Valspar 8-K Pro Forma Condensed Consolidated Statement of Income

Exhibit 99.1

Pro Forma Condensed Consolidated Statement of Income

For the Year Ended October 28, 2016

(In thousands, except per share data)

	Valspar Corporation		Pro Forma Adjustments			Pro Forma Valspar Corporation
Net sales	$	4,190,552	$	(229,413	)	$	3,961,139
Cost of sales		2,654,968		(140,355	)		2,514,613
Gross profit		1,535,584		(89,058	)		1,446,526
Research and development		139,318		(8,657	)		130,661
Selling, general and administrative		867,227		(21,181	)		846,046
Operating expenses		1,006,545		(29,838	)		976,707
Income from operations		529,039		(59,220	)		469,819
Interest expense		90,560					90,560
Other expense - net		3,960					3,960
Income before income taxes		434,519		(59,220	)		375,299
Income taxes		81,479		(20,727	)		60,752
Net income	$	353,040	$	(38,493	)	$	314,547
Net income per common share - basic	$	4.47				$	3.98
Net income per common share - diluted	$	4.36				$	3.88
Average number of common shares outstanding
- basic		79,009,955					79,009,955
- diluted		81,019,976					81,019,976

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Unaudited Pro Forma Condensed Consolidated Statement of Income

For the Six Months Ended April 28, 2017

(In thousands, except per share data)

	Valspar Corporation			Pro Forma Adjustments			Pro Forma Valspar Corporation
Net sales	$	2,003,485		$	(119,236	)	$	1,884,249
Cost of sales		1,317,059			(75,430	)		1,241,629
Gross profit		686,426			(43,806	)		642,620
Research and development		68,708			(4,296	)		64,412
Selling, general and administrative		415,089			(10,929	)		404,160
Operating expenses		483,797			(15,225	)		468,572
Income from operations		202,629			(28,581	)		174,048
Interest expense		45,388						45,388
Other (income) - net		(2,822	)					(2,822	)
Income before income taxes		160,063			(28,581	)		131,482
Income taxes		43,769			(10,003	)		33,766
Net income	$	116,294		$	(18,578	)	$	97,716
Net income per common share - basic	$	1.47					$	1.23
Net income per common share - diluted	$	1.43					$	1.20
Average number of common shares outstanding
- basic		79,308,624						79,308,624
- diluted		81,424,897						81,424,897

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Unaudited Pro Forma Condensed Consolidated Balance Sheet

As of April 28, 2017

(In thousands, except per share data)

	Valspar Corporation		Pro Forma Adjustments			Pro Forma Valspar Corporation
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	340,878				$	340,878
Restricted cash		9					9
Accounts and notes receivable less allowances		826,826	$	(26,013	)		800,813
Inventories		542,082		(20,346	)		521,736
Deferred income taxes		32,715					32,715
Prepaid expenses and other		104,824		(36	)		104,788
TOTAL CURRENT ASSETS		1,847,334		(46,395	)		1,800,939
GOODWILL		1,270,334					1,270,334
INTANGIBLES, NET		609,977					609,977
OTHER ASSETS		105,607		(65	)		105,542
LONG-TERM DEFERRED INCOME TAXES		21,637					21,637
PROPERTY, PLANT AND EQUIPMENT, NET		668,298		(14,128	)		654,170
TOTAL ASSETS		4,523,187		(60,588	)		4,462,599
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term debt		284,279					284,279
Current portion of long-term debt		150,106					150,106
Trade accounts payable		605,640		(18,086	)		587,554
Income taxes payable		13,971					13,971
Other accrued liabilities		403,227		(9,989	)		393,238
TOTAL CURRENT LIABILITIES		1,457,223		(28,075	)		1,429,148
LONG-TERM DEBT, NET		1,543,704					1,543,704
LONG-TERM DEFERRED INCOME TAXES		186,146					186,146
OTHER LONG-TERM LIABILITIES		166,590					166,590
TOTAL LIABILITIES		3,353,663		(28,075	)		3,325,588
SHAREHOLDERS’ EQUITY:
TOTAL SHAREHOLDERS’ EQUITY		1,169,524		(32,513	)		1,137,011
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,523,187	$	(60,588	)	$	4,462,599

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