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
February 6, 1997
(Date of Report, date of earliest event reported)
TREMONT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-10126 76-0262791
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
(Address of principal executive offices) (Zip Code)
(303) 296-5600
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Item 5: Other Events
On February 3, 1997, 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 1996 results.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
99.1 Press release dated February 3, 1997 issued by
Registrant.
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
John R. Burt
Corporate Attorney
and Assistant Secretary
Date: February 6, 1997
EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE: CONTACT:
Tremont Corporation Joseph S. Compofelice
1999 Broadway, Suite 4300 Vice President and CFO
Denver, Colorado 80202 (281) 423-3303
TREMONT REPORTS 1996 RESULTS
DENVER, COLORADO . . . February 3, 1997 . . . Tremont Corporation (NYSE:
TRE) reported fourth quarter net income of $1.5 million, or $.19 per share,
compared to $4.8 million, or $.65 per share, for the same quarter in 1995. For
the year, Tremont reported net income of $30.0 million, or $3.91 per share,
compared to $5.4 million, or $.73 per share, for 1995.
The Company's equity in earnings of 30%-owned TIMET was $7 million for the
fourth quarter of 1996 compared to approximately $2 million for the same quarter
in 1995. TIMET reported net income of $24 million (including a $10 million
special tax credit) in the fourth quarter of 1996 on sales of $157 million. The
significant improvement in TIMET s titanium metals earnings was driven by price
and volume increases in both commercial aerospace and other markets.
The Company's equity in earnings of 18%-owned NL Industries was a loss of
approximately $3 million in the fourth quarter of 1996 compared to income of $5
million in the fourth quarter of 1995. NL reported a net loss of $10 million in
the fourth quarter of 1996 on sales of $234 million. NL s 1996 operating
results as compared to 1995 were adversely impacted by lower titanium dioxide
pigments (TiO2) selling prices.
The Company's provision for income taxes varies from a normally expected
rate due to no benefit being recognizable on equity in losses of NL and, prior
to the fourth quarter of 1996, utilization of loss carryforwards.
TREMONT CORPORATION
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share data)
Quarter ended Year ended
December 31, December 31,
1995*<F1> 1996 1995*<F1> 1996
Equity in earnings (loss) of:
TIMET $ 1.6 $ 7.3 $ (3.2) $ 16.0
NL Industries 5.1 (2.8) 11.4 (1.8)
Other - 1.1 - 2.5
----- ----- ----- -----
6.7 5.6 8.2 16.7
Gain on sale of TIMET stock - - - 27.6
Corporate expenses, net
1.9 1.2 2.8 4.4
----- ----- ----- -----
Income before taxes
And minority interest 4.8 4.4 5.4 39.9
Income tax expense - 2.7 - 9.3
Minority interest
- .2 - .6
----- ----- ----- -----
Net income $ 4.8 $ 1.5 $ 5.4 $ 30.0
----- ----- ----- -----
Net income per share $ .65 $ .19 $ .73 $ 3.91
------ ------ ------ -------
Weighted average common and
equivalent shares
outstanding 7.4 7.7 7.4 7.7
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<F1>
* Reclassified
