CLARCOR Reports Record Second Quarter Diluted Earnings Per Share

  CLARCOR Reports Record Second Quarter Diluted Earnings Per Share

Business Wire

FRANKLIN, Tenn. -- June 19, 2013

CLARCOR Inc. (NYSE: CLC)

Unaudited Second Quarter 2013 Highlights
(Amounts in millions, except per share data and percentages)
            
             Three Months Ended               Six Months Ended
             6/1/13     6/2/12     Change   6/1/13     6/2/12     Change
Net sales    $ 287.6    $ 284.9    1    %    $ 543.9    $ 542.1    -   %
Operating      49.4        49.1      1    %      83.2        83.4      -   %
profit
Net
earnings –     33.1        32.9      1    %      56.5        56.4      -   %
CLARCOR
Diluted
earnings     $ 0.66      $ 0.65      1    %    $ 1.12      $ 1.11      1   %
per share
Operating     17.2  %   17.2  %  0.0 pts   15.3  %   15.4  %  -0.1
margin                                                                 pts
                                                                       

CLARCOR Inc. (NYSE: CLC) reported that its diluted earnings per share
increased 1% from the second quarter of 2012 to a record second quarter high
of $0.66. Higher diluted earnings per share were driven by a 1% increase in
net sales from last year’s second quarter while operating margin remained
consistent at 17.2%. The increase in consolidated net sales compared with the
second quarter of 2012 was influenced by higher sales in CLARCOR’s
Engine/Mobile and Industrial/Environmental Filtration segments partially
offset by lower sales in its Packaging segment.

Changes in average foreign currency exchange rates reduced net sales by $0.7
million and operating profit by $0.2 million, each less than 1%, in the second
quarter of 2013 compared with last year’s second quarter. For the first six
months of 2013, changes in average foreign currency exchange rates lowered net
sales by $0.4 million and operating profit by $0.2 million, also each less
than 1%, from the first six months of 2012.

Chris Conway, CLARCOR’s Chief Executive Officer, commented, “We are pleased
with our second quarter results, particularly in light of the current global
macroeconomic environment. Despite continued slow economic expansion in the
U.S., uncertainty in China and recessionary conditions in Europe, we were able
to grow consolidated net sales 1% from last year’s second quarter. Our
Engine/Mobile Filtration segment increased sales approximately 1% from the
second quarter of 2012, benefiting from growth in our domestic heavy-duty
engine filter aftermarket. Our global oil and gas business continued to be the
catalyst of growth in our Industrial/Environmental Filtration segment, where
sales increased 2% from last year’s second quarter. Net sales in our oil and
gas filtration markets increased 8% in the second quarter and 9% in the first
six months of 2013 compared with the same periods last year, and our order
backlog remains strong. Our operational execution in the second quarter
remained steady as our 17.2% consolidated operating margin equaled last year’s
second quarter—the highest second quarter operating margin in almost twenty
years.

“Higher sales in our Engine/Mobile Filtration segment were driven by a 4%
increase in our domestic heavy-duty engine filter aftermarket. This increase
was in line with our expectations heading into the quarter as our customers
seemed to have reverted to a more stable order pattern compared with recent
quarters. Although uncertainty remains, we are cautiously optimistic that the
domestic heavy-duty engine filtration aftermarket can continue to grow over
the remainder of the year. Sales growth in the second quarter in our other
product and geographic markets within this reporting segment was mixed, as a
19% increase in heavy-duty engine filtration sales in China was offset by
declines in European sales and within our domestic OE heavy-duty engine
filtration business. Higher sales in our China business were driven by the
continued expansion of our sales of aftermarket heavy-duty engine filters sold
through OE dealers and improved order patterns from several of our larger
first-fit diesel engine manufacturing customers. While we are pleased with the
second quarter sales recovery in China, we are even more encouraged by our
progress with our longer-term initiative to develop the heavy-duty engine
filter aftermarket in China through independent distribution. This progress is
characterized by our continued ability to introduce new part numbers and add
independent distributors in a geographic region critical to sustained,
long-term growth in the global heavy-duty engine filtration market. Although
conditions in China showed near-term signs of recovery, our sales of
heavy-duty engine filters in Europe declined 13% from last year’s second
quarter primarily due to lingering macroeconomic issues in the region. Our
short and intermediate-term outlook for Europe remains highly uncertain.
Accordingly, we are planning for flat or low growth with the possibility of
continued reductions in heavy-duty engine filtration sales in this geographic
market.

