Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - CLARCOR INC. | a201610kex322.htm |
| EX-32.1 - EXHIBIT 32.1 - CLARCOR INC. | a201610kex321.htm |
| EX-31.2 - EXHIBIT 31.2 - CLARCOR INC. | a201610kex312.htm |
| EX-31.1 - EXHIBIT 31.1 - CLARCOR INC. | a201610kex311.htm |
| EX-23 - EXHIBIT 23 - CLARCOR INC. | a201610kex23.htm |
| EX-21 - EXHIBIT 21 - CLARCOR INC. | a201610kex21.htm |
| EX-12.1 - EXHIBIT 12.1 - CLARCOR INC. | a201610kex121.htm |
| EX-10.12 - EXHIBIT 10.12 - CLARCOR INC. | a201610kex1012.htm |
| EX-10.10 - EXHIBIT 10.10 - CLARCOR INC. | a201610kex1010.htm |
| 10-K - 10-K - CLARCOR INC. | a201610k.htm |
Exhibit 13
CLARCOR Inc.
11-Year Financial Review (C)
(Dollars in Thousands except Per Share Data)
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||
PER COMMON SHARE | |||||||||||||||||||||||||||||||||||||||||||
Equity attributable to CLARCOR | $ | 23.49 | $ | 22.59 | $ | 21.99 | $ | 20.78 | $ | 18.14 | $ | 16.65 | $ | 15.03 | $ | 13.63 | $ | 12.83 | $ | 11.29 | $ | 10.52 | |||||||||||||||||||||
Diluted Net Earnings attributable to CLARCOR | 2.84 | 2.67 | 2.83 | 2.34 | 2.42 | 2.42 | 1.88 | 1.40 | 1.86 | 1.78 | 1.59 | ||||||||||||||||||||||||||||||||
Dividends | 0.9100 | 0.8200 | 0.7100 | 0.5750 | 0.4950 | 0.4350 | 0.3975 | 0.3675 | 0.3300 | 0.2975 | 0.2750 | ||||||||||||||||||||||||||||||||
Price - High | 82.94 | 68.72 | 67.60 | 61.34 | 54.22 | 49.60 | 42.20 | 34.64 | 44.25 | 44.01 | 36.72 | ||||||||||||||||||||||||||||||||
Price - Low | 44.13 | 46.05 | 52.70 | 45.02 | 42.75 | 39.13 | 30.41 | 23.05 | 25.03 | 29.57 | 26.87 | ||||||||||||||||||||||||||||||||
EARNINGS DATA | |||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 1,389,573 | $ | 1,481,026 | $ | 1,512,854 | $ | 1,130,770 | $ | 1,121,765 | $ | 1,126,601 | $ | 1,011,429 | $ | 907,748 | $ | 1,059,601 | $ | 921,191 | $ | 904,347 | |||||||||||||||||||||
Operating Profit | 180,888 | 197,947 | 210,428 | 174,616 | 182,714 | 181,267 | 144,649 | 105,733 | 151,923 | 129,814 | 126,328 | ||||||||||||||||||||||||||||||||
Interest Expense | 7,538 | 5,629 | 3,700 | 615 | 527 | 469 | 546 | 2,120 | 6,532 | 1,010 | 814 | ||||||||||||||||||||||||||||||||
Pretax Income | 201,606 | 197,965 | 211,563 | 174,300 | 182,997 | 181,308 | 143,423 | 105,649 | 145,371 | 130,509 | 126,941 | ||||||||||||||||||||||||||||||||
Income Taxes | 62,216 | 63,052 | 67,380 | 55,950 | 59,657 | 56,947 | 47,072 | 33,819 | 49,310 | 39,675 | 43,795 | ||||||||||||||||||||||||||||||||
Net Earnings | 139,390 | 134,913 | 144,183 | 118,350 | 123,340 | 124,361 | 96,351 | 71,830 | 96,061 | 90,834 | 83,146 | ||||||||||||||||||||||||||||||||
