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CLARCOR Inc. (CLC):
Unaudited Third Quarter 2012 Highlights
(Amounts in
millions, except per share data and percentages)
Three Months Ended Nine Months Ended
9/1/12 8/27/11 Change 9/1/12 8/27/11 Change
------------ ------------ ---------- ------------ ------------ --------
Net sales $ 286.7 $ 284.8 1 % $ 828.9 $ 819.1 1 %
Operating profit 46.2 46.5 -1 % 129.6 126.5 2 %
Net earnings - CLARCOR 30.3 32.1 -6 % 86.7 86.8 - %
Diluted earnings per share $ 0.60 $ 0.63 -5 % $ 1.70 $ 1.69 1 %
Operating margin 16.1 % 16.3 % -0.2 pts 15.6 % 15.4 % 0.2 pts
----- -- ----- -- ---------- ----- -- ----- -- --------
CLARCOR Inc. (CLC) reported its financial results
for the third quarter of 2012. Diluted earnings per share declined 5% to
$0.60 from $0.63 in the third quarter of 2011. Lower diluted earnings
per share were driven by a 1% reduction in operating profit and a 3.0
percentage point increase in the effective income tax rate compared with
last year’s third quarter. Net sales increased 1% based upon 5% higher
sales at the company’s Industrial/Environmental Filtration segment--which
also increased operating profit by 15% from the third quarter of 2011.
Higher sales at this reporting segment were offset by lower sales in the
Engine/Mobile Filtration and Packaging segments. Lower net sales in the
Engine/Mobile Filtration segment were driven by lower domestic
heavy-duty engine filter aftermarket sales and unfavorable changes in
foreign currency exchange rates.
Changes in foreign currency exchange rates reduced consolidated net
sales and operating profit by 2% in the third quarter of 2012 which
lowered diluted earnings per share by $0.01 from the third quarter of
2011. For the first nine months of 2012, changes in foreign currency
exchange rates reduced net sales and operating profit by 1% from the
first nine months of 2011. These changes were driven primarily by the
strengthening of the U.S. dollar against the Euro.
Chris Conway, CLARCOR’s Chief Executive Officer, commented, "Our third
quarter financial results were below our internal expectations heading
into the quarter primarily due to lower than expected sales of
heavy-duty engine filtration products in the domestic aftermarket and
China. In addition, softness in other markets contributed to our
shortfall compared with expectations including sales of air filtration
products to the swine industry and sales of packaging products. Lower
sales in these markets were partially offset by higher than expected
operating results in several markets within our Industrial/Environmental
Filtration segment including our natural gas filtration business both in
the U.S. and abroad. However, our overall lower than expected sales,
coupled with the impact of a higher effective income tax rate, drove our
lower than expected earnings.
"Although third quarter sales of heavy-duty engine filters in the
domestic aftermarket increased sequentially from the second quarter of
2012, sales did not meet our expectations and slightly declined from the
third quarter of 2011. Based upon continued discussions with our
distributors and other industry participants, we believe our sales
levels are consistent with slowing industry demand primarily in the
over-the-road truck market--which represents about two-thirds of our
domestic aftermarket--indicative of a slowdown in the U.S. economy which
has grown less than 2.0% in the first half of 2012 and is projected to
expand at a similar rate in the third quarter. We believe that the U.S.
trucking industry has been negatively impacted by this slow growth as
evidenced by declining diesel fuel consumption and a 5% reduction in
truck tonnage from an all-time high in December 2011. We believe we have
maintained our market share through the first nine months of 2012, and
we anticipate a rebound in our base domestic business when the U.S.
economy accelerates. Moreover, we continue to make strides in our
efforts to expand our domestic aftermarket share as we have added
distributors on a net basis and have expanded our product offerings
through the first nine months of 2012. Further share gains in the
domestic and foreign aftermarket are evidenced by the launch of
aftermarket programs through OE dealers in the third quarter that were
held previously by competitors. Although we anticipate that the full
sales potential of these programs will not be realized until the second
half of 2013, it is an example of the positive strides we are making to
further develop our markets. Although third quarter sales of heavy-duty
engine filters in China were lower than our expectations heading into
the quarter, these sales were higher than last year’s third quarter due
to the procurement of a new OE aftermarket program from a large local
diesel engine manufacturer. We believe we continue to be well-positioned
to capitalize on China’s projected long-term first-fit and aftermarket
heavy-duty engine filtration growth.
