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<SEC-DOCUMENT>0000059255-03-000049.txt : 20030806
<SEC-HEADER>0000059255-03-000049.hdr.sgml : 20030806
<ACCEPTANCE-DATETIME>20030806093528
ACCESSION NUMBER:		0000059255-03-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030805
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALHI INC /DE/
		CENTRAL INDEX KEY:			0000059255
		STANDARD INDUSTRIAL CLASSIFICATION:	SUGAR & CONFECTIONERY PRODUCTS [2060]
		IRS NUMBER:				870110150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-48391
		FILM NUMBER:		03825139

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLC CORP
		DATE OF NAME CHANGE:	19870329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY LOAN CORP
		DATE OF NAME CHANGE:	19800414
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>vhi8k.txt
<DESCRIPTION>VALHI 8K
<TEXT>
                       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



                         Date of Report: August 5, 2003




                                   VALHI, INC.
             (Exact name of Registrant as specified in its charter)



   Delaware                           1-5467                    87-0110150
  (State or other                  (Commission                 (IRS Employer
  jurisdiction of                  File Number)                Identification
  incorporation)                                                    No.)



      5430 LBJ Freeway, Suite 1700, Dallas, TX              75240-2697
      (Address of principal executive offices)              (Zip Code)



                                 (972) 233-1700
              (Registrant's telephone number, including area code)



             (Former name or address, if changed since last report)


<PAGE>



Item 7:  Financial Statements, Pro Forma Financial Information and Exhibits

         (c)  Exhibit

              Item No.          Exhibit Index
              ----------        ----------------------------------------
              99.1              Press release dated August 5, 3003
                                issued by Valhi, Inc.


Item 9:  Regulation FD Disclosure

         The registrant  hereby furnishes the information set forth in the press
release issued on August 5, 2003, a copy of which is attached  hereto as Exhibit
99.1 and  incorporated  herein  by  reference.  The  registrant  furnishes  this
information  under this Item 9 and under  "Item 12.  Results of  Operations  and
Financial  Condition,"  pursuant  to  the  interim  guidance  contained  in  the
Securities  and  Exchange  Commission  Release  34-47583  promulgated  under the
Securities  Exchange Act of 1934, as amended (the "Exchange  Act"),  among other
statutes.

         The  information,  including the exhibit,  the registrant  furnishes in
this report is not deemed "filed" for purposes of section 18 of the Exchange Act
or otherwise subject to the liabilities of that section. Registration statements
or other documents filed with the Securities and Exchange  Commission  shall not
incorporate this information by reference,  except as otherwise expressly stated
in such filing.


<PAGE>


                                    SIGNATURE


         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.

                                                  VALHI, INC.
                                                  (Registrant)




                                                  By:    /s/ A. Andrew R. Louis
                                                         -----------------------
                                                         A. Andrew R. Louis
                                                         Secretary




Date:  August 5,2003




<PAGE>


                                INDEX TO EXHIBITS


Exhibit No.       Description
- -----------       --------------------------------------------------

99.1              Press release dated August 5, 2003 issued by Valhi, Inc.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>vhipr.txt
<DESCRIPTION>PRESS RELEASE DATED AUGUST 5, 2003
<TEXT>
[LOGO GOES HERE]

                      VALHI REPORTS SECOND QUARTER RESULTS


         DALLAS,  TEXAS . . August 5, 2003. Valhi, Inc. (NYSE: VHI) reported net
income of $17.8  million,  or $.15 per diluted  share,  in the second quarter of
2003 compared to net income of $6.4 million,  or $.05 per diluted share,  in the
second quarter of 2002.  For the first six months of 2003, the Company  reported
income before  cumulative  effect of a change in  accounting  principle of $19.4
million, or $.16 per diluted share,  compared to income of $2.7 million, or $.02
per diluted share, in the first six months of 2002.

         Chemicals sales and operating  income increased in 2003 compared to the
same periods of 2002 due primarily to higher average selling prices for titanium
dioxide pigments ("TiO2") and higher TiO2 production  volumes,  partially offset
by higher  operating costs  (particularly  for energy).  Excluding the effect of
fluctuations in the value of the U.S. dollar relative to other currencies,  NL's
average TiO2 selling prices in billing  currencies in the second quarter of 2003
were 7% higher than the second quarter of 2002,  with the greatest  improvements
realized in  European  and export  markets,  and were 6% higher in the first six
months  of 2003  compared  to the first six  months of 2002.  Expressed  in U.S.
dollars computed using actual foreign currency  exchange rates prevailing during
the periods, NL's average TiO2 selling prices in the second quarter of 2003 were
19% higher than the second quarter of 2002, and were 18% higher in the first six
months of 2003 compared to the same period in 2002.

         NL's TiO2  sales  volumes in the second  quarter of 2003  decreased  1%
compared to the record  second  quarter of 2002.  NL's TiO2 sales volumes in the
first six months of 2003, a new record for NL, were 2% higher than the first six
months of 2002. NL's TiO2 production  volumes in the second quarter of 2003 were
6% higher than the second  quarter of 2002,  and were 8% higher in the first six
months of 2003 compared to the same period of 2002. NL's TiO2 production volumes
in the second  quarter  of 2003 were an  all-time  quarterly  record for NL, and
production  volumes in the first six months of 2003 were an all-time  first half
record for NL as well.

         Component  products  sales were slightly lower in the second quarter of
2003 compared to the second quarter in 2002 due primarily to lower sales volumes
of slide products,  partially  offset by the favorable effect of fluctuations in
foreign currency exchange rates.  Component  products sales were slightly higher
in the  first  six  months of 2003  compared  to the same  period in 2002 as the
favorable  effect of fluctuations in foreign  currency  exchange rates more than
offset the  unfavorable  effect of lower sales  volumes of  ergonomic  products.
Component products operating income declined in the second quarter and first six
months  of 2003  compared  to the same  periods  in 2002 due to the  unfavorable
effect of fluctuations in foreign currency  exchange rates,  relative changes in
product mix and expenses  associated with the  consolidation of its two Canadian
facilities into one facility.

         Waste management sales declined, and its operating loss increased,  due
to continued weak demand for waste management services as well as costs incurred
in 2003 related to certain licensing activities.


<PAGE>

         TIMET reported higher sales,  and a lower operating loss, in the second
quarter  of 2003  compared  to the  second  quarter  of 2002.  During the second
quarter of 2003,  TIMET's sales volumes for mill products  increased 2% compared
to the second quarter of 2002, while volumes for melted products increased 109%.
The   improvement  in  melted  product  sales  volumes   reflects  new  customer
relationships,  share gains and changes in product mix.  TIMET's average selling
prices in billing currencies for mill products in the second quarter of 2003 (as
adjusted to exclude the effect of changes in product mix) were 8% lower than the
second  quarter of 2002, and such selling  prices for melted  products  declined
13%.  Expressed in U.S. dollars computed using actual foreign currency  exchange
rates  prevailing  during the periods,  TIMET's  average selling prices for mill
products (as adjusted to exclude the effect of changes in product mix) decreased
2% in the  second  quarter  of 2003  compared  to the  second  quarter  of 2002.
Substantially all of TIMET's melted products are sold in U.S.  dollars.  TIMET's
average  selling  prices  in the  second  quarter  of 2003 for  mill and  melted
products  (using  actual  product  mix  and  foreign  currency   exchange  rates
prevailing during the respective  periods)  decreased 3% and 16%,  respectively,
from the year-ago period.  TIMET continues to work on reducing its costs as well
as lowering  its  inventories.  The  Company's  equity in losses of TIMET in the
first six months of 2002 includes a $10.6  million  first  quarter  charge ($5.4
million,  or $.05 per diluted  share,  net of income tax  benefit  and  minority
interest)  related to TIMET's  previously-reported  impairment for an other than
temporary decline in value of certain preferred securities held by TIMET.

         General corporate  expenses were higher in the second quarter and first
six months of 2003  compared to the same periods of 2002 due primarily to higher
environmental  expense accruals of NL (principally related to one formerly-owned
site for  which the  remediation  process  is  expected  to occur  over the next
several  years) and higher legal expenses of NL. The legal  settlement  gains in
both 2002 and 2003 (which  aggregated  $1.2 million,  or $.01 per diluted share,
net of income  taxes and  minority  interest,  in the first six  months of 2002)
related to legal settlements with certain of NL's former insurance carriers. The
foreign  currency  transaction gain in the second quarter of 2002 ($4.7 million,
or $.04 per diluted share, net of income taxes and minority interest) related to
the extinguishment of certain  intercompany  indebtedness of NL. The gain on the
disposal of fixed  assets in the second  quarter of 2002  related to the sale of
certain real estate,  and securities  transactions  gains in both periods (which
aggregated $1.2 million,  or $.01 per diluted share, net of income taxes, in the
first  six  months  of 2002)  related  to the  disposal  of  certain  marketable
securities.

         The Company recognized a $24.6 million income tax benefit in the second
quarter of 2003  ($20.8  million,  or $.17 per  diluted  share,  net of minority
interest)  related to NL's  previously-reported  favorable  German  court ruling
concerning NL's claim for refund suit. Based on amended German tax returns filed
by NL in the second quarter of 2003, the German tax  authorities  refunded to NL
the  equivalent  of  approximately  $24.6  million in early July.  NL  currently
expects to receive the  equivalent  of  approximately  $15 million of additional
German  income tax refunds over the next six to nine months,  a portion of which
may result in an additional income tax benefit.

         The  cumulative  effect of the change in  accounting  principle  in the
first six months of 2003  relates to the  Company's  adoption  of  Statement  of
Financial   Accounting  Standards  No.  143,  Accounting  for  Asset  Retirement
Obligations,  effective  January  1, 2003.  Such  change in  accounting  relates
principally  to  accounting  for closure  and  post-closure  obligations  at the
Company's waste management operations.

         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.  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.  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.  While it is not  possible to identify all factors,
the Company  continues to face many risks and  uncertainties.  Among the factors
that could cause actual future results to differ materially include, but are not
limited to;

o        Future supply and demand for the Company's products,

o        The extent of the dependence of certain of the Company's  businesses on
         certain market sectors,

o        The cyclicality of certain of the Company's businesses,

o        The impact of certain  long-term  contracts on certain of the Company's
         businesses,

o        Customer inventory levels,

o        Changes in raw material and other operating costs,

o        The possibility of labor disruptions,

o        General global economic and political conditions,

o        Competitive products and substitute products,

o        Customer and competitor strategies,

o        The impact of pricing and production decisions,

o        Competitive technology positions,

o        The introduction of trade barriers,

o        Fluctuations in currency exchange rates,

o        Operating interruptions,

o        Recoveries from insurance claims and the timing thereof,

o        Potential difficulties in integrating completed acquisitions,

o        The ability of the Company to renew or refinance credit facilities,

o        Uncertainties associated with new product development,

o        The ultimate outcome of income tax audits,  tax settlement  initiatives
         or other tax controversies,

o        Environmental matters,

o        Government laws and regulations and possible changes therein, and

o        The ultimate  resolution  of pending  litigation  and  possible  future
         litigation.

Should one or more of these risks  materialize  (or the  consequences  of such a
development  worsen),  or should the  underlying  assumptions  prove  incorrect,
actual results could differ  materially from those  forecasted or expected.  The
Company   disclaims  any  intention  or  obligation  to  update  or  revise  any
forward-looking statement whether as a result of new information,  future events
or otherwise.

         In an effort to provide investors with additional information regarding
the Company's  results of  operations  as  determined  by accounting  principles
generally  accepted in the United  States of America  ("GAAP"),  the Company has
disclosed  certain non-GAAP  information  which the Company believes may provide
useful information to investors:

o        The Company discloses  percentage  changes in NL's average TiO2 selling
         prices in billing  currencies,  which  excludes  the effects of foreign
         currency  translation.  The  Company  discloses  percentage  changes in
         TIMET's  average mill and melted product  selling prices  excluding the
         effects of changes in product  mix. In addition,  TIMET also  discloses
         percentage  changes  in its  average  mill  product  selling  prices in
         billing  currencies,  as further  adjusted  to exclude  the  effects of
         changes in product  mix.  In each case,  such  percentage  changes  are
         disclosed to facilitate period-to-period  comparisons.  Generally, when
         the U.S. dollar either strengthens or weakens against other currencies,
         the percentage  change in average selling prices in billing  currencies
         will be higher or lower,  respectively,  than such  percentage  changes
         would be using actual exchange rates  prevailing  during the respective
         periods.  Depending on the  composition  of changes in product mix, the
         percentage  change in average  selling  prices  excluding the effect of
         changes in product mix can be higher,  or lower,  than such  percentage
         change  would be using the actual  product  mix  prevailing  during the
         respective periods.

         Valhi,  Inc. is engaged in the  titanium  dioxide  pigments,  component
products (ergonomic computer support systems,  precision ball bearing slides and
security products), titanium metals products and waste management industries.


                                    * * * * *


<PAGE>


                          VALHI, INC. AND SUBSIDIARIES

                              STATEMENTS OF INCOME

                                   (Unaudited)

                    (In millions, except earnings per share)
<TABLE>
<CAPTION>

                                                                              Three months ended              Six months ended
                                                                                   June 30,                       June 30,
                                                                              ------------------              ------------
                                                                            2002            2003            2002           2003
                                                                            ----            ----            ----           ----

<S>                                                                        <C>            <C>               <C>            <C>
Net sales
  Chemicals                                                                $226.9         $266.6            $429.3         $519.6
  Component products                                                         51.1           49.7              99.6          100.7
  Waste management                                                            1.1            1.1               3.9            2.5
                                                                           ------         ------            ------         ------

                                                                           $279.1         $317.4            $532.8         $622.8
                                                                           ======         ======            ======         ======

Operating income
  Chemicals                                                                $ 21.7         $ 31.7            $ 41.0         $ 62.4
  Component products                                                          2.2             .9               4.3            2.2
  Waste management                                                           (2.1)          (3.6)             (4.1)          (5.6)
                                                                           ------         ------            ------         ------

    Total operating income                                                   21.8           29.0              41.2           59.0

Equity in:
  TIMET                                                                      (2.7)          (1.1)            (14.5)          (3.9)
  Other                                                                       -              (.2)               .3             .5

General corporate items, net
  Interest and dividend income                                                8.4            8.0              16.9           16.3
  Securities transaction gains, net                                           -               .2               1.9             .5
  Legal settlement gains, net                                                  .5             .7               2.4             .7
  Foreign currency transaction gain                                           6.3            -                 6.3            -
  Gain on disposal of fixed assets                                            1.6            -                 1.6            -
  Expenses, net                                                              (9.0)         (24.8)            (20.5)         (41.9)
Interest expense                                                            (16.0)         (14.7)            (30.4)         (29.1)
                                                                           ------         ------            ------         ------

    Income (loss) before income taxes                                        10.9           (2.9)              5.2            2.1

Provision for income taxes (benefit)                                          1.6          (25.4)               .4          (23.4)

Minority interest in after-tax earnings                                       2.9            4.7               2.1            6.1
                                                                           ------         ------            ------         ------

    Income before cumulative effect of
     change in accounting principle                                           6.4           17.8               2.7           19.4

Cumulative effect of change in accounting
 principle                                                                    -              -                 -               .6
                                                                           ------         ------            ------         ------

    Net income                                                             $  6.4         $ 17.8            $  2.7         $ 20.0
                                                                           ======         ======            ======         ======

Basic and diluted earnings per share:
  Income before cumulative effect of
   change in accounting principle                                          $  .05         $  .15            $  .02         $  .16
  Cumulative effect of change in
   accounting principle                                                       -              -                 -              .01
                                                                           ------         ------            ------         ------

    Net income                                                             $  .05         $  .15            $  .02         $  .17
                                                                           ======         ======            ======         ======

Shares used in calculation of per share amounts
  Basic earnings                                                            115.3          120.2             115.3          119.2
                                                                           ======         ======            ======         ======

  Diluted earnings                                                          115.6          120.3             115.8          119.4
                                                                           ======         ======            ======         ======
</TABLE>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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