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EXHIBIT 13(a)(ix)
11-YEAR FINANCIAL REVIEW
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2000 1999 1998 1997
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PER SHARE
Equity .......................................................... $ 9.93 $ 8.77 $ 7.80 $ 7.06
Diluted Earnings from Continuing Operations ..................... 1.64 1.46 1.30 1.11
Diluted Net Earnings ............................................ 1.64 1.46 1.30 1.11
Dividends ....................................................... 0.4625 0.4525 0.4425 0.4350
Price: High ..................................................... 21.44 21.38 24.63 20.79
Low ...................................................... 16.06 14.25 14.25 13.33
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EARNINGS DATA ($000)
Net Sales ....................................................... $ 652,148 $ 477,869 $ 426,773 $ 394,264
Operating Profit ................................................. 75,987 56,077 51,663 44,424
Interest Expense ................................................ 11,534 3,733 2,336 2,759
Pretax Income ................................................... 63,487 55,615 51,347 44,192
Income Taxes .................................................... 23,201 20,137 19,262 17,164
Income from Continuing Operations ............................... 40,237 35,412 32,079 26,918
Income from Discontinued Operations ............................. -- -- -- --
Cumulative Effect of Accounting Changes ......................... -- -- -- --
Net Earnings .................................................... 40,237 35,412 32,079 26,918
Basic Average Shares Outstanding ................................ 24,270 23,970 24,268 24,133
Diluted Average Shares Outstanding .............................. 24,506 24,314 24,649 24,344
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EARNINGS ANALYSIS
Operating Margin ................................................ 11.7% 11.7% 12.1% 11.3%
Pretax Margin ................................................... 9.7% 11.6% 12.0% 11.2%
Effective Tax Rate .............................................. 36.5% 36.2% 37.5% 38.8%
Net Margin-Continuing Operations ................................ 6.2% 7.4% 7.5% 6.8%
Net Margin ...................................................... 6.2% 7.4% 7.5% 6.8%
Return on Beginning Assets ...................................... 8.5% 11.6% 11.4% 10.1%
Return on Beginning Shareholders' Equity ........................ 19.1% 19.0% 18.7% 17.4%
Dividend Payout to Net Earnings ................................. 27.9% 30.5% 33.4% 38.2%
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BALANCE SHEET DATA ($000)
Current Assets .................................................. $ 230,479 $ 227,670 $ 168,173 $ 160,527
Plant Assets, Net ............................................... 140,121 126,026 86,389 82,905
Total Assets .................................................... 501,930 472,991 305,766 282,519
Current Liabilities ............................................. 97,826 97,475 61,183 54,237
Long-Term Debt .................................................. 141,486 145,981 36,419 37,656
Shareholders' Equity ............................................ 242,093 210,718 186,807 171,162
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BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization .......................................... 36.9% 40.9% 16.3% 18.0%
Working Capital ................................................. $ 132,653 $ 130,195 $ 106,990 $ 106,290
Current Ratio ................................................... 2.4 2.3 2.7 3.0
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CASH FLOW DATA ($000)
From Operations ................................................. $ 54,130 $ 38,642 $ 42,267 $ 41,632
For Investment .................................................. (42,125) (160,658) (19,290) (8,193)
From/(For) Financing ............................................ (15,862) 103,501 (19,943) (21,850)
Change in Cash & Equivalents .................................... (3,881) (18,576) 2,997 11,497
Capital Expenditures ............................................ 29,005 21,822 15,825 11,349
Depreciation & Amortization ..................................... 21,079 15,372 12,380 11,600
Dividends Paid .................................................. 11,207 10,814 10,717 10,290
Net Interest Expense ............................................ 10,836 2,282 1,053 1,739
Income Taxes Paid ............................................... 16,458 22,234 16,199 15,112
EBITDA(*)........................................................ 97,066 71,449 64,043 56,024
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(*) Operating profit before depreciation and amortization
26 CLARCOR
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1996 1995 1994 1993 1992 1991 1990
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$ 6.46 $ 5.79 $ 5.18 $ 4.63 $ 4.39 $ 4.26 $ 3.73
1.07 0.97 0.87 0.72 0.66 0.78 0.80
1.07 0.97 0.89 0.72 0.56 0.79 0.85
0.4283 0.4217 0.4150 0.4067 0.4000 0.3667 0.3467
16.75 18.00 14.92 13.33 15.00 15.11 11.89
12.42 12.08 10.58 10.67 10.00 8.67 7.89
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$ 372,382 $ 330,110 $ 300,450 $ 253,211 $ 218,172 $ 213,999 $ 197,917
42,596 38,728 33,188 29,960 27,810 32,204 31,407
3,822 3,418 3,298 3,979 4,438 4,402 4,189
41,405 36,631 31,886 27,221 24,930 28,778 30,325
15,315 13,060 12,057 9,944 8,941 10,095 11,008
25,945 23,500 20,786 17,277 15,989 18,683 19,317
-- -- -- -- -- 297 1,200
-- -- 630 -- (2,370) -- --
25,945 23,500 21,416 17,277 13,619 18,980 20,475
23,908 23,850 23,804 23,831 24,030 23,915 23,931
24,217 24,205 24,030 24,076 24,346 23,988 24,145
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11.4% 11.7% 11.0% 11.8% 12.7% 15.0% 15.9%
11.1% 11.1% 10.6% 10.8% 11.4% 13.4% 15.3%
37.0% 35.7% 37.8% 36.5% 35.9% 35.1% 36.3%
7.0% 7.1% 6.9% 6.8% 7.3% 8.7% 9.8%
7.0% 7.1% 7.1% 6.8% 6.2% 8.9% 10.3%
10.6% 11.4% 11.2% 9.5% 7.6% 11.6% 14.0%
18.8% 19.1% 19.4% 16.4% 13.4% 21.3% 26.0%
36.7% 39.7% 43.0% 52.3% 65.8% 43.0% 37.6%
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$ 140,726 $ 133,286 $ 109,992 $ 97,569 $ 105,067 $ 87,322 $ 83,988
84,525 73,047 58,787 53,839 42,324 52,324 47,498
267,019 245,697 206,928 191,657 181,660 179,337 164,294
51,297 49,841 43,926 37,647 30,559 25,977 25,783
43,449 41,860 25,090 32,650 38,534 45,406 44,363
154,681 138,144 122,801 110,299 105,460 102,000 89,076
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21.9% 23.3% 17.0% 22.8% 26.8% 30.8% 33.2%
$ 89,429 $ 83,445 $ 66,066 $ 59,922 $ 74,508 $ 61,345 $ 58,205
2.7 2.7 2.5 2.6 3.4 3.4 3.3
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$ 26,675 $ 21,092 $ 25,670 $ 20,727 $ 23,456 $ 19,012 $ 25,109
(18,934) (29,044) (1,159) (74) (7,737) (15,848) (9,689)
(8,774) 7,226 (18,656) (22,772) (9,929) (8,059) (5,577)
(964) (684) 5,912 (2,197) 5,811 (4,895) 9,843
22,230 14,471 12,119 10,776 8,290 10,804 9,685
10,704 9,145 8,166 7,227 8,387 7,722 7,565
9,512 9,330 9,201 9,036 8,958 8,165 7,708
2,991 2,560 2,750 3,104 4,140 3,280 3,657
11,230 11,939 10,194 10,059 11,200 9,693 10,811
53,300 47,873 41,354 37,187 36,197 39,926 38,972
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