CLARCOR Inc. (NYSE: CLC):
Unaudited Fourth Quarter and Full Year 2012
Highlights(Amounts in millions, except per share data and
percentages)
GAAP Financial Results:
Quarter Ended
Full Year Ended
12/1/12(13 weeks)
12/3/11(14 weeks)
Change
12/1/12(52 weeks)
12/3/11(53 weeks)
Change Net sales $ 292.9 $ 307.5
-5% $ 1,121.8 $ 1,126.6
0% Operating profit 53.1 54.7 -3% 182.7 181.3 1% Net earnings –
CLARCOR 36.3 37.2 -3% 123.0 124.0 -1% Diluted earnings per share $
0.72 $ 0.73 -2% $ 2.42 $ 2.42 0% Operating margin 18.1 %
17.8 % 0.3 pts
16.3 % 16.1 % 0.2 pts
Adjusted Financial Results:
The fourth quarter and full year of 2011 contained an additional
week in comparison to the fourth quarter and full year of 2012. The
following table reflects 2011 fourth quarter and full year GAAP
results adjusted for the additional week. A reconciliation of
non-GAAP figures adjusting for the additional week in the fourth
quarter and full year of 2011 to GAAP figures is available at the
end of this document.
Quarter Ended
Full Year Ended 12/1/12
(13 weeks)
12/3/11
(13 weeks)
Change
12/1/12(52 weeks)
12/3/11(52 weeks)
Change Net sales $ 292.9 $ 285.6
3% $ 1,121.8 $ 1,104.6 2%
Operating profit 53.1 50.8 4% 182.7 177.4 3% Net earnings – CLARCOR
36.3 34.6 5% 123.0 121.3 1% Diluted earnings per share $ 0.72 $
0.68 6% $ 2.42 $ 2.37 2% Operating margin 18.1 %
17.8 % 0.3 pts
16.3 % 16.1 % 0.2 pts
CLARCOR Inc. (NYSE: CLC) reported its financial results
for the fourth quarter and full year 2012. Diluted earnings per
share for full year 2012 equaled the record high diluted earnings
per share of $2.42 in full year 2011. However, the diluted earnings
per share comparison between full year 2012 and full year 2011 was
influenced by an additional or fifty-third week in full year 2011.
After taking into account this additional week in 2011, diluted
earnings per share increased approximately 2%, or $0.05, in full
year 2012. Operating margin of 16.3% in full year 2012 improved 0.2
percentage points from full year 2011.
Significant full year 2012 financial and strategic highlights
include the following:
- Full year consolidated operating margin
of 16.3% was the highest in over 20 years
- Engine/Mobile segment operating margin
exceeded 20.0% for the 12th consecutive year
- Continued improvement in
Industrial/Environmental segment operating margin to 12.0%
- Generated cash from operations of $136
million and returned $62 million to shareholders
- Oil and gas filtration sales increased
$14.0 million, or 7%, from full year 2011
- Committed $12.0 million for an oil and
gas filtration research center in Mineral Wells, TX
The Company’s fourth quarter 2012 diluted earnings per share of
$0.72 declined $0.01, or 2%, from the fourth quarter of 2011 on 5%
lower net sales. However, the diluted earnings per share comparison
between the fourth quarter of 2012 and the fourth quarter of 2011
was influenced by an additional or fourteenth fiscal week in the
fourth quarter of 2011. After taking into account this additional
week, diluted earnings per share increased approximately 6%, or
$0.04, in the fourth quarter of 2012. Operating margin of 18.1% in
the fourth quarter of 2012 improved 0.3 percentage points from the
fourth quarter of 2011.
Changes in average foreign currency exchange rates negatively
influenced net sales by $11.9 million, or 1%, and operating profit
by $2.0 million, or 1%, for full year 2012 compared with full year
2011. Changes in average foreign currency exchange rates negatively
influenced net sales by $1.5 million, or less than 1%, and
operating profit by $0.2 million, or less than 1%, in the fourth
quarter of 2012 compared with the fourth quarter of 2011.
