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EXHIBIT 13(a)ix
11-YEAR FINANCIAL SUMMARY
(RESTATED TO INCLUDE UNITED AIR SPECIALISTS, INC.)
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1997 1996 1995 1994
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PER SHARE
Equity .................................... $ 10.59 $ 9.69 $ 8.69 $ 7.76
Earnings from Continuing Operations ....... 1.67 1.63 1.48 1.31
Net Earnings .............................. 1.67 1.63 1.48 1.35
Dividends ................................. 0.6525 0.6425 0.6325 0.6225
Price: High ............................... 31.19 25.13 27.00 22.38
Low ................................ 20.00 18.63 18.13 15.88
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EARNINGS DATA ($000)
Net Sales ................................. $394,264 $372,382 $330,110 $300,450
Operating Profit .......................... 44,424 42,596 38,728 33,188
Interest Expense .......................... 2,759 3,822 3,418 3,298
Pretax Income ............................. 44,192 41,405 36,631 31,886
Income Taxes .............................. 17,164 15,315 13,060 12,057
Income from Continuing Operations ......... 26,918 25,945 23,500 20,786
Income from Discontinued Operations ....... - - - -
Cumulative Effect of Accounting Changes ... - - - 630
Net Earnings .............................. 26,918 25,945 23,500 21,416
Average Shares Outstanding ................ 16,089 15,938 15,900 15,869
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EARNINGS ANALYSIS
Operating Margin .......................... 11.3% 11.4% 11.7% 11.0%
Pretax Margin ............................. 11.2% 11.1% 11.1% 10.6%
Effective Tax Rate ........................ 38.8% 37.0% 35.7% 37.8%
Net Margin-Continuing Operations .......... 6.8% 7.0% 7.1% 6.9%
Net Margin ................................ 6.8% 7.0% 7.1% 7.1%
Return on Beginning Assets ................ 10.1% 10.6% 11.4% 11.2%
Return on Beginning Shareholders' Equity .. 17.4% 18.8% 19.1% 19.4%
Dividend Payout to Net Earnings ........... 38.2% 36.7% 39.7% 43.0%
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BALANCE SHEET DATA ($000)
Current Assets ............................ $160,527 $140,726 $133,286 $109,992
Plant Assets, Net ......................... 82,905 84,525 73,047 58,787
Total Assets .............................. 282,519 267,019 245,697 206,928
Current Liabilities ....................... 54,237 51,297 49,841 43,926
Long-Term Debt ............................ 37,656 43,449 41,860 25,090
Shareholders' Equity ...................... 171,162 154,681 138,144 122,801
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BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization .................... 18.0% 21.9% 23.3% 17.0%
Working Capital ........................... $106,290 $ 89,429 $ 83,445 $ 66,066
Current Ratio ............................. 3.0:1 2.7:1 2.7:1 2.5:1
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CASH FLOW DATA ($000)
From Operations ........................... $ 41,632 $ 26,675 $ 21,092 $ 25,670
For Investment ............................ (8,193) (18,934) (29,044) (1,159)
From/(For) Financing ...................... (21,850) (8,774) 7,226 (18,656)
Change in Cash & Equivalents .............. 11,497 (964) (684) 5,912
Capital Expenditures ...................... 11,349 22,230 14,471 12,119
Depreciation .............................. 11,001 10,150 8,594 7,600
Dividends Paid ............................ 10,290 9,512 9,330 9,201
Interest (Income)/Expense ................. 1,739 2,991 2,560 2,750
Income Taxes Paid ......................... 15,112 11,230 11,939 10,194
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CASH FLOW ANALYSIS ($000)
Operating Cash Flow (1) ................... $ 58,483 $ 40,896 $ 35,591 $ 38,614
Net Cash Flow (2) ......................... 47,134 18,666 21,120 26,495
Elective Cash Flow (3) .................... 19,993 (5,067) (2,709) 4,350
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(1) From operations before interest income/expense and taxes paid.
(2) Operating Cash Flow less capital expenditures.
(3) Net Cash Flow less dividends +(-) interest income/expense and less taxes
paid.
