EXHIBIT 13(a)(ix)
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11-YEAR FINANCIAL REVIEW
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2001 2000 1999 1998
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PER SHARE
Equity ................................................ $ 11.14 $ 9.93 $ 8.77 $ 7.80
Diluted Earnings from Continuing Operations ........... 1.68 1.64 1.46 1.30
Diluted Net Earnings .................................. 1.68 1.64 1.46 1.30
Dividends ............................................. 0.4725 0.4625 0.4525 0.4425
Price: High ........................................... 27.59 21.44 21.38 24.63
Low ............................................ 16.88 16.06 14.25 14.25
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EARNINGS DATA ($000)
Net Sales ............................................. $ 666,964 $ 652,148 $ 477,869 $426,773
Operating Profit ...................................... 75,810 75,987 56,077 51,663
Interest Expense ...................................... 10,270 11,534 3,733 2,336
Pretax Income ......................................... 65,734 63,487 55,615 51,347
Income Taxes .......................................... 23,804 23,201 20,137 19,262
Income from Continuing Operations ..................... 41,893 40,237 35,412 32,079
Income from Discontinued Operations ................... -- -- -- --
Cumulative Effect of Accounting Changes ............... -- -- -- --
Net Earnings .......................................... 41,893 40,237 35,412 32,079
Basic Average Shares Outstanding ...................... 24,535 24,270 23,970 24,268
Diluted Average Shares Outstanding .................... 24,892 24,506 24,314 24,649
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EARNINGS ANALYSIS
Operating Margin ...................................... 11.4% 11.7% 11.7% 12.1%
Pretax Margin ......................................... 9.9% 9.7% 11.6% 12.0%
Effective Tax Rate .................................... 36.2% 36.5% 36.2% 37.5%
Net Margin-Continuing Operations ...................... 6.3% 6.2% 7.4% 7.5%
Net Margin ............................................ 6.3% 6.2% 7.4% 7.5%
Return on Beginning Assets ............................ 8.3% 8.5% 11.6% 11.5%
Return on Beginning Shareholders' Equity .............. 17.3% 19.1% 19.0% 18.7%
Dividend Payout to Net Earnings ....................... 27.6% 27.9% 30.5% 33.4%
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BALANCE SHEET DATA ($000)
Current Assets ........................................ $ 244,350 $ 230,479 $ 227,670 $168,173
Plant Assets, Net ..................................... 137,316 140,121 126,026 86,389
Total Assets .......................................... 530,617 501,930 472,991 305,766
Current Liabilities ................................... 94,931 97,826 97,475 61,183
Long-Term Debt ........................................ 135,203 141,486 145,981 36,419
Shareholders' Equity .................................. 274,261 242,093 210,718 186,807
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BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization ................................ 33.0% 36.9% 40.9% 16.3%
Working Capital ....................................... $ 149,419 $ 132,653 $ 130,195 $106,990
Current Ratio ......................................... 2.6 2.4 2.3 2.7
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CASH FLOW DATA ($000)
From Operations ....................................... $ 63,290 $ 54,130 $ 38,642 $ 42,267
For Investment ........................................ (51,353) (42,125) (160,658) (19,290)
From/(For) Financing .................................. (15,326) (15,862) 103,501 (19,943)
Change in Cash & Equivalents .......................... (3,446) (3,881) (18,576) 2,997
Capital Expenditures .................................. 18,204 29,005 21,822 15,825
Depreciation & Amortization ........................... 21,850 21,079 15,372 12,380
Dividends Paid ........................................ 11,575 11,207 10,814 10,717
Net Interest Expense .................................. 9,616 10,836 2,282 1,053
Income Taxes Paid ..................................... 26,858 16,485 22,234 16,199
EBITDA (A) ............................................ 100,082 97,066 71,449 64,043
Free Cash Flow (B) .................................... 33,511 13,918 6,006 15,725
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(A) Operating profit before depreciation, asset impairment and amortization.
(B) Cash flow from operations less capital expenditures and dividends paid.
