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EXHIBIT 13(a)iii
CONSOLIDATED STATEMENTS OF EARNINGS
For the years ended November 30, 1999, 1998 and 1997
(Dollars in thousands except per share data)
1999 1998 1997
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Net sales............................................... $ 477,869 $ 426,773 $ 394,264
Cost of sales........................................... 329,282 291,537 273,702
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Gross profit..................................... 148,587 135,236 120,562
Selling and administrative expenses..................... 92,510 83,573 73,166
Merger-related costs.................................... -- -- 2,972
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Operating profit................................. 56,077 51,663 44,424
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Other income (expense):
Interest expense.................................... (3,733) (2,336) (2,759)
Interest income..................................... 1,451 1,283 1,020
Gain on sale of marketable securities............... -- -- 1,706
Gain on sale of plant assets........................ 1,660 1,310 512
Other, net.......................................... 160 (573) (711)
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(462) (316) (232)
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Earnings before income taxes and minority interests 55,615 51,347 44,192
Provision for income taxes.............................. 20,137 19,262 17,164
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Earnings before minority interests............... 35,478 32,085 27,028
Minority interests in earnings of subsidiaries.......... (66) (6) (110)
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Net earnings............................................ $ 35,412 $ 32,079 $ 26,918
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Net earnings per common share:
Basic............................................... $ 1.48 $ 1.32 $ 1.12
Diluted............................................. $ 1.46 $ 1.30 $ 1.11
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Average number of common shares outstanding:
Basic............................................... 23,970,011 24,268,250 24,133,472
Diluted............................................. 24,313,607 24,648,623 24,343,881
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The accompanying notes are an integral part of the consolidated financial
statements.
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