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VALSPAR REPORTS SECOND QUARTER RESULTS

 MINNEAPOLIS, May 11 /PRNewswire/ -- The Valspar Corporation (AMEX: VAL), a major coatings company, reported that earnings for the second quarter ended April 30, 1993 increased 11 percent to $10,181,000 or 47 cents per share from $9,154,000 or 42 cents per share last year. Sales for the quarter increased 1 percent to $179,043,000 versus $177,264,000 last year.
 For the first six months, net income increased 6.4 percent to $13,573,000 from $12,756,000 last year, and earnings per share increased 8.6 percent to 63 cents per share versus 58 cents per share a year ago. Sales for the first six months increased 2.4 percent to $316,210,000 from $308,744,000 last year.
 C. Angus Wurtele, Valspar's chairman, stated that "Valspar's second quarter results were encouraging in light of relatively weak sales. We believe that manufacturing efficiencies and expense control will continue to contribute to improved results for the balance of this year."
 THE VALSPAR CORPORATION
 COMPARATIVE RESULTS (UNAUDITED)
 For the Periods Ended 4/30/93 and 4/24/92
 (In thousands, except per share data)
 Second Quarter Six Months
 1993 1992 1993 1992
 Net sales $179,043 $177,264 $316,210 $308,744
 Cost of sales 129,353 126,953 231,788 224,176
 Operating expenses 32,175 34,227 60,785 61,528
 Operating profit 17,515 16,084 23,637 23,040
 Interest expense 535 813 970 1,565
 Other income
 (expense) - net (151) (140) (232) (391)
 Income before
 income taxes 16,829 15,131 22,435 21,084
 Income taxes 6,648 5,977 8,862 8,328
 Net income $10,181 $9,154 $13,573 $12,756
 Net income per
 common share $.47 $.42 $.63 $.58(a)
 Average number of
 shares
 outstanding 21,648,678 22,051,581 21,707,884 22,013,261(a)
 (a) Adjusted to reflect 2-for-1 stock split on March 9, 1992
 -0- 5/11/93
 /CONTACT: Paul C. Reyelts, vice president-Finance of Valspar Corporation, 612-375-7702/
 (VAL)


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

DB -- MN011 -- 7070 05/11/93 12:38 EDT
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Publication:PR Newswire
Date:May 11, 1993
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