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EXHIBIT 13(a)(ii)
CONSOLIDATED BALANCE SHEETS
NOVEMBER 30, 2003 AND 2002
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
ASSETS 2003 2002
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Current assets:
Cash and short-term cash investments ............................... $ 8,348 $ 13,747
Accounts receivable, less allowance for losses
of $9,106 for 2003 and $7,020 for 2002 ........................... 127,546 121,482
Inventories ........................................................ 99,673 101,846
Prepaid expenses and other current assets .......................... 5,880 5,576
Deferred income taxes .............................................. 15,955 17,095
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Total current assets ........................................... 257,402 259,746
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Plant assets, at cost less accumulated depreciation .................. 129,572 132,892
Acquired intangibles, less accumulated amortization .................. 122,351 122,529
Pension assets ....................................................... 20,153 21,771
Other noncurrent assets .............................................. 8,759 9,181
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Total assets ................................................... $ 538,237 $ 546,119
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LIABILITIES
Current liabilities:
Current portion of long-term debt .................................. $ 674 $ 68,456
Accounts payable and accrued liabilities ........................... 102,322 97,738
Income taxes ....................................................... 8,377 8,061
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Total current liabilities ...................................... 111,373 174,255
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Long-term debt, less current portion ................................. 16,913 22,648
Postretirement health care benefits .................................. 4,313 4,033
Long-term pension liabilities ........................................ 7,813 7,823
Deferred income taxes ................................................ 21,729 19,045
Other long-term liabilities .......................................... 4,026 2,318
Minority interests ................................................... 1,678 536
Contingencies
SHAREHOLDERS' EQUITY
Capital stock:
Preferred, par value $1, authorized 5,000,000 shares,
none issued ...................................................... - -
Common, par value $1, authorized 60,000,000 shares,
issued 25,309,127 in 2003 and 24,918,614 in 2002 ................. 25,309 24,919
Capital in excess of par value ..................................... 19,998 12,854
Accumulated other comprehensive earnings ........................... (936) (6,187)
Retained earnings .................................................. 326,021 283,875
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Total shareholders' equity ..................................... 370,392 315,461
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Total liabilities and shareholders' equity ..................... $ 538,237 $ 546,119
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The accompanying notes are an integral part of the consolidated financial
statements.
12 CLARCOR