
|
Quarter Ended
|
Six Months Ended
|
|||||||||||||||||||||||
|
5/29/10
|
5/30/09
|
Change
|
5/29/10
|
5/30/09
|
Change
|
|||||||||||||||||||
|
Net
sales
|
$ | 257.9 | $ | 229.4 | 12 | % | $ | 473.0 | $ | 443.1 | 7 | % | ||||||||||||
|
Operating
profit
|
36.2 | 25.2 | 44 | % | 59.1 | 38.9 | 52 | % | ||||||||||||||||
|
Net
earnings - CLARCOR
|
23.9 | 16.8 | 42 | % | 38.8 | 25.6 | 51 | % | ||||||||||||||||
|
Diluted
earnings per share
|
$ | 0.47 | $ | 0.33 | 42 | % | $ | 0.76 | $ | 0.50 | 52 | % | ||||||||||||
|
2010 Estimated
Sales Growth
|
2010 Estimated
Operating
Margin
|
||||
|
Engine/Mobile
Filtration
|
14%
- 16%
|
20.0%
- 21.0%
|
|||
|
Industrial/Environmental
Filtration
|
4%
- 5%
|
8.0%
- 9.0%
|
|||
|
Packaging
|
19%
- 20%
|
7.5%
- 8.5%
|
|||
|
CLARCOR
|
9%
- 11%
|
13.0%
- 14.0%
|
|
Second
Quarter
|
Six
Months
|
|||||||||||||||
|
For
periods ended May 29, 2010 and May 30, 2009
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
Net
sales
|
$ | 257,869 | $ | 229,395 | $ | 473,000 | $ | 443,085 | ||||||||
|
Cost
of sales
|
173,026 | 159,797 | 318,352 | 312,504 | ||||||||||||
|
Gross
profit
|
84,843 | 69,598 | 154,648 | 130,581 | ||||||||||||
|
Selling
and administrative expenses
|
48,631 | 44,368 | 95,540 | 91,664 | ||||||||||||
|
Operating
profit
|
36,212 | 25,230 | 59,108 | 38,917 | ||||||||||||
|
Other
expense
|
(224 | ) | (52 | ) | (718 | ) | (858 | ) | ||||||||
|
Earnings
before income taxes
|
35,988 | 25,178 | 58,390 | 38,059 | ||||||||||||
|
Income
taxes
|
12,053 | 8,121 | 19,648 | 12,217 | ||||||||||||
|
Net
earnings
|
23,935 | 17,057 | 38,742 | 25,842 | ||||||||||||
|
Net
(earnings) losses attributable to noncontrolling interests
|
(50 | ) | (266 | ) | 9 | (260 | ) | |||||||||
|
Net
earnings attributable to CLARCOR Inc
|
$ | 23,885 | $ | 16,791 | $ | 38,751 | $ | 25,582 | ||||||||
|
Net
earnings per common share attributable to CLARCOR Inc.:
|
||||||||||||||||
|
Basic
|
$ | 0.47 | $ | 0.33 | $ | 0.76 | $ | 0.50 | ||||||||
|
Diluted
|
$ | 0.47 | $ | 0.33 | $ | 0.76 | $ | 0.50 | ||||||||
|
Average
shares outstanding:
|
||||||||||||||||
|
Basic
|
50,716,443 | 51,116,978 | 50,661,061 | 51,086,280 | ||||||||||||
|
Diluted
|
51,042,817 | 51,409,284 | 50,902,545 | 51,467,212 | ||||||||||||
|
CONSOLIDATED BALANCE SHEETS
|
SUMMARY CASH FLOWS
|
|
(Dollars
in thousands)
|
(Dollars
in thousands)
|
|
May
29,
|
November
28,
|
Six
Months
|
||||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||
|
Assets
|
From
Operating Activities
|
|||||||||||||||||
|
Current
assets:
|
Net
earnings
|
$ | 38,742 | $ | 25,842 | |||||||||||||
|
Cash
and cash equivalents
|
$ | 75,661 | $ | 59,277 |
Depreciation
|
13,805 | 13,851 | |||||||||||
|
Short-term
investments
|
- | 32,171 |
Amortization
|
2,423 | 2,436 | |||||||||||||
|
Accounts
receivable, net
|
175,240 | 164,545 |
Stock
compensation expense
|
3,362 | 3,142 | |||||||||||||
|
Inventories
|
173,851 | 157,416 |
Excess
tax benefit from stock compensation
|
(1,722 | ) | (432 | ) | |||||||||||
|
Other
|
36,987 | 35,119 |
Changes
in short-term investments
|
32,171 | (16,065 | ) | ||||||||||||
|
Total
current assets
|
461,739 | 448,528 |
Changes
in assets and liabilities, excluding
|
|||||||||||||||
|
Plant
assets, net
|
184,297 | 188,091 |
short-term
investments
|
(18,736 | ) | 7,742 | ||||||||||||
|
Goodwill
|
226,364 | 228,182 |
Other,
net
|
(102 | ) | (55 | ) | |||||||||||
|
Other
acquired intangibles, net
|
93,440 | 95,990 |
Total
provided by operating activities
|
69,943 | 36,461 | |||||||||||||
|
Other
assets
|
11,983 | 13,099 | ||||||||||||||||
| $ | 977,823 | $ | 973,890 |
From
Investing Activities
|
||||||||||||||
|
Additions
to plant assets
|
