================== =============== Components of stockholders' equity: Common stock at par $1,340 $ - $1,340 Paid in capital 99,048 19,019 118,067 Retained earnings 639,463 112,699 752,162 Accumulated other comprehensive income: Marketable securities 85,124 (82,918) 2,206 Foreign currency (3,573) - (3,573) Pension liabilities (59,154) - (59,154) Treasury stock (102,514) - (102,514) -------------------- -------------------- --------------- $659,734 $48,800 $708,534 ==================== ==================== ===============