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Exhibit 13-h
ELEVEN-YEAR SUMMARY
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(Dollars and shares in thousands except for per share amounts) 1994 1993 (d) 1992
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OPERATING DATA (a)
Sales $506,692 461,557 425,618
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Cost of sales $212,866 191,575 168,437
% of sales 42 42 40
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Selling and administrative expenses $219,422 202,608 189,887
% of sales 43 44 45
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Operating profit $ 74,404 67,374 67,294
% of sales 15 15 16
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Income from continuing operations $ 46,654 40,775 39,537
% of sales 9 9 9
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Income before cumulative effect of accounting changes $ 46,654 40,775 39,537
% of sales 9 9 9
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Net income $ 46,654 35,991 39,537
% of sales 9 8 9
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FINANCIAL DATA (a)
Working capital $126,996 125,391 105,138
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Net property, plant and equipment and other non-current assets $130,637 116,298 114,461
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Total invested capital $257,633 241,689 219,599
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Total assets $380,944 357,970 346,297
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Long-term obligations $ 45,209 45,284 41,879
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Shareholders' equity $212,424 196,405 177,720
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Return on average invested capital - % (b) 20 19 20
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Return on average shareholders' equity - % (c) 24 23 24
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PER SHARE DATA (a)
Earnings per share:
Continuing operations $ 2.45 2.13 2.03
Income before cumulative effect of accounting changes $ 2.45 2.13 2.03
Net income $ 2.45 1.88 2.03
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Dividends per common share $ .56 .48 .44
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Book value per common share $11.55 10.49 9.48
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Common shares and common share equivalents 19,067 19,184 19,471
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<FN>
(a) See accompanying Notes to Consolidated Financial Statements.
(b) Income before cumulative effect of accounting changes plus interest on
long-term obligations net of income taxes, as a percentage of total assets
less current liabilities.
(c) Income before cumulative effect of accounting changes, as a percentage of
shareholders' equity.
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(Dollars and shares in thousands except for per share amounts) 1991 1990 (e) 1989
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OPERATING DATA (a)
Sales 387,962 344,904 282,098
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Cost of sales 158,885 154,653 16,588
% of sales 41 45 41
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Selling and administrative expenses 170,814 140,450 112,716
% of sales 44 41 40
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Operating profit 58,263 49,801 52,794
% of sales 15 14 19
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Income from continuing operations 33,787 29,346 34,187
% of sales 9 9 12
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Income before cumulative effect of accounting changes 33,787 29,346 34,187
% of sales 9 9 12
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Net income 33,787 29,346 34,187
% of sales 9 9 12
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FINANCIAL DATA (a)
Working capital 87,004 66,093 53,834
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Net property, plant and equipment and other non-current assets 103,015 95,599 79,383
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Total invested capital 190,019 161,692 133,217
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Total assets 296,930 269,523 235,551
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Long-term obligations 37,305 31,318 26,299
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Shareholders' equity 152,714 130,374 106,918
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Return on average invested capital - % (b) 21 21 29
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Return on average shareholders' equity - % (c) 25 25 35
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PER SHARE DATA (a)
Earnings per share:
Continuing operations 1.77 1.52 1.76
Income before cumulative effect of accounting changes 1.77 1.52 1.76
Net income 1.77 1.52 1.76
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Dividends per common share .40 .36 .32
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Book value per common share 8.14 6.94 5.69
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Common shares and common share equivalents 19,093 19,266 19,386
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(Dollars and shares in thousands except for per share amounts)
1988 1987 1986 (e) 1985 1984
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OPERATING DATA (a)
Sales 245,028 205,175 168,693 140,005 140,109
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Cost of sales 96,771 81,604 74,494 65,975 58,558
% of sales 40 40 44 47 42
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Selling and administrative expenses 99,039 84,106 71,726 58,352 58,440
% of sales 40 41 43 42 42
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Operating profit 49,218 39,465 22,473 15,678 23,111
% of sales 20 19 13 11 16
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Income from continuing operations 31,583 24,707 13,834 9,714 13,336
% of sales 13 12 8 7 10
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Income before cumulative effect 31,583 24,707 13,834 9,714 11,254
of accounting changes 13 12 8 7 8
% of sales
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Net income 31,583 24,707 13,834 9,714 11,254
% of sales 13 12 8 7 8
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FINANCIAL DATA (a)
Working capital 64,040 80,528 61,108 50,920 66,266
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Net property, plant and equipment 43,075 37,835 37,076 34,820 29,454
and other non-current assets
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Total invested capital 107,115 118,363 98,184 85,740 95,720
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Total assets 162,912 164,212 133,981 113,240 119,558
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Long-term obligations 18,006 17,158 16,406 13,361 13,384
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Shareholders' equity 89,109 101,205 81,778 72,379 82,336
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Return on average invested capital 29 23 16 11 13
- % (b)
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Return on average shareholders' equity 33 27 18 13 14
- % (c)
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PER SHARE DATA (a)
Earnings per share:
Continuing operations 1.55 1.17 .67 .43 .55
Income before cumulative effect of 1.55 1.17 .67 .43 .46
accounting changes 1.55 1.17 .67 .43 .46
Net income
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Dividends per common share .28 .24 .23 .22 .20
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Book value per common share 4.66 4.89 3.97 3.43 3.55
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Common shares and common share equivalents 20,340 21,040 20,752 22,488 24,382
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<FN>
(d) In 1993, the Company adopted Statements of Financial Accounting Standards
No. 106, "Employers' Accounting for Postretirement Benefits Other Than
Pensions," No. 109, "Accounting for Income Taxes," and No. 112,
"Employers' Accounting for Postemployment Benefits." Prior years have not
been restated.
(e) The Company adopted Statement of Financial Accounting Standards No. 87,
"Employers' Accounting for Pensions," for its domestic plans in 1986 and
for its significant foreign plans in 1990; prior years have not been restated.
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