EXHIBIT 13(a)(ii)
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CONSOLIDATED BALANCE SHEETS
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NOVEMBER 30, 2001 AND 2000
(Dollars in thousands except per share data)
ASSETS 2001 2000
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Current assets:
Cash and short-term cash investments .................. $ 7,418 $ 10,864
Accounts receivable, less allowance for losses of $7,920
for 2001 and $5,027 for 2000 ....................... 115,003 110,083
Inventories ........................................... 104,291 100,561
Prepaid expenses and other current assets ............. 4,120 3,640
Deferred income taxes ................................. 13,518 5,331
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Total current assets ............................ 244,350 230,479
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Plant assets, at cost less accumulated depreciation ..... 137,316 140,121
Acquired intangibles, less accumulated amortization ..... 116,746 101,877
Pension assets .......................................... 18,939 19,519
Other noncurrent assets ................................. 13,266 9,934
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Total assets .................................... $ 530,617 $ 501,930
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LIABILITIES
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Current liabilities:
Current portion of long-term debt ..................... $ 5,579 $ 5,482
Accounts payable and accrued liabilities .............. 84,826 84,187
Income taxes .......................................... 4,526 8,157
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Total current liabilities ....................... 94,931 97,826
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Long-term debt, less current portion .................... 135,203 141,486
Postretirement health care benefits ..................... 3,851 3,574
Long-term pension liabilities ........................... 4,955 4,374
Deferred income taxes ................................... 15,114 10,663
Other long-term liabilities ............................. 1,868 1,519
Minority interests ...................................... 434 395
Contingencies
SHAREHOLDERS' EQUITY
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Capital stock:
Preferred, par value $1,authorized 5,000,000 shares,
none issued ........................................ - -
Common, par value $1,authorized 60,000,000 shares,
issued 24,626,236 in 2001 and 24,381,307 in 2000 ... 24,626 24,381
Capital in excess of par value ........................ 9,565 5,700
Accumulated other comprehensive earnings .............. (9,179) (6,919)
Retained earnings ..................................... 249,249 218,931
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Total shareholders' equity ...................... 274,261 242,093
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Total liabilities and shareholders' equity ...... $ 530,617 $ 501,930
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The accompanying notes are an integral part of the consolidated financial
statements.
12 | CLARCOR