Exhibit 99.1





FOR IMMEDIATE RELEASE



VALSPAR REPORTS FIRST QUARTER RESULTS



Reaffirms Full Year Guidance



MINNEAPOLIS, February 12, 2007 The Valspar Corporation (NYSEVAL), a leading global coatings company, today reported net income for the first quarter ended January 26, 2007 of $23,598,000 or $0.23 per diluted share compared to net income of $22,541,000 or $0.22 per diluted share 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.



For further information, contact Lori A. Walker, Vice President, Treasurer and Controller at Valspar / 612-375-7350.



Note:Valspar will host a conference call on Monday, February 12th at 10:00 AM CST.  The call can be heard live over the Internet at Valspars website athttp://www.valsparglobal.com under Investor Relations.  Those unable to participate during the live broadcast can access an archive of the call on the Valspar website.  A taped replay of the call can also be accessed by dialing 1-800-475-6701 in the U.S. or 320-365-3844 outside the U.S. beginning at 3:15 PM, using access code 861896.

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This press release contains certain forward-looking statements.  These forward-looking statements are based on managements expectations and beliefs concerning future events.  Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company that could cause actual results to differ materially from such statements.  These uncertainties and other factors include, but are not limited to, dependence of internal earnings growth on economic conditions and growth in the domestic and international coatings industry; risks related to any future acquisitions, including risks of adverse changes in the results of acquired businesses and the assumption of unforeseen liabilities; risks of disruptions in business resulting from the integration process and higher interest costs resulting from further borrowing for any such
acquisitions; our reliance on the efforts of vendors, government agencies, utilities and other third parties to achieve adequate compliance and avoid disruption of our business; risks of disruptions in business resulting from the Companys relationships with customers and suppliers; unusual weather conditions adversely affecting sales; changes in raw materials pricing and availability; delays in passing along cost increases to customers; changes in governmental regulation, including more stringent environmental, health and safety regulations; the nature, cost and outcome of pending and future litigation and other legal proceedings; the outbreak of war and other significant national and international events; and other risks and uncertainties.  The foregoing list is not exhaustive, and the Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.

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COMPARATIVE CONSOLIDATED EARNINGS

For the Quarters Ended January 26, 2007 and January 27, 2006



(Dollars in thousands, except per share amounts)
        
        
        
        First Quarter(Unaudited)
        
        
        First Quarter(Unaudited)2007
        
        
        2006Net Sales
        
        
        $
        694,523
        
        $
        629,765Cost of Sales
        
        
        
        495,439
        
        
        449,289Operating Expenses
        
        
        
        147,865
        
        
        133,939Income From Operations
        
        
        
        51,219
        
        
        46,537Interest Expense
        
        
        
        14,691
        
        
        10,780Other Expense/(Income), Net
        
        
        
        2,426
        
        
        809Income Before Income Taxes
        
        
        
        34,102
        
        
        34,948Income Taxes
        
        
        
        10,504
        
        
        12,407Net Income
        
        
        $
        23,598
        
        $
        22,541Net Income per Common Share-basic
        
        
        $
        0.23
        
        $
        0.22Net Income per Common Share-diluted
        
        
        $
        0.23
        
        $
        0.22Average Number of Shares O/S-basic
        
        
        
        101,761,769
        
        
        100,441,966Average Number of Shares O/S-diluted
        
        
        
        103,544,940
        
        
        102,233,523




THE VALSPAR CORPORATION

CONSOLIDATED BALANCE SHEETS



(Dollars in thousands)
        
        January 26,2007
        
        October 27,2006
        
        
        January 27,2006Assets
        
        (Unaudited)
        
        
        
        
        (Unaudited)Current Assets:Cash and Cash Equivalents
        $
        90,924
        $
        88,238
        
        $
        51,447Accounts Receivable, Net
        
        438,184
        
        475,736
        
        
        413,924Inventories
        
        304,883
        
        281,817
        
        
        250,449Other
        
        120,927
        
        122,526
        
        
        118,753Total Current Assets
        
        954,918
        
        968,317
        
        
        834,573Goodwill, Net
        
        1,421,524
        
        1,336,098
        
        
        1,063,090Other Assets, Net
        
        437,131
        
        427,515
        
        
        382,294Property, Plant & Equipment, Net
        
        474,333
        
        459,605
        
        
        419,207Total Assets
        $
        3,287,906
        $
        3,191,535
        
        $
        2,699,164Liabilities and Stockholders' EquityCurrent Liabilities:Notes Payable to Banks
        $
        757,520
        $
        489,163
        
        $
        38,996Trade Accounts Payable
        
        328,141
        
        368,159
        
        
        259,837Income Taxes
        
        31,501
        
        38,455
        
        
        37,616Accrued Liabilities
        
        226,726
        
        301,100
        
        
        235,608Total Current Liabilities
        
        1,343,888
        
        1,196,877
        
        
        572,057Long Term Debt
        
        267,053
        
        350,267
        
        
        699,783Deferred Liabilities
        
        367,226
        
        385,605
        
        
        345,923Mandatorily Redeemable Stock
        
        23,790
        
        18,723
        
        
        Stockholders' Equity
        
        1,285,949
        
        1,240,063
        
        
        1,081,401Total Liabilities and Stockholders' Equity
        $
        3,287,906
        $
        3,191,535
        
        $
        2,699,164




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The Valspar Corporation

Other Financial Data

Dollars in millions, except per share amounts



Quarter 12007
        
        
        2006I.
        Comparison year over yearEarnings Per ShareDiluted EPS, reported
        
        
        $
        0.23
        
        $
        0.22Adjustments Per Share, net of tax:Manufacturing Rationalization, net
        
        
        $
        
        
        $
        0.01Favorable tax adjustments
        
        
        $
        0.01
        
        $
        Gross Margin, as a percentage of net salesGross Margin, reported
        
        
        
        28.7%
        
        
        28.7%Gross Margin, adjusted for net cost ofmanufacturing rationalization
        
        
        
        28.7%
        
        
        29.0%Operating Profit, as a percentage of net salesOperating Profit, reported
        
        
        
        7.4%
        
        
        7.4%Operating Profit, adjusted for net cost ofmanufacturing rationalization
        
        
        
        7.4%
        
        
        7.7%Quarter 12007
        
        
        2006II.
        Segment DataSalesPaint
        
        
        $
        219.7
        
        $
        187.7Coatings
        
        
        $
        412.3
        
        $
        381.0All Other less intersegment sales
        
        
        $
        62.5
        
        $
        61.1Total
        
        
        $
        694.5
        
        $
        629.8Earnings Before Interest and Taxes (EBIT)*Paint
        
        
        $
        19.6
        
        $
        7.2Coatings
        
        
        $
        34.6
        
        $
        41.2All Other
        
        
        $
        (5.4)
        
        $
        (2.7)Total
        
        
        $
        48.8
        
        $
        45.7




*
        Certain amounts in prior years financial statements have been reclassified to conform with the 2007 presentation.


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