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): April 19, 1996
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 April 19, 1996, 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 April 19, 1996.
* * * * *
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: April 19, 1996
Dennis G. Newkirk
(713) 423-3332
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
NL REPORTS FIRST QUARTER EARNINGS
HOUSTON, TEXAS -- April 19, 1996 -- NL Industries, Inc. (NYSE:NL) announced net
income for the first quarter of 1996 of $13.4 million, or $.26 per share, on
sales of $240 million compared to net income in the first quarter of 1995 of
$13.1 million, or $.26 per share, on sales of $251 million. Net income as
compared to the year-earlier period reflects better results at Rheox, NL's
specialty chemical operation, offset by lower operating income at Kronos due to
lower TiO2 sales and production volumes.
Operating income of Kronos' titanium dioxide pigments ("TiO2") business in the
first quarter of 1996 was $29.5 million, $3.0 million less than the first
quarter of 1995, on a 5% decrease in sales. Kronos' first quarter sales volumes
declined 11% from the record sales volumes of the first quarter of 1995. Slow
economic activity in markets in which Kronos sells TiO2 contributed to continued
soft demand for the first quarter of 1996. While average TiO2 selling prices
for the first quarter of 1996 were 5% higher than the first quarter of 1995,
average prices for the quarter were 3% lower than the fourth quarter of 1995.
Rheox's operating income rose $2.9 million from the year-earlier period to $12.4
million on higher sales volumes and selling prices and included a $2.7 million
gain related to the reduction of certain U.S. employee pension benefits.
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)
<TABLE>
<CAPTION>
Quarters ended
March 31,
1995 1996
NET SALES
<S> <C> <C>
Kronos $217.4 $206.3
Rheox 33.5 34.1
$250.9 $240.4
Operating income
Kronos $ 32.5 $ 29.5
Rheox 9.5 12.4
OPERATING INCOME 42.0 41.9
General corporate income (expense):
Securities earnings 2.5 1.3
Expenses, net (4.6) (5.0)
Interest expense (20.7) (19.1)
Income before income taxes 19.2 19.1
Income tax expense (5.8) (5.7)
Minority interest (.3) -
NET INCOME $ 13.1 $ 13.4
Per share of common stock $ .26 $ .26
Weighted average common shares outstanding 51.2 51.5
</TABLE>
