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EXHIBIT 13(a)(ix)
11-YEAR FINANCIAL REVIEW
2003 2002 2001 2000
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PER SHARE
Equity ........................................... $ 14.63 $ 12.66 $ 11.14 $ 9.93
Diluted Earnings from Continuing Operations ...... 2.15 1.85 1.68 1.64
Diluted Net Earnings ............................. 2.15 1.85 1.68 1.64
Dividends ........................................ 0.4925 0.4825 0.4725 0.4625
Price: High ...................................... 45.93 34.00 27.59 21.44
Low ....................................... 31.05 25.03 16.88 16.06
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EARNINGS DATA ($000)
Net Sales ........................................ $ 741,358 $ 715,563 $ 666,964 $ 652,148
Operating Profit ................................. 87,062 77,775 75,810 75,987
Interest Expense ................................. 1,767 6,073 10,270 11,534
Pretax Income .................................... 86,059 71,450 65,734 63,487
Income Taxes ..................................... 31,371 24,773 23,804 23,201
Income from Continuing Operations ................ 54,552 46,601 41,893 40,237
Cumulative Effect of Accounting Changes .......... - - - -
Net Earnings ..................................... 54,552 46,601 41,893 40,237
Basic Average Shares Outstanding ................. 25,107 24,840 24,535 24,270
Diluted Average Shares Outstanding ............... 25,373 25,172 24,892 24,506
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EARNINGS ANALYSIS
Operating Margin ................................. 11.7% 10.9% 11.4% 11.7%
Pretax Margin .................................... 11.6% 10.0% 9.9% 9.7%
Effective Tax Rate ............................... 36.5% 34.7% 36.2% 36.5%
Net Margin-Continuing Operations ................. 7.4% 6.5% 6.3% 6.2%
Net Margin ....................................... 7.4% 6.5% 6.3% 6.2%
Return on Beginning Assets ....................... 10.0% 8.8% 8.3% 8.5%
Return on Beginning Shareholders' Equity ......... 17.3% 17.0% 17.3% 19.1%
Dividend Payout to Net Earnings .................. 22.7% 25.7% 27.6% 27.9%
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BALANCE SHEET DATA ($000)
Current Assets ................................... $ 257,402 $ 259,746 $ 244,350 $ 230,479
Plant Assets, Net ................................ 129,572 132,892 137,316 140,121
Total Assets ..................................... 538,237 546,119 530,617 501,930
Current Liabilities .............................. 111,373 174,255 94,931 97,826
Long-Term Debt ................................... 16,913 22,648 135,203 141,486
Shareholders' Equity ............................. 370,392 315,461 274,261 242,093
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BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization (A) ....................... 4.5% 22.4% 33.9% 37.8%
Working Capital .................................. $ 146,029 $ 85,491 $ 149,419 $ 132,653
Current Ratio .................................... 2.3 1.5 2.6 2.4
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CASH FLOW DATA ($000)
From Operations .................................. $ 87,896 $ 85,019 $ 63,290 $ 54,130
For Investment ................................... (12,986) (18,978) (51,353) (42,125)
From/(For) Financing ............................. (80,669) (59,774) (15,326) (15,862)
Change in Cash & Equivalents ..................... (5,399) 6,329 (3,446) (3,881)
Capital Expenditures ............................. 13,042 12,204 18,204 29,005
Depreciation & Amortization ...................... 18,985 19,760 21,850 21,079
Dividends Paid ................................... 12,406 11,975 11,575 11,207
Net Interest Expense ............................. 1,532 5,612 9,616 10,836
Income Taxes Paid ................................ 22,607 17,678 26,858 16,458
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(A) Total Debt (current and long-term) divided by Total Debt plus Shareholders'
Equity.
Note: In fiscal 2003, the Company changed its method of costing certain
inventory. Prior years were not restated as the impact of the change was
immaterial to each year presented above.
26 CLARCOR
[A WORLD OF OPPORTUNITY LOGO]
1999 1998 1997 1996 1995 1994 1993
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$ 8.77 $ 7.80 $ 7.06 $ 6.46 $ 5.79 $ 5.18 $ 4.63
1.46 1.30 1.11 1.07 0.97 0.87 0.72
1.46 1.30 1.11 1.07 0.97 0.89 0.72
0.4525 0.4425 0.4350 0.4283 0.4217 0.4150 0.4067
21.38 24.63 20.79 16.75 18.00 14.92 13.33
14.25 14.25 13.33 12.42 12.08 10.58 10.67
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$ 477,869 $ 426,773 $ 394,264 $ 372,382 $ 330,110 $ 300,450 $ 253,211
56,077 51,663 44,424 42,596 38,728 33,188 29,960
3,733 2,336 2,759 3,822 3,418 3,298 3,979
55,615 51,347 44,192 41,405 36,631 31,886 27,221
20,137 19,262 17,164 15,315 13,060 12,057 9,944
35,412 32,079 26,918 25,945 23,500 20,786 17,277
- - - - - 630 -
35,412 32,079 26,918 25,945 23,500 21,416 17,277
23,970 24,268 24,133 23,908 23,850 23,804 23,831
24,314 24,649 24,344 24,217 24,205 24,030 24,076
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11.7% 12.1% 11.3% 11.4% 11.7% 11.0% 11.8%
11.6% 12.0% 11.2% 11.1% 11.1% 10.6% 10.8%
36.2% 37.5% 38.8% 37.0% 35.7% 37.8% 36.5%
7.4% 7.5% 6.8% 7.0% 7.1% 6.9% 6.8%
7.4% 7.5% 6.8% 7.0% 7.1% 7.1% 6.8%
11.6% 11.4% 10.1% 10.6% 11.4% 11.2% 9.5%
19.0% 18.7% 17.4% 18.8% 19.1% 19.4% 16.4%
30.5% 33.4% 38.2% 36.7% 39.7% 43.0% 52.3%
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$ 227,670 $ 168,173 $ 160,527 $ 140,726 $ 133,286 $ 109,992 $ 97,569
126,026 86,389 82,905 84,525 73,047 58,787 53,839
472,991 305,766 282,519 267,019 245,697 206,928 191,657
97,475 61,183 54,237 51,297 49,841 43,926 37,647
145,981 36,419 37,656 43,449 41,860 25,090 32,650
210,718 186,807 171,162 154,681 138,144 122,801 110,299
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41.8% 16.5% 18.5% 24.8% 26.4% 21.0% 29.6%
$ 130,195 $ 106,990 $ 106,290 $ 89,429 $ 83,445 $ 66,066 $ 59,922
2.3 2.7 3.0 2.7 2.7 2.5 2.6
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$ 38,642 $ 42,267 $ 41,632 $ 26,675 $ 21,092 $ 25,670 $ 20,727
(160,658) (19,290) (8,193) (18,934) (29,044) (1,159) (74)
103,501 (19,943) (21,850) (8,774) 7,226 (18,656) (22,772)
(18,576) 2,997 11,497 (964) (684) 5,912 (2,197)
21,822 15,825 11,349 22,230 14,471 12,119 10,776
15,372 12,380 11,600 10,704 9,145 8,166 7,227
10,814 10,717 10,290 9,512 9,330 9,201 9,036
2,282 1,053 1,739 2,991 2,560 2,750 3,104
22,234 16,199 15,112 11,230 11,939 10,194 10,059
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CLARCOR 27