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Letter to the Editor

Valspar Updates Fourth Quarter Earnings Outlook

MINNEAPOLIS -- The Valspar Corporation, the coatings manufacturer, has announced that it expects fully diluted earnings for the fourth quarter ending October 26, 2001 to be in the range of 46 cents to 50 cents per share excluding the restructuring charges previously announced. Fully diluted earnings per share before restructuring charges for the 2001 fiscal year are expected to be in the range of $1.56 to $1.60. In the fourth quarter and fiscal year 2000, Valspar earned 56 cents and $2.00 per share, respectively.

Commenting on expected fourth quarter results, Richard M. Rompala, Chairman, President and Chief Executive Officer, said, "Sales growth for the quarter will be somewhat less than expected given a very slow week following September 11. While business activity has resumed a more normal pattern, the short-term impact of recent tragic events is unavoidable. We are moving rapidly to implement the restructuring initiatives we announced September 10. Looking forward, we believe we are well positioned to achieve improved financial performance in a difficult economy."

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