All 2012 to 2011 net sales and operating profit comparisons
included in the sections below have been adjusted to take into
account the additional week in the fourth quarter and full year of
2011. A reconciliation of non-GAAP figures adjusting for the
additional week in the fourth quarter and full year of 2011 to GAAP
figures is available at the end of this document.
Chris Conway, CLARCOR’s Chairman and Chief Executive Officer,
commented, “Although 2012 was a challenging year from several
perspectives, we were particularly proud of our operational
execution in the face of top line headwinds. We concluded the year
with a fourth quarter operating margin of 18.1%, our highest
quarterly operating margin since 1991. This fourth quarter
performance capped off our full year 2012 in which we generated a
16.3% operating margin, 0.2 percentage points higher than full year
2011 and our highest annual operating margin in almost 20 years. We
were able to execute despite relatively flat 2012 sales growth
which was influenced by the impact of the fifty-third week in 2011
and lower sales in our Packaging segment and foreign heavy-duty
engine filtration markets, partially offset by higher sales in our
oil and gas, distribution and dust collector filtration markets. We
will continue to focus on our execution and related expansion of
operating margin going forward.
“Sales in our domestic heavy-duty engine filtration aftermarket
grew approximately 3% in 2012. This sales growth was not consistent
on a quarterly basis through 2012. Our domestic aftermarket sales
grew approximately 17% in the first quarter followed by small
year-over-year declines in the second and third quarters. We
concluded the year with approximately 5% aftermarket sales growth
in the fourth quarter. As we have discussed previously, we believe
that softer sales in the middle of the year were consistent with
slowing industry demand primarily in the over-the-road truck
market—which represents about two-thirds of our domestic
aftermarket—indicative of the slow expansion in the U.S. economy.
Nevertheless, we believe we maintained domestic aftermarket share
during the year and capped off 2012 with recovering year-over-year
fourth quarter domestic aftermarket growth.
“We will continue to focus on profitable sales growth in our
heavy-duty engine filtration markets both domestically and
internationally going forward. Although uncertainty remains in
several foreign markets including China, where heavy-duty engine
filtration sales declined approximately 10% in 2012, we believe we
are well-positioned to capitalize on projected long-term first-fit
and aftermarket heavy-duty engine filtration growth. In our
domestic market, we expect to continue to grow through expanding
our distribution channels as evidenced by the launch of several
aftermarket OE dealer programs this past year. To support the
expected growth in our U.S. and export markets, we successfully
completed the expansion of our Yankton, South Dakota heavy-duty
engine filtration manufacturing facility in 2012.
“Our Industrial/Environmental Filtration segment continued to
grow profitably in 2012 as net sales increased approximately 6%
while operating margin climbed to a record high of 12.0%—0.9
percentage points higher than our operating margin in 2011. Our
2012 sales growth was driven by higher global oil and gas
filtration product sales. Domestically, we benefited from increased
drilling activity in shale formations. Internationally, we
continued to expand our natural gas filtration vessel and
aftermarket presence in many markets including the Middle East,
Australia and Southeast Asia. In addition to continued growth in
the oil and gas markets, 2012 sales growth in our
Industrial/Environment Filtration segment was influenced by a 14%
increase in sales at our Total Filtration Services (TFS)
distribution business and 15% higher sales of our dust collector
systems. Operating profit in each of these markets increased in
excess of 40% in 2012. We believe the continued anticipated growth
in our oil and gas markets and our anticipated continued expansion
of operating margins in our environmental air markets position us
well to achieve our long-term operating margin goal of 15% in the
next two to three years in this reporting segment.
“2012 was a challenging year for our Packaging segment where net
sales declined 16% driven in part by lower smokeless tobacco
packaging sales due to one of our major customers qualifying a
second source supplier. In response to lower sales, we modified our
cost structure throughout the year. As a result, our operating
margin in this reporting segment sequentially improved each quarter
in 2012 from 2.0% in the first quarter to 11.4% in the fourth
quarter—3.6 percentage points higher than the fourth quarter of
2011.”
Fourth Quarter Results:
Engine/Mobile Filtration
Segment
Net sales in our Engine/Mobile Filtration segment declined
approximately 2% in the fourth quarter of 2012 based on relatively
flat year-over-year domestic sales and an approximate 5% reduction
in sales outside the U.S. The relatively flat U.S. sales in the
fourth quarter were driven by a 5% increase in domestic heavy-duty
engine filter aftermarket sales offset by declines in sales to the
automotive market and sales to other filter companies. The fourth
quarter domestic aftermarket sales were consistent with the third
quarter of 2012 and in-line with our expectations heading into the
quarter. The decline in sales outside the U.S. compared with the
fourth quarter of 2011 was influenced by a 10% reduction in
heavy-duty engine filter sales in our China market which has been
heavily impacted by macroeconomic uncertainty and related lower
diesel engine manufacturing.
Operating profit at our Engine/Mobile Filtration segment
increased approximately 2% in the fourth quarter of 2012 driven by
a 1.0 percentage point improvement in operating margin to 24.1%.
This increase in operating margin was primarily due to lower
selling and administrative expenses as a percentage of net sales as
company-wide profit sharing declined due to lower than expected
financial performance in this reporting segment and legal costs
were lower than the fourth quarter of 2011 driven by the settlement
of various legal proceedings in late 2011 and early 2012.
Industrial/Environmental Filtration
Segment
Net sales in our Industrial/Environmental filtration segment
rose approximately 9% in the fourth quarter of 2012 including a 4%
increase in domestic sales and 20% increase in foreign sales. Our
growth in domestic sales was the result of higher sales of sand
control screen filters to support the off-shore oil drilling market
and higher liquid filter sales at our Total Filtration Systems
(TFS) distribution business partially offset by lower aviation and
commercial air filtration sales. The increase in foreign sales in
the fourth quarter was primarily driven by several large natural
gas and petrochemical vessel orders in Europe and Southeast Asia in
addition to sales arising from the second quarter acquisition of
Modular Engineering to support natural gas vessel and aftermarket
filter sales in Australia.
Operating profit at our Industrial/Environmental Filtration
segment increased approximately 6% in the fourth quarter of 2012
driven by higher sales. Operating margin declined 0.4 percentage
points from last year’s fourth quarter to 14.0%. This reduction in
operating margin from the fourth quarter of 2011 was primarily due
to lower gross margin in our oil and gas business from the higher
mix of vessel versus aftermarket element sales in our natural gas
and petrochemical markets in the fourth quarter of 2012 compared
with last year’s fourth quarter. Lower gross margin was partially
offset by lower selling and administrative expenses as a percentage
of net sales.
Packaging Segment
Net sales at our Packaging segment declined approximately 12% in
the fourth quarter of 2012. Consistent with prior quarters, the
sales reduction from last year’s fourth quarter was primarily
driven by lower smokeless tobacco and confection packaging sales.
Despite this reduction in net sales, operating profit increased
approximately 29%. This increase in operating profit was driven by
a 3.6 percentage point improvement in operating margin driven by a
1.9 percentage point increase in gross margin from lower material
and scrap costs and a 1.7 percentage point reduction in selling and
administrative expense as a percentage of net sales.
2012 Cash Flow
We generated $135.9 million of cash from operations in 2012, a
$16.3 million increase from 2011 primarily from efficient working
capital management partially offset by a $7.4 million increase in
payments to fund pension obligations. With our 2012 cash from
operations, we funded $36.5 million of capital expenditures,
including approximately $13.2 million for the expansion of our
Yankton, South Dakota heavy-duty engine filter manufacturing
facility, and we returned $62.2 million to shareholders in the form
of $24.9 million in quarterly dividends and $37.3 million ($20.6
million in the fourth quarter) for the repurchase of common
stock—our highest annual share repurchase program since 2007.
2013 Guidance:
Our guidance for 2013 diluted earnings per share is $2.45 to
$2.60. Anticipated sales growth from 2012 and operating margin by
segment and on a consolidated basis are as follows:
2013 EstimatedSales
Growth
2013 EstimatedOperating
Margin
Engine/Mobile Filtration 2.0% to 3.0% 21.5% to 22.5%
Industrial/Environmental Filtration 4.0% to 6.0% 12.0% to 13.0%
Packaging -5.0% to -1.0% 8.0% to 9.0% CLARCOR 2.5% to 4.0% 16.0% to
17.0%
We project 2013 cash from operations to be between $125 million
and $135 million, capital expenditures to be between $45 million
and $55 million and our effective tax rate to be between 32.0% and
33.0%.
Chris Conway commented on 2013 guidance: “We enter 2013 with
cautious optimism. Although we concluded 2012 with a solid fourth
quarter, macroeconomic uncertainty remains in many of our
significant geographic markets including the U.S., Europe and
China. In light of this continued uncertainty, coupled with our
general lack of forward visibility in some of our significant
product markets—notably in our heavy-duty engine filtration market,
we expect 2013 consolidated sales growth of 2.5% to 4.0% and expect
2013 diluted earnings per share from $2.45 to $2.60. If global
macroeconomic uncertainty lessens as we progress through the year,
we would anticipate financial performance in the upper half of our
guidance range.
“Despite short-term macroeconomic uncertainty heading into 2013,
we expect to build upon our historical foundation of success and
continue to develop our long-term growth initiatives including
introducing innovative products and entering new markets while
leveraging our technology and media development capabilities.
Specifically, we believe that growth in our oil and gas markets
should continue to build momentum, and although uncertainty remains
in China, our dust collector system sales there grew 17% from 2011
to 2012. In addition, we remain optimistic about several higher
margin air filtration markets which we are just beginning to
penetrate including filtration for the swine industry and
electronic kiosks. In the long-term, based upon the execution of
these growth initiatives, our expectations remain to grow the
top-line from 6% to 10% on an annual basis. As always, we intend to
continue to advance our deeply engrained culture of cost
containment and continuous improvement in support of this
profitable growth.”
CLARCOR will be holding a conference call to discuss the fourth
quarter 2012 results at 10:00 a.m. CST on January 17, 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 6784522. The replay will be available
through January 31, 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, our projections with respect to 2013 diluted earnings per
share, and our projections with respect to 2013 cash from
operations, 2013 capital expenditures and 2013 effective tax rate;
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 expectation that we will continue
our execution and expansion of operating margin going forward;
statements regarding our intent to continue to focus on profitable
sales growth in our heavy-duty engine filtration markets both
domestically and internationally going forward; statements
regarding our belief that we are well-positioned to capitalize on
projected long-term first-fit and aftermarket heavy-duty engine
filtration growth in China; statements regarding our expected
continued growth through expanding our distribution channels as
evidenced by the launch of several aftermarket OE dealer programs
this past year; statements regarding our expected growth in our
U.S. and export markets in connection with the successful
completion of the expansion of our Yankton, South Dakota heavy-duty
engine filtration manufacturing facility in 2012; statements that
the continued anticipated growth in our oil and gas markets and our
anticipated continued expansion of operating margins in our
environmental air markets position us well to achieve our long-term
operating margin goal of 15% in the next two to three years in our
Industrial/Environmental Filtration segment; statements regarding
our cautious optimism as we enter 2013; statements that if global
macroeconomic uncertainty lessen as we progress through 2013, we
would anticipate financial performance in the upper half of our
guidance range; statements that, despite short-term macroeconomic
uncertainty heading into 2013, we expect to build upon our
historical foundation of success and continue to develop our
long-term growth initiatives including introducing innovative
products and entering new markets while leveraging our technology
and media development capabilities; statements regarding our belief
that growth in our oil and gas markets should continue to build
momentum; statements regarding our optimism about several higher
margin air filtration markets which are just beginning to penetrate
including filtration for the swine industry and electronic kiosks;
statements that, in the long-term, based upon the execution of our
growth initiatives, our expectations remain to grow the top-line
from 6% to 10% on an annual basis; statements regarding our intent
to continue to advance our deeply engrained culture of cost
containment and continuous improvement in support of this
profitable growth; 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 Annual Report on Form 10-K for the fiscal year
2011 filed on January 27, 2012, 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 2013 diluted
earnings per share, estimated 2013 sales growth and estimated 2013
operating margin levels for the Company and its business segments
and our projections with respect to 2013 cash from operations, 2013
capital expenditures and 2013 effective tax rate, 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 FOURTH QUARTER RESULTS
CONSOLIDATED
STATEMENTS OF EARNINGS (Dollars in thousands except per share
data)
Quarter Ended Twelve Months Ended
December 1, December 3, December 1,
December 3, 2012 2011 2012 2011
Net sales $ 292,913 $ 307,529 $ 1,121,765 $ 1,126,601 Cost
of sales 191,869 200,397 741,433
743,180 Gross profit 101,044 107,132
380,332 383,421 Selling and administrative expenses
47,934 52,397 197,618
202,154 Operating profit 53,110
54,735 182,714 181,267
Other income (expense): Interest expense (163 ) (117 ) (527 ) (469
) Interest income 141 203 600 649 Other, net (99 )
273 210 (139 ) (121 )
359 283 41
Earnings before income taxes 52,989 55,094 182,997 181,308
Provision for income taxes 16,631 17,694
59,657 56,947 Net
earnings 36,358 37,400 123,340 124,361
Net earnings attributable to
noncontrolling interests, net of tax
(48 ) (156 ) (354 ) (358 ) Net earnings attributable to
CLARCOR Inc $ 36,310 $ 37,244 $ 122,986 $
124,003 Net earning per share attributable to CLARCOR
Inc. - Basic $ 0.73 $ 0.74 $ 2.45 $ 2.46
Net earning per share attributable to CLARCOR Inc. - Diluted
$ 0.72 $ 0.73 $ 2.42 $ 2.42
Weighted average number of shares outstanding - Basic
50,069,220 50,316,699 50,285,480
50,501,842 Weighted average number of shares
outstanding - Diluted 50,590,135 50,995,657
50,882,191 51,191,435
Dividends paid per share $ 0.1350 $ 0.1200 $ 0.4950
$ 0.4350 CLARCOR INC. 2012 UNAUDITED FOURTH
QUARTER RESULTS, continued
CONSOLIDATED
BALANCE SHEETS (Dollars in thousands)
December 1,
December 3, 2012 2011 ASSETS Current
assets: Cash and cash equivalents $ 185,496 $ 155,999 Restricted
cash 566 1,105
Accounts receivable, less allowance for
losses of $9,554 and $9,795, respectively
214,474 206,664 Inventories 211,251 200,274 Deferred income taxes
34,693 25,974 Income taxes receivable - 3,373 Prepaid expenses and
other current assets 8,114 7,510 Total
current assets 654,594 600,899
