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EXHIBIT 12.1
CLARCOR INC.
STATEMENT RE COMPUTATION OF RATIOS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
Fiscal Years Ended (A)
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2003 2002 2001 2000 1999 1998
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Return on Beginning Assets
Net Earnings $ 54,552 $ 46,601 $ 41,893 $ 40,237 $ 35,412 $ 32,079
Divided by Beginning Assets 546,119 530,617 501,930 472,991 305,766 282,519
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Equals Return on Beginning Assets 10.0% 8.8% 8.3% 8.5% 11.6% 11.4%
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Return on Beginning Shareholders' Equity
Net Earnings $ 54,552 $ 46,601 $ 41,893 $ 40,237 $ 35,412 $ 32,079
Divided by Beginning Shareholders' Equity 315,461 274,261 242,093 210,718 186,807 171,162
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Equals Return on Beginning Shareholders' Equity 17.3% 17.0% 17.3% 19.1% 19.0% 18.7%
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Dividend Payout to Net Earnings
Dividends Paid $ 12,406 $ 11,975 $ 11,575 $ 11,207 $ 10,814 $ 10,717
Divided by Net Earnings 54,552 46,601 41,893 40,237 35,412 32,079
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Equals Dividend Payout to Net Earnings 22.7% 25.7% 27.6% 27.9% 30.5% 33.4%
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Debt to Capitalization
Current Debt $ 674 $ 68,456 $ 5,579 $ 5,482 $ 5,440 $ 470
Long Term Debt 16,913 22,648 135,203 141,486 145,981 36,419
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Total Debt $ 17,587 $ 91,104 $140,782 $146,968 $151,421 $ 36,889
Ending Shareholders' Equity 370,392 315,461 274,261 242,093 210,718 186,807
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Equals Capitalization $387,979 $406,565 $415,043 $389,061 $362,139 $223,696
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Debt $ 17,587 $ 91,104 $140,782 $146,968 $151,421 $ 36,889
Divided by Capitalization 387,979 406,565 415,043 389,061 362,139 223,696
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Equals Debt to Capitalization 4.5% 22.4% 33.9% 37.8% 41.8% 16.5%
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Working Capital
Current Assets $257,402 $259,746 $244,350 $230,479 $227,670 $168,173
Less Current Liabilities 111,373 174,255 94,931 97,826 97,475 61,183
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Equals Working Capital $146,029 $ 85,491 $149,419 $132,653 $130,195 $106,990
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Current Ratio
Current Assets $257,402 $259,746 $244,350 $230,479 $227,670 $168,173
Divided by Current Liabilities 111,373 174,255 94,931 97,826 97,475 61,183
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Equals Current Ratio 2.3 1.5 2.6 2.4 2.3 2.7
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Fiscal Years Ended (A)
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1997 1996 1995 1994 1993
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Return on Beginning Assets
Net Earnings $ 26,918 $ 25,945 $ 23,500 $ 21,416 $ 17,277
Divided by Beginning Assets 267,019 245,697 206,928 191,657 181,660
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Equals Return on Beginning Assets 10.1% 10.6% 11.4% 11.2% 9.5%
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Return on Beginning Shareholders' Equity
Net Earnings $ 26,918 $ 25,945 $ 23,500 $ 21,416 $ 17,277
Divided by Beginning Shareholders' Equity 154,681 138,144 122,801 110,299 105,460
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Equals Return on Beginning Shareholders' Equity 17.4% 18.8% 19.1% 19.4% 16.4%
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Dividend Payout to Net Earnings
Dividends Paid $ 10,290 $ 9,512 $ 9,330 $ 9,201 $ 9,036
Divided by Net Earnings 26,918 25,945 23,500 21,416 17,277
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Equals Dividend Payout to Net Earnings 38.2% 36.7% 39.7% 43.0% 52.3%
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Debt to Capitalization
Current Debt $ 1,140 $ 7,625 $ 7,596 $ 7,579 $ 7,921
Long Term Debt 37,656 43,449 41,860 25,090 32,650
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Total Debt $ 38,796 $ 51,074 $ 49,456 $ 32,669 $ 40,571
Ending Shareholders' Equity 171,162 154,681 138,144 122,801 110,299
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Equals Capitalization $209,958 $205,755 $187,600 $155,470 $150,870
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Debt $ 38,796 $ 51,074 $ 49,456 $ 32,669 $ 40,571
Divided by Capitalization 209,958 205,755 187,600 155,470 150,870
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Equals Debt to Capitalization 18.5% 24.8% 26.4% 21.0% 26.9%
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Working Capital
Current Assets $160,527 $140,726 $133,286 $109,992 $ 97,569
Less Current Liabilities 54,237 51,297 49,841 43,926 37,647
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Equals Working Capital $106,290 $ 89,429 $ 83,445 $ 66,066 $ 59,922
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Current Ratio
Current Assets $160,527 $140,726 $133,286 $109,992 $ 97,569
Divided by Current Liabilities 54,237 51,297 49,841 43,926 37,647
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Equals Current Ratio 3.0 2.7 2.7 2.5 2.6
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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 11/30/2003