Printer Friendly

NL INDUSTRIES REPORTS 1992 RESULTS

 HOUSTON, Feb. 9 /PRNewswire/ -- NL Industries, Inc. (NYSE: NL) reported a net loss for 1992 of $69.8 million, or $1.37 per share, on net sales of $893.5 million, compared to a net loss of $16.5 million, or $.27 per share, on net sales of $840.3 million in 1991. The results for 1992 include previously announced one-time noncash charges of $31.8 million, or $.62 per share, resulting from the adoption of two accounting changes retroactive to Jan. 1, 1992. These accounting changes relate to the company's method of accounting for postretirement benefits other than pensions and deferred income taxes as prescribed by Statements of Financial Accounting Standards Nos. 106 and 109, respectively. The company elected to recognize the effect of these mandated accounting changes as a cumulative catch-up adjustment as of Jan. 1, 1992, and accordingly, the company's previously reported 1992 quarterly results have been restated. The 1991 results include extraordinary items which relate primarily to the income tax benefit of the utilization of tax loss and credit carryforwards.
 The company's 1992 loss before extraordinary items and the cumulative effect of changes in accounting principles was $38.0 million, or $.75 per share, compared to a loss of $24.0 million, or $.40 per share, in 1991. The loss before extraordinary items and the cumulative effect of changes in accounting principles include aggregate pre-tax losses on securities transactions of $6.0 million and $53.1 million in 1992 and 1991, respectively. The loss before extraordinary items and the cumulative effect of changes in accounting principles for the fourth quarter of 1992 was $10.7 million, or $.21 per share, compared to a loss of $6.9 million, or $.13 per share, in the fourth quarter of 1991.
 Operating income of Kronos' titanium dioxide pigments business for the fourth quarter of 1992 increased 36 percent from the comparable 1991 period to $22.4 million primarily due to increases in sales and production volumes partially offset by a decline in average selling prices. Kronos' operating income for the year declined 26 percent compared to 1991 to $81.9 million as the effects of the continuing decline in average selling prices and start-up costs at the new Lake Charles plant were only partially offset by increases in sales and production volumes.
 Rheox's operating income for the fourth quarter and full year 1992 was slightly higher than 1991 due primarily to favorable changes in currency exchange rates which were partially offset by lower sales volume.
 Interest and dividend income were significantly lower in 1992 compared to 1991 due to lower levels of funds available for investment.
 General corporate expenses, net, for 1992 decreased from 1991 primarily due to reductions in litigation settlements and expenses and proxy solicitation expenses partially offset by an increased provision for environmental costs. General corporate expenses, net, for the fourth quarter of 1992 decreased from the comparable 1991 period due to decreased litigation settlements and expenses.
 Interest expense increased in 1992 from 1991 because the company ceased capitalizing interest upon completing construction of the new Lake Charles plant in March 1992 and because of changes in currency exchange rates. These increases were partially offset by lower outstanding amounts of debt, principally the company's DM term loan. The 1991 full year period included a $9 million reduction of the company's accrual for income tax related interest. Interest expense for the fourth quarter of 1992 was slightly higher than the comparable 1991 period as the benefit of lower outstanding amounts of debt was more than offset by the lack of capitalized interest.