"Another market that experienced headwinds in our third quarter compared
with expectations was sales of air filtration products to the swine
industry which was negatively impacted by the severe summer drought in
the U.S. Due to higher feed prices, we believe hog farmers delayed
investment in new air filtration systems. As a result, our third quarter
sales of these products were below our expectations heading into the
quarter. We anticipate that many of these orders will be deferred until
the summer of 2013. Despite lower than expected third quarter 2012 sales
in this market, we believe we are the leader in this growth industry in
the U.S., and we are excited about the many opportunities outside the
U.S. including China--where we have recently launched the manufacture and
sale of swine filtration products and systems.
"Operating performance at our Industrial/Environmental Filtration
segment continues to be solid as our 11.4% operating margin in the third
quarter was not only 1.1 percentage points higher than last year’s third
quarter but was a record high for any third quarter in this reporting
segment. Net sales increased 7% from the third quarter of 2011 when
adjusted for changes in foreign currency exchange rates. Driven by these
higher sales and improved operating margin, third quarter operating
profit was 15% higher than the third quarter of 2011 and year-to-date
operating profit was 19% higher than last year’s first nine months.
Sales growth was driven by stronger sales in several markets but notably
in the natural gas filtration industry both within the U.S. and in our
foreign markets. Although natural gas vessel sales remain strong, we
continue to focus on the development of the natural gas filtration
aftermarket where global sales grew 14% in the third quarter compared
with last year’s third quarter. Other markets in our
Industrial/Environmental Filtration segment also demonstrated strong
third quarter sales growth including our dust collector business and our
Total Filtration Services (TFS) distribution business. With our
continued focus on profitable growth in this reporting segment, we
believe we are well-positioned to achieve our long-term operating margin
goal of 15% in the next three to four years."
Third Quarter Results:
Engine/Mobile Filtration Segment
Net sales at our Engine/Mobile Filtration segment declined 2% from the
third quarter of 2011. Lower net sales included a 1% reduction in the
U.S.--due to lower heavy-duty engine filter aftermarket sales--and a 3%
reduction in foreign sales. Foreign sales actually increased 2% when
adjusted for changes in foreign currency exchange rates. Higher
heavy-duty engine filter sales in Mexico, North and South Africa and a
rebound in China from last year’s third quarter were partially offset by
lower heavy-duty engine filter sales in Europe.
Operating profit at our Engine/Mobile Filtration segment declined 6%
from the third quarter of 2011 primarily from the 2% reduction in sales
and a 0.9 percentage point decline in operating margin to 22.4%. Lower
operating margin was partially due to lower absorption of fixed
manufacturing costs from lower sales in addition to higher material
costs as a percentage of sales primarily due to product mix.
Industrial/Environmental Filtration Segment
Net sales at our Industrial/Environmental Filtration segment increased
5% from the third quarter of 2011. These higher net sales included 2%
sales growth domestically and 11% sales growth outside the U.S. This
increase in foreign sales, which was 20% when adjusted for changes in
foreign currency exchange rates, was due to an increase in natural gas
vessel and aftermarket filter sales based upon sales growth in several
international markets including Asia and Canada. This increase excludes
the impact of our second quarter acquisition of Modular Engineering.
Operating profit at our Industrial/Environmental Filtration segment grew
15% from the third quarter of 2011. Our 11.4% third quarter operating
margin increased 1.1 percentage points from last year’s third quarter as
we were able to leverage fixed manufacturing and administrative costs
with higher net sales.
Packaging Segment
Net sales at our Packaging segment declined 7% from the third quarter of
2011 and fell short of our expectations heading into the third quarter.
Similar to the first two quarters of 2012, the reduction from 2011 was
primarily driven by lower smokeless tobacco packaging and confection
packaging sales. The 26% reduction in operating profit and the 2.3
percentage point reduction in operating margin compared with the third
quarter of 2011 were primarily the result of lower sales.
Despite the difficult sales environment, our operating margin in this
reporting segment has sequentially improved from 2.0% in the first
quarter to 8.9% in the second quarter to 9.2% this quarter. We intend to
continue to aggressively pursue several significant sales opportunities
in our pipeline over the remainder of the year. Accordingly, we expect
our Packaging segment operating performance to continue to improve
sequentially in the fourth quarter.
