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
January 29, 1996
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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 January 29, 1996, the Registrant issued the press release
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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 January 29, 1996
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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: January 29, 1996
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VALCOR REPORTS LOWER EARNINGS FOR 1995
DALLAS, TEXAS . . January 29, 1996 . . Valcor, Inc. reported net income of
$19.5 million for 1995 compared to net income of $31.1 million in 1994. Fourth
quarter net income was $2.4 million, down from $8.8 million in the fourth
quarter of 1994. Average selling prices for medium density fiberboard (`MDF'')
generally peaked early in 1995 as increases in industry capacity and lower
demand contributed to lower MDF selling prices and operating rates during the
second half of the year. Hardware products overall margins were impacted by
product mix and the lower margins associated with the integration of certain
operations acquired in August 1995. Lower comparable store sales, increased
promotions and higher labor costs all negatively impacted fast food results.
SUMMARY OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED YEARS ENDED
DECEMBER 31, DECEMBER 31,
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1994 1995 1994 1995
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(IN MILLIONS)
<S> <C> <C> <C> <C>
NET SALES
Building products $46.9 $45.8 $189.9 $200.0
Hardware products 17.5 21.4 70.0 80.2
Fast food 32.6 30.3 115.5 115.4
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$97.0 $97.5 $375.4 $395.6
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OPERATING INCOME
Building products $ 8.9 $ 2.1 $ 36.4 $ 25.2
Hardware products 6.2 4.8 20.9 19.9
Fast food 2.9 2.6 9.0 7.5
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TOTAL OPERATING INCOME 18.0 9.5 66.3 52.6
Interest expense 4.7 4.9 17.6 19.8
Corporate expenses (income), net .4 (.3) .5 .5
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Income before income taxes 12.9 4.9 48.2 32.3
Provision for income taxes 4.1 2.5 17.1 12.8
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NET INCOME $ 8.8 $ 2.4 $ 31.1 $ 19.5
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</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
