EXHIBIT 13(a)(iii)
[A WORLD OF OPPORTUNITY LOGO]
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE YEARS ENDED NOVEMBER 30, 2003, 2002 AND 2001
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
2003 2002 2001
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Net sales .................................................... $ 741,358 $ 715,563 $ 666,964
Cost of sales ................................................ 519,667 508,273 471,477
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Gross profit ........................................... 221,691 207,290 195,487
Selling and administrative expenses .......................... 134,629 129,515 119,677
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Operating profit ....................................... 87,062 77,775 75,810
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Other income (expense):
Interest expense ........................................... (1,767) (6,073) (10,270)
Interest income ............................................ 235 461 654
Other, net ................................................. 529 (713) (460)
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(1,003) (6,325) (10,076)
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Earnings before income taxes and minority interests .... 86,059 71,450 65,734
Provision for income taxes ................................... 31,371 24,773 23,804
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Earnings before minority interests ..................... 54,688 46,677 41,930
Minority interests in earnings of subsidiaries ............... (136) (76) (37)
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Net earnings ................................................. $ 54,552 $ 46,601 $ 41,893
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Net earnings per common share:
Basic ...................................................... $ 2.17 $ 1.88 $ 1.71
Diluted .................................................... $ 2.15 $ 1.85 $ 1.68
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Average number of common shares outstanding:
Basic ...................................................... 25,106,561 24,839,812 24,535,199
Diluted .................................................... 25,372,806 25,171,931 24,892,062
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The accompanying notes are an integral part of the consolidated financial
statements.
CLARCOR 13