“Sales growth in our Industrial/Environmental Filtration segment was led by
the continued expansion of our global oil and gas business which increased 8%
from the second quarter of 2012 despite a 30% decline in European sales.
Excluding the impact of lower European sales, sales in our global oil and gas
business grew in excess of 20% from the second quarter of 2012. This strong
growth was spread across several of our geographic and product markets.
Included were a rebound in domestic commercial and military aviation
filtration sales, a more than doubling of natural gas filtration sales in
Brazil, a 33% increase in off-shore oil drilling filtration sales and the
continued development of our domestic natural gas filtration market in support
of the infrastructure and aftermarket for non-conventional natural gas
extraction techniques. The reduction in oil and gas filtration sales in Europe
was due to a decline in military aviation and marine filtration volume as a
result of government budget constraints and the timing of several large
natural gas and petrochemical system orders in last year’s second quarter that
did not repeat this year. As we have previously noted, we believe the natural
gas filtration market has as much long-term potential as any other filtration
market. Global energy needs should continue to significantly expand going
forward, and we believe natural gas—an abundant, clean-burning fossil
fuel—will play a prominent role in satisfying these expanding global needs.

“While our industrial filtration markets—led by oil and gas—experienced strong
second quarter sales growth, our environmental air filtration markets
encountered top-line headwinds. Sales in our commercial and industrial HVAC
filtration business declined approximately 7% from the second quarter of 2012.
While these lower sales were certainly influenced by the low-growth domestic
macroeconomic environment, they were also impacted by the loss of several
lower margin customer programs since mid-2012. While this commercial and
industrial HVAC business will continue to be our base environmental air
business going forward, we continue to make progress in transitioning some of
our resources and capacity to develop opportunities in several other higher
margin air filtration markets. In addition, consistent with our longer-term
strategy to strengthen operating margins in our environmental air markets, we
continue to make significant progress in improving our operational execution
in this business through the implementation of a ‘Lean’ continuous improvement
culture. As a result, gross margins in our commercial and industrial HVAC
markets improved 1.6 percentage points from the second quarter of 2012. We
believe there is opportunity to improve our operational execution in this
business going forward, and we intend to transfer our knowledge and success
with ‘Lean’ in our environmental air business to other CLARCOR market
segments.

“Overall, despite continued top-line headwinds driven by uncertain
macroeconomic conditions in several of our major geographic markets, we will
continue to focus on the elements of our business that we can influence
including cost control and continuous improvement. By controlling
discretionary costs in light of the low growth macroeconomic environment, we
were able to reduce selling and administration expenses both in dollars and as
a percentage of sales compared with the second quarter of 2012. However, as we
have previously noted, despite current top-line challenges, we remain
committed to investing in sales and engineering resources and to expanding
research and development capabilities in support of our future growth
strategies. Our recent significant investments in a new oil and gas filtration
research center in Mineral Wells, TX, the expansion of our heavy-duty engine
filtration manufacturing facility in Yankton, SD, and the construction of a
new 400,000 square foot heavy-duty engine filtration distribution center in
Kearney, NE are evidence of this commitment to protect and develop our
competitive position in our core filtration markets.”

Second Quarter Results:

Engine/Mobile Filtration Segment

Net sales at our Engine/Mobile Filtration segment increased approximately 1%
from the second quarter of 2012. Overall, we experienced 2% growth
domestically and flat sales outside the U.S. Our domestic growth was driven by
a 4% increase in our domestic heavy-duty engine filter aftermarket partially
offset by lower sales to our OE customers. Flat sales outside the U.S.
included a 19% increase in heavy-duty engine filter sales in China offset by
lower export sales from the U.S. and a 13% reduction of heavy-duty engine
filter sales in Europe.