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11-YEAR FINANCIAL REVIEW
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1997 1996 1995 1994 1993 1992 1991
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PER SHARE
Equity ........................................ $ 7.06 $ 6.46 $ 5.79 $ 5.18 $ 4.63 $ 4.39 $ 4.26
Diluted Earnings from Continuing Operations ... 1.11 1.07 0.97 0.87 0.72 0.66 0.78
Diluted Net Earnings .......................... 1.11 1.07 0.97 0.89 0.72 0.56 0.79
Dividends ..................................... 0.4350 0.4283 0.4217 0.4150 0.4067 0.4000 0.3667
Price: High ................................... 20.79 16.75 18.00 14.92 13.33 15.00 15.11
Low .................................... 13.33 12.42 12.08 10.58 10.67 10.00 8.67
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EARNINGS DATA ($000)
Net Sales ..................................... $ 394,264 $ 372,382 $ 330,110 $ 300,450 $253,211 $218,172 $213,999
Operating Profit .............................. 44,424 42,596 38,728 33,188 29,960 27,810 32,204
Interest Expense .............................. 2,759 3,822 3,418 3,298 3,979 4,438 4,402
Pretax Income ................................. 44,192 41,405 36,631 31,886 27,221 24,930 28,778
Income Taxes .................................. 17,164 15,315 13,060 12,057 9,944 8,941 10,095
Income from Continuing Operations ............. 26,918 25,945 23,500 20,786 17,277 15,989 18,683
Income from Discontinued Operations ........... -- -- -- -- -- -- 297
Cumulative Effect of Accounting Changes ....... -- -- -- 630 -- (2,370) --
Net Earnings .................................. 26,918 25,945 23,500 21,416 17,277 13,619 18,980
Basic Average Shares Outstanding .............. 24,133 23,908 23,850 23,804 23,831 24,030 23,915
Diluted Average Shares Outstanding ............ 24,344 24,217 24,205 24,030 24,076 24,346 23,988
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EARNINGS ANALYSIS
Operating Margin .............................. 11.3% 11.4% 11.7% 11.0% 11.8% 12.7% 15.0%
Pretax Margin ................................. 11.2% 11.1% 11.1% 10.6% 10.8% 11.4% 13.4%
Effective Tax Rate ............................ 38.8% 37.0% 35.7% 37.8% 36.5% 35.9% 35.1%
Net Margin-Continuing Operations .............. 6.8% 7.0% 7.1% 6.9% 6.8% 7.3% 8.7%
Net Margin .................................... 6.8% 7.0% 7.1% 7.1% 6.8% 6.2% 8.9%
Return on Beginning Assets .................... 10.1% 10.6% 11.4% 11.2% 9.5% 7.6% 11.6%
Return on Beginning Shareholders' Equity ...... 17.4% 18.8% 19.1% 19.4% 16.4% 13.4% 21.3%
Dividend Payout to Net Earnings ............... 38.2% 36.7% 39.7% 43.0% 52.3% 65.8% 43.0%
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BALANCE SHEET DATA ($000)
Current Assets ................................ $ 160,527 $ 140,726 $ 133,286 $ 109,992 $ 97,569 $105,067 $ 87,322
Plant Assets, Net ............................. 82,905 84,525 73,047 58,787 53,839 42,324 52,324
Total Assets .................................. 282,519 267,019 245,697 206,928 191,657 181,660 179,337
Current Liabilities ........................... 54,237 51,297 49,841 43,926 37,647 30,559 25,977
Long-Term Debt ................................ 37,656 43,449 41,860 25,090 32,650 38,534 45,406
Shareholders' Equity .......................... 171,162 154,681 138,144 122,801 110,299 105,460 102,000
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BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization ........................ 18.0% 21.9% 23.3% 17.0% 22.8% 26.8% 30.8%
Working Capital ............................... $ 106,290 $ 89,429 $ 83,445 $ 66,066 $ 59,922 $ 74,508 $ 61,345
Current Ratio ................................. 3.0 2.7 2.7 2.5 2.6 3.4 3.4
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CASH FLOW DATA ($000)
From Operations ............................... $ 41,632 $ 26,675 $ 21,092 $ 25,670 $ 20,727 $ 23,456 $ 19,012
For Investment ................................ (8,193) (18,934) (29,044) (1,159) (74) (7,737) (15,848)
From/(For) Financing .......................... (21,850) (8,774) 7,226 (18,656) (22,772) (9,929) (8,059)
Change in Cash & Equivalents .................. 11,497 (964) (684) 5,912 (2,197) 5,811 (4,895)
Capital Expenditures .......................... 11,349 22,230 14,471 12,119 10,776 8,290 10,804
Depreciation & Amortization ................... 11,600 10,704 9,145 8,166 7,227 8,387 7,722
Dividends Paid ................................ 10,290 9,512 9,330 9,201 9,036 8,958 8,165
Net Interest Expense .......................... 1,739 2,991 2,560 2,750 3,104 4,140 3,280
Income Taxes Paid ............................. 15,112 11,230 11,939 10,194 10,059 11,200 9,693
EBITDA (A) .................................... 56,024 53,300 47,873 41,354 37,187 36,197 39,926
Free Cash Flow (B) ............................ 19,993 (5,067) (2,709) 4,350 915 6,208 43
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