Printer Friendly

VALHI REPORTS FIRST QUARTER RESULTS

 VALHI REPORTS FIRST QUARTER RESULTS
 DALLAS, April 28 /PRNewswire/ -- Valhi Inc. (NYSE: VHI) reported a


net loss for the first quarter of 1992 of $2.9 million, or $.03 per share, on revenues of $192 million, compared to a net loss of $19.4 million, or $.17 per share, on revenues of $159 million in the first quarter of 1991.
 Sales increased 13 percent to $196 million in 1992 primarily as a result of higher refined sugar and forest products volume and improved forest products prices. Led by improvements in the forest products segment, operating income increased 36 percent to $18.3 million as all four of the company's business segments reported higher earnings than one year ago. While refined sugar sales volume increased, lower sales prices and increased sugar processing costs reduced margins of this segment.
 The company's equity in earnings of NL Industries Inc., its 49 percent-owned chemicals affiliate, improved from a loss of $20.3 million in 1991 to a loss of $6.0 million in 1992. However, excluding NL's first quarter 1991 losses from securities transactions, NL reported significantly lower earnings in 1992. The company's equity in earnings of Tremont Corp., a 44 percent-owned affiliate, declined from income of $1.4 million in 1991 to a loss of $2.4 million in 1992. Tremont reported a loss from its titanium metals operations and a loss attributable to its equity interest in NL, acquired in December 1991.
 Interest and dividend income increased slightly in 1992 as earnings on higher levels of temporary cash investments offset lower dividend income. Interest expense declined $8.1 million, or 37 percent, due to reduced borrowing levels and lower interest rates.
 The company's provision for income taxes varies from a normally expected rate primarily because deferred tax benefit on the company's equity in losses of NL and Tremont is available at less than the statutory rate.
 Extraordinary items in 1992 relate to early extinguishment of indebtedness and in 1991 consist of the company's equity in extraordinary items reported by NL relating to income tax benefits of tax loss and tax credit carryforwards.
 Valhi Inc., headquartered in Dallas, is a diversified company engaged in the refined sugar, forest products, fast food and hardware products industries and, through NL and Tremont, in the chemicals, titanium metals and bentonite mining industries. Valhi's common stock is traded on the New York and Pacific stock exchanges under the symbol "VHI."
 VALHI INC. AND SUBSIDIARIES
 Summary of Consolidated Operations
 (Unaudited)
 (In millions, except per share data)
 Three months ended
 March 31,
 1992 1991(a)
 Revenues and other income:
 Net sales $195.6 $173.1
 Equity in earnings (loss) of:
 NL Industries Inc. (6.0) (20.3)
 Tremont Corp. (2.4) 1.4
 Interest and other, net 5.0 5.3
 Total $192.2 $159.5
 Loss before income taxes and
 extraordinary items ($1.6) ($25.2)
 Provision for income tax benefit (expense) (1.1) 1.8
 Loss before extraordinary items (2.7) (23.4)
 Extraordinary items (.2) 4.0
 Net loss ($2.9) ($19.4)
 Income (loss) per common share:
 Before extraordinary items ($.03) ($.21)
 Extraordinary items --- .04
 Net loss ($.03) ($.17)
 Weighted average common shares
 outstanding 113.9 113.4
 (a) Reclassified.
 VALHI INC. AND SUBSIDIARIES
 Business Segment Information
 (Unaudited)
 (In millions)
 Three months ended
 March 31,
 1992 1991(a)
 Net sales:
 Refined sugar $112.6 $97.1
 Forest products 46.9 40.4
 Fast food 24.4 23.8
 Hardware products 11.7 11.8
 Total $195.6 $173.1
 Operating income:
 Refined sugar $10.7 $10.3
 Forest products 4.0 (.2)
 Fast food 1.6 1.5
 Hardware products 2.0 1.9
 Total operating income 18.3 13.5
 Equity in earnings
 (loss) of:
 NL Industries (6.0) (20.3)
 Tremont Corp. (2.4) 1.4
 General corporate income
 (expense):
 Securities transactions --- .3
 Interest and dividend
 income 2.3 2.1
 General expenses (1.3) (1.8)
 Other, net 1.3 1.5
 Interest expense (13.8) (21.9)
 Loss before income
 taxes and
 extraordinary items ($1.6) ($25.2)
 (a) Reclassified
 VALHI INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In millions)
 March 31, 1992 Dec. 31, 1991
 (Unaudited)
 Current assets $425.7 $496.5
 Investment in NL and Tremont 401.6 410.6
 Other noncurrent assets 76.5 75.6
 Property and equipment 191.8 194.4
 Total $1,095.6 $1,177.1
 Current liabilities $321.4 $378.1
 Long-term debt 338.4 352.7
 Other noncurrent liabilities 55.0 60.8
 Stockholders' equity 380.8 385.5
 Total $1,095.6 $1,177.1
 Common shares outstanding 113.9 113.9
 Summary of Consolidated Stockholders' Equity
 Three months ended March 31, 1992
 (Unaudited)
 (In millions)
 Stockholders' equity at Dec. 31, 1991 $385.5
 Net loss (2.9)
 Dividends - $.05 per share (5.7)
 Other, principally currency
 translation 3.9
 Stockholders' equity at March 31, 1992 $380.8
 -0- 4/29/92
 /CONTACT: William C. Timm, VP-finance and administration, of Valhi Inc., 214-450-4212/
 (VHI) CO: Valhi Inc. ST: Texas IN: CHM PAP FOD SU: ERN


KJ-EH -- LA042 -- 4105 04/28/92 18:58 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1992
Words:853
Previous Article:U S WEST CELLULAR TO OFFER PREMIER COVERAGE ON THE WATER
Next Article:NL ANNOUNCES FIRST QUARTER 1992 RESULTS


Related Articles
VALHI REPORTS SECOND QUARTER RESULTS
VALHI REPORTS THIRD QUARTER RESULTS
VALHI REPORTS THIRD QUARTER RESULTS
VALHI REPORTS FIRST QUARTER RESULTS
VALHI REPORTS HIGHEST FIRST QUARTER EARNINGS IN FIVE YEARS
VALHI REPORTS FIRST QUARTER RESULTS
VALCOR REPORTS SECOND QUARTER RESULTS
Valhi Reports First Quarter Results
Valhi Reports Second Quarter Results
PR Newswire Southwest Summary, Friday, April 28, to 1:00 p.m. EDT.

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