Clarcor (CLC) 10-K 2014 FY Annual report

Exhibit 13

CLARCOR Inc.

11-Year Financial Review (C)

(Dollars in Thousands except Per Share Data)

	2014			2013			2012			2011			2010			2009			2008			2007			2006			2005			2004
PER COMMON SHARE
Equity attributable to CLARCOR	$	21.99		$	20.78		$	18.14		$	16.65		$	15.03		$	13.63		$	12.83		$	11.29		$	10.52		$	9.36		$	8.36
Diluted Net Earnings attributable to CLARCOR	2.83			2.34			2.42			2.42			1.88			1.40			1.86			1.78			1.59			1.46			1.24
Dividends	0.7100			0.5750			0.4950			0.4350			0.3975			0.3675			0.3300			0.2975			0.2750			0.2588			0.2513
Price - High	67.60			61.34			54.22			49.60			42.20			34.64			44.25			44.01			36.72			31.98			26.30
Price - Low	52.70			45.02			42.75			39.13			30.41			23.05			25.03			29.57			26.87			24.60			20.08
EARNINGS DATA
Net Sales	$	1,512,854		$	1,130,770		$	1,121,765		$	1,126,601		$	1,011,429		$	907,748		$	1,059,601		$	921,191		$	904,347		$	873,974		$	787,686
Operating Profit	210,428			174,616			182,714			181,267			144,649			105,733			151,923			129,814			126,328			118,492			98,177
Interest Expense	3,700			615			527			469			546			2,120			6,532			1,010			814			636			446
Pretax Income	211,563			174,300			182,997			181,308			143,423			105,649			145,371			130,509			126,941			117,922			99,060
Income Taxes	67,380			55,950			59,657			56,947			47,072			33,819			49,310			39,675			43,795			40,968			34,717
Net Earnings	144,183			118,350			123,340			124,361			96,351			71,830			96,061			90,834			83,146			76,954			64,343
Diluted Average Shares Outstanding	50,871			50,539			50,882			51,191			51,156			51,120			51,466			50,885			52,177			52,216			51,507
EARNINGS ANALYSIS
Operating Margin	13.9		%	15.4		%	16.3		%	16.1		%	14.3		%	11.6		%	14.3		%	14.1		%	14.0		%	13.6		%	12.5		%
Pretax Margin	14.0		%	15.4		%	16.3		%	16.1		%	14.2		%	11.6		%	13.7		%	14.2		%	14.0		%	13.5		%	12.6		%
Effective Tax Rate	31.8		%	32.1		%	32.6		%	31.4		%	32.8		%	32.0		%	33.9		%	30.4		%	34.5		%	34.7		%	35.0		%
Net Margin	9.5		%	10.5		%	11.0		%	11.0		%	9.5		%	7.9		%	9.1		%	9.9		%	9.2		%	8.8		%	8.2		%
Return on Beginning Assets	10.0		%	9.8		%	10.9		%	11.9		%	9.9		%	7.5		%	13.0		%	12.5		%	12.3		%	12.3		%	12.0		%
Return on Beginning Shareholders' Equity	14.0		%	13.1		%	14.8		%	16.4		%	14.0		%	11.0		%	17.2		%	16.8		%	17.2		%	17.9		%	17.3		%
Dividend Payout to Net Earnings	24.8		%	24.3		%	20.3		%	17.7		%	21.0		%	26.1		%	17.6		%	16.6		%	17.2		%	17.5		%	20.1		%
BALANCE SHEET
Cash and Short-Term Investments (A)	$	94,064		$	412,325		$	186,062		$	157,104		$	117,730		$	91,448		$	47,984		$	40,943		$	61,246		$	28,902		$	22,520
Current Assets	728,907			892,121			654,594			600,899			526,273			448,528			432,571			371,920			380,340			324,933			303,990
Plant Assets, Net	288,356			208,953			195,101			184,992			181,175			188,091			192,599			169,212			146,529			149,505			142,242
Total Assets	1,888,769			1,448,843			1,205,502			1,134,933			1,042,411			973,890			957,882			739,135			727,516			675,272			627,797
Current Liabilities	224,380			207,761			174,891			160,050			163,457			131,942			143,503			114,171			118,428			121,470			126,272
Long-Term Debt	411,330			116,413			16,391			15,981			17,331			52,096			83,822			17,329			15,946			16,009			24,130
Redeemable Noncontrolling Interests	1,587			1,836			1,754			1,557			1,568			1,412			1,179			2,386			(47		)	602			513
Shareholders' Equity	1,105,103			1,032,873			901,830			835,558			757,527			688,475			654,752			557,921			539,212			484,214			429,594
BALANCE SHEET ANALYSIS
Debt to Capitalization (B)	27.1		%	13.9		%	1.8		%	2.0		%	2.3		%	7.0		%	11.4		%	3.0		%	2.9		%	3.2		%	5.4		%
Working Capital	$	504,527		$	684,360		$	479,703		$	440,849		$	362,816		$	316,586		$	289,068		$	257,749		$	261,912		$	203,463		$	177,718
Current Ratio	3.2			4.3			3.7			3.8			3.2			3.4			3.0			3.3			3.2			2.7			2.4
CASH FLOW DATA
From Operations	$	156,346		$	135,241		$	135,849		$	119,549		$	143,402		$	113,693		$	107,136		$	137,324		$	63,581		$	89,346		$	71,806
For Investment	(664,252		)	(42,090		)	(42,128		)	(33,527		)	(21,836		)	(29,899		)	(108,900		)	(47,867		)	(21,342		)	(51,512		)	(62,209		)
From/(For) Financing	188,680			132,582			(64,873		)	(45,540		)	(62,526		)	(69,999		)	16,155			(85,522		)	(33,641		)	(35,699		)	1,063
Change in Cash & Equivalents	(317,498		)	226,066			29,497			38,977			57,745			18,562			4,656			7,008			10,549			1,082			11,572
Capital Expenditures	69,681			44,651			36,468			22,486			23,371			21,740			34,908			37,024			17,588			24,032			22,352
Depreciation & Amortization	50,427			32,233			31,815			32,435			30,921			30,962			30,388			23,389			23,079			21,087			19,151
Dividends Paid	35,805			28,744			24,912			21,961			20,143			18,682			16,845			15,024			14,203			13,385			12,834
Net Interest Expense (Income)	3,028			(75		)	(73		)	(180		)	258			1,842			5,159			(609		)	(913		)	(292		)	61
Income Taxes Paid	67,534			42,602			43,821			37,959			54,560			32,208			42,346			41,517			44,446			29,483			25,633

^(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.

^(C) The financial information set forth in this Exhibit is not necessarily indicative of results of future operations and should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the accompanying Consolidated Financial Statements and related notes included elsewhere in the Form 10-K.