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VALSPAR REPORTS IMPROVED 1991 RESULTS

 VALSPAR REPORTS IMPROVED 1991 RESULTS
 MINNEAPOLIS, Nov. 20 /PRNewswire/ -- The Valspar Corporation


(AMEX: VAL), a major coatings manufacturer, reported fourth quarter earnings for 1991 increased 41 percent to $9,711,000, or 89 cents per share from $6,859,000 or 63 cents per share in 1990. Sales for the quarter increased 15.5 percent to $170,917,000 from $147,990,000 a year ago. Adjusted for acquisitions, comparable sales increased 5.3 percent.
 For the fiscal year ended Oct. 25, 1991, Valspar's earnings were $27,676,000 or $2.53 per share compared to $26,731,000 or $2.45 per share last year. Sales for 1991 increased 10.7 percent to $632,562,000, with acquired businesses accounting for 8.2 percent of the increase.
 Commenting on the year's results, C. Angus Wurtele, Valspar's chairman, stated that "strong sales and continued emphasis on controlling costs contributed to strong fourth quarter results and improved earnings for the full year. The Packaging and Consumer Coatings Groups had record years. While the Industrial and Special Products Groups felt the effects of a weak economy, their performance showed improvement in the latter part of the year. We believe that cost reduction measures implemented in 1991, stabilization of raw material costs, lower debt levels and interest rates and strengthened market position resulting from recent acquisitions have improved Valspar's prospects for continued earnings growth."
 THE VALSPAR CORPORATION
 COMPARATIVE RESULTS (UNAUDITED)
 For the periods ended Oct. 25, 1991 and Oct. 26, 1990
 Fourth Quarter Twelve Months
 1991 1990 1991 1990
 Net sales $170,917,000 $147,990,000 $632,562,000 $571,445,000
 Cost of sales 120,430,000 106,616,000 458,953,000 410,094,000
 Operating
 expenses 31,662,000 29,635,000 120,643,000 109,206,000
 Operating
 profit $18,825,000 $11,739,000 $52,966,000 $52,145,000
 Interest
 expense 1,072,000 850,000 5,686,000 4,704,000
 Other income
 (expense)-net (1,671,000) 369,000 (1,504,000) (3,337,000)
 Income before
 income taxes $16,082,000 $11,258,000 $45,776,000 $44,104,000
 Income taxes 6,371,000 4,399,000 18,100,000 17,373,000
 Net income $9,711,000 $6,859,000 $27,676,000 $26,731,000
 Net income per
 common share $0.89 $0.63 $2.53 $2.45
 Average number
 of shares
 outstanding 10,940,579 10,914,299 10,930,652 10,926,660
 -0- 11/20/91
 /CONTACT: Paul C. Reyelts of Valspar, 612-375-7702/ CO: The Valspar Corporation ST: Minnesota IN: SU: ERN


KH -- MN005 -- 5328 11/20/91 10:16 EST
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Publication:PR Newswire
Date:Nov 20, 1991
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