Income Taxes
Our third quarter effective tax rate of 33.9% was 3.0 percentage points
higher than the third quarter of 2011. This higher rate was primarily
driven by a $1.0 million tax benefit related to the release of a
valuation allowance at a foreign subsidiary in the third quarter of 2011
that did not recur in 2012. This tax benefit lowered the third quarter
2011 average tax rate by approximately 2.2 percentage points. The
remainder of the increase from the third quarter of 2011 was primarily
due to the research and experimentation tax credit not being renewed for
2012. The higher effective tax rate in the third quarter of 2012
negatively impacted our diluted earnings per share by approximately
$0.03 compared with the third quarter of 2011.
2012 Guidance
Chris Conway commented on 2012 guidance: "Based upon our results for the
third quarter of 2012 and our expectations for the fourth quarter, we
are lowering our full year diluted earnings per share guidance to be in
the range of $2.35 to $2.45, down from our previous guidance of $2.50 to
$2.65. This revised guidance implies a fourth quarter diluted earnings
per share range of $0.65 to $0.75--up from diluted earnings per share of
$0.60 in the third quarter. This anticipated increase in projected
diluted earnings per share in the fourth quarter from the third quarter
of 2012 is primarily due to higher sales--which are expected to increase
8% from the third quarter of 2012 based upon the mid-point of our
revised full-year sales growth guidance. We anticipate that these higher
fourth quarter sales will be driven by a backlog of aviation fuel,
marine fuel and petrochemical filtration vessel sales in Europe, the
Middle East and Africa and higher projected sales of heavy-duty engine
filtration products in markets outside the U.S. including China where we
expect to benefit from the launch of an OEM aftermarket program with a
large local diesel engine manufacturer. Our projections imply flat sales
in the domestic heavy-duty engine filter aftermarket in the fourth
quarter compared with the third quarter of 2012.
"Our long-term expectations are to grow sales between 6% and 10%
annually. Even though we will fall short of this goal this year, we
believe we are well-positioned to achieve this growth going forward. We
believe we possess a solid foundation for future long-term growth based
upon the many initiatives we continue to develop including adding new
heavy-duty engine filtration distributors and broadening our product
offerings both in the U.S. and abroad. The oil and gas filtration
industry remains strong, and we feel as good about our position in this
filtration market as we do with any other market. Moreover, with an
approximate 80% company-wide mix of aftermarket business, we believe we
are well-positioned within a growing filtration industry to continue to
capitalize on future profitable growth opportunities including our
ability to share our advanced media development technology across our
diverse business units."
Estimated full-year sales growth as compared with 2011 and 2012
operating margin by segment and on a consolidated basis are as follows:
2012 Estimated 2012 Estimated
Sales Growth Operating Margin
---------------- ----------------
Engine/Mobile Filtration 0.0% to 1.0% 21.5% to 22.5%
Industrial/Environmental Filtration 3.0% to 5.0% 11.0% to 12.0%
Packaging -16.0% to -12.0% 8.5% to 9.5%
CLARCOR 0.0% to 2.0% 15.5% to 16.5%
Our fiscal year 2011 included fifty-three weeks while our fiscal year
2012 will include fifty-two weeks. In addition, our fourth quarter 2011
included fourteen weeks while our fourth quarter 2012 will include
thirteen weeks. We estimate that the additional week in the fiscal year
and fourth quarter of 2011 will impact net sales and operating profit
growth comparisons to comparable periods in 2012 by 2% for the full year
and 7% for the fourth quarter.
We project 2012 cash from operations to be between $125 million and $135
million, capital expenditures to be between $35 million and $40 million
and our average tax rate to be between 32.5% and 33.5%.
CLARCOR will be holding a conference call to discuss the third quarter
2012 results at 10:00 a.m. CST on September 20, 2012. Interested parties
can listen to the conference call at www.clarcor.com
or www.viavid.net.
A replay will be available on these websites and also at 877-870-5176 or
858-384-5517 by providing confirmation code 6433348. The replay will be
available through October 4, 2012 by telephone and for 30 days on the
Internet.
