EX-13 4 a201210kex13.htm EXHIBIT 13 2012 10K EX.13


Exhibit 13
CLARCOR Inc.
11-Year Financial Review
(Dollars in Thousands except Per Share Data)
 
2012
 
2011
 
2010
 
2009
 
2008
 
2007
 
2006
 
2005
 
2004
 
2003
 
2002
PER COMMON SHARE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity attributable to CLARCOR
$
18.14

 
$
16.65

 
$
15.03

 
$
13.63

 
$
12.83

 
$
11.29

 
$
10.52

 
$
9.36

 
$
8.36

 
$
7.32

 
$
6.33

Diluted Net Earnings attributable to CLARCOR
2.42

 
2.42

 
1.88

 
1.40

 
1.86

 
1.78

 
1.59

 
1.46

 
1.24

 
1.08

 
0.93

Dividends
0.4950

 
0.4350

 
0.3975

 
0.3675

 
0.3300

 
0.2975

 
0.2750

 
0.2588

 
0.2513

 
0.2463

 
0.2413

Price - High
54.22

 
49.60

 
42.20

 
34.64

 
44.25

 
44.01

 
36.72

 
31.98

 
26.30

 
22.97

 
17.00

Price - Low
42.75

 
39.13

 
30.41

 
23.05

 
25.03

 
29.57

 
26.87

 
24.60

 
20.08

 
15.53

 
12.52

EARNINGS DATA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Sales
$
1,121,765

 
$
1,126,601

 
$
1,011,429

 
$
907,748

 
$
1,059,601

 
$
921,191

 
$
904,347

 
$
873,974

 
$
787,686

 
$
741,358

 
$
715,563

Operating Profit
182,714

 
181,267

 
144,649

 
105,733

 
151,923

 
129,814

 
126,328

 
118,492

 
98,177

 
87,062

 
77,775

Interest Expense
527

 
469

 
546

 
2,120

 
6,532

 
1,010

 
814

 
636

 
446

 
1,767

 
6,073

Pretax Income
182,997

 
181,308

 
143,423

 
105,649

 
145,371

 
130,509

 
126,941

 
117,922

 
99,060

 
86,059

 
71,450

Income Taxes
59,657

 
56,947

 
47,072

 
33,819

 
49,310

 
39,675

 
43,795

 
40,968

 
34,717

 
31,371

 
24,773

Net Earnings
123,340

 
124,361

 
96,351

 
71,830

 
96,061

 
90,834

 
83,146

 
76,954

 
64,343

 
54,688

 
46,677

Diluted Average Shares Outstanding
50,882

 
51,191

 
51,156

 
51,120

 
51,466

 
50,885

 
52,177

 
52,216

 
51,507

 
50,746

 
50,344

EARNINGS ANALYSIS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Margin
16.3
%
 
16.1
%
 
14.3
%
 
11.6
%
 
14.3
%
 
14.1
%
 
14.0
%
 
13.6
%
 
12.5
%
 
11.7
%
 
10.9
%
Pretax Margin
16.3
%
 
16.1
%
 
14.2
%
 
11.6
%
 
13.7
%
 
14.2
%
 
14.0
%
 
13.5
%
 
12.6
%
 
11.6
%
 
10.0
%
Effective Tax Rate
32.6
%
 
31.4
%
 
32.8
%
 
32.0
%
 
33.9
%
 
30.4
%
 
34.5
%
 
34.7
%
 
35.0
%
 
36.5
%
 
34.7
%
Net Margin
11.0
%
 
11.0
%
 
9.5
%
 
7.9
%
 
9.1
%
 
9.9
%
 
9.2
%
 
8.8
%
 
8.2
%
 
7.4
%
 
6.5
%
Return on Beginning Assets
10.9
%
 
11.9
%
 
9.9
%
 
7.5
%
 
13.0
%
 
12.5
%
 
12.3
%
 
12.3
%
 
12.0
%
 
10.0
%
 
8.8
%
Return on Beginning Shareholders' Equity
14.8
%
 
16.4
%
 
14.0
%
 
11.0
%
 
17.2
%
 
16.8
%
 
17.2
%
 
17.9
%
 
17.3
%
 
17.3
%
 
17.0
%
Dividend Payout to Net Earnings
20.3
%
 
17.7
%
 
21.0
%
 
26.1
%
 
17.6
%
 
16.6
%
 
17.2
%
 
17.5
%
 
20.1
%
 
22.7
%
 
25.7
%
BALANCE SHEET
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and Short-Term Investments (A)
$
186,062