 NL Industries, Inc., a major producer of titanium dioxide pigments and speciality chemicals, is headquartered in Houston, Texas. NL's common stock is traded on the New York and Pacific Stock Exchanges under the symbol NL.
 NL INDUSTRIES, INC.
 Condensed Consolidated Statements of Operations
 (in millions, except per share data)
 Periods ended Quarter Year
 Dec. 31 1991 1992 1991 1992
 Net sales:
 Kronos $170.0 $175.3 $732.1 $784.6
 Rheox 25.6 24.2 108.2 108.9
 Total 195.6 199.5 840.3 893.5
 Operating income:
 Kronos 16.5 22.4 110.8 81.9
 Rheox 6.9 7.1 28.2 28.8
 Operating income 23.4 29.5 139.0 110.7
 General corporate:
 Securities transactions, net (.3) (2.0) (53.1) (6.0)
 Interest and dividends 7.8 1.7 40.5 14.2
 Expenses, net (19.5) (10.9) (45.0) (36.8)
 Interest expense (26.5) (27.7) (100.4) (118.5)
 Loss before income taxes (15.1) (9.4) (19.0) (36.4)
 Prov. for income tax benefit
 (expense) 8.6 (1.1) (3.9) (.5)
 Minority interest (.4) (.2) (1.1) (1.1)
 Loss before extraordinary items
 and cumulative effect of changes
 in accounting principles (6.9) (10.7) (24.0) (38.0)
 Extraordinary items .7 --- 7.5 ---
 Cumulative effect of changes in
 accounting principles --- --- --- (31.8)
 Net loss (6.2) (10.7) (16.5) (69.8)
 Per share of common stock:
 Before extraordinary items and
 cumulative effect of changes
 in accounting principles $(.13) $(.21) $(.40) $(.75)
 Extraordinary items .01 --- .13 ---
 Cumulative effect of changes in
 accounting principles --- --- --- (.62)
 Net loss (.12) (.21) (.27) (1.37)
 Weighted average common shares
 outstanding 51.7 50.9 60.2 50.9
 NL INDUSTRIES, INC.
 (in millions)
 Condensed Consolidated Balance Sheets
 Dec. 31 1991 1992
 Cash and cash equivalents $125.3 $87.3
 Current marketable securities 228.0 100.6
 Other current assets 442.3 449.2
 Noncurrent marketable securities 220.3 23.6
 Other assets 76.6 66.7
 Property and equipment 738.6 746.0
 Total 1,831.1 1,473.4
 Current liabilities 360.2 243.2
 Noncurrent liabilities 1,527.4 1,367.6
 Minority interest 1.8 2.3
 Shareholders' equity (deficit):
 Capital and retained earnings (deficit) 64.3 (26.9)
 Adjustments:
 Currency translation (116.7) (111.9)
 Marketable equity securities (5.9) (.9)
 Total shareholders' equity (deficit) (58.3) (139.7)
 Total 1,831.1 1,473.4
 Common shares outstanding 51.2 50.9
 NL INDUSTRIES, INC.
 (in millions)
 Condensed Consolidated Statements of Shareholders' Equity (Deficit)
 Years ended Dec. 31 1991 1992
 Balance at beginning of year $38.6 $(58.3)
 Net loss (16.5) (69.8)
 Dividends declared (34.7) (17.8)
 Adjustments:
 Currency translation 19.6 4.8
 Marketable equity securities 137.2 5.0
 Purchases of treasury stock (202.5) (3.6)
 Balance at end of year (58.3) (139.7)
 Summary Consolidated Statements of Cash Flows
 Net cash provided (used) by:
 Operating activities $49.9 $(46.6)
 Investing activities (109.4) 234.9
 Financing activities (235.6) (221.2)
 Net change in cash from operating, investing
 and financing activities (295.1) (32.9)
 -0- 2/9/93
 /CONTACT: Dennis G. Newkirk of NL Industries, Inc., 713-987-6332/
 (NL)


CO: NL Industries ST: Texas IN: CHM SU: ERN

TM-LD -- NY099 -- 4922 02/09/93 20:10 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 9, 1993
Words:1159
Previous Article:SKYLINE SETTLES REMAINING $27.5 MILLION DEBT
Next Article:LA QUINTA MOTOR INNS LIMITED PARTNERSHIP MAKES ANNOUNCEMENT
Topics:


Related Articles
NL ANNOUNCES SECOND QUARTER 1992 RESULTS
NL INDUSTRIES ANNOUNCES THIRD QUARTER 1992 RESULTS
NL INDUSTRIES ANNOUNCES FIRST QUARTER 1993 RESULTS
NL INDUSTRIES ANNOUNCES SECOND QUARTER 1993 RESULTS
NL ANNOUNCES THIRD QUARTER 1993 RESULTS
NL ANNOUNCES 1993 RESULTS
NL ANNOUNCES FIRST QUARTER 1994 RESULTS
NL ANNOUNCES IMPROVED RESULTS
NL Reports Third Quarter Earnings
NL Reports 1997 Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters