Printer Friendly

VALLEN CORPORATION REPORTS THIRD QUARTER SALES AND EARNINGS

 HOUSTON, March 16 /PRNewswire/ -- Vallen Corporation (NASDAQ: VALN) today announced third quarter sales and earnings for the period ended Feb. 28, 1993. Net sales increased 1.0 percent to $41,697,000, compared with $41,274,000 recorded in the third quarter of 1992. Net earnings decreased 5.8 percent to $1,447,000 or $.21 per share, compared with $1,536,000 or $.22 per share for the third quarter of 1992.
 For the nine months ended Feb. 28, 1993, net sales were up 4.5 percent to $128,156,000, from $122,658,000 in the prior year. Net earnings decreased 3.7 percent to $4,513,000 or $.64 per share compared with $4,685,000 or $.69 per share reported for the prior year.
 According to J.M. Wayne Code, president: "Management continues to emphasize its quality and productivity enhancement programs, which involve not only the company's customers, but also its suppliers and employees. The programs have helped us in serving customers who require high quality service combined with innovative supply agreements.
 While current economic conditions continue to negatively impact our sales growth and gross profit margins, we continue to increase our market share by innovative value-added services. Cost containment continues to be an important factor in our profitability.
 Sales of non-durable personal protective products are increasing significantly. However, these increases are being offset by the continuing softness in the market for more expensive capital goods items, such as gas detection systems, breathing apparatus and fire control systems."
 Vallen Safety Supply Company, the distribution subsidiary, sells a wide variety of industrial safety and health products. It now operates from 40 locations throughout the continental United States and Alaska, and has an additional 14 facilities located in customer plants. During the quarter, we opened a new branch in Cleveland, Ohio and our "in- plant" safety store concept expanded, with new facilities in Jay, Maine and Torrance, Calif.
 Encon Safety Products, Inc., Vallen's manufacturing subsidiary, is the leading producer of emergency shower and eye wash fountains for industrial use. The manufacturing subsidiary also molds optical quality protective eyewear and vacuum forms several industrial safety equipment items.
 VALLEN CORPORATION
 (Unaudited)
 Operating Results
 Third Quarter Ended Nine Months Ended
 February, February,
 1993 1992 1993 1992
 Net sales $ 41,697,000 $ 41,274,000 $128,156,000 $122,658,000
 Operating income 2,244,000 2,527,000 7,200,000 7,624,000
 Net earnings 1,447,000 1,536,000 4,513,000 4,685,000
 Net earnings per
 common share $.21 $.22 $.64 $.69
 Average number of
 common shares
 outstanding 7,014,000 6,895,000 6,999,000 6,830,000
 -0- 3/16/93
 /CONTACT: Don B. Hair, vp-finance of Vallen Corporation, 713-462-8700/
 (VALN)


CO: Vallen Corporation ST: Texas IN: SU: ERN

LR -- NY011 -- 6408 03/16/93 09:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1993
Words:475
Previous Article:ARAGON JOINS GOLDEN EAGLE AS VICE PRESIDENT OF MARKETING AND SALES
Next Article:DAMON CORPORATION ANNOUNCES 1992 FOURTH QUARTER AND YEAR-END RESULTS IN LINE WITH PREVIOUSLY RELEASED ESTIMATES
Topics:


Related Articles
VALLEN REPORTS SECOND QUARTER SALES AND EARNINGS
VALLEN REPORTS THIRD QUARTER SALES AND EARNINGS
VALLEN CORPORATION REPORTS FOURTH QUARTER SALES AND NET EARNINGS
VALLEN CORPORATION REPORTS FIRST QUARTER SALES AND EARNINGS
VALLEN CORPORATION REPORTS SECOND QUARTER SALES AND EARNINGS
VALLEN CORPORATION REPORTS THIRD QUARTER SALES AND EARNINGS
VALLEN CORPORATION REPORTS SECOND QUARTER SALES AND EARNINGS
Vallen Corporation Reports First Quarter Sales and Earnings
Vallen Corporation Reports First Quarter Sales and Earnings
In DAW014, Vallen Corporation Reports First Quarter Sales and Earnings, moved on Sept. 17, we are advised by the company that the fifth graph, third...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters