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Previous: SENIOR HIGH INCOME PORTFOLIO INC, N-30D, 1994-10-26 |
Next: NEUBERGER & BERMAN EQUITY TRUST, NSAR-B, 1994-10-26 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 25, 1994
(Date of Report, date of earliest event reported)
VALCOR, INC.
(Exact name of Registrant as specified in its charter)
Delaware 33-63044 74-2678674
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
5430 LBJ Freeway, Suite 1700, Dallas, TX 75240-2697
(Address of principal executive offices) (Zip Code)
(214) 233-1700
(Registrant's telephone number, including area code)
Not applicable
(Former name or address, if changed since last report)
Item 5: Other Events
On October 25, 1994, the Registrant issued the press release attached
hereto as Exhibit 99.1 which is incorporated herein by reference.
Item 7: Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibit
Item No. Exhibit Index
99.1 Press release dated October 25, 1994
issued by the Registrant
SIGNATURES
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 hereunto duly authorized.
VALCOR, INC.
(Registrant)
By: /s/ Steven L. Watson
Steven L. Watson
Vice President & Secretary
Date: October 25, 1994
EXHIBIT 99.1
VALCOR REPORTS HIGHER EARNINGS
DALLAS, TEXAS . . October 25, 1994 . . Valcor, Inc.'s operating income for
the third quarter of 1994 increased 32% to $17.6 million on a 3% increase in
sales to $95.2 million. For the nine-month year-to-date period, operating
income was up 30% to $48.3 million, while sales increased 7% to $278.4 million.
The Company's year-to-date operating margin increased to 17%, up from 14% in
1993, as higher selling prices for medium density fiberboard, the Company's
principal forest product, were a major contributor to the improvement in
earnings.
The Company's higher operating earnings more than offset the higher 1994
interest expense resulting from the Company's recapitalization completed during
the third and fourth quarters of 1993. The Company's net income increased 39%
to $9.0 million for the third quarter and increased 10% to $22.3 million for the
first nine months of the year.
Valcor, Inc., a wholly-owned subsidiary of Valhi, Inc. (NYSE:VHI), is
engaged in the forest products, hardware products and fast food industries. In
connection with the registration of its 95/8% Senior Notes Due 2003, Valcor
files periodic reports with the Securities and Exchange Commission.
* * * * *
VALCOR, INC.
SUMMARY OF CONSOLIDATED OPERATIONS
(UNAUDITED)
(IN MILLIONS)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
1993 1994 1993 1994
<S> <C> <C> <C> <C>
Net sales
Forest products $48.2 $49.6 $131.7 $143.0
Hardware products 16.2 17.0 46.6 52.5
Fast food 28.0 28.6 81.4 82.9
$92.4 $95.2 $259.7 $278.4
Operating income
Forest products $ 6.8 $10.8 $ 19.6 $ 27.5
Hardware products 4.2 4.6 11.2 14.7
Fast food 2.2 2.2 6.2 6.1
Total operating income 13.2 17.6 37.0 48.3
Interest expense (1.3) (4.3) (3.2) (12.9)
Other, net - (.1) .5 (.1)
Income before income taxes 11.9 13.2 34.3 35.3
Provision for income taxes 5.4 4.2 14.0 13.0
Net income $ 6.5 $ 9.0 $ 20.3 $ 22.3
</TABLE>
VALCOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS)
<TABLE>
<CAPTION>
December 31, September 30,
1993 1994
(Unaudited)
<S> <C> <C>
Current assets $ 70.6 $ 77.7
Timber and timberlands 51.9 53.1
Other noncurrent assets 33.2 31.9
Property and equipment 116.8 141.5
$272.5 $304.2
Current liabilities $ 46.7 $ 59.9
Long-term debt 185.7 185.1
Other noncurrent liabilities 26.2 28.9
Stockholder's equity 13.9 30.3
$272.5 $304.2
</TABLE>
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
NINE MONTHS ENDED SEPTEMBER 30, 1993 AND 1994
(UNAUDITED)
(IN MILLIONS)
<TABLE>
<CAPTION>
1993 1994
<S> <C> <C>
Cash provided (used) by:
Operating activities $ 35.9 $ 41.3
Investing and financing activities:
Capital expenditures (15.9) (37.8)
Net borrowings 56.8 6.3
Dividends (73.9) (5.8)
Other, net (.5) (.3)
Net cash provided $ 2.4 $ 3.7
</TABLE>
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