Operating profit at our Engine/Mobile Filtration segment declined $0.5
million, or 2%, from the second quarter of 2012, and operating margin of 22.0%
declined 0.7 percentage points from the last year’s second quarter.
Contributing to this operating margin reduction were fixed costs which came
on-line in the first quarter of 2013 to support the capacity addition in our
Yankton, SD heavy-duty engine filtration manufacturing facility. As domestic
and export sales from this facility continue to expand, we anticipate
absorbing more of these incremental fixed costs and a concurrent improvement
in operating margin.

Industrial/Environmental Filtration Segment

Net sales at our Industrial/Environmental Filtration segment rose 2% from the
second quarter of 2012. Overall, these higher net sales were the result of
flat domestic sales and a 5% increase in sales outside the U.S. Flat domestic
sales were due to higher natural gas, dust collection, aviation and aerospace
filtration sales offset by lower sales of commercial and industrial HVAC
filters and reduced filtration media sales at TransWeb. Our TransWeb
filtration media business continues to be negatively impacted by soft demand
from third-party customers. However, we remain focused on further utilizing
our proprietary TransWeb media internally across our diverse market segments
going forward. The 5% increase in sales in this reporting segment outside the
U.S. was primarily due to strong natural gas filtration sales growth in
several geographic markets including Brazil and Australia—which includes sales
related to our acquisition of Modular Engineering in 2012—and a 46% increase
in export sales of off-shore oil drilling filtration products. Higher sales in
these product and geographic markets compared with last year’s second quarter
were partially offset by a 30% decline in aviation, marine and petrochemical
filtration sales in Europe. Lower aviation and marine filtration sales were
driven by a reduction in military sales due to governmental budget constraints
in the Euro zone. Lower comparative petrochemical filtration sales were
impacted by the timing of several large vessel orders in the second quarter of
2012.

Operating profit at our Industrial/Environmental Filtration segment grew $0.7
million, or 4%, from the second quarter of 2012. Our 13.5% operating margin in
this reporting segment in the second quarter increased 0.3 percentage points
from last year’s second quarter. This increase in operating margin was driven
by a 0.4 percentage point improvement in selling and administrative costs as a
percentage of net sales as our selling and administrative expenses in this
reporting segment remained relatively flat while our sales increased 2%. Our
Industrial/Environmental Filtration segment’s gross margin percentage declined
slightly from the second quarter of 2012 in part due to the impact of lower
absorption at our TransWeb media filtration business.

Packaging Segment

Net sales at our Packaging segment declined $1.0 million, or 5%, from the
second quarter of 2012. This reduction was primarily due to lower confection
packaging sales due to the loss of a significant customer in this market
segment in 2012. Despite lower Packaging segment sales, operating profit
increased $0.2 million, or 9%, and our 10.2% operating margin rose 1.3
percentage points from last year’s second quarter. The increase in operating
margin was driven by a 0.7 percentage point increase in gross margin
percentage from various operational improvements and a 0.6 percentage point
reduction in selling and administrative expenses as a percentage of net sales
driven by our continuous focus on cost reduction initiatives.

2013 Guidance

Chris Conway commented on 2013 guidance: “We are generally pleased with our
overall financial performance through our first six fiscal months. Our results
in the first half of the year have been relatively consistent with our
expectations heading into the year. As we mentioned, we are cautiously
optimistic that our domestic heavy-duty engine filtration aftermarket is
experiencing a more stable order pattern, and we are certainly encouraged by
the rebound in filtration sales in China in the second quarter. However, there
continue to be significant macroeconomic uncertainties in all of our primary
geographic markets as we enter the second half of the year. Based upon these
uncertainties and some refinement of operating margin expectations in our
filtration reporting segments, we are reducing the top-end of our 2013 diluted
earnings per share expectations by five cents from $2.60 to $2.55.
Accordingly, our revised expectations for 2013 diluted earnings per share are
$2.45 to $2.55.”

