Clarcor (CLC) Inactive 10-K2006 FY Annual report

Filed: 1 Feb 07, 12:00am

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Exhibit 13

11-YEAR FINANCIAL REVIEW


	2006			2005(B)			2004			2003			2002			2001			2000(B)			1999			1998			1997			1996

PER SHARE
Equity	$	10.52		$	9.36		$	8.36		$	7.32		$	6.33		$	5.57		$	4.96		$	4.39		$	3.90		$	3.53		$	3.23
Diluted Net Earnings		1.59			1.46			1.24			1.08			0.93			0.84			0.82			0.73			0.65			0.55			0.54
Dividends		0.2750			0.2588			0.2513			0.2463			0.2413			0.2363			0.2313			0.2263			0.2213			0.2175			0.2142
Price: High		36.72			31.98			26.30			22.97			17.00			13.80			10.72			10.69			12.31			10.40			8.38
Low		26.87			24.60			20.08			15.53			12.52			8.44			8.03			7.13			7.13			6.67			6.21

EARNINGS DATA ($000)
Net Sales	$	904,347		$	873,974		$	787,686		$	741,358		$	715,563		$	666,964		$	652,148		$	477,869		$	426,773		$	394,264		$	372,382
Operating Profit		126,328			118,492			98,177			87,062			77,775			75,810			75,987			56,077			51,663			44,424			42,596
Interest Expense		814			636			446			1,767			6,073			10,270			11,534			3,733			2,336			2,759			3,822
Pretax Income		126,941			117,922			99,060			86,059			71,450			65,734			63,487			55,615			51,347			44,192			41,405
Income Taxes		43,795			40,968			34,717			31,371			24,773			23,804			23,201			20,137			19,262			17,164			15,315
Net Earnings		82,710			76,393			63,997			54,552			46,601			41,893			40,237			35,412			32,079			26,918			25,945
Diluted Average Shares Outstanding		52,177			52,216			51,507			50,746			50,344			49,784			49,012			48,628			49,297			48,688			48,434

EARNINGS ANALYSIS
Operating Margin		14.0	%		13.6	%		12.5	%		11.7	%		10.9	%		11.4	%		11.7	%		11.7	%		12.1	%		11.3	%		11.4	%
Pretax Margin		14.0	%		13.5	%		12.6	%		11.6	%		10.0	%		9.9	%		9.7	%		11.6	%		12.0	%		11.2	%		11.1	%
Effective Tax Rate		34.5	%		34.7	%		35.0	%		36.5	%		34.7	%		36.2	%		36.5	%		36.2	%		37.5	%		38.8	%		37.0	%
Net Margin		9.1	%		8.7	%		8.1	%		7.4	%		6.5	%		6.3	%		6.2	%		7.4	%		7.5	%		6.8	%		7.0	%
Return on Beginning Assets		12.2	%		12.2	%		11.9	%		10.0	%		8.8	%		8.3	%		8.5	%		11.6	%		11.4	%		10.1	%		10.6	%
Return on Beginning Shareholders’ Equity		17.1	%		17.8	%		17.3	%		17.3	%		17.0	%		17.3	%		19.1	%		19.0	%		18.7	%		17.4	%		18.8	%
Dividend Payout to Net Earnings		17.2	%		17.5	%		20.1	%		22.7	%		25.7	%		27.6	%		27.9	%		30.5	%		33.4	%		38.2	%		36.7	%


	2006			2005(B)			2004			2003			2002			2001			2000(B)			1999			1998			1997			1996

BALANCE SHEET ($000)
Current Assets	$	380,340		$	324,933		$	303,990		$	257,402		$	259,746		$	244,350		$	230,479		$	227,670		$	168,173		$	160,527		$	140,726
Plant Assets, Net		146,529			149,505			142,242			129,572			132,892			137,316			140,121			126,026			86,389			82,905			84,525
Total Assets		727,516			675,272			627,797			538,237			546,119			530,617			501,930			472,991			305,766			282,519			267,019
Current Liabilities		118,428			121,470			126,272			111,373			174,255			94,931			97,826			97,475			61,183			54,237			51,297
Long-Term Debt		15,946			16,009			24,130			16,913			22,648			135,203			141,486			145,981			36,419			37,656			43,449
Shareholders’ Equity		537,509			482,833			428,462			370,392			315,461			274,261			242,093			210,718			186,807			171,162			154,681

BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization(A)		2.9	%		3.3	%		5.4	%		4.5	%		22.4	%		33.9	%		37.8	%		41.8	%		16.5	%		18.5	%		24.8	%
Working Capital	$	261,912		$	203,463		$	177,718		$	146,029		$	85,491		$	149,419		$	132,653		$	130,195		$	106,990		$	106,290		$	89,429
Current Ratio		3.2			2.7			2.4			2.3			1.5			2.6			2.4			2.3			2.7			3.0			2.7

CASH FLOW DATA ($000)
From Operations	$	63,581		$	89,346		$	71,806		$	85,396		$	85,019		$	63,290		$	54,130		$	38,642		$	42,267		$	41,632		$	26,675
For Investment		(21,342	)		(51,512	)		(62,209	)		(12,986	)		(18,978	)		(51,353	)		(42,125	)		(160,658	)		(19,290	)		(8,193	)		(18,934	)
From/(For) Financing		(33,641	)		(35,699	)		1,063			(80,669	)		(59,774	)		(15,326	)		(15,862	)		103,501			(19,943	)		(21,850	)		(8,774	)
Change in Cash & Equivalents		10,549			1,082			11,572			(7,899	)		6,329			(3,446	)		(3,881	)		(18,576	)		2,997			11,497			(964	)
Capital Expenditures		17,588			24,032			22,352			13,042			12,204			18,204			29,005			21,822			15,825			11,349			22,230
Depreciation & Amortization		23,079			21,087			19,151			18,985			19,760			21,850			21,079			15,372			12,380			11,600			10,704
Dividends Paid		14,203			13,385			12,834			12,406			11,975			11,575			11,207			10,814			10,717			10,290			9,512
Net Interest Expense		(913	)		(292	)		61			1,532			5,612			9,616			10,836			2,282			1,053			1,739			2,991
Income Taxes Paid		44,446			29,483			25,633			22,607			17,678			26,858			16,458			22,234			16,199			15,112			11,230


(A)	Total Debt (current and long-term) divided by Total Debt plus Shareholders’ Equity.


(B)	Fiscal years 2005 and 2000 include fifty-three weeks; all other fiscal years presented include fifty-two weeks.

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