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): October 19, 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 October 19, 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 October 19, 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: October 24, 1995
Dennis G. Newkirk
(713) 423-3332
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
NL ANNOUNCES HIGHER THIRD QUARTER EARNINGS
HOUSTON, TEXAS --October 19, 1995 -- NL Industries, Inc. (NYSE:NL) announced net
income for the third quarter of 1995 of $17.4 million, or $.34 per share, on
sales of $255 million compared to a net loss in the third quarter of 1994 of
$4.6 million, or $.09 per share, on sales of $225 million. NL's net income for
the first nine months of 1995 was $51.5 million, or $1.00 per share, on sales of
$790 million. The net loss for the comparable 1994 period was $26.5 million, or
$.52 per share, on sales of $664 million. The improvement in NL's results was
driven by higher selling prices for titanium dioxide pigments ("TiO2") partially
offset by lower sales volumes. J. Landis Martin, President and CEO, stated, "We
remain optimistic about NL's long-term prospects. In 1994 our customers
replenished their inventories of TiO2 in anticipation of tightening supplies,
resulting in record sales volumes for NL in 1994. Economies worldwide have
continued growing in 1995, but at lower rates than 1994. Both factors
contributed to NL's somewhat lower sales volumes in 1995 compared to 1994."
Operating income of Kronos' TiO2 business in the third quarter of 1995 was $40.8
million, a $22.0 million increase over the third quarter of 1994 on a 15%
increase in sales. Kronos' operating income in the first nine months of 1995
was $120.4 million, more than double the 1994 period on a 20% increase in sales.
Average TiO2 selling prices for the quarter were 18% higher than the third
quarter of 1994 and 2% higher than the second quarter of 1995. Kronos' third
quarter sales volumes were 6% below the third quarter of 1994 and year-to-date
sales volumes for 1995 were slightly lower than sales volumes for the same
period in 1994.
Rheox's operating income for the first nine months of 1995 rose $5.8 million
from the year-earlier period to a record $29.7 million on higher sales volumes
and selling prices.
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 Nine months ended
September 30, September 30,
1994 1995 1994 1995
NET SALES
Kronos $194.1 $222.8 $574.9 $689.5
Rheox 31.1 32.5 89.3 100.2
$225.2 $255.3 $664.2 $789.7
OPERATING INCOME
Kronos $ 18.8 $ 40.8 $ 51.7 $120.4
Rheox 8.3 9.8 23.9 29.7
OPERATING INCOME 27.1 50.6 75.6 150.1
General corporate income (expense):
Securities earnings 1.3 1.5 2.1 5.9
Expenses, net (10.0) (7.1) (28.3) (19.9)
Interest expense (21.0) (20.3) (63.1) (62.0)
Income (loss) before income taxes (2.6) 24.7 (13.7) 74.1
Income tax expense (1.9) (7.4) (12.2) (22.3)
Minority interest (.1) .1 (.6) (.3)
NET INCOME (LOSS) $ (4.6) $ 17.4 $(26.5) $ 51.5
Per share of common stock $ (.09) $ .34 $ (.52) $ 1.00
Weighted average common shares
and common share equivalents
outstanding 51.0 51.6 51.0 51.5
