Valspar sales up; charge hurts profits
By Furniture Today Staff -- Furniture Today, November 25, 2001
MINNEAPOLIS — Coatings supplier Valspar reported sales for its fourth fiscal quarter and year were up 37.6% and 29.5%, respectively. Fourth-quarter sales hit $525.4 million, up from $381.8 million in the comparable 2000 quarter, and annual sales were $1.9 billion, versus $1.5 billion in 2000.
Including a $39.3 million pretax charge, net income slid 89.6% to $2.5 million from the year-earlier period's $24.2 million. The charge, to eliminate redundant facilities following the acquisition of Lilly Inds. and to accelerate performance improvement, also affected yearly results, as annual profits fell 40.4% to $51.5 million.
Richard Rompala, chairman, president and chief executive officer of Valspar, said, "We have worked hard to accelerate the integration of the Lilly acquisition and are pleased with our results to date. We are moving aggressively to implement the additional initiatives associated with the restructuring charges taken this quarter."
He said the company expects continued weak demand for its products, primarily in its industrial businesses.
| Quarter ended 10/26 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | $525,357,000 | $381,799,000 | 37.6% |
| Operating income | 39,198,000 | 45,207,000 | (13.3%) |
| Net income | (a)2,504,000 | 24,174,000 | (89.6%) |
| Earnings per share(b) | 0.05 | 0.56 | (91.1%) |
| Year ended 10/26 | 2001 | 2000 | Change |
| Sales | $1,920,970,000 | $1,483,320,000 | 29.5% |
| Operating income | 182,852,000 | 162,735,000 | 12.4% |
| Net income | (a)51,500,000 | (c)86,466,000 | (40.4%) |
| Earnings per share(b) | 1.10 | 2.00 | (45.0%) |
| (a) Includes a $39.3 million pretax charge for restructuring, inventory and other asset write-offs in both periods. (b) Based on average shares outstanding of 50.2 million in the 2001 quarter, 43.1 million in the 2000 quarter, 46.7 million in the 2001 year and 43.2 million in the 2000 year. (c) Includes a $1.2 million pretax gain on the reversal of a restructuring charge. | |||
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