-----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, DgTTiJ+nPPhVTkts+8LYKJkloNv4bvBbBvNzd6is821P2ezjY6cdAyE+Nv7O0+No P5/tz0YlI/nSGap7/mEUTw== 0000059255-95-000007.txt : 19950427 0000059255-95-000007.hdr.sgml : 19950427 ACCESSION NUMBER: 0000059255-95-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950425 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950426 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: 95531255 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. 04/25/95 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 April 26, 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 April 26, 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 April 26, 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: April 26, 1995 EX-99.1 2 EXHIBIT TO VALHI, INC. 04/25/95 8-K FILING VALHI REPORTS HIGHEST FIRST QUARTER EARNINGS IN FIVE YEARS DALLAS, TEXAS . . . April 26, 1995 . . . Valhi, Inc. (NYSE: VHI) reported net income of $12.4 million, or $.11 per share, for the first quarter of 1995, the Company's highest first quarter earnings since 1990. In the first quarter of 1994, Valhi reported a net loss of $.7 million, or $.01 per share. Operating income of $60.2 million was up 66% on a 20% increase in sales to $467.6 million (% comparisons to 1994 pro forma results). Overall, operating margins were 13% for the first quarter of 1995, up from 9% in 1994. Improved sales, earnings and margins were driven by higher prices and volumes at NL Industries for titanium dioxide pigments ("TiO2"), as well as for medium density fiberboard ("MDF"), the Company's principal building product. Reflecting strengthened market conditions, particularly in Europe, average TiO2 prices in the first quarter were 11% above year ago levels (up 5% from year-end 1994), while TiO2 volume was up 9%. Average MDF prices were 29% higher than last year (up 8% from year-end 1994) while MDF volume was up 13% due principally to production from the Company's recently expanded MDF plant in Ireland. Refined sugar results reflect higher processing costs, which offset marginally higher sugar volumes and prices. Valhi, Inc. is a major producer of TiO2, MDF, refined sugar and other products. * * * * * VALHI, INC. AND SUBSIDIARIES SUMMARY OF CONTINUING OPERATIONS (Unaudited) (In millions, except earnings per share)
THREE MONTHS ENDED MARCH 31, 1994 1995 ACTUAL PRO FORMA* ACTUAL NET SALES Chemicals $ - $201.8 $250.9 Refined sugar 104.2 104.2 111.2 Building products 40.0 40.0 58.6 Other 44.7 44.7 46.9 $188.9 $390.7 $467.6 OPERATING INCOME Chemicals $ - $ 17.7 $ 36.9 Refined sugar 6.8 6.8 6.4 Building products 5.1 5.1 10.3 Other 6.7 6.7 6.6 TOTAL OPERATING INCOME 18.6 36.3 60.2 Equity in NL Industries prior to consolidation (6.2) - - General corporate items, net (2.3) (2.7) (3.5) Interest expense (9.0) (30.1) (32.8) Income before income taxes 1.1 3.5 23.9 Income taxes .9 5.5 11.2 Minority interest - .2 .3 INCOME FROM CONTINUING OPERATIONS $ .2 $ (2.2) $ 12.4 EARNINGS PER COMMON SHARE $ - $ (.02) $ .11
[FN] * Pro forma 1994 results assume NL Industries (the Company's chemicals subsidiary) was consolidated during the 1994 period. VALHI, INC. AND SUBSIDIARIES SUMMARY OF OPERATIONS (Unaudited) (In millions, except earnings per share)
THREE MONTHS ENDED MARCH 31, 1994* 1995 Net sales $188.9 $467.6 Operating income $ 18.6 $ 60.2 General corporate items, net (2.3) (3.5) Interest expense (9.0) (32.8) 7.3 23.9 Equity in NL Industries prior to consolidation (*) (6.2) - Income before income taxes 1.1 23.9 Income taxes .9 11.2 Minority interest - .3 Income from continuing operations .2 12.4 Discontinued operations (.9) - Net income (loss) $ (.7) $ 12.4 Earnings per common share: Continuing operations $ - $ .11 Discontinued operations (.01) - Net income (loss) $ (.01) $ .11 Weighted average common shares outstanding 114.3 114.4
[FN] * NL Industries' chemicals operations, consolidated in 1995, were reported by the equity method in 1994. -----END PRIVACY-ENHANCED MESSAGE-----