 
$
157,104

 
$
117,730

 
$
91,448

 
$
47,984

 
$
40,943

 
$
61,246

 
$
28,902

 
$
22,520

 
$
8,348

 
$
13,747

Current Assets
654,594

 
600,899

 
526,273

 
448,528

 
432,571

 
371,920

 
380,340

 
324,933

 
303,990

 
257,402

 
259,746

Plant Assets, Net
195,101

 
184,992

 
181,175

 
188,091

 
192,599

 
169,212

 
146,529

 
149,505

 
142,242

 
129,572

 
132,892

Total Assets
1,205,502

 
1,134,933

 
1,042,411

 
973,890

 
957,882

 
739,135

 
727,516

 
675,272

 
627,797

 
538,237

 
546,119

Current Liabilities
174,891

 
160,050

 
163,457

 
131,942

 
143,503

 
114,171

 
118,428

 
121,470

 
126,272

 
111,373

 
174,255

Long-Term Debt
16,391

 
15,981

 
17,331

 
52,096

 
83,822

 
17,329

 
15,946

 
16,009

 
24,130

 
16,913

 
22,648

Redeemable Noncontrolling Interests
1,754

 
1,557

 
1,568

 
1,412

 
1,179

 
2,386

 
(47
)
 
602

 
513

 
531

 
382

Shareholders' Equity
901,830

 
835,558

 
757,527

 
688,475

 
654,752

 
557,921

 
539,212

 
484,214

 
429,594

 
371,539

 
315,615

BALANCE SHEET ANALYSIS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt to Capitalization (B)
1.8
%
 
2.0
%
 
2.3
%
 
7.0
%
 
11.4
%
 
3.0
%
 
2.9
%
 
3.2
%
 
5.4
%
 
4.5
%
 
22.4
%
Working Capital
$
479,703

 
$
440,849

 
$
362,816

 
$
316,586

 
$
289,068

 
$
257,749

 
$
261,912

 
$
203,463

 
$
177,718

 
$
146,029

 
$
85,491

Current Ratio
3.7

 
3.8

 
3.2

 
3.4

 
3.0

 
3.3

 
3.2

 
2.7

 
2.4

 
2.3

 
1.5

CASH FLOW DATA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
From Operations
$
135,850

 
$
119,549

 
$
143,402

 
$
113,693

 
$
107,136

 
$
137,324

 
$
63,581

 
$
89,346

 
$
71,806

 
$
85,396

 
$
85,019

For Investment
(51,210
)
 
(39,164
)
 
(21,836
)
 
(29,899
)
 
(108,900
)
 
(47,867
)
 
(21,342
)
 
(51,512
)
 
(62,209
)
 
(12,986
)
 
(18,978
)
From/(For) Financing
(55,792
)
 
(39,903
)
 
(62,526
)
 
(69,999
)
 
16,155

 
(85,522
)
 
(33,641
)
 
(35,699
)
 
1,063

 
(80,669
)
 
(59,774
)
Change in Cash & Equivalents
29,497

 
38,977

 
57,745

 
18,562

 
4,656

 
7,008

 
10,549

 
1,082

 
11,572

 
(7,899
)
 
6,329

Capital Expenditures
36,468

 
22,486

 
23,371

 
21,740

 
34,908

 
37,024

 
17,588

 
24,032

 
22,352

 
13,042

 
12,204

Depreciation & Amortization
31,815

 
32,435

 
30,921

 
30,962

 
30,388

 
23,389

 
23,079

 
21,087

 
19,151

 
18,985

 
19,760

Dividends Paid
24,912

 
21,961

 
20,143

 
18,682

 
16,845

 
15,024

 
14,203

 
13,385

 
12,834

 
12,406

 
11,975

Net Interest Expense (Income)
(73
)
 
(180
)
 
258

 
1,842

 
5,159

 
(609
)
 
(913
)
 
(292
)
 
61

 
1,532

 
5,612

Income Taxes Paid
43,042

 
37,959

 
54,560

 
32,208

 
42,346

 
41,517

 
44,446

 
29,483

 
25,633

 
22,607

 
17,678


(A) Cash and cash equivalents plus Short-term investments per the Consolidated Balance Sheets.
(B) Total Debt (current and long-term) divided by Total Debt plus Shareholders' Equity.