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VALSPAR REPORTS 1992 RESULTS

 MINNEAPOLIS, Nov. 24 ~PRNewswire~ -- The Valspar Corporation (AMEX: VAL), a major coatings manufacturer, reported fourth quarter earnings for 1992 increased 6 percent to $10,258,000 or $.47 per share from $9,711,000 or $.44 per share in 1991. Sales for the quarter increased 8 percent to $184,633,000 from $170,917,000 a year ago. The fourth quarter of fiscal 1992 contained one additional accounting week. Adjusted for the additional week, comparable sales increased 1 percent.
 For the fiscal year ended Oct. 30, 1992, Valspar's earnings increased 24 percent to $34,418,000 or $1.57 per share from $27,676,000 or $1.27 per share in 1991. Sales for 1992 increased 8.1 percent to $683,485,000, with the extra week and acquired businesses accounting for approximately 4 percent of the increase.
 Commenting on the fourth quarter's results, C. Angus Wurtele, Valspar's chairman, stated that "The slowdown in sales growth reflected the weakness of the economic recovery and the relative strength of last year's fourth quarter when sales and profits increased 15 percent and 41 percent, respectively. We are pleased with our results for the year in light of the weak economy. Our unit growth was excellent, reflecting market share gains in most of our businesses. We believe that our strengthened market position, strong financial condition and record level of investment in capital projects and people in 1992 have positioned Valspar for continued earnings growth."
 THE VALSPAR CORPORATION
 Comparative Results
 (In thousands, except per share data)
 (Unaudited)
 Fourth Quarter Ended 12 Months Ended
 10~30~92 10~25~91 10~30~92 10~25~91
 Net sales $184,633 $170,917 $683,485 $632,562
 Cost of sales 131,374 120,430 492,092 458,953
 Operating expenses 35,750 31,662 131,232 120,643
 Operating profit 17,509 18,825 60,161 52,966
 Interest expense 520 1,072 2,932 5,686
 Other income
 (expense) - net (54) (1,671) (360) (1,504)
 Income before
 income taxes 16,935 16,082 56,869 45,776
 Income taxes 6,677 6,371 22,451 18,100
 Net income $10,258 $9,711 $34,418 $27,676
 Net income per share $0.47 $0.44(a) $1.57(a) $1.27(a)
 Average number of
 shares
 outstanding 21,836,307 21,881,158(a)21,973,211(a)21,861,304(a)
 (a) Adjusted to reflect 2-for-1 stock split on March 9, 1992.
 -0- 11~24~92
 ~CONTACT: Paul C. Reyelts, vice president, finance for Valspar, 612-375-7702~
 (VAL)


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

AL -- MN005 -- 1029 11~24~92 11:39 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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