EX-13.(A)(III) 6 c82240exv13wxayxiiiy.txt CONSOLIDATED STATEMENT OF EARNINGS EXHIBIT 13(a)(iii) [A WORLD OF OPPORTUNITY LOGO] CONSOLIDATED STATEMENTS OF EARNINGS FOR THE YEARS ENDED NOVEMBER 30, 2003, 2002 AND 2001 (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
2003 2002 2001 --------------------------------------------------------------------------------------------------------- Net sales .................................................... $ 741,358 $ 715,563 $ 666,964 Cost of sales ................................................ 519,667 508,273 471,477 ----------------------------------------- Gross profit ........................................... 221,691 207,290 195,487 Selling and administrative expenses .......................... 134,629 129,515 119,677 ----------------------------------------- Operating profit ....................................... 87,062 77,775 75,810 ----------------------------------------- Other income (expense): Interest expense ........................................... (1,767) (6,073) (10,270) Interest income ............................................ 235 461 654 Other, net ................................................. 529 (713) (460) ----------------------------------------- (1,003) (6,325) (10,076) ----------------------------------------- Earnings before income taxes and minority interests .... 86,059 71,450 65,734 Provision for income taxes ................................... 31,371 24,773 23,804 ----------------------------------------- Earnings before minority interests ..................... 54,688 46,677 41,930 Minority interests in earnings of subsidiaries ............... (136) (76) (37) ----------------------------------------- Net earnings ................................................. $ 54,552 $ 46,601 $ 41,893 ========================================= Net earnings per common share: Basic ...................................................... $ 2.17 $ 1.88 $ 1.71 Diluted .................................................... $ 2.15 $ 1.85 $ 1.68 ========================================= Average number of common shares outstanding: Basic ...................................................... 25,106,561 24,839,812 24,535,199 Diluted .................................................... 25,372,806 25,171,931 24,892,062 =========================================
The accompanying notes are an integral part of the consolidated financial statements. CLARCOR 13