-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VgMcuTKnx4kpGona0jzDAgUVmINOrYt57u3AcYSI4jJrIR6x/RDmVrk1GoNgO7X1 mQfh20LA29MJ0jJcdcWDGQ== 0000897101-03-000413.txt : 20030512 0000897101-03-000413.hdr.sgml : 20030512 20030512091447 ACCESSION NUMBER: 0000897101-03-000413 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030512 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALSPAR CORP CENTRAL INDEX KEY: 0000102741 STANDARD INDUSTRIAL CLASSIFICATION: PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851] IRS NUMBER: 362443580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03011 FILM NUMBER: 03691654 BUSINESS ADDRESS: STREET 1: 1101 THIRD ST SOUTH CITY: MINNEAPOLIS STATE: MN ZIP: 55415 BUSINESS PHONE: 6123327371 MAIL ADDRESS: STREET 1: 1101 THIRD STREET SOUTH CITY: MINNEAPOLIS STATE: MN ZIP: 55415 8-K 1 valspar032206_8k.txt THE VALSPAR CORPORATION FORM 8K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 Date of Report (Date of earliest event reported): May 12, 2003 THE VALSPAR CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 1-3011 36-2443580 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1101 THIRD STREET SOUTH, MINNEAPOLIS, MINNESOTA 55415 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (612) 332-7371 NOT APPLICABLE (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.1 Second Quarter Earnings Press Release dated May 12, 2003. ITEM 9. REGULATION FD DISCLOSURE (INFORMATION FURNISHED IN THIS ITEM 9 IS ALSO FURNISHED UNDER ITEM 12) On May 12, 2003, the Company issued the press release attached as Exhibit 99.1, which sets out the Company's results of operations for the second quarter of fiscal 2003. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE VALSPAR CORPORATION Dated: May 12, 2003 By: /s/Rolf Engh ------------------- Name: Rolf Engh Title: Secretary EX-99.1 3 valspar032206_ex99-1.txt PRESS RELEASE EXHIBIT 99.1 FOR IMMEDIATE RELEASE May 12, 2003 - --------------------- VALSPAR REPORTS SECOND QUARTER RESULTS MINNEAPOLIS, MINNESOTA - The Valspar Corporation (NYSE-VAL), a leading coatings manufacturer, today reported net income for the second quarter ended April 25, 2003 of $32,157,000, versus net income of $34,534,000 for the comparable period last year. Diluted earnings were $0.62 per share, down from $0.67 reported a year ago. Sales for the quarter increased 1.4% to $561,770,000, compared to $554,002,000 last year. Net income for the first six months of 2003 was $47,776,000 or $0.92 per diluted share, compared with $47,142,000 or $0.92 per diluted share for the same period a year ago. Sales for the first half increased 4.6% to $1,030,741,000, compared to $985,042,000 during the comparable period a year ago. Commenting on second quarter results and the outlook for the second half of the year, Richard M. Rompala, Chairman and Chief Executive Officer, said, "Our financial results for the second quarter were in line with our revised expectations. Our industrial coatings product line continues to experience uneven sales trends, corresponding to the industrial economy's current softness, but we expect results to gradually improve through the balance of the year. Architectural and packaging coatings sales have continued to provide good growth and a positive influence on overall corporate results. We are beginning to realize the benefits of our expense control initiatives and we are focused on improving margins with actions to offset raw material cost increases. Assuming a stable economy, we expect third quarter earnings to be up modestly from last year's earnings of 74(cent) per share and full year earnings to be in the range of $2.40 to $2.50 per share versus last year's results of $2.34 per share." FOR FURTHER INFORMATION CONTACT, Deborah D. Weiss, Vice President and Treasurer - - The Valspar Corporation - 612/375-7302 NOTE: Valspar will host a conference call on Monday, May 12th at 10:00 AM CDT. The call can be heard live over the Internet at Valspar's website at http://www.valspar.com under Investor Relations or at www.shareholder.com/val. Those unable to participate during the live broadcast can access an archive of the call on the Valspar website. A taped replay of the call can also be accessed by dialing 800-475-6701 in the U.S. and 1-320-365-3844 outside the U.S., beginning at 1:30 PM and using access code 683798. - -------------------------------------------------------------------------------- This press release contains certain "forward-looking" statements. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company that could cause actual results to differ materially from such statements. These uncertainties and other factors include dependence of internal earnings growth on economic conditions and growth in the domestic and international coatings industry; risks related to any future significant acquisitions, including risks of adverse changes in the results of acquired businesses, risks of disruptions in business resulting from the integration process and higher interest costs resulting from further borrowing for any such acquisitions; our reliance on the efforts of vendors, government agencies, utilities and other third parties to achieve adequate compliance and avoid disruption of our business; changes in the Company's relationships with customers and suppliers; unusual weather conditions that might adversely affect sales; changes in raw materials pricing and availability; changes in governmental regulation, including more stringent environmental, health and safety regulations; the nature, cost and outcome of pending and future litigation and other legal proceedings; the outbreak of war and other significant national and international events; and other risks and uncertainties. The foregoing list is not exhaustive, and the Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements. THE VALSPAR CORPORATION COMPARATIVE CONSOLIDATED EARNINGS For the Quarters Ended April 25, 2003 and April 26, 2002
Second Quarter Year-To-Date (Dollars in thousands, except per share amounts) (Unaudited) (Unaudited) (Unaudited) (Unaudited) ==================================================================================================================================== 2003 2002 2003 2002 ==================================================================================================================================== Net Sales $ 561,770 $ 554,002 $ 1,030,741 $ 985,042 Cost of Sales 383,854 368,805 709,176 668,145 Operating Expenses 114,266 117,280 220,767 215,440 Restructuring Charge 0 0 0 0 - ------------------------------------------------------------------------------------------------------------------------------------ Income From Operations 63,650 67,917 100,798 101,457 Interest Expense 11,508 11,053 23,325 23,277 Other Expense/(Income), Net 275 (218) 416 258 - ------------------------------------------------------------------------------------------------------------------------------------ Income Before Income Taxes 51,867 57,082 77,057 77,922 Income Taxes 19,710 22,548 29,281 30,780 - ------------------------------------------------------------------------------------------------------------------------------------ Net Income $ 32,157 $ 34,534 $ 47,776 $ 47,142 ==================================================================================================================================== Net Income per Common Share-basic $ 0.64 $ 0.69 $ 0.95 $ 0.95 Net Income per Common Share-diluted $ 0.62 $ 0.67 $ 0.92 $ 0.92 ==================================================================================================================================== Average Number of Shares O/S-basic 50,386,741 49,862,123 50,297,951 49,705,086 Average Number of Shares O/S-diluted 51,618,420 51,594,252 51,730,317 51,206,402 ==================================================================================================================================== THE VALSPAR CORPORATION CONSOLIDATED BALANCE SHEETS April 25, October 25, April 26, (Dollars in thousands) 2003 2002 2002 ============================================================================================================== (Unaudited) (Unaudited) Assets Current Assets: Cash and Cash Equivalents $ 20,417 $ 22,715 $ 37,559 Accounts Receivable, Net 400,141 368,134 374,545 Inventories 216,037 200,645 204,268 Other 99,379 110,294 106,250 - -------------------------------------------------------------------------------------------------------------- Total Current Assets 735,974 701,788 722,622 Goodwill, Net 950,991 938,759 934,000 Other Assets, Net 381,292 376,530 359,921 Property, Plant & Equipment, Net 405,259 402,475 384,968 - -------------------------------------------------------------------------------------------------------------- Total Assets $ 2,473,516 $ 2,419,552 $ 2,401,511 ============================================================================================================== Liabilities and Stockholders' Equity Current Liabilities: Notes Payable to Banks $ 49,095 $ 40,579 $ 95,527 Trade Accounts Payable 190,160 197,047 191,031 Income Taxes 43,840 20,998 47,716 Accrued Liabilities 220,562 245,271 208,662 - -------------------------------------------------------------------------------------------------------------- Total Current Liabilities 503,657 503,895 542,936 Long Term Debt 873,043 885,819 940,162 Deferred Liabilities 301,409 292,585 225,564 Stockholders' Equity 795,407 737,253 692,849 - -------------------------------------------------------------------------------------------------------------- Total Liabilities and Stockholders' Equity $ 2,473,516 $ 2,419,552 $ 2,401,511 ==============================================================================================================
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