CLARCOR is based in Franklin, Tennessee, and is a diversified marketer
and manufacturer of mobile, industrial and environmental filtration
products and consumer and industrial packaging products sold in domestic
and international markets. Common shares of CLARCOR are traded on the
New York Stock Exchange under the symbol CLC.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements made in this press release other than statements of
historical fact, are forward-looking statements. These statements may be
identified from use of the words "may," "should," "could," "potential,"
"continue," "plan," "forecast," "estimate," "project," "believe,"
"intent," "anticipate," "expect," "target," "is likely," "will," or the
negative of these terms, and similar expressions. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements may include, among other things: statements and assumptions
relating to anticipated future growth and results of operations,
including the anticipated 2012 performance of the Company and each of
its segments, our projections with respect to 2012 estimated sales
growth and 2012 estimated operating margins for the Company and each of
its segments, our projections with respect to 2012 diluted earnings per
share (including our implied projected fourth quarter diluted earnings
per share range), and our projections with respect to 2012 cash from
operations, 2012 capital expenditures and 2012 effective tax rates;
statements regarding management’s short-term and long-term performance
goals; statements regarding anticipated order patterns from our
customers or the anticipated economic conditions of the industries and
markets that we serve; statements related to the performance of the U.S.
and other economies generally; statements relating to the anticipated
effects on results of operations or financial condition from recent and
expected developments or events; statements regarding our belief that we
will experience a rebound in our base domestic business with
respect to heavy-duty engine filters when the U.S. economy accelerates;
statements regarding our belief that we will not realize the full sales
potential of aftermarket programs through OE dealers launched in the
third quarter until the second half of 2013; statements regarding our
belief that we continue to be well-positioned to capitalize on China’s
projected long-term first-fit and aftermarket heavy-duty engine
filtration growth; statements regarding our belief that many orders of
new air filtration systems by hog farmers will be deferred until the
summer of 2013; statements regarding our belief that we are
well-positioned to achieve our long-term operating margin goal of 15% in
the Industrial/Environmental Filtration segment in the next three to
four years; statements regarding our intent to aggressively pursue
several significant sales opportunities in our pipeline with respect to
our Packaging segment over the remainder of the year; statements
regarding our expectation that our Packaging segment operating
performance will continue to improve sequentially in the fourth quarter;
statements regarding our anticipated increase in sales of 8% in the
fourth quarter of 2012 compared to the third quarter of 2012; statements
regarding our expectation that higher fourth quarter sales will be
driven by a significant backlog of aviation fuel, marine fuel and
petrochemical filtration vessel sales in Europe, the Middle East and
Africa and higher sales of heavy-duty engine filtration products in
markets outside the U.S. including China where we believe we will
benefit from the launch of an OEM aftermarket program with a large local
diesel engine manufacturer; statements regarding our expectation of flat
sales in the domestic heavy-duty engine filter aftermarket in the fourth
quarter from the third quarter of 2012; statements regarding our
long-term expectation to grow sales between 6.0% and 10.0% annually, and
that we will fall short of that goal this year; statements regarding our
belief that we are well-positioned to achieve between 6.0% and 10.0%
sales growth going forward; statements regarding our belief that we
possess a solid foundation for future long-term growth based upon the
many initiatives we continue to develop including adding new heavy-duty
engine filtration distributors and broadening our product offerings both
in the U.S. and abroad; statements regarding our belief about our
position in the oil and gas filtration market compared with other
markets; statements regarding our belief that we are well positioned
within a growing filtration industry to continue to capitalize on future
profitable growth opportunities including our ability to share our
advanced media development technology across our diverse business units;
our estimates related to the sales and operating profit growth
comparison impact of the fifty-third week in 2011 and the fourteenth
week in the fourth quarter of 2011 compared with comparable period in
2012; and any other statements or assumptions that are not historical
facts. The Company believes that its expectations are based on
reasonable assumptions. However, these forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that could cause the Company’s actual results, performance or
achievements, or industry results, to differ materially from the
Company’s expectations of future results, performance or achievements
expressed or implied by these forward-looking statements. The Company’s
past results of operations do not necessarily indicate its future
results. The Company’s future results may differ materially from
the Company’s past results as a result of various risks and
uncertainties, including the risk factors discussed in the "Risk
Factors" section of the Company’s 2011 Form 10-K and other risk factors
detailed from time to time in the Company’s filings with the Securities
and Exchange Commission. You should not place undue reliance on any
forward-looking statements. These statements speak only as of the date
of this press release. Except as otherwise required by applicable laws,
the Company undertakes no obligation to publicly update or revise any
forward-looking statements or the risk factors described in this press
release, including estimated 2012 diluted earnings per share and
estimated sales growth and estimated operating margin levels for 2012
for the Company and its business segments, whether as a result of new
information, future events, changed circumstances or any other reason
after the date of this press release.
