SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 20, 1995
NL INDUSTRIES, INC.
(Exact name of registrant as specified in charter)
New Jersey 1-640 13-5267260
(State or other (Commission File No.) (Employer ID No.)
jurisdiction of
incorporation)
16825 Northchase Dr., Suite 1200, Houston, Texas 77060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 423-3300
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
On July 20, 1995, the Registrant issued the press release attached hereto
as Exhibit 99.1 and incorporated herein in its entirety by this reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
(i) Exhibit 99.1. Press Release dated July 20, 1995.
* * * * *
SIGNATURE
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 thereunto duly authorized.
NL INDUSTRIES, INC.
(Registrant)
/s/ Dennis G. Newkirk
Dennis G. Newkirk
Vice President & Controller
Dated: July 20, 1995
Dennis G. Newkirk
(713) 423-3332
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
NL's EARNINGS CONTINUE TO IMPROVE
HOUSTON, TEXAS -- July 20, 1995 -- NL Industries, Inc. (NYSE:NL) announced
net income for the second quarter of 1995 of $20.9 million, or $.41 per share,
on sales of $283 million compared to a net loss in the second quarter of 1994 of
$15.5 million, or $.30 per share, on sales of $237 million. NL's net income for
the first six months of 1995 was $34.1 million, or $.66 per share, on sales of
$534 million. The net loss for the comparable 1994 period was $21.9 million, or
$.43 per share, on sales of $439 million. The improvement in NL's results was
driven by higher prices and improved production volumes for titanium dioxide
pigments ("TiO2"). J. Landis Martin, President and CEO, stated, "NL's earnings
continued to increase in the second quarter of 1995, but remain well below the
earnings level NL achieved at the peak of the last industry cycle."
Operating income of Kronos' TiO2 business in the second quarter of 1995 was
$47.0 million, an increase of $29.4 million over the second quarter of 1994, on
a 21% increase in sales. Kronos' operating income in the first six months of
1995 was $79.5 million, more than double the 1994 period on a 23% increase in
sales. Average TiO2 selling prices for the quarter were 19% higher than the
second quarter of 1994 and 6% higher than the first quarter of 1995. Kronos'
year-to-date sales volumes for 1995 approximated sales volumes for the same
period in 1994; however, second quarter sales volumes were 6% below the second
quarter of 1994.
Rheox's operating income in the first six months of 1995 rose $4.5 million from
the year-earlier period to $20.0 million on higher sales volumes and selling
prices. Corporate expenses in the second quarter of 1995 reflect lower
environmental costs.
NL Industries, Inc. is a major international producer of titanium dioxide
pigments and specialty chemicals.
NL INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Quarters ended Six months ended
June 30, June 30,
1994 1995 1994 1995
NET SALES
Kronos $206.4 $249.3 $380.7 $466.7
Rheox 30.7 34.1 58.3 67.6
$237.1 $283.4 $439.0 $534.3
OPERATING INCOME
Kronos $ 17.6 $ 47.0 $ 33.1 $ 79.5
Rheox 8.6 10.5 15.5 20.0
OPERATING INCOME 26.2 57.5 48.6 99.5
General corporate income (expense):
Securities earnings .7 1.9 .8 4.4
Expenses, net (17.7) (8.2) (18.4) (12.8)
Interest expense (21.1) (21.0) (42.1) (41.7)
Income (loss) before income taxes (11.9) 30.2 (11.1) 49.4
Income tax expense (3.4) (9.1) (10.3) (14.8)
Minority interest (.2) (.2) (.5) (.5)
NET INCOME (LOSS) $(15.5) $ 20.9 $(21.9) $ 34.1
Per share of common stock $ (.30) $ .41 $ (.43) $ .66
Weighted average common shares
and common share equivalents
outstanding 51.1 51.6 51.1 51.5
