VALSPAR CORP
CIK:0000102741|SEC Filings
Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Apr. 28, 2017 |
Apr. 29, 2016 |
Apr. 28, 2017 |
Apr. 29, 2016 |
|
| Income Statement [Abstract] | ||||
| Net sales | $ 1,095,833 | $ 1,056,797 | $ 2,003,485 | $ 1,942,553 |
| Cost of sales | 719,926 | 655,356 | 1,317,059 | 1,222,485 |
| Gross profit | 375,907 | 401,441 | 686,426 | 720,068 |
| Research and development | 35,487 | 35,591 | 68,708 | 68,119 |
| Selling, general and administrative | 212,382 | 234,925 | 415,089 | 427,316 |
| Operating expenses | 247,869 | 270,516 | 483,797 | 495,435 |
| Income from operations | 128,038 | 130,925 | 202,629 | 224,633 |
| Interest expense | 22,844 | 22,789 | 45,388 | 45,204 |
| Other (income) expense - net | (2,146) | 751 | (2,822) | 1,366 |
| Income before income taxes | 107,340 | 107,385 | 160,063 | 178,063 |
| Income taxes | 31,793 | 27,358 | 43,769 | 45,605 |
| Net income | $ 75,547 | $ 80,027 | $ 116,294 | $ 132,458 |
| Net income per common share - basic (in dollars per share) | $ 0.95 | $ 1.01 | $ 1.47 | $ 1.68 |
| Net income per common share - diluted (in dollars per share) | $ 0.93 | $ 0.99 | $ 1.43 | $ 1.64 |
| Average number of common shares outstanding | ||||
| - basic (in shares) | 79,347,312 | 78,955,687 | 79,308,624 | 78,858,226 |
| - diluted (in shares) | 81,504,531 | 80,878,849 | 81,424,897 | 80,739,760 |
| Dividends paid per common share (in dollars per share) | $ 0.37 | $ 0.33 | $ 0.74 | $ 0.66 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Apr. 28, 2017 |
Oct. 28, 2016 |
[1] | Apr. 29, 2016 |
||
|---|---|---|---|---|---|---|
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ 340,878 | $ 174,720 | $ 100,278 | |||
| Restricted cash | 9 | 857 | 734 | |||
| Accounts and notes receivable net of allowances (4/28/17 – $7,346; 10/28/16 – $7,502; 4/29/16 – $10,039) | 826,826 | 815,432 | 827,903 | |||
| Inventories | 542,082 | 473,294 | 536,483 | |||
| Deferred income taxes | 32,715 | 32,033 | 33,385 | |||
| Prepaid expenses and other | 104,824 | 98,288 | 119,828 | |||
| TOTAL CURRENT ASSETS | 1,847,334 | 1,594,624 | 1,618,611 | |||
| GOODWILL | 1,270,334 | 1,284,706 | 1,296,669 | |||
| INTANGIBLES, NET | 609,977 | 625,399 | 639,408 | |||
| OTHER ASSETS | 105,607 | 106,178 | 117,064 | |||
| LONG-TERM DEFERRED INCOME TAXES | 21,637 | 21,174 | 10,229 | |||
| Property, plant and equipment, gross | 1,778,024 | 1,682,456 | 1,642,467 | |||
| Less accumulated depreciation | (1,109,726) | (1,014,013) | (992,860) | |||
| PROPERTY, PLANT AND EQUIPMENT, NET | 668,298 | 668,443 | 649,607 | |||
| TOTAL ASSETS | 4,523,187 | 4,300,524 | 4,331,588 | |||
| CURRENT LIABILITIES: | ||||||
| Short-term debt | 284,279 | 71,339 | 333,100 | |||
| Current portion of long-term debt | 150,106 | 150,107 | 101 | |||
| Trade accounts payable | 605,640 | 553,152 | 533,741 | |||
| Income taxes payable | 13,971 | 28,216 | 21,503 | |||
| Other accrued liabilities | 403,227 | 463,006 | 393,282 | |||
| TOTAL CURRENT LIABILITIES | 1,457,223 | 1,265,820 | 1,281,727 | |||
| LONG-TERM DEBT, NET | 1,543,704 | 1,542,926 | 1,692,159 | |||
| LONG-TERM DEFERRED INCOME TAXES | 186,146 | 191,821 | 238,173 | |||
| OTHER LONG-TERM LIABILITIES | 166,590 | 186,534 | 151,316 | |||
| TOTAL LIABILITIES | 3,353,663 | 3,187,101 | 3,363,375 | |||
| STOCKHOLDERS' EQUITY: | ||||||
| Common stock (par value - $0.50; authorized - 250,000,000 shares; shares issued, including shares in treasury - 118,442,624) | 59,220 | 59,220 | 59,220 | |||
| Additional paid-in capital | 510,983 | 495,920 | 483,383 | |||
| Retained earnings | 2,518,831 | 2,458,101 | 2,289,952 | |||
| Accumulated other comprehensive income (loss) | (245,634) | (217,183) | (174,671) | |||
| Less cost of common stock in treasury (4/28/17 – 38,812,528 shares; 10/28/16 – 39,019,811 shares; 4/29/16 – 39,184,461 shares) | (1,673,876) | (1,682,635) | (1,689,671) | |||
| TOTAL STOCKHOLDERS' EQUITY | 1,169,524 | 1,113,423 | 968,213 | |||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 4,523,187 | $ 4,300,524 | $ 4,331,588 | |||
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