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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 28, 1996
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(Date of Report, date of earliest event reported)
TREMONT CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 1-10126 76-0262791
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
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(Address of principal executive offices) (Zip Code)
(303) 296-5600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or address, if changed since last report)
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Item 5: Other Events
On October 24, 1996, the Registrant issued the press release
attached hereto as Exhibit 99.1, which is incorporated herein by reference.
The press release relates to the Registrant's third quarter 1996 financial
results.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
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99.1 Press release dated October 24, 1996
issued by Registrant.
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SIGNATURES
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 hereunto duly authorized.
TREMONT CORPORATION
(Registrant)
By: /s/ John R. Burt
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John R. Burt
Corporate Attorney
and Assistant Secretary
Date: October 28, 1996
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C>
99.1 Press release dated October 24, 1996 issued
by Registrant.
</TABLE>
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EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE: CONTACT:
Tremont Corporation Mark A. Wallace
1999 Broadway, Suite 4300 Vice President and Controller
Denver, Colorado 80202 (303) 296-5651
TREMONT REPORTS THIRD QUARTER 1996 RESULTS
DENVER, COLORADO . . . October 24, 1996 . . . Tremont Corporation
(NYSE: TRE) reported third quarter net income of $2.2 million, or $.28 per
share, compared to $1.6 million, or $.21 per share, for the same quarter in
1995. For the first nine months of 1996, Tremont reported net income of $28.5
million, or $3.72 per share, compared to $.6 million, or $.08 per share, for
the same period in 1995.
The Company's equity in earnings of 30%-owned TIMET was $4.1 million
for the third quarter of 1996 compared to a loss of $.2 million for the same
quarter in 1995. TIMET reported net income of $13.3 million in the third
quarter of 1996 on sales of $123.4 million, compared to a net loss of $.3
million for the third quarter of 1995. The significant improvement in TIMET's
titanium metals business reflects continuing growth in demand for aerospace and
golf titanium products and selling prices in the third quarter which were about
13% higher than year-ago levels.
The Company's equity in earnings of 18%-owned NL was a loss of $1.7
million in the third quarter of 1996 compared to income of $2.1 million in the
third quarter of 1995. NL reported a net loss of $4.2 million in the third
quarter of 1996 compared to net income of $17.4 million in the same quarter of
1995. NL's third quarter average selling prices for titanium dioxide pigments
(TiO2) were 15% below the third quarter of 1995 and 6% below the second quarter
of 1996. NL expects average TiO2 prices in the fourth quarter to be somewhat
below the third quarter average. While prices have declined, demand for TiO2
has continued to grow. NL expects to report a loss for the fourth quarter of
1996 and its Board of Directors has suspended the regular quarterly dividend.
The statements in this release relating to matters that are not
historical facts are forward-looking statements that involve risks and
uncertainties, including, but not limited to, the cyclicality of the commercial
aerospace industry, future global economic conditions, global productive
capacity of titanium metals and TiO2, competitive products, and other risks and
uncertainties detailed in the Company's Securities and Exchange Commission
filings.
Tremont Corporation, headquartered in Denver, Colorado, is a leading
integrated producer of titanium metal products.
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TREMONT CORPORATION
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1995* 1996 1995* 1996
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<S> <C> <C> <C> <C>
Equity in earnings (loss) of:
TIMET $(.2) $ 4.1 $(4.8) $ 8.7
NL 2.1 (1.7) 6.3 1.0
Other -- .7 -- 1.4
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1.9 3.1 1.5 11.1
Gain on sale of TIMET stock -- -- -- 27.6
Corporate expenses, net .3 .2 .9 3.2
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Income before income
taxes and minority interest 1.6 2.9 .6 35.5
Income tax expense -- .5 -- 6.6
Minority interest -- (.2) -- (.4)
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Net income $1.6 $ 2.2 $ .6 $28.5
==== ===== ===== =====
Net income per common share $.21 $ .28 $ .08 $3.72
==== ===== ===== =====
Weighted average common shares 7.4 7.7 7.4 7.7
==== ===== ===== =====
</TABLE>
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* Reclassified
