-----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, lQ2pWoycqZ47WXGpbnMaYcaJnZ/7yz/6sUNozPD9VvXe1zsCTsGo38OpyT51DRco RzKE9kcYoyrLhCFR99BvIQ== 0000072162-94-000006.txt : 19940729 0000072162-94-000006.hdr.sgml : 19940729 ACCESSION NUMBER: 0000072162-94-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940728 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALHI INC /DE/ CENTRAL INDEX KEY: 0000059255 STANDARD INDUSTRIAL CLASSIFICATION: 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: 94540610 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. 7/28/94 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 July 28, 1994 (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 July 28, 1994, 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 July 28, 1994 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: July 28, 1994 EX-99.1 2 EXHIBIT TO VALHI, INC. 7/28/94 8-K FILING EXHIBIT 99.1 VALHI REPORTS IMPROVED EARNINGS DALLAS, TEXAS . . July 28, 1994 . . Valhi, Inc. (NYSE:VHI) reported net income of $3 million, or $.03 per share, for the second quarter of 1994, a $10 million improvement from the net loss of $7.1 million, or $.06 per share, in the comparable 1993 period. Valhi's net income for the first six months of 1994 was $2.3 million, or $.02 per share, almost $70 million better than the net loss of $67.4 million, or $.59 per share, reported for the first half of 1993. Improved results attributable to the Company's interest in NL Industries' (NYSE: NL) chemicals operations were a major factor in the higher 1994 earnings. Operating income increased 33% to $28.6 million in the second quarter on a 9% increase in sales to $211 million. For the first half of 1994, operating income was up 24% to $47.2 million as sales increased 10% to $400 million. The improvements in sales, earnings and margins were driven in large part by higher volumes in the Company's refined sugar, forest products and hardware products segments. Average sugar prices during the first half of 1994 were comparable to first half 1993 averages, while earnings of the Company's forest products segment were enhanced by higher average selling prices for its principal product, medium density fiberboard. In the fast food segment, results comparable to last year were achieved despite a slightly lower average number of stores. NL's chemicals operations improved through higher European pricing for titanium dioxide pigments, higher sales volume and lower operating costs. NL has reported that it expects to benefit from recently announced price increases in the second half of 1994. Lower average debt levels and lower interest rates resulted in reduced interest expense, while lower securities earnings resulted primarily from a decline in the market value of fixed-income investments early in the year. As previously announced, the Company has agreed to sell its sugar business to an agricultural cooperative of sugarbeet growers for $325 million cash. The transaction is subject to financing and other conditions and there can be no assurance that it will be consummated. Valhi, Inc., headquartered in Dallas, Texas, is engaged in the refined sugar, forest products, hardware products and fast food industries as well as the chemicals and titanium metals industries through its interests in NL and Tremont. * * * * * VALHI, INC. AND SUBSIDIARIES SUMMARY OF CONSOLIDATED OPERATIONS (UNAUDITED) (IN MILLIONS, EXCEPT PER SHARE DATA)
Three months ended Six months ended June 30, June 30, 1993 1994 1993 1994 Net sales $193.5 $210.8 $ 364.8 $399.7 Operating income $ 21.5 $ 28.6 $ 38.0 $ 47.2 General corporate and other: Securities earnings 1.4 1.0 4.0 1.1 Expenses and other, net (3.8) (3.6) (5.9) (6.0) Interest expense (9.8) (8.8) (21.8) (17.8) 9.3 17.2 14.3 24.5 Equity in losses of affiliates (19.1) (13.3) (114.7) (20.9) Income (loss) before taxes (9.8) 3.9 (100.4) 3.6 Income tax benefit (expense) 2.7 (.9) 33.0 (1.3) Net income (loss) $ (7.1) $ 3.0 $ (67.4) $ 2.3 Net income (loss) per common share $ (.06) $ .03 $ (.59) $ .02 Weighted average common shares outstanding 114.1 114.3 114.1 114.3
VALHI, INC. AND SUBSIDIARIES BUSINESS SEGMENT INFORMATION (UNAUDITED) (IN MILLIONS)
Three months ended Six months ended June 30, June 30, 1993 1994 1993 1994 Net sales Refined sugar $106.3 $112.3 $ 197.5 $216.5 Forest products 43.9 53.4 83.5 93.4 Hardware products 16.0 17.5 30.4 35.5 Fast food 27.3 27.6 53.4 54.3 $193.5 $210.8 $ 364.8 $399.7 Operating income Refined sugar $ 8.1 $ 9.7 $ 14.2 $ 16.5 Forest products 7.4 11.6 12.8 16.7 Hardware products 3.9 5.0 7.0 10.1 Fast food 2.1 2.3 4.0 3.9 $ 21.5 $ 28.6 $ 38.0 $ 47.2 Equity in losses of affiliates NL Industries, Inc. $(16.0) $ (9.9) $ (25.5) $(15.3) Tremont Corporation (3.1) (3.4) (5.2) (5.6) (19.1) (13.3) (30.7) (20.9) Provision for market value impairment of NL stock - - (84.0) - $(19.1) $(13.3) $(114.7) $(20.9)
VALHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN MILLIONS)
December 31, June 30, 1993 1994 (Unaudited) Current assets $394.4 $287.4 Noncurrent marketable securities 108.8 112.1 Investment in NL and Tremont 74.9 60.4 Timber and timberlands 51.9 53.6 Other noncurrent assets 70.6 71.2 Property and equipment 203.3 225.7 $903.9 $810.4 Current liabilities $364.8 $253.4 Long-term debt 302.5 317.0 Other noncurrent liabilities 29.1 28.8 Stockholders' equity 207.5 211.2 $903.9 $810.4 Common shares outstanding 114.3 114.3
-----END PRIVACY-ENHANCED MESSAGE-----