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
May 2, 1997
(Date of Report, date of earliest event reported)
VALCOR, INC.
- 1 -
(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 May 2, 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 May 2, 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: May 2, 1997
VALCOR REPORTS FIRST QUARTER RESULTS
DALLAS, TEXAS . . May 2, 1997 . . Valcor, Inc. reported income from
continuing operations of $3.3 million in the first quarter of 1997 compared to
$1.1 million in the first quarter 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
first quarter of 1997 include a net-of-tax gain on disposal of approximately
$14.5 million ($22.5 million pre-tax) related to the previously-reported sale of
Medite's Oregon medium density fiberboard facility. The Company completed the
sale of its fast food operations on April 30, 1997 and will report a pre-tax
gain on disposal in excess of $24 million in the second quarter of 1997.
SUMMARY OF OPERATIONS
(Unaudited)
Quarters ended March 31, 1996 and 1997
(In millions)
<TABLE>
<CAPTION>
1996* 1997
<S> <C> <C>
Net sales - component products $ 21.2 $25.8
Operating income - component products $ 4.4 $ 6.3
General corporate items:
Interest income .3 1.9
Expenses (.1) (.3)
Interest expense (2.5) (2.5)
Income before income taxes 2.1 5.4
Income taxes 1.0 2.1
Income from continuing operations 1.1 3.3
Discontinued operations (14.3) 16.1
Net income (loss) $(13.2) $19.4
</TABLE>
* 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.
* * * * *
