CLARCOR INC. EXHIBIT 12.1
STATEMENT RE COMPUTATION OF RATIOS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
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<Caption>
Fiscal Years Ended (A)
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2001 2000 1999 1998 1997
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Return on Beginning Assets
Net Earnings $ 41,893 $ 40,237 $ 35,412 $ 32,079 $ 26,918
Divided by Beginning Assets 501,930 472,991 305,766 282,519 267,019
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Equals Return on Beginning Assets 8.3% 8.5% 11.6% 11.4% 10.1%
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Return on Beginning Shareholders' Equity
Net Earnings $ 41,893 $ 40,237 $ 35,412 $ 32,079 $ 26,918
Divided by Beginning Shareholders' Equity 242,093 210,718 186,807 171,162 154,681
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Equals Return on Beginning Shareholders' Equity 17.3% 19.1% 19.0% 18.7% 17.4%
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Dividend Payout to Net Earnings
Dividends Paid $ 11,575 $ 11,207 $ 10,814 $ 10,717 $ 10,290
Divided by Net Earnings 41,893 40,237 35,412 32,079 26,918
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Equals Dividend Payout to Net Earnings 27.6% 27.9% 30.5% 33.4% 38.2%
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Debt to Capitalization
Long-Term Debt $ 135,203 $ 141,486 $ 145,981 $ 36,419 $ 37,656
Ending Shareholders' Equity 274,261 242,093 210,718 186,807 171,162
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Equals Capitalization $ 409,464 $ 383,579 $ 356,699 $ 223,226 $ 208,818
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Long-Term Debt $ 135,203 $ 141,486 $ 145,981 $ 36,419 $ 37,656
Divided by Capitalization 409,464 383,579 356,699 223,226 208,818
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Equals Debt to Capitalization 33.0% 36.9% 40.9% 16.3% 18.0%
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Working Capital
Current Assets $ 244,350 $ 230,479 $ 227,670 $ 168,173 $ 160,527
Less Current Liabilities 94,931 97,826 97,475 61,183 54,237
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Equals Working Capital $ 149,419 $ 132,653 $ 130,195 $ 106,990 $ 106,290
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Current Ratio
Current Assets $ 244,350 $ 230,479 $ 227,670 $ 168,173 $ 160,527
Divided by Current Liabilities 94,931 97,826 97,475 61,183 54,237
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Equals Current Ratio 2.6 2.4 2.3 2.7 3.0
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EBITDA
Operating Profit $ 75,810 $ 75,987 $ 56,077 $ 51,663 $ 44,424
Depreciation & Amortization 21,850 21,079 15,372 12,380 11,600
Asset Impairment 2,422 -- -- -- --
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Equals EBITDA $ 100,082 $ 97,066 $ 71,449 $ 64,043 $ 56,024
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Free Cash Flow
Cash Flow From Operations $ 63,290 $ 54,130 $ 38,642 $ 42,267 $ 41,632
Less Capital Expenditures 18,204 29,005 21,822 15,825 11,349
Less Dividends Paid 11,575 11,207 10,814 10,717 10,290
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Equals Free Cash Flow $ 33,511 $ 13,918 $ 6,006 $ 15,725 $ 19,993
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<Caption>
Fiscal Years Ended (A)
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1996 1995 1994 1993 1992 1991
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Return on Beginning Assets
Net Earnings $ 25,945 $ 23,500 $ 21,416 $ 17,277 $ 13,619 $ 18,980
Divided by Beginning Assets 245,697 206,928 191,657 181,660 179,337 164,294
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Equals Return on Beginning Assets 10.6% 11.4% 11.2% 9.5% 7.6% 11.6%
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Return on Beginning Shareholders' Equity
Net Earnings $ 25,945 $ 23,500 $ 21,416 $ 17,277 $ 13,619 $ 18,980
Divided by Beginning Shareholders' Equity 138,144 122,801 110,299 105,460 102,000 89,076
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Equals Return on Beginning Shareholders' Equity 18.8% 19.1% 19.4% 16.4% 13.4% 21.3%
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Dividend Payout to Net Earnings
Dividends Paid $ 9,512 $ 9,330 $ 9,201 $ 9,036 $ 8,958 $ 8,165
Divided by Net Earnings 25,945 23,500 21,416 17,277 13,619 18,980
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Equals Dividend Payout to Net Earnings 36.7% 39.7% 43.0% 52.3% 65.8% 43.0%
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Debt to Capitalization
Long-Term Debt $ 43,449 $ 41,860 $ 25,090 $ 32,650 $ 38,534 $ 45,406
Ending Shareholders' Equity 154,681 138,144 122,801 110,299 105,460 102,000
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Equals Capitalization $ 198,130 $ 180,004 $ 147,891 $ 142,949 $ 143,994 $ 147,406
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Long-Term Debt $ 43,449 $ 41,860 $ 25,090 $ 32,650 $ 38,534 $ 45,406
Divided by Capitalization 198,130 180,004 147,891 142,949 143,994 147,406
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Equals Debt to Capitalization 21.9% 23.3% 17.0% 22.8% 26.8% 30.8%
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Working Capital
Current Assets $ 140,726 $ 133,286 $ 109,992 $ 97,569 $ 105,067 $ 87,322
Less Current Liabilities 51,297 49,841 43,926 37,647 30,559 25,977
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Equals Working Capital $ 89,429 $ 83,445 $ 66,066 $ 59,922 $ 74,508 $ 61,345
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Current Ratio
Current Assets $ 140,726 $ 133,286 $ 109,992 $ 97,569 $ 105,067 $ 87,322
Divided by Current Liabilities 51,297 49,841 43,926 37,647 30,559 25,977
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Equals Current Ratio 2.7 2.7 2.5 2.6 3.4 3.4
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EBITDA
Operating Profit $ 42,596 $ 38,728 $ 33,188 $ 29,960 $ 27,810 $ 32,204
Depreciation & Amortization 10,704 9,145 8,166 7,227 8,387 7,722
Asset Impairment -- -- -- -- -- --
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Equals EBITDA $ 53,300 $ 47,873 $ 41,354 $ 37,187 $ 36,197 $ 39,926
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Free Cash Flow
Cash Flow From Operations $ 26,675 $ 21,092 $ 25,670 $ 20,727 $ 23,456 $ 19,012
Less Capital Expenditures 22,230 14,471 12,119 10,776 8,290 10,804
Less Dividends Paid 9,512 9,330 9,201 9,036 8,958 8,165
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Equals Free Cash Flow $ (5,067) $ (2,709) $ 4,350 $ 915 $ 6,208 $ 43
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(A) Calculation of Certain Items Presented in the "11-Year Financial Review"
Filed with Form 10-K for Fiscal Year Ended 12/1/2001