Anticipated sales growth from 2012 and operating margin by segment and on a
consolidated basis are as follows:

                                      2013 Estimated   2013 Estimated
                                                    
                                      Sales Growth     Operating Margin
                                                       
Engine/Mobile Filtration              3.0% to 4.0%     21.5% to 22.0%
Industrial/Environmental Filtration   3.0% to 5.0%     11.5% to 12.5%
Packaging                             -4.0% to -1.0%   8.0% to 9.0%
CLARCOR                               2.5% to 4.0%     16.0% to 16.5%
                                                       

We project fiscal year 2013 cash from operations to be between $125 million
and $135 million, capital expenditures to be between $55 million and $65
million and our effective tax rate to be between 32.0% and 32.5%.

CLARCOR will be holding a conference call to discuss the second quarter 2013
results at 10:00 a.m. CT on June 20, 2013. 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 5823516. The replay will be available through July
4, 2013 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
2013 performance of the Company and each of its segments, our projections with
respect to 2013 estimated sales growth and 2013 estimated operating margins
for the Company and each of its segments, and our projections with respect to
2013 cash from operations, 2013 capital expenditures and 2013 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 cautious optimism that the domestic
heavy-duty engine filtration after-market can continue to grow over the
remainder of the year; statements related to our belief that our short and
intermediate-term outlook for Europe remains highly uncertain; statements
regarding our expectation of flat or low growth with the possibility of
continued reductions in heavy-duty engine filtration sales in the European
geographic market; statements regarding our belief that the natural gas
filtration market has as much long-term potential as any other filtration
market; statements regarding our belief that natural gas will play a prominent
role in satisfying global energy needs; statements regarding our belief that
our commercial and industrial HVAC business will continue to be our base
environmental air business going forward; statements regarding our belief that
there is opportunity for the Company to improve its operational execution in
its commercial and industrial HVAC business going forward; statements
regarding our intent to transfer our knowledge and success with “Lean” in our
environmental air business to our other market segments; statements regarding
our intended continued focus on the elements of our business that we can
influence, including cost control and continuous improvement; statements
regarding our commitments to investment in sales and engineering resources and
to expand research and development capabilities in support of our future
growth strategies; statements regarding our anticipation that, as domestic and
export sales from our Yankton, South Dakota facility continue to expand, such
sales will absorb more of our incremental fixed costs in our Engine/Mobile
Filtration segment and positively impact our operating margin in this segment;
statements regarding our intended continued focus on utilizing our proprietary
TransWeb media internally across our diverse market segments going forward;
statements regarding our cautious optimism that our domestic heavy-duty engine
filtration aftermarket is experiencing a more stable order pattern; 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 2012
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, 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. 2013 UNAUDITED SECOND QUARTER RESULTS

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Dollars in thousands except per share data)
                                                               
                 Quarter Ended                     Six Months Ended
                 June 1,          June 2,          June 1,          June 2,
                 2013             2012             2013             2012
                                                                    
Net sales        $ 287,583        $ 284,855        $ 543,854        $ 542,119
Cost of sales     189,369        186,670        364,154        357,719    
                                                                    
Gross profit       98,214           98,185           179,700          184,400
                                                                    
Selling and
administrative    48,813         49,074         96,484         100,977    
expenses
                                                                    
Operating         49,401         49,111         83,216         83,423     
profit
                                                                    
Other income
(expense):
Interest           (162       )     (88        )     (312       )     (188       )
expense
Interest           168              169              307              303
income
Other, net        (223       )    (117       )    (223       )    495        
                                                                    
                  (217       )    (36        )    (228       )    610        
                                                                    
Earnings
before income      49,184           49,075           82,988           84,033
taxes
                                                                    
Provision for     16,031         15,996         26,307         27,462     
income taxes
                                                                    
Net earnings       33,153           33,079           56,681           56,571
                                                                    
Net earnings
attributable
to                (102       )    (152       )    (168       )    (165       )
noncontrolling
interests
                                                                    
Net earnings
attributable     $ 33,051        $ 32,927        $ 56,513        $ 56,406     
to CLARCOR Inc
                                                                    
