Exhibit 99.1
Valhi, Inc. and Subsidiaries
Selected Consolidated Statement of Income Data
Years ended December 31, 2003 and 2004
(In thousands, except per share data)
(Unaudited)
2003 2004
---- ----
-------------------------------------------------------------------------------------------
As originally Adjustment As restated As originally Adjustment As restated
reported reported
-------------------------------------------------------------------------------------------
Income from continuing operations
before income tax and minority
interest $ 45,358 $ - $ 45,358 $ 78,098 $ - $ 78,098
Provision for income taxes (benefit) (8,496) 22,479 13,983 (288,055) 8,169 (279,886)
Minority interest in after tax earnings 12,080 (3,460) 8,620 57,493 (1,353) 56,140
------------ ------------ ------------ ----------- -------- ----------
Income from continuing operations 41,774 (19,019) 22,755 308,660 (6,816) 301,844
Discontinued operations (2,874) - (2,874) 3,732 - 3,732
------------- --------- ------------- ---------- --------- ---------
Cumulative effect of change in
accounting principle 586 - 586 - - -
--- --------- --- --------- --------- ------
Net income $ 39,486 $ (19,019) $ 20,467 $ 312,392 $ (6,816) $ 305,576
========== ============ ======== ========== =========== ==========
Earnings per share:
Basic net income per share $ .33 $ (.16) $ .17 $ 2.60 $ (.06) $ 2.54
========= =========== ========= ========== =========== ==========
Diluted net income per share $ .33 $ (.16) $ .17 $ 2.59 $ (.05) $ 2.54
========= =========== ========= ========== =========== ==========
Valhi, Inc. and Subsidiaries
Selected Consolidated Statements of Comprehensive Income
Years ended December 31, 2003 and 2004
(In thousands, except per share data)
(Unaudited)
2003 2004
---- ----
-------------------------------------------------------------------------------------------
As originally Adjustment As restated As originally Adjustment As restated
reported reported
-------------------------------------------------------------------------------------------
Net income $ 39,486 $ (19,019) $ 20,467 $ 312,392 $ (6,816) $ 305,576
--------- ---------- -------- ---------- --------- ----------
Other comprehensive income:
Marketable securities 860 - 860 3,243 - 3,243
Currency translationa 32,017 - 32,017 49,134 - 49,134
Pension liabilities (22,193) - (22,193) 1,375 - 1,375
-------- --------- ----------- --------- --------- --------
Other comprehensive income 10,684 - 10,684 53,752 - 53,752
--------- ---------- ----------- --------- ----------- --------
Comprehensive income $ 50,170 $ (19,019) $31,151 $ 366,144 $ (6,816) $359,328
========== ============ ======= ========== =========== ========
Valhi, Inc. and Subsidiaries
Selected Consolidated Statement of Stockholders' Equity Data
Year ended December 31, 2003
(In thousands)
(Unaudited)
Total stockholders' equity
Originally
Reported Adjustment As restated
--------- ---------- --------
Balance at December 31, 2002 $ 614,756 $ 48,800 $663,556
Net income 39,486 (19,019) 20,467
Income tax related to Kronos distribution (19,019) 19,019 -
Other, net 24,511 - 24,511
------------ --------- ------------
Balance at December 31, 2003 $ 659,734 $ 48,800 $ 708,534
========= ========== =========
Valhi, Inc. and Subsidiaries
Selected Consolidated Statement of Stockholders' Equity Data
Year ended December 31, 2004
(In thousands)
(Unaudited)
Total stockholders' equity
Originally
Reported Adjustment As restated
--------- --------- ----------
Balance at December 31, 2003 $ 659,734 $ 48,800 $708,534
Net income 312,392 (6,816) 305,576
Income tax related to Kronos distribution (6,816) 6,816 -
Other, net 24,173 - 24,173
------------ --------- ------------
Balance at December 31, 2004 $ 989,483 $48,800 $ 1,038,283
========= ========= ===========
Valhi, Inc. and Subsidiaries
Selected Consolidated Statement of Cash Flow Data
Year ended December 31, 2003
(In thousands)
(Unaudited)
Originally
reported Adjustment As restated
--------- ------------ -----------
Items comprising cash flow from operating activities:
Net income $ 39,486 $ (19,019) $ 20,467
========= ============ =========
Minority interest- continuing
operations $ 12,080 $ (3,460) $ 8,620
========= =========== ========
Accounts with affiliates $ 2,293 $ 22,479 $24,772
======= ========= =======
Valhi, Inc. and Subsidiaries
Selected Consolidated Statement of Cash Flow Data
Year ended December 31, 2004
(In thousands)
(Unaudited)
Originally
reported Adjustment As restated
---------- ---------- --------
Items comprising cash flow from operating activities:
Net income $ 312,392 $ (6,816) $305,576
========== =========== ========
Minority interest - continuing
operations $ 57,493 $ (1,353) $56,140
========= =========== =======
Accounts with affiliates $ (19,892) $ 8,169 $(11,723)
========== ======= =========
Valhi, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
December 31, 2004
(In thousands)
(Unaudited)
Originally
reported Adjustment As restated
---------- ------------- ---------------
Current assets $799,090 $ - $799,090
Marketable securities 176,770 80,000 256,770
Property and equipment, net 652,795 - 652,795
Other noncurrent assets 970,872 - 970,872
-------------------- -------------------- ---------------
$2,599,527 $80,000 $2,679,527
==================== ==================== ===============
Current liabilities $311,662 $ - $311,662
Deferred income taxes 161,758 31,200 192,958
Other noncurrent liabilities 978,384 - 978,384
Minority interest 158,240 - 158,240
Stockholders' equity 989,483 48,800 1,038,283
-------------------- -------------------- ---------------
$2,599,527 $80,000 $2,679,527
==================== ==================== ===============
Components of stockholders' equity:
Common stock at par $1,242 $ - $1,242
Paid in capital 85,213 25,835 111,048
Retained earnings 864,821 105,883 970,704
Accumulated other
comprehensive income :
Marketable securities 88,367 (82,918) 5,449
Foreign currency 45,561 - 45,561
Pension liabilities (57,779) - (57,779)
Treasury stock (37,942) - (37,942)
-------------------- -------------------- ---------------
$989,483 $48,800 $1,038,283
==================== ==================== ===============
Valhi, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
December 31, 2003
(In thousands)
(Unaudited)
Originally
Reported Adjustment As restated
---------------- -------------------- ---------------
Current assets $670,846 $ - $670,846
Marketable securities 176,941 80,000 256,941
Property and equipment, net 637,486 - 637,486
Other noncurrent assets 734,181 - 734,181
-------------------- -------------------- ---------------
$2,219,454 $80,000 $2,299,454
==================== ==================== ===============
Current liabilities $292,764 $ - $292,764
Deferred income taxes 301,648 31,200 332,848
Other noncurrent liabilities 865,519 - 865,519
Minority interest 99,789 - 99,789
Stockholders' equity 659,734 48,800 708,534
-------------------- -------------------- ---------------
$2,219,454 $80,000 $2,299,454
==================== ==================== ===============
Components of stockholders' equity:
Common stock at par $1,340 $ - $1,340
Paid in capital 99,048 19,019 118,067
Retained earnings 639,463 112,699 752,162
Accumulated other
comprehensive income:
Marketable securities 85,124 (82,918) 2,206
Foreign currency (3,573) - (3,573)
Pension liabilities (59,154) - (59,154)
Treasury stock (102,514) - (102,514)
-------------------- -------------------- ---------------
$659,734 $48,800 $708,534
==================== ==================== ===============