EX-13.(A)(IX) 12 c59555ex13-aix.txt INFORMATION UNDER THE CAPTION "11-YR FIN. REVIEW" 1 EXHIBIT 13(a)(ix) 11-YEAR FINANCIAL REVIEW --------------------------------------------------------------------------------
2000 1999 1998 1997 ----------------------------------------------------------------------------------------------------------------------- PER SHARE Equity .......................................................... $ 9.93 $ 8.77 $ 7.80 $ 7.06 Diluted Earnings from Continuing Operations ..................... 1.64 1.46 1.30 1.11 Diluted Net Earnings ............................................ 1.64 1.46 1.30 1.11 Dividends ....................................................... 0.4625 0.4525 0.4425 0.4350 Price: High ..................................................... 21.44 21.38 24.63 20.79 Low ...................................................... 16.06 14.25 14.25 13.33 ----------------------------------------------------------------------------------------------------------------------- EARNINGS DATA ($000) Net Sales ....................................................... $ 652,148 $ 477,869 $ 426,773 $ 394,264 Operating Profit ................................................. 75,987 56,077 51,663 44,424 Interest Expense ................................................ 11,534 3,733 2,336 2,759 Pretax Income ................................................... 63,487 55,615 51,347 44,192 Income Taxes .................................................... 23,201 20,137 19,262 17,164 Income from Continuing Operations ............................... 40,237 35,412 32,079 26,918 Income from Discontinued Operations ............................. -- -- -- -- Cumulative Effect of Accounting Changes ......................... -- -- -- -- Net Earnings .................................................... 40,237 35,412 32,079 26,918 Basic Average Shares Outstanding ................................ 24,270 23,970 24,268 24,133 Diluted Average Shares Outstanding .............................. 24,506 24,314 24,649 24,344 ---------------------------------------------------------------------------------------------------------------------- EARNINGS ANALYSIS Operating Margin ................................................ 11.7% 11.7% 12.1% 11.3% Pretax Margin ................................................... 9.7% 11.6% 12.0% 11.2% Effective Tax Rate .............................................. 36.5% 36.2% 37.5% 38.8% Net Margin-Continuing Operations ................................ 6.2% 7.4% 7.5% 6.8% Net Margin ...................................................... 6.2% 7.4% 7.5% 6.8% Return on Beginning Assets ...................................... 8.5% 11.6% 11.4% 10.1% Return on Beginning Shareholders' Equity ........................ 19.1% 19.0% 18.7% 17.4% Dividend Payout to Net Earnings ................................. 27.9% 30.5% 33.4% 38.2% ----------------------------------------------------------------------------------------------------------------------- BALANCE SHEET DATA ($000) Current Assets .................................................. $ 230,479 $ 227,670 $ 168,173 $ 160,527 Plant Assets, Net ............................................... 140,121 126,026 86,389 82,905 Total Assets .................................................... 501,930 472,991 305,766 282,519 Current Liabilities ............................................. 97,826 97,475 61,183 54,237 Long-Term Debt .................................................. 141,486 145,981 36,419 37,656 Shareholders' Equity ............................................ 242,093 210,718 186,807 171,162 ----------------------------------------------------------------------------------------------------------------------- BALANCE SHEET ANALYSIS ($000) Debt to Capitalization .......................................... 36.9% 40.9% 16.3% 18.0% Working Capital ................................................. $ 132,653 $ 130,195 $ 106,990 $ 106,290 Current Ratio ................................................... 