Business Services Industry
CLARCOR Reports Record Third Quarter 2005 Results; Net Earnings up 31%; Earnings Per Share up 29%
Business Wire, Sept 14, 2005
TABLES FOLLOW
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands except per share data)
Per Share Data Restated for 2-for-1 Stock Split
Effective April 29, 2005
For periods ended
August 27, 2005 Third Quarter Nine Months
and ------------------------ -----------------------
August 28, 2004 2005 2004 2005 2004
----------------------------------------------------------------------
Net sales $ 216,403 $ 206,209 $ 632,450 $ 580,193
Cost of sales 149,003 142,975 441,945 404,376
----------- ----------- ----------- -----------
Gross profit 67,400 63,234 190,505 175,817
Selling and
administrative
expenses 36,348 37,734 110,820 108,711
----------- ----------- ----------- -----------
Operating profit 31,052 25,500 79,685 67,106
Other income
(expense) 278 (278) (129) 90
----------- ----------- ----------- -----------
Earnings before
income taxes and
minority
interests 31,330 25,222 79,556 67,196
Income taxes 10,292 9,257 27,801 24,527
----------- ----------- ----------- -----------
Earnings before
minority
interests 21,038 15,965 51,755 42,669
Minority interests
in earnings of
subsidiaries (183) (90) (400) (219)
----------- ----------- ----------- -----------
Net earnings $ 20,855 $ 15,875 $ 51,355 $ 42,450
=========== =========== =========== ===========
Net earnings per
common share:
Basic $ 0.40 $ 0.31 $ 0.99 $ 0.83
=========== =========== =========== ===========
Diluted $ 0.40 $ 0.31 $ 0.98 $ 0.82
=========== =========== =========== ===========
Average shares
outstanding:
Basic 51,866,491 51,089,976 51,650,585 50,908,360
Diluted 52,678,124 51,739,014 52,328,384 51,560,852
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
August 27, November 27,
2005 2004
----------------------------------------------------------------------
Assets
Current assets:
Cash and cash investments $ 46,290 $ 22,520
Accounts receivable, net 145,961 143,719
Inventories 122,244 115,571
Other 23,957 22,180
------------ ------------
Total current assets 338,452 303,990
Plant assets, net 143,872 142,242
Acquired intangibles, net 149,426 147,789
Pension assets 24,339 24,574
Other assets 9,372 9,202
------------ ------------
$ 665,461 $ 627,797
============ ============
Liabilities
Current liabilities:
Current portion of long-term debt $ 186 $ 420
Accounts payable and accrued
liabilities 109,080 117,859
Income taxes 14,456 7,993
------------ ------------
Total current liabilities 123,722 126,272
Long-term debt 16,057 24,130
Long-term pension liabilities 14,185 11,256
Other liabilities 38,287 37,677
------------ ------------
192,251 199,335
Shareholders' Equity 473,210 428,462
------------ ------------
$ 665,461 $ 627,797
============ ============
SUMMARY CASH FLOWS
(Dollars in thousands)
Nine Months
----------------------------
2005 2004
----------------------------------------------------------------------
From Operating Activities
Net earnings $ 51,355 $ 42,450
Depreciation 15,038 13,822
Amortization 944 595
Changes in assets and liabilities 491 (11,703)
Other, net 279 (489)
------------ ------------
Total provided (used) by operating
activities 68,107 44,675
------------ ------------
From Investing Activities
Plant asset additions (16,847) (15,089)
Business acquisitions (3,512) (4,871)
Other, net 561 1,969
------------ ------------
Total provided (used) by investing
activities (19,798) (17,991)
------------ ------------
From Financing Activities
Net payments under line of credit (7,500) -
Payments on long-term debt (860) (292)
Cash dividends paid (9,893) (9,563)
Purchase of treasury stock (1,986) -
Other, net (3,677) 1,101
------------ ------------
Total provided (used) by financing
activities (23,916) (8,754)
------------ ------------
Effect of exchange rate changes on cash (623) 3
------------ ------------
Change in Cash and Cash Investments $ 23,770 $ 17,933
============ ============
QUARTERLY INCOME STATEMENT DATA BY SEGMENT
(Dollars in thousands)
2005
---------------------------------------------------
Quarter Quarter Quarter
Ended Ended Six Ended Nine
February 26 May 28 Months August 27 Months
----------- --------- --------- --------- ---------
Net sales by
segment:
Engine/Mobile
Filtration $ 83,129 $ 93,722 $176,851 $ 90,686 $267,537
Industrial/
Environmental
Filtration 97,198 106,668 203,866 105,153 309,019
Packaging 15,934 19,396 35,330 20,564 55,894
--------- --------- --------- --------- ---------
$196,261 $219,786 $416,047 $216,403 $632,450
========= ========= ========= ========= =========
Operating profit
by segment:
Engine/Mobile
Filtration $ 16,778 $ 19,629 $ 36,407 $ 20,500 $ 56,907
Industrial/
Environmental
Filtration 3,969 6,234 10,203 8,544 18,747
Packaging 333 1,690 2,023 2,008 4,031
--------- --------- --------- --------- ---------
$ 21,080 $ 27,553 $ 48,633 $ 31,052 $ 79,685
========= ========= ========= ========= =========
Operating margin
by segment:
Engine/Mobile
Filtration 20.2% 20.9% 20.6% 22.6% 21.3%
Industrial/
Environmental
Filtration 4.1% 5.8% 5.0% 8.1% 6.1%
Packaging 2.1% 8.7% 5.7% 9.8% 7.2%
--------- --------- --------- --------- ---------
10.7% 12.5% 11.7% 14.3% 12.6%
========= ========= ========= ========= =========
2004
--------------------------------------------------
Quarter Quarter Quarter
Ended Ended Six Ended Nine
February 28 May 29 Months August 28 Months
----------- --------- --------- --------- ---------
Net sales by
segment:
Engine/Mobile
Filtration $ 70,800 $ 82,992 $153,792 $ 83,771 $237,563
Industrial/
Environmental
Filtration 88,962 98,249 187,211 102,646 289,857
Packaging 15,510 17,471 32,981 19,792 52,773
--------- --------- --------- --------- ---------
$175,272 $198,712 $373,984 $206,209 $580,193
========= ========= ========= ========= =========
Operating profit
by segment:
Engine/Mobile
Filtration $ 14,425 $ 16,989 $ 31,414 $ 16,892 $ 48,306
Industrial/
Environmental
Filtration 3,252 6,076 9,328 8,457 17,785
Packaging 136 1,153 1,289 1,665 2,954
Relocation
Costs - (425) (425) (1,514) (1,939)
--------- --------- --------- --------- ---------
$ 17,813 $ 23,793 $ 41,606 $ 25,500 $ 67,106
========= ========= ========= ========= =========
Operating margin
by segment:
Engine/Mobile
Filtration 20.4% 20.5% 20.4% 20.2% 20.3%
Industrial/
Environmental
Filtration 3.7% 6.2% 5.0% 8.2% 6.1%
Packaging 0.9% 6.6% 3.9% 8.4% 5.6%
--------- --------- --------- --------- ---------
10.2% 12.0% 11.1% 12.4% 11.6%
========= ========= ========= ========= =========
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