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
April 25, 1995
(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 April 25, 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
and Exhibits
(c) Exhibit
Item No. Exhibit Index
99.1 Press release dated April 25, 1995
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: April 25, 1995
VALCOR REPORTS 59% INCREASE IN FIRST QUARTER EARNINGS
DALLAS, TEXAS . . April 25, 1995 . . Valcor, Inc. reported net income of
$6.7 million for the first quarter of 1995, up 59% from net income of $4.2
million for the first quarter of 1994. Operating income increased 43% to $16.9
million, on a 25% increase in sales to $105.5 million. The overall operating
income margin was 16% in the first quarter, up from 14% last year. Improvements
in sales, earnings and margins were primarily driven by higher selling prices
and volume for medium density fiberboard ("MDF"), the Company's principal
building product. Average first quarter MDF prices were 29% higher than one
year ago and were up 8% from year-end 1994 levels. MDF volume was up 13%
principally as a result of production from the Company's recently expanded MDF
plant in Ireland.
SUMMARY OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1994 1995
(IN MILLIONS)
<S> <C> <C>
Net sales
Building products $40.0 $ 58.6
Hardware products 18.0 20.1
Fast food 26.7 26.8
$84.7 $105.5
Operating income
Building products $ 5.1 $ 10.3
Hardware products 5.1 5.5
Fast food 1.6 1.1
Total operating income 11.8 16.9
Interest expense 4.3 5.0
Corporate expenses, net - .9
Income before income taxes 7.5 11.0
Income taxes 3.3 4.3
Net income $ 4.2 $ 6.7
</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 95/8% Senior Notes
due 2003, Valcor files periodic reports with the Securities and Exchange
Commission.
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