Delaware
|
1-5467
|
87-0110150
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
5430
LBJ Freeway, Suite 1700, Dallas, Texas
|
75240-2697
|
||
(Address
of principal executive offices)
|
(Zip
Code)
|
(Former
name or former address, if changed since last report.)
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
2.02
|
Results
of Operations and Financial
Condition.
|
Item
7.01
|
Regulation
FD Disclosure.
|
Item
9.01
|
Financial
Statements and Exhibits.
|
(d)
|
Exhibits
|
||
Item
No.
|
Exhibit
Index
|
||
99.1
|
Press
release dated May 8, 2007 issued by the
registrant.
|
Valhi,
Inc.
|
|
(Registrant)
|
|
By: /s/
Gregory M. Swalwell
|
|
Date:
May 8, 2007
|
Gregory
M. Swalwell, Vice President and
Controller
|
Item
No.
|
Exhibit
Index
|
|
99.1
|
Press
release dated May 8, 2007 issued by the
registrant.
|
·
|
Future
supply and demand for the Company’s products,
|
·
|
The
extent of the dependence of certain of the Company’s businesses on certain
market sectors,
|
·
|
The
cyclicality of certain of the Company's businesses,
|
·
|
The
impact of certain long-term contracts on certain of the Company's
businesses,
|
·
|
Customer
inventory levels,
|
·
|
Changes
in the Company’s raw material and other operating costs,
|
·
|
The
possibility of labor disruptions,
|
·
|
General
global economic and political conditions,
|
·
|
Competitive
products and substitute products,
|
·
|
Possible
disruption of business or increases in the cost of doing business
resulting from terrorist activities or global
conflicts,
|
·
|
Customer
and competitor strategies,
|
·
|
The
impact of pricing and production decisions,
|
·
|
Competitive
technology positions,
|
·
|
The
introduction of trade barriers,
|
·
|
Fluctuations
in currency exchange rates,
|
·
|
Operating
interruptions,
|
·
|
The
timing and amount of insurance
recoveries,
|
·
|
The
ability of the Company to renew or refinance credit
facilities,
|
·
|
The
extent to which our subsidiaries were to become unable to pay
dividends,
|
·
|
Uncertainties
associated with new product development,
|
·
|
The
ultimate outcome of income tax audits, tax settlement initiatives
or other
tax matters,
|
·
|
The
ultimate ability to utilize income tax attributes or changes in income
tax
rates related to such attributes, the benefit of which has been recognized
under the “more-likely-than-not” recognition
criteria,
|
·
|
Environmental
matters,
|
·
|
Government
laws and regulations and possible changes
therein,
|
·
|
The
ultimate resolution of pending litigation, and
|
·
|
Possible
future litigation.
|
Three
months ended
March 31,
|
|||||||
2006
|
2007
|
||||||
(unaudited)
|
|||||||
Net
sales
|
|||||||
Chemicals
|
$
|
304.3
|
$
|
314.0
|
|||
Component
products
|
47.0
|
43.5
|
|||||
Waste
management
|
3.0
|
1.5
|
|||||
Total
net sales
|
$
|
354.3
|
$
|
359.0
|
|||
Operating
income (loss)
|
|||||||
Chemicals
|
$
|
33.2
|
$
|
30.3
|
|||
Component
products
|
5.1
|
5.6
|
|||||
Waste
management
|
(2.6
|
)
|
(3.0
|
)
|
|||
Total
operating income
|
35.7
|
32.9
|
|||||
Equity
in:
|
|||||||
TIMET
|
22.1
|
26.9
|
|||||
Other
|
(1.7
|
)
|
(.5
|
)
|
|||
General
corporate items:
|
|||||||
Interest
and dividend income
|
9.8
|
7.9
|
|||||
Securities
transaction gains, net
|
.2
|
.3
|
|||||
Insurance
recoveries
|
2.2
|
2.5
|
|||||
General
expenses, net
|
(6.4
|
)
|
(6.0
|
)
|
|||
Interest
expense
|
(16.8
|
)
|
(15.6
|
)
|
|||
Income
before income taxes
|
45.1
|
48.4
|
|||||
Provision
for income taxes
|
19.1
|
19.8
|
|||||
Minority
interest in after-tax earnings
|
2.6
|
2.5
|
|||||
Net
income
|
$
|
23.4
|
$
|
26.1
|
|||
Net
income per share
|
|||||||
Basic
|
$
|
.20
|
$
|
.23
|
|||
Diluted
|
$
|
.20
|
$
|
.22
|
|||
Shares
used in calculation of per share amounts
|
|||||||
Basic
earnings
|
116.7
|
114.9
|
|||||
Diluted
earnings
|
117.0
|
115.2
|
|||||
Three
months ended
March
31,
2007
vs. 2006
|
||||
(unaudited)
|
||||
Percent
change in net sales:
|
||||
TiO2 product pricing
|
(3
|
)%
|
||
TiO2 sales volumes
|
-
|
%
|
||
TiO2 product mix
|
1
|
%
|
||
Changes in
currency exchange rates
|
5
|
%
|
||
|
||||
Total
|
3
|
%
|
||