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1989 1990
Revenues
Industrial Products 273,411 306,082
Irrigation Products 158,167 140,653
Intersegment Sales (857) (199)
Total 430,721 446,536
Earnings per share $ 1.38 $ 1.78 $ 1.34 $ (0.69) $ 1.14 $ 0.30 $ 0.37 $ 0.27 $ 0.41
Dividends per share $ 0.17 $ 0.22 $ 0.26 $ 0.26 $ 0.26 $ 0.065 $ 0.065 $ 0.065 $ 0.065
Average shares outstanding 11,120 11,604 11,635 11,527 11,583 11,751 11,700 11,750 11,780
Note: Estimate does not include FASB 109 charge to earnings of $4.9 million ($0.42) per share in the first quarter of 1993 or an estimated $4 million gain
($0.37 per share) in second quarter 1993 from the sale of a subsidiary.
Source: Dain Bosworth Incorporated, Research Update, "Valmont Industries, Inc." (June 14, 1993); and Valmont Industries, Inc. 1992 Annual Report.
Exhibit 3
VALMONT INDUSTRIES, INC,
Consolidated Balance Sheets
(fiscal year-end December 31; $000)
Shareholders' equity:
Common stock ($1 par) and paid-in capita 8,000 12,000 12,792 12,421 12,000
Retained earnings 75,856 85,918 98,951 87,997 98,224
Currency translation adjustment 548 1,065 1,972 2,029 1,439
84,404 98,983 113,715 102,447 111,663
Less:
Cost of common shares in treasury 5,301 46 1,768 969 145
Unearned restricted stock - - 558 397 200
Total shareholders' equity 79,103 98,937 111,389 101,081 111,318
Total liabilities and shareholders' equit 219,081 261,590 283,233 280,859 273,218
Fluorescent-ballast indsutry
Estimated unit volume, in m 1990 1991 1992 1993E
Magenetic ballasts 62.3 61.0 70.0 65.0
Electronic ballasts 5.5 10.0 13.0 25.0
Total 67.8 71.0 83.0 90.0
Exhibit 8
VALMONT INDUSTRIES, INC.
MagneTek Business-Segment Analysis
(fiscal year-end June 30; in millions of dollars)
Source: MagneTek Annual Report (June 30, 1993), and casewriter estimates.
Exhibit 9
VALMONT INDUSTRIES, INC.
Estimated Market-Share Data
Source: Lehman Brothers Report (August 19, 1993), and Bloomberg Data Service.