TABLES FOLLOW
CLARCOR INC. 2012 UNAUDITED THIRD QUARTER RESULTS
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Dollars in thousands except per share data)
Quarter Ended Nine Months
----------------------------------------- -----------------------------------------
September 1, August 27, September 1, August 27,
2012 2011 2012 2011
--------------------- ------------------- --------------------- -------------------
Net sales $ 286,733 $ 284,819 $ 828,852 $ 819,072
Cost of sales 191,845 188,945 549,563 542,783
---------- ---------- ---------- ----------
Gross profit 94,888 95,874 279,289 276,289
Selling and administrative expenses 48,707 49,413 149,685 149,757
---------- ---------- ---------- ----------
Operating profit 46,181 46,461 129,604 126,532
---------- ---------- ---------- ----------
Other income (expense):
Interest expense (176 ) (87 ) (364 ) (352 )
Interest income 156 170 459 446
Other, net (186 ) 16 309 (412 )
---------- ---- ---------- ---------- ---------- ---
(206 ) 99 404 (318 )
---------- ---- ---------- ---------- ---------- ---
Earnings before income taxes 45,975 46,560 130,008 126,214
Provision for income taxes 15,564 14,401 43,026 39,253
---------- ---------- ---------- ----------
Net earnings 30,411 32,159 86,982 86,961
(141 ) (89 ) (306 ) (202 )
Net (earnings) losses attributable to noncontrolling interests
---------- ---- ---------- --- ---------- ---- ---------- ---
Net earnings attributable to CLARCOR Inc $ 30,270 $ 32,070 $ 86,676 $ 86,759
==== ========== === ========== ==== ========== === ==========
Net earning per share attributable to CLARCOR Inc. - Basic $ 0.60 $ 0.63 $ 1.72 $ 1.72
==== ========== === ========== ==== ========== === ==========
Net earning per share attributable to CLARCOR Inc. - Diluted $ 0.60 $ 0.63 $ 1.70 $ 1.69
==== ========== === ========== ==== ========== === ==========
Weighted average number of shares outstanding - Basic 50,283,340 50,527,206 50,357,567 50,563,556
========== ========== ========== ==========
Weighted average number of shares outstanding - Diluted 50,863,894 51,200,241 50,979,542 51,256,621
========== ========== ========== ==========
Dividends paid per share $ 0.1200 $ 0.1050 $ 0.3600 $ 0.3150
==== ========== === ========== ==== ========== === ==========
CLARCOR INC. 2012 UNAUDITED THIRD QUARTER RESULTS, continued
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
September 1, December 3,
2012 2011
-------------------- --------------------
ASSETS
Current assets:
Cash and cash equivalents $ 165,347 $ 155,999
Restricted cash 869 1,105
212,687 206,664
Accounts receivable, less allowance for losses of $9,524 and
$9,795, respectively
Inventories 210,521 200,274
Deferred income taxes 32,377 25,974
Income tax receivable - 3,373
Prepaid expenses and other current assets 7,324 7,510
--------- ---------
Total current assets 629,125 600,899
--------- ---------
Plant assets, at cost, less accumulated depreciation of $309,822 and 195,239 184,992
$293,111, respectively
Assets held for sale 2,000 2,000
Goodwill 241,602 235,530
Acquired intangibles, less accumulated amortization 96,871 98,674
Deferred income taxes 361 749
Other noncurrent assets 16,221 12,089
--------- ---------
Total assets $ 1,181,419 $ 1,134,933
==== ========= ==== =========
LIABILITIES
Current liabilities:
Current portion of long-term debt $ 208 $ 1,289
Accounts payable and accrued liabilities 166,190 155,585
Income taxes payable 1,504 3,176
--------- ---------
Total current liabilities 167,902 160,050
--------- ---------
Long-term debt, less current portion 16,551 15,981
Long-term pension and postretirement healthcare benefits liabilities 35,124 74,524
Deferred income taxes 54,586 36,194
Other long-term liabilities 8,774 11,069
--------- ---------
Total liabilities 282,937 297,818
--------- ---------
Contingencies
Redeemable noncontrolling interests 1,707 1,557
SHAREHOLDERS’ EQUITY
Capital stock 50,076 50,145