2.4 2.3 2.7 3.0 ----------------------------------------------------------------------------------------------------------------------- CASH FLOW DATA ($000) From Operations ................................................. $ 54,130 $ 38,642 $ 42,267 $ 41,632 For Investment .................................................. (42,125) (160,658) (19,290) (8,193) From/(For) Financing ............................................ (15,862) 103,501 (19,943) (21,850) Change in Cash & Equivalents .................................... (3,881) (18,576) 2,997 11,497 Capital Expenditures ............................................ 29,005 21,822 15,825 11,349 Depreciation & Amortization ..................................... 21,079 15,372 12,380 11,600 Dividends Paid .................................................. 11,207 10,814 10,717 10,290 Net Interest Expense ............................................ 10,836 2,282 1,053 1,739 Income Taxes Paid ............................................... 16,458 22,234 16,199 15,112 EBITDA(*)........................................................ 97,066 71,449 64,043 56,024 -----------------------------------------------------------------------------------------------------------------------
(*) Operating profit before depreciation and amortization 26 CLARCOR 2 --------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990 ---------------------------------------------------------------------------------------------- $ 6.46 $ 5.79 $ 5.18 $ 4.63 $ 4.39 $ 4.26 $ 3.73 1.07 0.97 0.87 0.72 0.66 0.78 0.80 1.07 0.97 0.89 0.72 0.56 0.79 0.85 0.4283 0.4217 0.4150 0.4067 0.4000 0.3667 0.3467 16.75 18.00 14.92 13.33 15.00 15.11 11.89 12.42 12.08 10.58 10.67 10.00 8.67 7.89 ---------------------------------------------------------------------------------------------- $ 372,382 $ 330,110 $ 300,450 $ 253,211 $ 218,172 $ 213,999 $ 197,917 42,596 38,728 33,188 29,960 27,810 32,204 31,407 3,822 3,418 3,298 3,979 4,438 4,402 4,189 41,405 36,631 31,886 27,221 24,930 28,778 30,325 15,315 13,060 12,057 9,944 8,941 10,095 11,008 25,945 23,500 20,786 17,277 15,989 18,683 19,317 -- -- -- -- -- 297 1,200 -- -- 630 -- (2,370) -- -- 25,945 23,500 21,416 17,277 13,619 18,980 20,475 23,908 23,850 23,804 23,831 24,030 23,915 23,931 24,217 24,205 24,030 24,076 24,346 23,988 24,145 ---------------------------------------------------------------------------------------------- 11.4% 11.7% 11.0% 11.8% 12.7% 15.0% 15.9% 11.1% 11.1% 10.6% 10.8% 11.4% 13.4% 15.3% 37.0% 35.7% 37.8% 36.5% 35.9% 35.1% 36.3% 7.0% 7.1% 6.9% 6.8% 7.3% 8.7% 9.8% 7.0% 7.1% 7.1% 6.8% 6.2% 8.9% 10.3% 10.6% 11.4% 11.2% 9.5% 7.6% 11.6% 14.0% 18.8% 19.1% 19.4% 16.4% 13.4% 21.3% 26.0% 36.7% 39.7% 43.0% 52.3% 65.8% 43.0% 37.6% ---------------------------------------------------------------------------------------------- $ 140,726 $ 133,286 $ 109,992 $ 97,569 $ 105,067 $ 87,322 $ 83,988 84,525 73,047 58,787 53,839 42,324 52,324 47,498 267,019 245,697 206,928 191,657 181,660 179,337 164,294 51,297 49,841 43,926 37,647 30,559 25,977 25,783 43,449 41,860 25,090 32,650 38,534 45,406 44,363 154,681 138,144 122,801 110,299 105,460 102,000 89,076 ---------------------------------------------------------------------------------------------- 21.9% 23.3% 17.0% 22.8% 26.8% 30.8% 33.2% $ 89,429 $ 83,445 $ 66,066 $ 59,922 $ 74,508 $ 61,345 $ 58,205 2.7 2.7 2.5 2.6 3.4 3.4 3.3 ---------------------------------------------------------------------------------------------- $ 26,675 $ 21,092 $ 25,670 $ 20,727 $ 23,456 $ 19,012 $ 25,109 (18,934) (29,044) (1,159) (74) (7,737) (15,848) (9,689) (8,774) 7,226 (18,656) (22,772) (9,929) (8,059) (5,577) (964) (684) 5,912 (2,197) 5,811 (4,895) 9,843 22,230 14,471 12,119 10,776 8,290 10,804 9,685 10,704 9,145 8,166 7,227 8,387 7,722 7,565 9,512 9,330 9,201 9,036 8,958 8,165 7,708 2,991 2,560 2,750 3,104 4,140 3,280 3,657 11,230 11,939 10,194 10,059 11,200 9,693 10,811 53,300 47,873 41,354 37,187 36,197 39,926 38,972 ----------------------------------------------------------------------------------------------
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