36 CLARCOR
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11-YEAR SUMMARY
1993 1992 1991 1990 1989 1988 1987
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PER SHARE
Equity .................................... $ 6.95 $ 6.58 $ 6.39 $ 5.60 $ 4.89 $ 6.86 $ 6.20
Earnings from Continuing Operations ....... 1.09 1.00 1.17 1.21 0.69 0.98 0.89
Net Earnings .............................. 1.09 0.85 1.19 1.28 0.44 1.12 0.97
Dividends ................................. 0.6100 0.6000 0.5500 0.5200 0.4800 0.4530 0.4310
Price: High ............................... 20.00 22.50 22.67 17.83 18.92 14.59 16.89
Low ................................ 16.00 15.00 13.00 11.83 11.75 9.75 9.25
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EARNINGS DATA ($000)
Net Sales ................................. $253,211 $218,172 $213,999 $197,917 $181,837 $171,354 $165,146
Operating Profit .......................... 29,960 27,810 32,204 31,407 23,969 28,408 29,440
Interest Expense .......................... 3,979 4,438 4,402 4,189 1,710 415 401
Pretax Income ............................. 27,221 24,930 28,778 30,325 23,572 29,809 30,543
Income Taxes .............................. 9,944 8,941 10,095 11,008 11,008 10,951 13,240
Income from Continuing Operations ......... 17,277 15,989 18,683 19,317 12,564 18,858 17,303
Income from Discontinued Operations ....... - - 297 1,200 (4,493) 2,412 1,672
Cumulative Effect of Accounting Changes ... - (2,370) - - - 115 -
Net Earnings .............................. 17,277 13,619 18,980 20,475 8,071 21,385 18,975
Average Shares Outstanding ................ 15,887 16,020 15,943 15,954 18,192 19,153 19,472
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EARNINGS ANALYSIS
Operating Margin .......................... 11.8% 12.7% 15.0% 15.9% 13.2% 16.6% 17.8%
Pretax Margin ............................. 10.8% 11.4% 13.4% 15.3% 13.0% 17.4% 18.5%
Effective Tax Rate ........................ 36.5% 35.9% 35.1% 36.3% 46.7% 36.7% 43.3%
Net Margin-Continuing Operations .......... 6.8% 7.3% 8.7% 9.8% 6.9% 11.0% 10.5%
Net Margin ................................ 6.8% 6.2% 8.9% 10.3% 4.4% 12.5% 11.5%
Return on Beginning Assets ................ 9.5% 7.6% 11.6% 14.0% 5.1% 14.6% 14.1%
Return on Beginning Shareholders' Equity .. 16.4% 13.4% 21.3% 26.0% 6.2% 17.7% 17.3%
Dividend Payout to Net Earnings ........... 52.3% 65.8% 43.0% 37.6% 102.7% 38.0% 41.2%
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BALANCE SHEET DATA ($000)
Current Assets ............................ $97,569 $105,067 $ 87,322 $ 83,988 $ 68,860 $ 79,215 $ 75,330
Plant Assets, Net ......................... 53,839 42,324 52,324 47,498 48,231 46,026 43,122
Total Assets .............................. 191,657 181,660 179,337 164,294 145,982 157,193 146,229
Current Liabilities ....................... 37,647 30,559 25,977 25,783 26,415 17,859 19,082
Long-Term Debt ............................ 32,650 38,534 45,406 44,363 36,253 4,992 3,911
Shareholders' Equity ...................... 110,299 105,460 102,000 89,076 78,860 130,646 120,614
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BALANCE SHEET ANALYSIS ($000)
Debt to Capitalization .................... 22.8% 26.8% 30.8% 33.2% 31.5% 3.7% 3.1%
Working Capital ........................... $59,922 $ 74,508 $ 61,345 $ 58,205 $ 42,445 $ 61,356 $ 56,248
Current Ratio ............................. 2.6:1 3.4:1 3.4:1 3.3:1 2.6:1 4.4:1 3.9:1
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CASH FLOW DATA ($000)
From Operations ........................... $20,727 $ 23,456 $ 19,012 $ 25,109 $ 18,547 $ 19,463 $ 22,743
For Investment ............................ (74) (7,737) (15,848) (9,689) (8,918) (2,605) (16,801)
From/(For) Financing ...................... (22,772) (9,929) (8,059) (5,577) (24,279) (10,492) (8,641)
Change in Cash & Equivalents .............. (2,197) 5,811 (4,895) 9,843 (14,650) 6,366 (2,699)
Capital Expenditures ...................... 10,776 8,290 10,804 9,685 9,037 7,566 5,767
Depreciation .............................. 6,653 7,881 7,248 7,094 6,883 6,863 6,567
Dividends Paid ............................ 9,036 8,958 8,165 7,708 8,290 8,121 7,814
Interest (Income)/Expense ................. 3,104 4,140 3,280 3,657 436 (682) (686)
Income Taxes Paid ......................... 10,059 11,200 9,693 10,811 11,643 13,434 14,621
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CASH FLOW ANALYSIS ($000)
Operating Cash Flow (1) ................... $33,890 $ 38,796 $ 31,985 $ 39,577 $ 30,626 $ 32,215 $ 36,678
Net Cash Flow (2) ......................... 23,114 30,506 21,181 29,892 21,589 24,649 30,911
Elective Cash Flow (3) .................... 915 6,208 43 7,716 1,220 3,776 9,162
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CLARCOR 37