Capital in excess of par value 14,223 19,453
Accumulated other comprehensive loss (46,625 ) (44,391 )
Retained earnings 878,193 809,520
--------- ---------
Total CLARCOR Inc. equity 895,867 834,727
--------- ---------
Noncontrolling interests 908 831
--------- ---------
Total shareholders’ equity 896,775 835,558
--------- ---------
Total liabilities and shareholders’ equity $ 1,181,419 $ 1,134,933
==== ========= ==== =========
CLARCOR INC. 2012 UNAUDITED THIRD QUARTER RESULTS, continued
CONSOLIDATED CONDENSED CASH FLOWS
(Dollars in thousands)
Nine Months Ended
-------------------------------------
September 1, August 27,
2012 2011
------------------ ------------------
Cash flows from operating activities:
Net earnings $ 86,982 $ 86,961
Depreciation 19,387 20,679
Amortization 4,383 4,160
Other noncash items (24 ) 180
Net loss (gain) on disposition of assets (792 ) 168
Stock-based compensation expense 5,397 4,786
Excess tax benefit from stock-based compensation (2,606 ) (2,338 )
Deferred income taxes 8,355 (1,353 )
Changes in assets and liabilities (41,325 ) (43,934 )
------- ---- ------- ----
Net cash provided by operating activities 79,757 69,309
------- -------
Cash flows from investing activities:
Restricted cash (79 ) (317 )
Business acquisitions, net of cash acquired (11,974 ) (14,160 )
Additions to plant assets (29,473 ) (16,789 )
Proceeds from disposition of plant assets 502 244
Investment in affiliates (801 ) (100 )
------- ---- ------- ----
Net cash used in investing activities (41,825 ) (31,122 )
------- ---- ------- ----
Cash flows from financing activities:
Payments on long-term debt (1,253 ) (1,825 )
Payment of financing costs (564 ) -
Sale of capital stock under stock option and employee purchase plans 5,389 6,900
Purchase of treasury stock (16,724 ) (18,204 )
Excess tax benefits from stock-based compensation 2,606 2,338
Dividend paid to noncontrolling interests - (321 )
Cash dividends paid (18,132 ) (15,927 )
------- ---- ------- ----
Net cash used in financing activities (28,678 ) (27,039 )
------- ---- ------- ----
Net effect of exchange rate changes on cash 94 (1,105 )
------- ------- ----
Net change in cash and cash equivalents 9,348 10,043
Cash and cash equivalents, beginning of period 155,999 117,022
------- -------
Cash and cash equivalents, end of period $ 165,347 $ 127,065
==== ======= ==== =======
Cash paid during the period for:
Interest $ 319 $ 95
==== ======= ==== =======
Income taxes, net of refunds $ 27,827 $ 26,505
==== ======= ==== =======
CLARCOR INC. 2012 UNAUDITED THIRD QUARTER RESULTS, continued
QUARTERLY INCOME STATEMENT DATA BY SEGMENT
(Dollars in thousands)
Quarter Ended Nine Months
----------------------------------- -----------------------------------
September 1, August 27, September 1, August 27,
2012 2011 2012 2011
------------------ ---------------- ------------------ ----------------
Net sales by segment:
Engine/Mobile Filtration $ 126,903 $ 129,467 $ 377,863 $ 372,071
Industrial/Environmental Filtration 138,532 132,380 394,275 377,998
Packaging 21,298 22,972 56,714 69,003
------- ------- ------- -------
$ 286,733 $ 284,819 $ 828,852 $ 819,072
==== ======= === ======= ==== ======= === =======
Operating profit by segment:
Engine/Mobile Filtration $ 28,478 $ 30,175 $ 81,403 $ 80,969
Industrial/Environmental Filtration 15,741 13,650 44,193 37,077
Packaging 1,962 2,636 4,008 8,486
------- ------- ------- -------
$ 46,181 $ 46,461 $ 129,604 $ 126,532
==== ======= === ======= ==== ======= === =======
Operating margin by segment:
Engine/Mobile Filtration 22.4 % 23.3 % 21.5 % 21.8 %
Industrial/Environmental Filtration 11.4 % 10.3 % 11.2 % 9.8 %
Packaging 9.2 % 11.5 % 7.1 % 12.3 %
------- ---- ------- --- ------- ---- ------- ---
16.1 % 16.3 % 15.6 % 15.4 %
======= ==== ======= === ======= ==== ======= ===
SOURCE: CLARCOR Inc.
CLARCOR Inc.
David J. Fallon, Chief Financial Officer, 615-771-3100
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