<SEC-DOCUMENT>0000059255-14-000004.txt : 20140130
<SEC-HEADER>0000059255-14-000004.hdr.sgml : 20140130
<ACCEPTANCE-DATETIME>20140130084635
ACCESSION NUMBER:		0000059255-14-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140130
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140130
DATE AS OF CHANGE:		20140130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KRONOS WORLDWIDE INC
		CENTRAL INDEX KEY:			0001257640
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				760294959
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31763
		FILM NUMBER:		14558990

	BUSINESS ADDRESS:	
		STREET 1:		5430 LBJ FREEWAY
		STREET 2:		SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9722331700

	MAIL ADDRESS:	
		STREET 1:		5430 LBJ FREEWAY
		STREET 2:		SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KRONOS INC
		DATE OF NAME CHANGE:	20030730
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>kwi8kq42013prelim.htm
<DESCRIPTION>KWI PRELIMINARY PR - Q4 2013
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation)</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 7.01</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Regulation FD Disclosure.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The registrant hereby furnishes the information set forth in the press release issued on January 30, 2014, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The information, including the exhibit, the registrant furnishes in this report is not deemed &#8220;filed&#8221; for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.&#160;&#160;Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibits</font></div>
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<div align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOURTH QUARTER AND FULL YEAR OF 2013</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -22.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">DALLAS, TEXAS&#8230;January 30, 2014&#8230; Kronos Worldwide, Inc.&#160;&#160;(NYSE:KRO) today announced that it is exploring the possibility of accessing the debt capital markets and that it expects to report net sales for the fourth quarter of 2013 of $368.6 million compared to net sales of $396.8 million as reported in the fourth quarter of 2012.&#160;&#160;For the full year of 2013, the Company expects to report net sales of $1,732.4 million compared to net sales of $1,976.3 million in 2012.&#160;&#160;The expected decrease in net sales is due primarily to lower average TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>selling prices partially offset by higher sales volumes in the full year period of 2013.&#160;&#160;The Company&#8217;s TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>sales volumes for the full year of 2013 are expected to be approximately 498,000 metric tons, or 6% higher than the full year of 2012.&#160;&#160;TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>sales volumes in the fourth quarter of 2013 are expected to be approximately 101,000 metric tons, or 1% lower than the fourth quarter of 2012.&#160;&#160;TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>sales volumes in the fourth quarter of 2013 were impacted by the continued lockout of unionized employees at the Company&#8217;s Canadian TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font> facility, and the resulting curtailment of production at such facility during the lockout.&#160;&#160;A new collective bargaining agreement with the Canadian workforce was reached in December 2013, and production at the facility will resume in the first quarter of 2014.&#160;&#160;The Company&#8217;s average TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>selling prices in the fourth quarter of 2013 are expected to be approximately 10% lower than the fourth quarter of 2012, and average TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>selling prices in the full year of 2013 are expected to be 19% lower than the full year of 2012.&#160;&#160;The Company&#8217;s average TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>selling prices in the fourth quarter of 2013 were 1% higher as compared to the third quarter of 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -22.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company also expects to report segment profit in the fourth quarter of 2013 of $1.8 million, compared to segment profit of $4.7 million reported in the fourth quarter of 2012.&#160;&#160;For the full year of 2013, the Company expects to report a segment loss of $83.6 million compared to segment profit of $373.8 million in 2012.&#160;&#160;The expected decrease in segment profit in the fourth quarter of 2013 compared to the same period of 2012 is due primarily to the net effects of lower feedstock ore costs, lower average TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>selling prices and one-time costs of approximately $9 million resulting from the terms of the new collective bargaining agreement reached with the Company&#8217;s Canadian workforce mentioned above.&#160;&#160;&#160;Such one-time Canadian costs consist principally of a non-cash pension charge of approximately $7 million due to the curtailment of one of the Company&#8217;s Canadian defined benefit pension plans, and severance and other back-to-work expenses.&#160;&#160;The expected decrease in segment profit for the full year 2013 is primarily due to the net effects of lower average TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font> selling prices, higher raw materials costs, higher sales volumes, a third quarter 2013 litigation settlement charge of $35 million and the one-time Canadian costs.&#160;&#160;The Company&#8217;s TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>production volumes in the fourth quarter of 2013 are expected to be approximately 115,000 metric tons, or 2% higher than the fourth quarter of 2012.&#160;&#160;TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2 </font>production volumes in the full year of 2013 are expected to be approximately 474,000 metric tons, or 1% higher than the full year of 2012.&#160;&#160;As previously reported, the Company has been operating its Canadian plant at approximately 15% of the plant&#8217;s stated capacity with non-unionized management employees following commencement of the lockout in mid-June 2013.&#160;&#160;In addition to the $9 million of one-time costs discussed above, the curtailed production resulting from the lockout resulted in approximately $19 million of unabsorbed fixed production costs and other costs resulting from the lockout charged directly to cost of sales in the second half of 2013.&#160;&#160;Adjusted EBITDA (EBITDA excluding the $9 million of one-time Canadian costs and the litigation settlement charge, as applicable) is expected to be approximately $21 million in the fourth quarter of 2013 compared to $12 million in the fourth quarter of 2012, and is expected to be an Adjusted EBITDA loss of approximately $38 million for the full year of 2013 compared to $412 million income in 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -22.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As previously reported, the Company experienced significantly higher purchase costs for raw materials such as third party feedstock ore in 2012 and, to a lesser extent, in the first half of 2013. &#160;<a name="Break21"><!--EFPlaceholder--></a>The Company&#8217;s cost of sales per metric ton of TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font> sold in the first half of 2013 was significantly higher than TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font> sold in the first half of 2012, as a substantial portion of the TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font> products sold in the first quarter of 2012 (and a portion of the TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font> products sold in the second quarter of 2012) was produced with lower-cost feedstock ore purchased in 2011, while a substantial portion of the TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font> products sold in the first quarter of 2013 (and a portion of the TiO<font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font> products sold in the second quarter of 2013) was produced with higher-cost feedstock ore purchased in 2012. &#160;Although the Company&#8217;s purchase cost of third-party feedstock ore has and continues to moderate, such reductions did not begin to be significantly reflected in our cost of sales until the third quarter of 2013<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font>&#160;&#160;If the third-party feedstock ore costs reflected in the Company&#8217;s expected cost of sales in the fourth quarter and full year of 2013 had been based on the Company&#8217;s current cost of third-party feedstock ore procured, the Company&#8217;s Adjusted EBITDA for the fourth quarter and full year of 2013 would be approximately $13 million and $218 million higher, respectively, as compared to the amounts expected to be reported for such periods.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -22.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preliminary results for the Company&#8217;s fourth quarter and full year of 2013 financial results presented herein are based on management&#8217;s current estimates and analysis for the quarter ended December 31, 2013, and are subject to the completion of our financial closing procedures (including the filing of our Annual Report on Form 10-K for the year ended December 31, 2013).&#160;&#160;Those procedures are still in process and have not yet been completed.&#160;&#160;Accordingly, once our financial closing procedures are completed, the expected financial results reflected in our preliminary results may change and those changes may be material.&#160;&#160;There can be no assurance the Company will be successful in its efforts to opportunistically access the debt capital markets.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -22.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information.&#160;&#160;Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct.&#160;&#160;Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements.&#160;&#160;While it is not possible to identify all factors, the Company continues to face many risks and uncertainties.&#160;&#160;The factors that could cause actual future results to differ materially include, but are not limited to, the following:</font></div>

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<div>
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<div>
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<div>
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<div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<td align="right" style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
