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 24, 1997
(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)
(972) 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 July 24, 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
and Exhibits
(c) Exhibit
Item No. Exhibit Index
99.1 Press release dated July 24, 1997
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/ Bobby D. O'Brien
Bobby D. O'Brien
Vice President
Date: July 24, 1997
VALCOR REPORTS SECOND QUARTER RESULTS
DALLAS, TEXAS . . July 24, 1997 . . Valcor, Inc. reported income from
continuing operations of $4.4 million in the second quarter of 1997 compared to
$1.3 million in the second quarter of 1996. For the first six months of 1997,
income from continuing operations was $7.7 million compared to $2.4 million in
the first six months of 1996. Margins in the Company's component products
business improved due primarily to higher volumes in all three major product
lines (ergonomic workstations, drawer slides and locks).
Discontinued operations include both the results of Medite Corporation's
building products operations and Sybra, Inc.' s fast food operations, and in the
second quarter of 1997 include a net-of-tax gain on disposal of approximately
$19 million related to the previously-reported disposition of the Company's fast
food operations. The extraordinary loss relates to the write-off of unamortized
deferred financing costs resulting from the early retirement of $27.6 million of
the Company's 9 5/8% Senior Notes in connection with the tender offer completed
in April 1997.
SUMMARY OF OPERATIONS
(Unaudited)
(In millions)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1996* 1997 1996* 1997
<S> <C> <C> <C> <C>
Net sales - component products $21.7 $27.5 $ 42.9 $53.3
Operating income - component product $ 5.0 $ 6.9 $ 9.4 $13.2
General corporate items:
Interest income .2 2.3 .5 4.2
Expenses (.1) (.1) (.2) (.4)
Interest expense (2.5) (1.9) (5.0) (4.4)
Income before income taxes 2.6 7.2 4.7 12.6
Income taxes 1.3 2.8 2.3 4.9
Income from continuing operation 1.3 4.4 2.4 7.7
Discontinued operations 3.3 19.7 (11.0) 35.8
Extraordinary item - (.4) - (.4)
Net income (loss) $ 4.6 $23.7 $ (8.6) $43.1
</TABLE>
[FN]
* Reclassified for discontinued operations.
Valcor Inc., a wholly-owned subsidiary of publicly-traded Valhi, Inc. (NYSE:
VHI), has continuing operations in the component products industry. In
connection with the registration of its 9 5/8% Senior Notes due 2003, Valcor
files periodic reports with the Securities and Exchange Commission.
* * * * *
