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 23, 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 April 23, 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 April 23, 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: April 23, 1996
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VALCOR REPORTS FIRST QUARTER RESULTS
DALLAS, TEXAS . . April 23, 1996 . . Valcor, Inc. reported a net loss of
$13.2 million for the first quarter of 1996, which includes a previously-
announced charge of approximately $15 million after-tax to close Medite's New
Mexico medium density fiberboard (`MDF'') plant. Net income was $6.7 million
in the first quarter of 1995.
Industry capacity additions, particularly in Europe, and slow economic
activity in markets where Medite sells MDF contributed to lower MDF selling
prices, which for the first quarter of 1996 were approximately 17% lower than
the first quarter of last year and 5% lower than the fourth quarter of 1995.
Changes in product mix contributed to lower hardware products earnings while a
3% increase in comparable store sales improved fast food results.
SUMMARY OF OPERATIONS
(Unaudited)
Quarters ended March 31, 1995 and 1996
(In millions)
<TABLE>
<CAPTION>
1995 1996
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<S> <C> <C>
NET SALES
Building products $ 58.6 $ 46.5
Hardware products 20.1 21.2
Fast food 26.8 27.6
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$105.5 $ 95.3
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OPERATING INCOME
Building products:
Before restructuring charge $ 10.3 $ 1.5
Plant closure charge - (24.0)
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10.3 (22.5)
Hardware products 5.5 4.4
Fast food 1.1 1.6
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TOTAL OPERATING INCOME (LOSS) 16.9 (16.5)
Interest expense 5.0 4.9
Corporate items, net .9 -
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2 of 1
Income (loss) before income taxes 11.0 (21.4)
Income taxes (benefit) 4.3 (8.2)
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NET INCOME (LOSS) $ 6.7 $(13.2)
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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
Commission.
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