(11,257 | ) | (10,784 | ) | ||||||||||||||
|
Liabilities
|
Business
acquisitions, net of cash
|
- | (9,804 | ) | ||||||||||||||
|
Current
liabilities:
|
Investment
in affiliate
|
- | (1,000 | ) | ||||||||||||||
|
Current
portion of long-term debt
|
$ | 105 | $ | 99 |
Proceeds
from insurance claim
|
557 | - | |||||||||||
|
Accounts
payable and accrued
|
Other,
net
|
153 | 394 | |||||||||||||||
|
liabilities
|
144,478 | 126,424 |
Total
used in investing activities
|
(10,547 | ) | (21,194 | ) | |||||||||||
|
Income
taxes
|
2,654 | 5,419 | ||||||||||||||||
|
Total
current liabilities
|
147,237 | 131,942 |
From
Financing Activities
|
|||||||||||||||
|
Long-term
debt
|
17,302 | 52,096 |
Net
payments under line of credit
|
(35,000 | ) | (10,000 | ) | |||||||||||
|
Long-term
pension liabilities
|
62,919 | 61,746 |
Borrowings
under long-term debt
|
354 | 8,410 | |||||||||||||
|
Other
liabilities
|
35,858 | 38,219 |
Acquisition
of noncontrolling interest
|
- | (2,388 | ) | ||||||||||||
|
Total
liabilities
|
263,316 | 284,003 |
Payments
on long-term debt
|
(73 | ) | (559 | ) | |||||||||||
|
Redeemable
noncontrolling interest
|
1,363 | 1,412 |
Cash
dividends paid
|
(9,870 | ) | (9,196 | ) | |||||||||||
|
Shareholders'
Equity
|
713,144 | 688,475 |
Excess
tax benefits from stock compensation
|
1,722 | 432 | |||||||||||||
| $ | 977,823 | $ | 973,890 |
Other,
net
|
3,963 | 2,106 | ||||||||||||
|
Total
used in financing activities
|
(38,904 | ) | (11,195 | ) | ||||||||||||||
|
Effect
of exchange rate changes on cash
|
(4,108 | ) | 2,016 | |||||||||||||||
|
Change
in Cash and Cash Equivalents
|
$ | 16,384 | $ | 6,088 | ||||||||||||||
|
2010
|
||||||||||||
|
Quarter
|
Quarter
|
|||||||||||
|
Ended
|
Ended
|
Six
|
||||||||||
|
February
27
|
May
29
|
Months
|
||||||||||
|
Net
sales by segment:
|
||||||||||||
|
Engine/Mobile
Filtration
|
$ | 96,428 | $ | 113,434 | $ | 209,862 | ||||||
|
Industrial/Environmental
Filtration
|
102,027 | 117,566 | 219,593 | |||||||||
|
Packaging
|
16,676 | 26,869 | 43,545 | |||||||||
| $ | 215,131 | $ | 257,869 | $ | 473,000 | |||||||
|
Operating
profit by segment:
|
||||||||||||
|
Engine/Mobile
Filtration
|
$ | 17,862 | $ | 23,643 | $ | 41,505 | ||||||
|
Industrial/Environmental
Filtration
|
4,283 | 10,371 | 14,654 | |||||||||
|
Packaging
|
751 | 2,198 | 2,949 | |||||||||
| $ | 22,896 | $ | 36,212 | $ | 59,108 | |||||||
|
Operating
margin by segment:
|
||||||||||||
|
Engine/Mobile
Filtration
|
18.5 | % | 20.8 | % | 19.8 | % | ||||||
|
Industrial/Environmental
Filtration
|
4.2 | % | 8.8 | % | 6.7 | % | ||||||
|
Packaging
|
4.5 | % | 8.2 | % | 6.8 | % | ||||||
| 10.6 | % | 14.0 | % | 12.5 | % | |||||||
|
2009
|
||||||||||||
|
Quarter
|
Quarter
|
|||||||||||
|
Ended
|
Ended
|
Six
|
||||||||||
|
February
28
|
May
30
|
Months
|
||||||||||
|
Net
sales by segment:
|
||||||||||||
|
Engine/Mobile
Filtration
|
$ | 85,380 | $ | 92,277 | $ | 177,657 | ||||||
|
Industrial/Environmental
Filtration
|
113,458 | 119,889 | 233,347 | |||||||||
|
Packaging
|
14,852 | 17,229 | 32,081 | |||||||||
| $ | 213,690 | $ | 229,395 | $ | 443,085 | |||||||
|
Operating
profit by segment:
|
||||||||||||
|
Engine/Mobile
Filtration
|
$ | 13,301 | $ | 18,457 | $ | 31,758 | ||||||
|
Industrial/Environmental
Filtration
|
663 | 5,864 | 6,527 | |||||||||
|
Packaging
|
(277 | ) | 909 | 632 | ||||||||
| $ | 13,687 | $ | 25,230 | $ | 38,917 | |||||||
|
Operating
margin by segment:
|
||||||||||||
|
Engine/Mobile
Filtration
|
15.6 | % | 20.0 | % | 17.9 | % | ||||||
|
Industrial/Environmental
Filtration
|
0.6 | % | 4.9 | % | 2.8 | % | ||||||
|
Packaging
|
-1.9 | % | 5.3 | % | 2.0 | % | ||||||
| 6.4 | % | 11.0 | % | 8.8 | % | |||||||