EX-13.(A)(IX) 11 c73959exv13wxayxixy.txt INFORMATION EXHIBIT 13(a)(ix) 11-YEAR FINANCIAL REVIEW
2002 2001 2000 1999 ---------- ---------- ---------- ---------- PER SHARE Equity ........................................ $ 12.66 $ 11.14 $ 9.93 $ 8.77 Diluted Earnings from Continuing Operations ... 1.85 1.68 1.64 1.46 Diluted Net Earnings .......................... 1.85 1.68 1.64 1.46 Dividends ..................................... 0.4825 0.4725 0.4625 0.4525 Price: High ................................... 34.00 27.59 21.44 21.38 Low .................................... 25.03 16.88 16.06 14.25 ---------- ---------- ---------- ---------- EARNINGS DATA ($000) Net Sales ..................................... $ 715,563 $ 666,964 $ 652,148 $ 477,869 Operating Profit .............................. 77,775 75,810 75,987 56,077 Interest Expense .............................. 6,073 10,270 11,534 3,733 Pretax Income ................................. 71,450 65,734 63,487 55,615 Income Taxes .................................. 24,773 23,804 23,201 20,137 Income from Continuing Operations ............. 46,601 41,893 40,237 35,412 Cumulative Effect of Accounting Changes ....... -- -- -- -- Net Earnings .................................. 46,601 41,893 40,237 35,412 Basic Average Shares Outstanding .............. 24,840 24,535 24,270 23,970 Diluted Average Shares Outstanding ............ 25,172 24,892 24,506 24,314 ---------- ---------- ---------- ---------- EARNINGS ANALYSIS Operating Margin .............................. 10.9% 11.4% 11.7% 11.7% Pretax Margin ................................. 10.0% 9.9% 9.7% 11.6% Effective Tax Rate ............................ 34.7% 36.2% 36.5% 36.2% Net Margin-Continuing Operations .............. 6.5% 6.3% 6.2% 7.4% Net Margin .................................... 6.5% 6.3% 6.2% 7.4% Return on Beginning Assets .................... 8.8% 8.3% 8.5% 11.6% Return on Beginning Shareholders' Equity ...... 17.0% 17.3% 19.1% 19.0% Dividend Payout to Net Earnings ............... 25.7% 27.6% 27.9% 30.5% ---------- ---------- ---------- ---------- BALANCE SHEET DATA ($000) Current Assets ................................ $ 259,746 $ 244,350 $ 230,479 $ 227,670 Plant Assets, Net ............................. 132,892 137,316 140,121 126,026 Total Assets .................................. 546,119 530,617 501,930 472,991 Current Liabilities ........................... 174,255 94,931 97,826 97,475 Long-Term Debt ................................ 22,648 135,203 141,486 145,981 Shareholders' Equity .......................... 315,461 274,261 242,093 210,718 ---------- ---------- ---------- ---------- BALANCE SHEET ANALYSIS ($000) Debt to Capitalization (A) .................... 22.4% 33.9% 37.8% 41.8% Working Capital ............................... $ 85,491 $ 149,419 $ 132,653 $ 130,195 Current Ratio ................................. 1.5 2.6 2.4 2.3 ---------- ---------- ---------- ---------- CASH FLOW DATA ($000) From Operations ............................... $ 85,019 $ 63,290 $ 54,130 $ 38,642 For Investment ................................ (18,978) (51,353) (42,125) (160,658) From/(For) Financing .......................... (59,774) (15,326) (15,862) 103,501 Change in Cash & Equivalents .................. 