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
February 3, 1997
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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)
(972) 233-1700
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(Registrant's telephone number, including area code)
(Former name or address, if changed since last report)
Item 5: Other Events
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On February 3, 1997, 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 February 3, 1997
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: February 3, 1997
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[COMPANY LOGO]
FOR IMMEDIATE RELEASE: CONTACT:
VALHI, INC. JOSEPH S. COMPOFELICE
THREE LINCOLN CENTRE VALHI, INC.
5430 LBJ FREEWAY EXECUTIVE VICE PRESIDENT
DALLAS, TEXAS 75240-2697 (281) 423-3303
(972) 233-1700
VALCOR REPORTS 1996 RESULTS
DALLAS, TEXAS . . February 3, 1997 . . Valcor, Inc. reported income from
continuing operations of $12 million for 1996 compared to $8.9 million in 1995.
Fourth quarter income from continuing operations was $5.2 million compared to
$2.5 million in the fourth quarter of 1995. Margins of the Company's component
products business (ergonomic workstation products, drawer slides and locks)
improved in the last half of the year as a result of favorable changes in
product mix. Fast food comparable store sales were up 2% for both the fourth
quarter and full year.
Discontinued operations represents the results of Medite Corporation's
building products operations, and in the fourth quarter of 1996 includes an
aggregate net-of-tax gain on disposal of approximately $49 million ($75 million
pre-tax) related primarily to the sale of its Oregon timber and timberlands and
Irish medium density fiberboard (`MDF'') subsidiary. Medite expects to
complete the disposition of substantially all of its remaining assets,
principally the Oregon MDF facility, in 1997 for an estimated pre-tax gain of
approximately $20 million.
SUMMARY OF OPERATIONS
(Unaudited)
(In millions)
<TABLE>
<CAPTION>
Three months ended Years ended
December 31, December 31,
1995* 1996 1995* 1996
(In millions)
<S> <C> <C> <C> <C>
Net sales:
Component products $21.4 $24.0 $ 80.2 $ 88.7
Fast food 30.3 30.1 115.4 116.0
$51.7 $54.1 $195.6 $204.7
Operating income:
Component products $4.8 $ 7.3 $ 19.9 $ 22.1
Fast food 2.6 2.9 7.5 8.9
Total operating income 7.4 10.2 27.4 31.0
Interest expense (3.1) (2.8) (11.8) (11.7)
Corporate, net .3 1.0 (.3) 1.2
Income before income taxes 4.6 8.4 15.3 20.5
Income taxes 2.1 3.2 6.4 8.5
Income from continuing 2.5 5.2 8.9 12.0
operations
Discontinued operations (.1) 49.7 10.6 39.0
Net income $ 2.4 $54.9 $ 19.5 $ 51.0
</TABLE>
[FN]
* Reclassified.
Valcor Inc., a wholly-owned subsidiary of publicly-traded Valhi, Inc.
(NYSE: VHI), has continuing operations in the component 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.
The Company's 1996 results are subject to final audit.
