The Valspar Corp has announced net income, before non-recurring charges, of $24,708,000 for the fourth quarter ended Oct 26, 2001, an increase from fourth-quarter 2000's $24,174,000. Sales for the quarter rose 38% to $525,357,000, compared with $381,799,000 in 2000.
Net income for fiscal year 2001 before non-recurring charges was $73,704,000, compared with $86,466,000 for the previous fiscal year. Sales for the year climbed 30% to $1,920,970,000, compared with $1,483,320,000 in 2000.
Valspar recorded a $39.3-million pre-tax charge to earnings for the fiscal 2001 fourth quarter to eliminate redundant facilities resulting from the Lilly Industries acquisition and to accelerate performance improvement. Including this charge, the fourth quarter reported net income was $2,504,000. For the full year, reported net income was $51,500,000.