VALLEN REPORTS SECOND QUARTER SALES AND EARNINGS
VALLEN REPORTS SECOND QUARTER SALES AND EARNINGS HOUSTON, Dec. 18 /PRNewswire/ -- Vallen Corporation (NASDAQ: VALN)
today announced second quarter sales and earnings for the period ended Nov. 30, 1991. Net sales increased 9 percent to $41,283,000, compared with $37,872,000 recorded in the second quarter of 1990. Net earnings decreased 14.2 percent to $1,616,000 or $0.24 per share, compared with $1,883,000 or $0.28 per share for the second quarter of 1990.
For the six months ended Nov. 30, 1991, net sales were up 12 percent to $81,384,000 from $72,694,000 in the prior year. Net earnings decreased 6.4 percent to $3,149,000 or $0.46 per share compared with $3,366,000 or $0.50 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 have had a substantial impact on many of our major customers' purchases of safety products, we continue to increase our market share by innovative value-added services. Our "in-plant" safety store concept is expanding steadily, with new facilities for large clients in Rockdale, Texas and Trona, Calif. opening in the quarter. Several more stores are in the final negotiation stage." Vallen Safety Supply Company, the distribution subsidiary, sells a wide variety of industrial safety and health products designed for the protection of the individual worker, his work place and the environment. Vallen Safety now operates from 38 locations throughout the United States and has an additional nine facilities located in customer plants. Encon Safety Products, Inc., the manufacturing subsidiary headquartered in Houston, Texas, has two plants in Houston and one in Coudersport, Pa. Encon is the leading producer of emergency showers and eye wash fountains for industrial use. Encon also molds optical quality protective eyewear, as well as molding and vacuum forming products on a contract basis. VALLEN CORPORATION (Unaudited) Second Quarter Ended Nov. 30; 1991 1990 Net sales $41,283,000 $37,872,000 Operating income 2,601,000 3,001,000 Net earnings 1,616,000 1,883,000 Net earnings per common share $ 0.24 $ 0.28 Average number of common shares outstanding 6,833,000 6,686,000 Six Months Ended Nov. 30; 1991 1990 Net sales $81,384,000 $72,694,000 Operating income 5,089,000 5,403,000 Net earnings 3,149,000 3,366,000 Net earnings per common share $ 0.46 $ 0.50 Average number of common shares outstanding 6,797,000 6,684,000 -0- 12/18/91 /CONTACT: Don B. Hair, vice president-finance of Vallen Corporation, 713-462-8700/ (VALN) CO: Vallen Corporation ST: Texas IN: SU: ERN FC -- NY020 -- 3335 12/18/91 10:37 EST
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|Date:||Dec 18, 1991|
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