Diluted Average Shares Outstanding | 49,060 | 50,429 | 50,871 | 50,539 | 50,882 | 51,191 | 51,156 | 51,120 | 51,466 | 50,885 | 52,177 | ||||||||||||||||||||||||||||||||
EARNINGS ANALYSIS | |||||||||||||||||||||||||||||||||||||||||||
Operating Margin | 13.0 | % | 13.4 | % | 13.9 | % | 15.4 | % | 16.3 | % | 16.1 | % | 14.3 | % | 11.6 | % | 14.3 | % | 14.1 | % | 14.0 | % | |||||||||||||||||||||
Pretax Margin | 14.5 | % | 13.4 | % | 14.0 | % | 15.4 | % | 16.3 | % | 16.1 | % | 14.2 | % | 11.6 | % | 13.7 | % | 14.2 | % | 14.0 | % | |||||||||||||||||||||
Effective Tax Rate | 30.9 | % | 31.9 | % | 31.8 | % | 32.1 | % | 32.6 | % | 31.4 | % | 32.8 | % | 32.0 | % | 33.9 | % | 30.4 | % | 34.5 | % | |||||||||||||||||||||
Net Margin | 10.0 | % | 9.1 | % | 9.5 | % | 10.5 | % | 11.0 | % | 11.0 | % | 9.5 | % | 7.9 | % | 9.1 | % | 9.9 | % | 9.2 | % | |||||||||||||||||||||
Return on Beginning Assets | 7.7 | % | 7.1 | % | 10.0 | % | 9.8 | % | 10.9 | % | 11.9 | % | 9.9 | % | 7.5 | % | 13.0 | % | 12.5 | % | 12.3 | % | |||||||||||||||||||||
Return on Beginning Shareholders' Equity | 12.6 | % | 12.2 | % | 14.0 | % | 13.1 | % | 14.8 | % | 16.4 | % | 14.0 | % | 11.0 | % | 17.2 | % | 16.8 | % | 17.2 | % | |||||||||||||||||||||
Dividend Payout to Net Earnings | 31.8 | % | 30.4 | % | 24.8 | % | 24.3 | % | 20.3 | % | 17.7 | % | 21.0 | % | 26.1 | % | 17.6 | % | 16.6 | % | 17.2 | % | |||||||||||||||||||||
BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||
Cash and Short-Term Investments (A) | $ | 134,878 | $ | 101,529 | $ | 94,064 | $ | 412,325 | $ | 186,062 | $ | 157,104 | $ | 117,730 | $ | 91,448 | $ | 47,984 | $ | 40,943 | $ | 61,246 | |||||||||||||||||||||
Current Assets | 625,346 | 664,795 | 728,907 | 892,121 | 654,594 | 600,899 | 526,273 | 448,528 | 432,571 | 371,920 | 380,340 | ||||||||||||||||||||||||||||||||
Plant Assets, Net | 294,602 | 301,019 | 288,356 | 208,953 | 195,101 | 184,992 | 181,175 | 188,091 | 192,599 | 169,212 | 146,529 | ||||||||||||||||||||||||||||||||
Total Assets | 1,739,092 | 1,818,456 | 1,888,769 | 1,448,843 | 1,205,502 | 1,134,933 | 1,042,411 | 973,890 | 957,882 | 739,135 | 727,516 | ||||||||||||||||||||||||||||||||
Current Liabilities | 203,810 | 203,700 | 224,380 | 207,761 | 174,891 | 160,050 | 163,457 | 131,942 | 143,503 | 114,171 | 118,428 | ||||||||||||||||||||||||||||||||
Long-Term Debt | 267,753 | 397,368 | 411,330 | 116,413 | 16,391 | 15,981 | 17,331 | 52,096 | 83,822 | 17,329 | 15,946 | ||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | — | — | 1,587 | 1,836 | 1,754 | 1,557 | 1,568 | 1,412 | 1,179 | 2,386 | (47 | ) | |||||||||||||||||||||||||||||||
Shareholders' Equity | 1,141,513 | 1,110,465 | 1,105,103 | 1,032,873 | 901,830 | 835,558 | 757,527 | 688,475 | 654,752 | 557,921 | 539,212 | ||||||||||||||||||||||||||||||||
BALANCE SHEET ANALYSIS | |||||||||||||||||||||||||||||||||||||||||||
Debt to Capitalization (B) | 20.0 | % | 26.7 | % | 27.1 | % | 13.9 | % | 1.8 | % | 2.0 | % | 2.3 | % | 7.0 | % | 11.4 | % | 3.0 | % | 2.9 | % | |||||||||||||||||||||
Working Capital | $ | 421,536 | $ | 461,095 | $ | 504,527 | $ | 684,360 | $ | 479,703 | $ | 440,849 | $ | 362,816 | $ | 316,586 | $ | 289,068 | $ | 257,749 | $ | 261,912 | |||||||||||||||||||||
Current Ratio | 3.1 | 3.3 | 3.2 | 4.3 | 3.7 | 3.8 | 3.2 | 3.4 | 3.0 | 3.3 | 3.2 | ||||||||||||||||||||||||||||||||
CASH FLOW DATA | |||||||||||||||||||||||||||||||||||||||||||
From Operations | $ | 285,398 | $ | 153,745 | $ | 156,346 | $ | 135,241 | $ | 135,849 | $ | 119,549 | $ | 143,402 | $ | 113,693 | $ | 107,136 | $ | 137,324 | $ | 63,581 | |||||||||||||||||||||
For Investment | (49,043 | ) | (33,241 | ) | (664,252 | ) | (42,090 | ) | (42,128 | ) | (33,527 | ) | (21,836 | ) | (29,899 | ) | (108,900 | ) | (47,867 | ) | (21,342 | ) | |||||||||||||||||||||
From/(For) Financing | (201,984 | ) | (110,557 | ) | 188,680 | 132,582 | (64,873 | ) | (45,540 | ) | (62,526 | ) | (69,999 | ) | 16,155 | (85,522 | ) | (33,641 | ) | ||||||||||||||||||||||||
Change in Cash & Equivalents | 33,349 | 7,465 | (317,498 | ) | 226,066 | 29,497 | 38,977 | 57,745 | 18,562 | 4,656 | 7,008 | 10,549 | |||||||||||||||||||||||||||||||
Capital Expenditures | 30,924 | 64,535 | 69,681 | 44,651 | 36,468 | 22,486 | 23,371 | 21,740 | 34,908 | 37,024 | 17,588 | ||||||||||||||||||||||||||||||||
Depreciation & Amortization | 58,602 | 56,603 | 50,427 | 32,233 | 31,815 | 32,435 | 30,921 | 30,962 | 30,388 | 23,389 | 23,079 | ||||||||||||||||||||||||||||||||
Dividends Paid | 44,375 | 40,972 | 35,805 | 28,744 | 24,912 | 21,961 | 20,143 | 18,682 | 16,845 | 15,024 | 14,203 | ||||||||||||||||||||||||||||||||
Net Interest Expense (Income) | 6,987 | 5,186 | 3,280 | (75 | ) | (73 | ) | (180 | ) | 258 | 1,842 | 5,159 | (609 | ) | (913 | ) | |||||||||||||||||||||||||||
Income Taxes Paid | 44,151 | 70,146 | 67,534 | 42,602 | 43,821 | 37,959 | 54,560 | 32,208 | 42,346 | 41,517 | 44,446 | ||||||||||||||||||||||||||||||||
(A) Cash and cash equivalents plus Short-term investments per the Consolidated Balance Sheets.
(B) Total Debt (current and long-term) divided by Total Debt plus Shareholders' Equity.
(C) The financial information set forth in this Exhibit is not necessarily indicative of results of future operations and should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the accompanying Consolidated Financial Statements and related notes included elsewhere in the Form 10-K.