-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ZXM9kWwnUL6N3PZmeDlxOLz+LLGbNLH8qMZ/YUMXUBTYzu+22vIIqsobnt6JDcXl M1yh/Vy0FWux/+CxF2M3jA== 0000059255-95-000002.txt : 19950203 0000059255-95-000002.hdr.sgml : 19950203 ACCESSION NUMBER: 0000059255-95-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950131 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950201 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: 95504456 BUSINESS ADDRESS: STREET 1: THREE LINCOLN CENTRE STREET 2: 5430 LBJ FRWY STE 1700 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2142331700 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. 01/31/95 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 January 31, 1995 (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 January 31, 1995, 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 January 31, 1995 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 Date: January 31, 1995 EX-99.1 2 EXHIBIT TO VALHI, INC. 01/31/95 8-K FILING VALHI REPORTS 78% FOURTH QUARTER EARNINGS INCREASE DALLAS, TEXAS . . January 31, 1995 . . Valhi, Inc. (NYSE: VHI) reported income from continuing operations of $8.2 million, or $.07 per share, for the fourth quarter of 1994, up 78% from $4.6 million, or $.04 per share, in the 1993 period. The Company's full-year income from continuing operations totaled $19.7 million, or $.17 per share, compared to a 1993 loss of $59.3 million, or $.52 per share. Improved results attributable to the Company's chemicals business, conducted by NL Industries, Inc. (NYSE: NL), were a major factor in the higher 1994 earnings. Chemical operations improved through higher prices for titanium dioxide ("TiO2") and higher sales and production volume. Year-end 1994 TiO2 prices were 10% above the low point reached in 1993, and NL expects to be profitable in 1995. Higher volume and prices for medium density fiberboard, the Company's principal building product, also aided earnings and margins in 1994 while refined sugar results were negatively impacted by higher costs. Valhi has increased its ownership of NL from 49% to 52% and will consolidate NL's results of operations and cash flows beginning in 1995. On a pro forma basis, assuming full consolidation of NL for all of 1994, the Company's 1994 sales were over $1.7 billion with operating income of $190 million and income from continuing operations of $10.7 million, or $.09 per share. Discontinued operations represent the Company's former interest in the titanium metals business conducted by Tremont Corporation (NYSE: TRE), which interest was distributed to Valhi common stockholders as a dividend declared in December 1994. Extraordinary items in 1993 relate to prepayments of indebtedness. Including these items, the Company's net income for the year ended December 31, 1994 was $11.6 million, or $.10 per share, compared to a net loss of $79.1 million, or $.69 per share, for 1993. Valhi, Inc., headquartered in Dallas, Texas, is engaged in the chemicals, refined sugar, building products and other industries. * * * * * VALHI, INC. AND SUBSIDIARIES SUMMARY OF CONTINUING OPERATIONS (In millions, except earnings per share)
YEARS ENDED DECEMBER 31, HISTORICAL PRO FORMA 1993 1994 1994* Net sales Chemicals $ - $ - $ 888.0 Refined sugar 430.8 457.3 457.3 Building products 174.3 189.9 189.9 Other 176.0 185.5 185.5 $ 781.1 $832.7 $1,720.7 Operating income Chemicals $ - $ - $ 91.9 Refined sugar 37.5 31.6 31.6 Building products 26.3 36.4 36.4 Other 27.2 29.9 29.9 Total operating income 91.0 97.9 189.8 Equity in losses of NL Industries (**) (136.4) (25.1) - General corporate items, net (3.1) (8.4) (49.3) Interest expense (38.6) (35.3) (119.2) Income before income taxes (87.1) 29.1 21.3 Income taxes (benefit) (27.8) 9.4 9.8 Minority interest - - .8 Income from continuing operations (loss) $ (59.3) $ 19.7 $ 10.7 Per common share $ (.52) $ .17 $ .09
[FN] * Assumes NL was consolidated for all of 1994. ** 1993 loss includes $84 million charge for market value impairment of NL common stock. VALHI, INC. AND SUBSIDIARIES SUMMARY OF HISTORICAL OPERATIONS (In millions, except earnings per share)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 1993* 1994 1993* 1994 Net sales Refined sugar $112.5 $103.4 $430.8 $457.3 Building products 42.6 46.9 174.3 189.9 Other 48.0 50.1 176.0 185.5 $203.1 $200.4 $781.1 $832.7 Operating income Refined sugar $ 9.5 $ 6.6 $ 37.5 $ 31.6 Building products 6.7 8.9 26.3 36.4 Other 9.8 9.1 27.2 29.9 Total operating income 26.0 24.6 91.0 97.9 General corporate items, net (.9) (1.7) (3.1) (8.4) Interest expense (8.2) (9.3) (38.6) (35.3) 16.9 13.6 49.3 54.2 Equity in losses of NL Industries (**) (9.1) (1.6) (136.4) (25.1) Income before income taxes 7.8 12.0 (87.1) 29.1 Income taxes (benefit) 3.2 3.8 (27.8) 9.4 Income from continuing operations 4.6 8.2 (59.3) 19.7 Discontinued operations (2.5) (3.5) (4.8) (8.1) Extraordinary items (12.2) - (15.4) - Change in accounting principles .4 - .4 - Net income (loss) $ (9.7) $ 4.7 $ (79.1) $ 11.6 Income (loss) per common share: Continuing operations $ .04 $ .07 $ (.52) $ .17 Net income (loss) $ (.08) $ .04 $ (.69) $ .10 Weighted average common shares outstanding 114.1 114.3 114.1 114.3
[FN] * Reclassified for discontinued operations. ** 1993 loss includes $84 million charge for market value impairment of NL common stock. -----END PRIVACY-ENHANCED MESSAGE-----