6,329 (3,446) (3,881) (18,576) Capital Expenditures .......................... 12,204 18,204 29,005 21,822 Depreciation & Amortization ................... 19,760 21,850 21,079 15,372 Dividends Paid ................................ 11,975 11,575 11,207 10,814 Net Interest Expense .......................... 5,612 9,616 10,836 2,282 Income Taxes Paid ............................. 17,678 26,858 16,458 22,234 Free Cash Flow (B) ............................ 60,840 33,511 13,918 6,006 ---------- ---------- ---------- ----------
(A) Total Debt (current and long-term) divided by Total Debt plus Shareholders' Equity. (B) Cash Flow From Operations less Capital Expenditures and Dividends Paid. 11-YEAR FINANCIAL REVIEW
1998 1997 1996 1995 1994 1993 1992 ---------- ---------- ---------- ---------- ---------- ---------- ---------- $ 7.80 $ 7.06 $ 6.46 $ 5.79 $ 5.18 $ 4.63 $ 4.39 1.30 1.11 1.07 0.97 0.87 0.72 0.66 1.30 1.11 1.07 0.97 0.89 0.72 0.56 0.4425 0.4350 0.4283 0.4217 0.4150 0.4067 0.4000 24.63 20.79 16.75 18.00 14.92 13.33 15.00 14.25 13.33 12.42 12.08 10.58 10.67 10.00 ---------- ---------- ---------- ---------- ---------- ---------- ---------- $ 426,773 $ 394,264 $ 372,382 $ 330,110 $ 300,450 $ 253,211 $ 218,172 51,663 44,424 42,596 38,728 33,188 29,960 27,810 2,336 2,759 3,822 3,418 3,298 3,979 4,438 51,347 44,192 41,405 36,631 31,886 27,221 24,930 19,262 17,164 15,315 13,060 12,057 9,944 8,941 32,079 26,918 25,945 23,500 20,786 17,277 15,989 -- -- -- -- 630 -- (2,370) 32,079 26,918 25,945 23,500 21,416 17,277 13,619 24,268 24,133 23,908 23,850 23,804 23,831 24,030 24,649 24,344 24,217 24,205 24,030 24,076 24,346 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 12.1% 11.3% 11.4% 11.7% 11.0% 11.8% 12.7% 12.0% 11.2% 11.1% 11.1% 10.6% 10.8% 11.4% 37.5% 38.8% 37.0% 35.7% 37.8% 36.5% 35.9% 7.5% 6.8% 7.0% 7.1% 6.9% 6.8% 7.3% 7.5% 6.8% 7.0% 7.1% 7.1% 6.8% 6.2% 11.4% 10.1% 10.6% 11.4% 11.2% 9.5% 7.6% 18.7% 17.4% 18.8% 19.1% 19.4% 16.4% 13.4% 33.4% 38.2% 36.7% 39.7% 43.0% 52.3% 65.8% ---------- ---------- ---------- ---------- ---------- ---------- ---------- $ 168,173 $ 160,527 $ 140,726 $ 133,286 $ 109,992 $ 97,569 $ 105,067 86,389 82,905 84,525 73,047 58,787 53,839 42,324 305,766 282,519 267,019 245,697 206,928 191,657 181,660 61,183 54,237 51,297 49,841 43,926 37,647 30,559 36,419 37,656 43,449 41,860 25,090 32,650 38,534 186,807 171,162 154,681 138,144 122,801 110,299 105,460 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 16.5% 18.5% 24.8% 26.4% 21.0% 29.6% 30.1% $ 106,990 $ 106,290 $ 89,429 $ 83,445 $ 66,066 $ 59,922 $ 74,508 2.7 3.0 2.7 2.7 2.5 2.6 3.4 ---------- ---------- ---------- ---------- ---------- ---------- ---------- $ 42,267 $ 41,632 $ 26,675 $ 21,092 $ 25,670 $ 20,727 $ 23,456 (19,290) (8,193) (18,934) (29,044) (1,159) (74) (7,737) (19,943) (21,850) (8,774) 7,226 (18,656) (22,772) (9,929) 2,997 11,497 (964) (684) 5,912 (2,197) 5,811 15,825 11,349 22,230 14,471 12,119 10,776 8,290 12,380 11,600 10,704 9,145 8,166 7,227 8,387 10,717 10,290 9,512 9,330 9,201 9,036 8,958 1,053 1,739 2,991 2,560 2,750 3,104 4,140 16,199 15,112 11,230 11,939 10,194 10,059 11,200 15,725 19,993 (5,067) (2,709) 4,350 915 6,208 ---------- ---------- ---------- ---------- ---------- ---------- ----------