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Monday August 11

Valspar Reports Third Quarter Results

The Valspar Corporation, a leading coatings manufacturer, has reported net income for the third quarter ended July 25, 2003 of $40,114,000 versus net income of $38,054,000 for the comparable period last year. Diluted earnings were $0.77 per share, up 4.1 percent from $0.74 reported a year ago.

Sales for the quarter increased 4.0 percent to $598,179,000, compared to $575,043,000 last year. Net income for the first nine months of 2003 was $87,889,000 or $1.70 per diluted share, compared with $85,196,000 or $1.66 per diluted share for the same period a year ago. Sales for the first nine months increased 4.4 percent to $1,628,920,000, compared to $1,560,085,000 during the comparable period a year ago.

Commenting on third quarter results, Richard M. Rompala, Chairman and Chief Executive Officer, said, "We are pleased with our third quarter results in light of the difficult market conditions, which include a weak industrial economy, raw material cost pressures and until July, soft retail demand for architectural coatings. Our packaging and architectural coatings product lines have continued to deliver improved financial results while our industrial coatings financial performance has been constrained by soft demand. We continue to focus on cash flow and cost reduction initiatives and believe we are well positioned to generate stronger earnings growth as market conditions improve."

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