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 25, 1994
NL INDUSTRIES, INC.
(Exact name of registrant as specified in charter)
New Jersey 1-640 13-5267260
(State or other (Commission (Employer
jurisdiction of File No.) Identification
incorporation) No.)
3000 N. Sam Houston Parkway East, Houston, Texas 77032
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 987-5000
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On July 25, 1994, 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 25, 1994.
* * * * *
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/ David B. Garten
David B. Garten
Vice President, Secretary
and General Counsel
Dated: July 25, 1994
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
NL ANNOUNCES IMPROVED RESULTS
HOUSTON, TEXAS -- July 25, 1994 -- NL Industries, Inc. (NYSE:NL) announced a net
loss for the second quarter of 1994 of $15.5 million, or $.30 per share, on
sales of $237 million compared to a net loss in the second quarter of 1993 of
$28.0 million, or $.55 per share, on sales of $221 million. NL's net loss for
the first six months of 1994 was $21.9 million, or $.43 per share, on sales of
$439 million. The net loss for the comparable 1993 period was $41.5 million, or
$.82 per share, on sales of $420 million.
Operating income of Kronos' titanium dioxide pigments ("TiO2") business in the
second quarter was $17.6 million, an increase of $10 million over the second
quarter of 1993, due to a 10% increase in sales volumes and lower operating
costs. Kronos' operating income in the first half of 1994 was $8.4 million
higher than the first half of 1993. Primarily as a result of improved pricing
in Europe in the first quarter, Kronos' average TiO2 selling prices in the first
half of 1994 approximated both first-half 1993 and full year 1993 average
selling prices. J. Landis Martin, President and CEO, stated, "The continued
recovery of worldwide economies resulted in increased sales volumes for Kronos.
We anticipate that the impact of the previously-announced price increases will
further improve Kronos' operating income in the second half of the year."
Rheox's operating income for the second quarter and first half of 1994 also
improved as a result of higher sales volumes and lower operating costs.
Corporate expenses, net in the second quarter were higher than 1993 due to
increased provisions for environmental remediation costs. Interest expense in
the second quarter and first half of 1994 declined from the 1993 periods due to
lower levels of debt and lower average interest rates.
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)
Quarter ended Six months ended
June 30, June 30,
1993 1994 1993 1994
Net sales:
Kronos $193.2 $206.4 $365.3 $380.7
Rheox 28.2 30.7 54.6 58.3
$221.4 $237.1 $419.9 $439.0
Operating income:
Kronos $ 7.6 $ 17.6 $ 24.7 $ 33.1
Rheox 7.6 8.6 13.6 15.5
Operating income 15.2 26.2 38.3 48.6
General corporate income (expense):
Securities earnings 1.2 .7 4.2 .9
Expenses, net (13.4) (17.7) (22.0) (18.5)
Interest expense (26.5) (21.1) (52.8) (42.1)
Loss before income taxes (23.5) (11.9) (32.3) (11.1)
Income tax expense (4.3) (3.4) (8.9) (10.3)
Minority interest (.2) (.2) (.3) (.5)
Net loss $(28.0) $(15.5) $(41.5) $(21.9)
Net loss per share of common stock $ (.55) $ (.30) $ (.82) $ (.43)
Weighted average common shares
outstanding 50.9 51.0 50.9 51.0
NL INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
December 31, June 30,
1993 1994
(Unaudited)
ASSETS
Cash and marketable securities $ 147.6 $ 161.4
Other current assets 319.9 363.8
Noncurrent assets 739.0 689.6
$1,206.5 $1,214.8
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities $ 232.5 $ 242.4
Long-term debt 835.2 797.5
Other noncurrent liabilities 403.6 468.9
Shareholders' deficit (264.8) (294.0)
$1,206.5 $1,214.8
