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Letter to the Editor

Valspar Q4 Earnings Up 65 Percent

Quarterly earnings rose to $40.5 million, or 77 cents per share, from $24.6 million, or 47 cents per share, last year. The year-ago earnings included a charge of 29 cents per share. Revenue for the period rose 4 percent to $645.1 million from $619 million, the company said.

For all of fiscal 2004, earnings rose 27 percent to $142.8 million, or $2.71 per share, from $112.5 million, or $2.17 per share, last year. Revenue for the year rose 8 percent to $2.44 billion from $2.25 billion a year ago.

Commenting on fourth quarter and full year results, Richard M. Rompala, Chairman and Chief Executive Officer, said, "While our results for 2004 were at the low end of the earnings range we expected a year ago, we believe we performed very well given the challenging environment. We achieved year-over- year comparable sales and earnings per share growth of ten percent despite unprecedented raw material cost increases and shortages. Nevertheless, raw material pressures, which were partially offset by manufacturing efficiencies, reduced our fourth quarter gross margin by about two percentage points. We have responded aggressively with expense controls, continued focus on productivity improvements, reallocation of raw materials where necessary and across-the-board pricing initiatives. While we believe first half earnings comparisons will be difficult, we expect to achieve another record year in 2005."

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