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VALSPAR REPORTS THIRD QUARTER RESULTS

 MINNEAPOLIS, Aug. 11 /PRNewswire/ -- The Valspar Corporation (AMEX: VAL), a major coatings company, reported earnings for the third quarter ended July 30, 1993 increased 26 percent to $14,414,000 or 66 cents per share compared with $11,404,000 or 52 cents per share last year. Sales for the quarter increased 3.6 percent to $196,861,000 versus $190,108,000 a year ago.
 For the first nine months, net income and earnings per share increased 16 percent and 17 percent, respectively to $27,987,000 or $1.29 per share from $24,160,000 or $1.10 per share last year. Sales for the first nine months increased 2.9 percent to $513,071,000 from $498,852,000 a year ago.
 C. Angus Wurtele, Valspar's chairman, stated that "the strongest contributor to third quarter sales growth was the Consumer Group, while manufacturing efficiencies and expense control were major contributors to the improvement in Valspar's third quarter earnings."
 THE VALSPAR CORPORATION
 COMPARATIVE RESULTS (UNAUDITED)
 For the Periods Ended July 30, 1993 and July 24, 1992
 (In Thousands except per share data)
 Third Quarter Nine Months
 7/30/93 7/24/92 7/30/93 7/24/92
 Net sales $196,861 $190,108 $513,071 $498,852
 Cost of sales 139,436 136,542 371,224 360,718
 Operating expenses 33,431 33,954 94,216 95,482
 Operating profit 23,994 19,612 47,631 42,652
 Interest expense 388 847 1,358 2,412
 Other income (expense), net 219 85 (13) (306)
 Income before income
 taxes 23,825 18,850 46,260 39,934
 Income taxes 9,411 7,446 18,273 15,774
 Net income $14,414 $11,404 $27,987 $24,160
 Net income per common
 share $.66 $.52 $1.29 $1.10
 Average number of shares
 outstanding 21,675,823 22,032,411 21,697,288 22,021,550
 -0- 8/11/93
 /CONTACT: Paul C. Reyelts, vice-president -- finance, 612-375-7702, of The Valspar Corporation/
 (VAL)


CO: The Valspar Corporation ST: Minnesota IN: SU: ERN

DB -- MN005 -- 1663 08/11/93 11:52 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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