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 23, 1995
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(Date of Report, date of earliest event reported)
VALCOR, INC.
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(Exact name of Registrant as specified in its charter)
Delaware 33-63044 74-2678674
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
5430 LBJ Freeway, Suite 1700, Dallas, TX 75240-2697
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(Address of principal executive offices) (Zip Code)
(214) 233-1700
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or address, if changed since last report)
Item 5: Other Events
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On October 23, 1995, 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
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and Exhibits
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(c) Exhibit
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Item No. Exhibit Index
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99.1 Press release dated October 23, 1995
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issued by the Registrant
SIGNATURES
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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
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Steven L. Watson
Vice President & Secretary
Date: October 23, 1995
VALCOR ANNOUNCES THIRD QUARTER EARNINGS
DALLAS, TEXAS . .October 23, 1995 . . Valcor, Inc. reported
net income of $17.1 million for the first nine months of 1995
compared to net income of $22.3 million for the first nine months
of 1994. Third quarter net income was $3.6 million, down from net
income of $9 million in 1994. Average selling prices for medium
density fiberboard ("MDF") during the quarter were up 4% from the
1994 period but were down 7% from the second quarter of this
year. Increases in industry capacity, particularly in Europe, and
slower economic growth in North America and Europe are
contributing to lower MDF selling prices and operating rates.
Hardware products margins were impacted by higher costs
associated with product mix. Fast food comparable store sales
increased slightly in the third quarter, however promotional
sales continued to hamper margins.
SUMMARY OF OPERATIONS
(Unaudited)
(In millions)
<TABLE>
<CAPTION>
Three months Nine months
ended ended
September 30, September 30,
------------- -------------
1994 1995 1994 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales
Building products $49.6 $46.2 $143.0 $154.2
Hardware products 17.0 19.4 52.5 58.8
Fast food 28.6 29.5 82.9 85.1
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$95.2 $95.1 $278.4 $298.1
===== ===== ====== ======
Operating income
Building products $10.8 $ 4.5 $ 27.5 $ 23.1
Hardware products 4.6 4.5 14.7 15.1
Fast food 2.2 2.0 6.1 4.9
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Total operating 17.6 11.0 48.3 43.1
income
Interest expense (4.3) (5.0) (12.9) (14.9)
Corporate, net (.1) (.2) (.1) (.8)
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Income before income 13.2 5.8 35.3 27.4
taxes
Income taxes 4.2 2.2 13.0 10.3
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Net income $ 9.0 $ 3.6 $ 22.3 $ 17.1
===== ===== ====== ======
</TABLE>
Valcor Inc., a wholly-owned subsidiary of publicly-traded
Valhi, Inc. (NYSE: VHI), is engaged in the building products,
hardware products and fast food industries. In connection with
the registration of its 9 5/8% Senior Notes due 2003, Valcor
files periodic reports with the Securities and Exchange
Commission.
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