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
July 25, 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 July 25, 1996, the Registrant issued the press release attached
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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 July 25, 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.
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(Registrant)
By: /s/ Steven L. Watson
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Steven L. Watson
Vice President & Secretary
Date: July 25, 1996
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DRAFT X - 09/12/95
VALCOR REPORTS SECOND QUARTER RESULTS
DALLAS, TEXAS . . July 25, 1996 . . Valcor, Inc. reported net income of
$4.6 million for the second quarter of 1996, compared to net income of $6.8
million in the second quarter of 1995. For the first six months of 1996, Valcor
reported a net loss of $8.6 million, which includes a first quarter after-tax
charge of approximately $15 million to close Medite's New Mexico medium density
fiberboard ("MDF") plant. Net income was $13.5 million in the first six months
of 1995.
Building products results were adversely affected by lower MDF selling
prices compared to last year. While second quarter 1996 MDF prices approximated
those of the first quarter of this year, average prices for the first six months
of 1996 were approximately 18% lower than the same period in 1995. Increased
sales volumes in certain product lines resulted in higher hardware products
sales, while changes in product mix contributed to slightly lower earnings. A
3% increase in year-to-date comparable store sales improved fast food results.
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DRAFT X - 09/12/95
SUMMARY OF OPERATIONS
(Unaudited)
(In millions)
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<TABLE> DRAFT X - 09/12/95
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1995 1996 1995 1996
<S> <C> <C> <C> <C>
NET SALES
Building products $49.4 $48.1 $108.0 $ 94.6
Hardware products 19.3 21.7 39.4 42.9
Fast food 28.8 29.3 55.6 56.9
$97.5 $99.1 $203.0 $194.4
OPERATING INCOME
Building products:
Before restructuring charge $ 8.3 $ 5.6 $ 18.6 $ 7.1
Plant closure charge - - - (24.0)
8.3 5.6 18.6 (16.9)
Hardware products 5.1 5.0 10.6 9.4
Fast food 1.8 2.4 2.9 4.0
TOTAL OPERATING INCOME (LOSS) 15.2 13.0 32.1 (3.5)
Interest expense 4.9 4.9 9.9 9.8
Corporate items, net (.3) .3 .6 .3
Income (loss) before income taxes 10.6 7.8 21.6 (13.6)
Income taxes (benefit) 3.8 3.2 8.1 (5.0)
NET INCOME (LOSS) $ 6.8 $ 4.6 $ 13.5 $ (8.6)
</TABLE>
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DRAFT X - 09/12/95
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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