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EXHIBIT 13(a)(iv)
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEARS ENDED NOVEMBER 30, 2003, 2002 AND 2001
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
Common Stock
-------------------------- Capital in Accumulated Other
Number of Shares Amount Excess of Comprehensive Retained
Issued Issued Par Value Earnings Earnings Total
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Balance, November 30, 2000 .............. 24,381,307 $ 24,381 $ 5,700 $ (6,919) $ 218,931 $ 242,093
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Net earnings ............................ - - - - 41,893 41,893
Other comprehensive earnings, net of tax:
Cumulative effect of
accounting change ................. - - - (769) - (769)
Unrealized loss on derivative ........ - - - (1,137) - (1,137)
Translation adjustments .............. - - - (354) - (354)
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Total comprehensive earnings ......... 39,633
----------
Stock options exercised ................. 246,424 246 3,223 - - 3,469
Issuance of stock under
award plans .......................... 10,618 11 642 - - 653
Forfeiture of stock under
award plans .......................... (12,113) (12) - - - (12)
Cash dividends - $0.4725
per common share ..................... - - - - (11,575) (11,575)
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Balance, November 30, 2001 .............. 24,626,236 24,626 9,565 (9,179) 249,249 274,261
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Net earnings ............................ - - - - 46,601 46,601
Other comprehensive earnings, net of tax:
Minimum pension liability adjustment . - - - (1,122) - (1,122)
Unrealized gain on derivative ........ - - - 1,906 - 1,906
Translation adjustments .............. - - - 2,208 - 2,208
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Total comprehensive earnings ......... 49,593
----------
Stock options exercised ................. 278,969 279 2,438 - - 2,717
Issuance of stock under
award plans .......................... 17,884 18 851 - - 869
Forfeiture of stock under
award plans .......................... (4,475) (4) - - - (4)
Cash dividends - $0.4825
per common share ..................... - - - - (11,975) (11,975)
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Balance, November 30, 2002 .............. 24,918,614 24,919 12,854 (6,187) 283,875 315,461
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Net earnings ............................ - - - - 54,552 54,552
Other comprehensive earnings, net of tax:
Minimum pension liability adjustment . - - - 517 - 517
Translation adjustments .............. - - - 4,734 - 4,734
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Total comprehensive earnings ......... 59,803
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Stock options exercised ................. 385,170 385 6,591 - - 6,976
Issuance of stock under
award plans .......................... 11,913 12 553 - - 565
Forfeiture of stock under
award plans .......................... (6,570) (7) - - - (7)
Cash dividends - $0.4925
per common share ..................... - - - - (12,406) (12,406)
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Balance, November 30, 2003 .............. 25,309,127 $ 25,309 $ 19,998 $ (936) $ 326,021 $ 370,392
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The accompanying notes are an integral part of the consolidated financial
statements.
14 CLARCOR