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11-YEAR FINANCIAL REVIEW EXHIBIT 13(a)(ix)
(Restated to reflect a 3-for-2 stock split effective April 24, 1998)
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1998 1997 1996 1995 1994 1993
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PER SHARE
Equity ......................................... $ 7.80 $ 7.06 $ 6.46 $ 5.79 $ 5.18 $ 4.63
Diluted Earnings from Continuing Operations .... 1.30 1.11 1.07 0.97 0.87 0.72
Diluted Net Earnings ........................... 1.30 1.11 1.07 0.97 0.89 0.72
Dividends ...................................... 0.4425 0.4350 0.4283 0.4217 0.4150 0.4067
Price: High .................................... 24.63 20.79 16.75 18.00 14.92 13.33
Low...................................... 14.25 13.33 12.42 12.08 10.58 10.67
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EARNINGS DATA ($000)
Net Sales ...................................... $ 426,773 $ 394,264 $ 372,382 $ 330,110 $ 300,450 $ 253,211
Operating Profit ............................... 51,663 44,424 42,596 38,728 33,188 29,960
Interest Expense ............................... 2,336 2,759 3,822 3,418 3,298 3,979
Pretax Income .................................. 51,347 44,192 41,405 36,631 31,886 27,221
Income Taxes ................................... 19,262 17,164 15,315 13,060 12,057 9,944
Income from Continuing Operations .............. 32,079 26,918 25,945 23,500 20,786 17,277
Income from Discontinued Operations ............ -- -- -- -- -- --
Cumulative Effect of Accounting Changes ........ -- -- -- -- 630 --
Net Earnings ................................... 32,079 26,918 25,945 23,500 21,416 17,277
Basic Average Shares Outstanding ............... 24,268 24,133 23,908 23,850 23,804 23,831
Diluted Average Shares Outstanding ............. 24,649 24,344 24,217 24,205 24,030 24,076
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EARNINGS ANALYSIS
Operating Margin ............................... 12.1% 11.3% 11.4% 11.7% 11.0% 11.8%
Pretax Margin .................................. 12.0% 11.2% 11.1% 11.1% 10.6% 10.8%
Effective Tax Rate ............................. 37.5% 38.8% 37.0% 35.7% 37.8% 36.5%
Net Margin-Continuing Operations ............... 7.5% 6.8% 7.0% 7.1% 6.9% 6.8%
Net Margin ..................................... 7.5% 6.8% 7.0% 7.1% 7.1% 6.8%
Return on Beginning Assets ..................... 11.4% 10.1% 10.6% 11.4% 11.2% 9.5%
Return on Beginning Shareholders' Equity ....... 18.7% 17.4% 18.8% 19.1% 19.4% 16.4%
Dividend Payout to Net Earnings ................ 33.4% 38.2% 36.7% 39.7% 43.0% 52.3%
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BALANCE SHEET DATA ($000)
Current Assets ................................. $ 168,173 $ 160,527 $ 140,726 $ 133,286 $ 109,992 $ 97,569
Plant Assets, Net .............................. 86,389 82,905 84,525 73,047 58,787 53,839
Total Assets ................................... 305,766 282,519 267,019 245,697 206,928 191,657
Current Liabilities ............................ 61,183 54,237 51,297 49,841 43,926 37,647
Long-Term Debt ................................. 36,419 37,656 43,449 41,860 25,090 32,650
Shareholders' Equity ........................... 186,807 171,162 154,681 138,144 122,801 110,299
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BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization ......................... 16.3% 18.0% 21.9% 23.3% 17.0% 22.8%
Working Capital ................................ $ 106,990 $ 106,290 $ 89,429 $ 83,445 $ 66,066 $ 59,922
Current Ratio .................................. 2.7 3.0 2.7 2.7 2.5 2.6
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CASH FLOW DATA ($000)
From Operations ................................ 42,267 $ 41,632 $ 26,675 $ 21,092 $ 25,670 $ 20,727
For Investment ................................. (19,290) (8,193) (18,934) (29,044) (1,159) (74)
From/(For) Financing ........................... (19,943) (21,850) (8,774) 7,226 (18,656) (22,772)
Change in Cash & Equivalents ................... 2,997 11,497 (964) (684) 5,912 (2,197)
Capital Expenditures ........................... 15,825 11,349 22,230 14,471 12,119 10,776
Depreciation ................................... 11,692 11,001 10,150 8,594 7,600 6,653
Dividends Paid ................................. 10,717 10,290 9,512 9,330 9,201 9,036
Net Interest (Income)/Expense .................. 1,053 1,739 2,991 2,560 2,750 3,104
Income Taxes Paid .............................. 16,199 15,112 11,230 11,939 10,194 10,059
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CASH FLOW ANALYSIS ($000)
Operating Cash Flow (1) ........................ $ 59,519 $ 58,483 $ 40,896 $ 35,591 $ 38,614 $ 33,890
Net Cash Flow (2) .............................. 43,694 47,134 18,666 21,120 26,495 23,114
Elective Cash Flow (3) ......................... 15,725 19,993 (5,067) (2,709) 4,350 915
EBITDA (4) ..................................... 64,774 57,421 54,955 48,265 43,759 37,552
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1992 1991 1990 1989 1988
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PER SHARE
Equity ......................................... $ 4.39 $ 4.26 $ 3.73 $ 3.26 $ 4.57
Diluted Earnings from Continuing Operations .... 0.66 0.78 0.80 0.46 0.65
Diluted Net Earnings ........................... 0.56 0.79 0.85 0.30 0.74
Dividends ...................................... 0.4000 0.3667 0.3467 0.3200 0.3020
Price: High .................................... 15.00 15.11 11.89 12.61 9.73
Low .................................. 10.00 8.67 7.89 7.83 6.50
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EARNINGS DATA ($000)
Net Sales ...................................... $ 218,172 $ 213,999 $ 197,917 $ 181,837 $ 171,354
Operating Profit ............................... 27,810 32,204 31,407 23,969 28,408
Interest Expense ............................... 4,438 4,402 4,189 1,710 415
Pretax Income .................................. 24,930 28,778 30,325 23,572 29,809
Income Taxes ................................... 8,941 10,095 11,008 11,008 10,951
Income from Continuing Operations .............. 15,989 18,683 19,317 12,564 18,858
Income from Discontinued Operations ............ -- 297 1,200 (4,493) 2,412
Cumulative Effect of Accounting Changes ........ (2,370) -- -- -- 115
Net Earnings ................................... 13,619 18,980 20,475 8,071 21,385
Basic Average Shares Outstanding ............... 24,030 23,915 23,931 27,288 28,729
Diluted Average Shares Outstanding ............. 24,346 23,988 24,145 27,330 28,872
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EARNINGS ANALYSIS
Operating Margin ............................... 12.7% 15.0% 15.9% 13.2% 16.6%
Pretax Margin .................................. 11.4% 13.4% 15.3% 13.0% 17.4%
Effective Tax Rate ............................. 35.9% 35.1% 36.3% 46.7% 36.7%
Net Margin-Continuing Operations ............... 7.3% 8.7% 9.8% 6.9% 11.0%
Net Margin ..................................... 6.2% 8.9% 10.3% 4.4% 12.5%
Return on Beginning Assets ..................... 7.6% 11.6% 14.0% 5.1% 14.6%
Return on Beginning Shareholders' Equity ....... 13.4% 21.3% 26.0% 6.2% 17.7%
Dividend Payout to Net Earnings ................ 65.8% 43.0% 37.6% 102.7% 38.0%
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BALANCE SHEET DATA ($000)
Current Assets ................................. $ 105,067 $ 87,322 $ 83,988 $ 68,860 $ 79,215
Plant Assets, Net .............................. 42,324 52,324 47,498 48,231 46,026
Total Assets ................................... 181,660 179,337 164,294 145,982 157,193
Current Liabilities ............................ 30,559 25,977 25,783 26,415 17,859
Long-Term Debt ................................. 38,534 45,406 44,363 36,253 4,992
Shareholders' Equity ........................... 105,460 102,000 89,076 78,860 130,646
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BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization ......................... 26.8% 30.8% 33.2% 31.5% 3.7%
Working Capital ................................ $ 74,508 $ 61,345 $ 58,205 $ 42,445 $ 61,356
Current Ratio .................................. 3.4 3.4 3.3 2.6 4.4
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CASH FLOW DATA ($000)
From Operations ................................ $ 23,456 $ 19,012 $ 25,109 $ 18,547 $ 19,463
For Investment ................................. (7,737) (15,848) (9,689) (8,918) (2,605)
From/(For) Financing ........................... (9,929) (8,059) (5,577) (24,279) (10,492)
Change in Cash & Equivalents ................... 5,811 (4,895) 9,843 (14,650) 6,366
Capital Expenditures ........................... 8,290 10,804 9,685 9,037 7,566
Depreciation ................................... 7,881 7,248 7,094 6,883 6,863
Dividends Paid ................................. 8,958 8,165 7,708 8,290 8,121
Net Interest (Income)/Expense .................. 4,140 3,280 3,657 436 (682)
Income Taxes Paid .............................. 11,200 9,693 10,811 11,643 13,434
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CASH FLOW ANALYSIS ($000)
Operating Cash Flow (1) ........................ $ 38,796 $ 31,985 $ 39,577 $ 30,626 $ 32,215
Net Cash Flow (2) .............................. 30,506 21,181 29,892 21,589 24,649
Elective Cash Flow (3) ......................... 6,208 43 7,716 1,220 3,776
EBITDA (4) ..................................... 37,457 39,780 41,547 31,687 36,748
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(1) From operations before interest income/expense and taxes paid.
(2) Operating Cash Flow less capital expenditures.
(3) Net Cash Flow less dividends +(-) interest income/expense and less taxes
paid.
(4) Earnings before interest income/expense, taxes, depreciation and
amortization.
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