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Letter to the Editor
Friday February 23
Valspar Reports Q1 Results
The Valspar Corporation, a global coatings company, has reported net income for the first quarter ended January 26, 2007 of $23,598,000 compared to net income of $22,541,000 for the comparable period last year. Last year's results included expenses of $0.01 per diluted share related to the Company's manufacturing rationalization plan. Sales for the quarter increased 10.3% to $694,523,000 compared to $629,765,000 last year.Commenting on the first quarter results and outlook for the year, William L. Mansfield, President and Chief Executive Officer, said "We are seeing soft demand in architectural paints and portions of our industrial coatings product lines related to the slowdown in U.S. residential construction spending. Our acquired businesses -- Huarun Paints, H.B. Fuller powder coatings and our coil coatings joint venture in Brazil -- are all performing well and the Valspar brand initiative is building momentum leading up to the nationwide launch this Spring. While we anticipate another quarter of difficult comparison with last year's strong first half performance, we continue to expect Valspar's fiscal 2007 earnings per share to be in the range of $1.80 to $1.90."
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