Net earning
per share
attributable     $ 0.66          $ 0.65          $ 1.13          $ 1.12       
to CLARCOR
Inc. - Basic
Net earning
per share
attributable     $ 0.66          $ 0.65          $ 1.12          $ 1.11       
to CLARCOR
Inc. - Diluted
                                                                    
Weighted
average number
of shares         49,826,567     50,378,164     49,830,634     50,394,680 
outstanding -
Basic
Weighted
average number
of shares         50,428,875     50,980,347     50,419,170     51,037,366 
outstanding -
Diluted
                                                                    
Dividends paid   $ 0.1350        $ 0.1200        $ 0.2700        $ 0.2400     
per share







CLARCOR INC. 2013 UNAUDITED SECOND QUARTER RESULTS, continued

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
                                                              
                           Quarter Ended              Six Months Ended
                           June 1,      June 2,       June 1,      June 2,
                           2013         2012          2013         2012
                                                                   
Net earnings               $ 33,153     $ 33,079      $ 56,681     $ 56,571
                                                                   
Other comprehensive
income:
Pension and other
postretirement benefits
--
Pension and other
postretirement benefits    $ 2,642      $ 1,727         2,642        3,454
liability adjustments
Pension and other
postretirement benefits    $ (432   )   $ (643    )    (942   )    (1,289  )
liability adjustments
tax amounts
Pension and other
postretirement benefits     2,210      1,084       1,700      2,165   
liability adjustments,
net of tax
                                                                   
Foreign currency
translation --
Translation adjustments    $ (1,710 )   $ (12,646 )     (3,935 )     (10,636 )
Translation adjustments    $ -         $ -           -          -       
tax amounts
Translation adjustments,    (1,710 )    (12,646 )    (3,935 )    (10,636 )
net of tax
                                                                   
Comprehensive earnings       33,653       21,517        54,446       48,100
                                                                   
Comprehensive earnings
attributable to            $ (79    )   $ 73            (141   )     57
non-redeemable
noncontrolling interests
                                                                   
Comprehensive earnings
attributable to            $ (11    )   $ (30     )     (32    )     (58     )
redeemable
noncontrolling interests
                                                                
Comprehensive earnings
attributable to CLARCOR    $ 33,563    $ 21,560     $ 54,273    $ 48,099  
Inc.







CLARCOR INC. 2013 UNAUDITED SECOND QUARTER RESULTS, continued

CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
                                                June 1,        December 1,
                                                 2013            2012
ASSETS
Current assets:
Cash and cash equivalents                        $ 190,539       $ 185,496
Restricted cash                                    219             566
Accounts receivable, less allowance for losses     205,183         214,474
of $9,715 and $9,554, respectively
Inventories                                        224,951         211,251
Deferred income taxes                              25,806          34,693
Income tax receivable                              155             -
Prepaid expenses and other current assets         10,313        8,114     
Total current assets                              657,166       654,594   
                                                                 
Property, plant and equipment, at cost, less
accumulated depreciation of $324,196 and           199,052         195,101
$315,018, respectively
Assets held for sale                               -               2,000
Goodwill                                           240,928         241,924
Acquired intangible assets, less accumulated       92,479          95,681
amortization
Other noncurrent assets                           14,811        16,202    
Total assets                                     $ 1,204,436    $ 1,205,502 
                                                                 
LIABILITIES
Current liabilities:
Current portion of long-term debt                $ 213           $ 201
Accounts payable and accrued liabilities           141,692         172,262
Income taxes payable                              -             2,428     
Total current liabilities                         141,905       174,891   
                                                                 
Long-term debt, less current portion               16,441          16,391
Long-term pension and postretirement               47,608          50,680
healthcare benefits liabilities
Deferred income taxes                              50,759          51,385
Other long-term liabilities                       6,079         8,571     
Total liabilities                                 262,792       301,918   
                                                                 
Contingencies
Redeemable noncontrolling interests                1,786           1,754
                                                                 
SHAREHOLDERS' EQUITY
Capital stock                                      49,709          49,653
Capital in excess of par value                     238             -
Accumulated other comprehensive loss               (53,948   )     (51,708   )
Retained earnings                                 942,732       902,899   
Total CLARCOR Inc. equity                         938,731       900,844   
Noncontrolling interests                          1,127         986       
Total shareholders' equity                        939,858       901,830   
Total liabilities and shareholders' equity       $ 1,204,436    $ 1,205,502 







CLARCOR INC. 2013 UNAUDITED SECOND QUARTER RESULTS, continued

CONSOLIDATED CONDENSED CASH FLOWS
(Dollars in thousands)

                                                    Six Months Ended
                                                     June 1,      June 2,
                                                     2013          2012
Cash flows from operating activities:
Net earnings                                         $ 56,681      $ 56,571
Depreciation                                           13,542        13,192
Amortization                                           2,980         2,877
Other noncash items                                    48            (67     )
Net gain on disposition of plant assets                (849    )     (553    )
Stock-based compensation expense                       3,090         4,152
Excess tax benefit from stock-based compensation       (4,267  )     (2,487  )
Deferred income taxes                                  7,265         8,890
Changes in assets and liabilities                     (35,280 )    (49,197 )
Net cash provided by operating activities             43,210      33,378  
                                                                   
Cash flows from investing activities:
Restricted cash                                        368           91
Business acquisitions, net of cash acquired            (3,811  )     (10,510 )
Additions to plant assets                              (17,165 )     (19,398 )
Proceeds from disposition of plant assets              2,952         446
Investment in affiliates                              (459    )    (357    )
Net cash used in investing activities                 (18,115 )    (29,728 )
                                                                   
Cash flows from financing activities:
Cash dividends paid                                    (13,461 )     (12,096 )
Payments on long-term debt                             (110    )     (79     )
Payment of financing costs                             -             (564    )
Sale of capital stock under stock option and           7,811         3,864
employee purchase plans
Payments for repurchase of common stock                (17,364 )     (11,383 )
Excess tax benefits from stock-based compensation     4,267       2,487   
Net cash used in financing activities                 (18,857 )    (17,771 )
                                                                   
Net effect of exchange rate changes on cash           (1,195  )    (1,304  )
                                                                   
Net change in cash and cash equivalents                5,043         (15,425 )
                                                                   
Cash and cash equivalents, beginning of period        185,496     155,999 
                                                                   
Cash and cash equivalents, end of period             $ 190,539    $ 140,574 
                                                                   
Cash paid during the period for:
Interest                                             $ 228        $ 144     
Income taxes, net of refunds                         $ 15,032     $ 18,849  







CLARCOR INC. 2013 UNAUDITED SECOND QUARTER RESULTS, continued

QUARTERLY INCOME STATEMENT DATA BY SEGMENT
(Dollars in thousands)
                                                                
                           Quarter Ended               Six Months Ended
                           June 1,       June 2,       June 1,       June 2,
                           2013          2012          2013          2012
Net sales by segment:
Engine/Mobile Filtration   $ 132,372     $ 130,677     $ 250,047     $ 250,960
Industrial/Environmental     136,660       134,629       259,286       255,743
Filtration
Packaging                   18,551      19,549      34,521      35,416  
                           $ 287,583    $ 284,855    $ 543,854    $ 542,119 
                                                                     
Operating profit by
segment:
Engine/Mobile Filtration   $ 29,096      $ 29,628      $ 52,545      $ 52,925
Industrial/Environmental     18,411        17,747        28,089        28,452
Filtration
Packaging                   1,894       1,736       2,582       2,046   
                           $ 49,401     $ 49,111     $ 83,216     $ 83,423  
                                                                     
                                                                     
Operating margin by
segment:
Engine/Mobile Filtration     22.0    %     22.7    %     21.0    %     21.1    %
Industrial/Environmental     13.5    %     13.2    %     10.8    %     11.1    %
Filtration
Packaging                   10.2    %    8.9     %    7.5     %    5.8     %
                            17.2    %    17.2    %    15.3    %    15.4    %
                                                                     
                                                                     
                                                                     

Contact:

CLARCOR Inc.
David J. Fallon, 615-771-3100
Chief Financial Officer
 
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