Property, plant and equipment, at cost,
less accumulated depreciation of $315,018 and $293,111,
respectively
195,101 184,992 Assets held for sale 2,000 2,000 Goodwill 241,924
235,530 Acquired intangible assets, less accumulated amortization
95,681 98,674 Deferred income taxes - 749 Other noncurrent assets
16,202 12,089 Total assets $ 1,205,502
$ 1,134,933
LIABILITIES Current
liabilities: Current portion of long-term debt $ 201 $ 1,289
Accounts payable and accrued liabilities 172,262 155,585 Income
taxes payable 2,428 3,176 Total current
liabilities 174,891 160,050
Long-term debt, less current portion 16,391 15,981 Long-term
pension and postretirement healthcare benefits liabilities 50,680
74,524 Deferred income taxes 51,385 36,194 Other long-term
liabilities 8,571 11,069 Total
liabilities 301,918 297,818
Contingencies Redeemable noncontrolling interests 1,754 1,557
SHAREHOLDERS' EQUITY Capital stock 49,653 50,145
Capital in excess of par value - 19,453 Accumulated other
comprehensive loss (51,708 ) (44,391 ) Retained earnings
902,899 809,520 Total CLARCOR Inc. equity
900,844 834,727 Noncontrolling
interests 986 831 Total shareholders'
equity 901,830 835,558 Total
liabilities and shareholders' equity $ 1,205,502 $ 1,134,933
CLARCOR INC. 2012 UNAUDITED FOURTH QUARTER RESULTS,
continued
CONSOLIDATED CASH FLOWS
(Dollars in thousands)
Twelve Months Ended
December 1, December 3, 2012 2011
Cash flows from operating activities: Net earnings $ 123,340
$ 124,361 Depreciation 25,925 26,826 Amortization 5,890 5,609 Other
noncash items (26 ) 281 Net (gain) loss on disposition of plant
assets (725 ) 452 Impairment of long-lived assets - 87 Stock-based
compensation expense 6,226 5,477 Excess tax benefit from
stock-based compensation (2,007 ) (5,100 ) Deferred incomes taxes
9,272 9,231 Changes in assets and liabilities, net of business
acquisitions (32,046 ) (47,675 ) Net cash provided by
operating activities 135,849 119,549
Cash flows from investing activities: Restricted cash
240 149 Business acquisitions, net of cash acquired (14,493 )
(16,758 ) Payments for purchase of property, plant and equipment
(36,468 ) (22,486 ) Proceeds from disposition of plant assets 534
327 Investment in affiliates (1,023 ) (596 ) Proceeds from
insurance claims - 200 Net cash used in
investing activities (51,210 ) (39,164 )
Cash flows from financing activities: Payments on long-term
debt (1,418 ) (1,853 ) Payments of financing costs (564 ) - Sale of
capital stock under stock option and employee purchase plans 6,415
8,449 Payments for repurchase of common stock (37,320 ) (29,317 )
Excess tax benefit from stock-based compensation 2,007 5,100
Dividend paid to noncontrolling interests - (321 ) Cash dividends
paid (24,911 ) (21,961 ) Net cash used in financing
activities (55,791 ) (39,903 ) Net effect of
exchange rate changes on cash 649 (1,505 )
Net change in cash and cash equivalents 29,497 38,977
Cash and cash equivalents, beginning of period 155,999
117,022 Cash and cash equivalents, end
of period $ 185,496 $ 155,999
Cash paid
during the period for: Interest $ 397 $ 300
Income taxes, net of refunds $ 43,821 $ 37,959
CLARCOR INC. 2012 UNAUDITED FOURTH QUARTER RESULTS,
continued
QUARTERLY INCOME STATEMENT DATA BY SEGMENT (Dollars in
thousands)
2012 Quarter Quarter
Quarter Quarter Ended Ended
Ended Ended Twelve March 3 June
2 September 1 December 1 Months Net
sales by segment: Engine/Mobile Filtration $ 120,283 $ 130,677
$ 126,903 $ 125,744 $ 503,607 Industrial/Environmental Filtration
121,114 134,629 138,532 147,089 541,364 Packaging 15,867
19,549 21,298 20,080
76,794 $ 257,264 $ 284,855 $
286,733 $ 292,913 $ 1,121,765
Operating profit by segment: Engine/Mobile Filtration $
23,297 $ 29,628 $ 28,478 $ 30,250 $ 111,653
Industrial/Environmental Filtration 10,705 17,747 15,741 20,573
64,766 Packaging 310 1,736 1,962
2,287 6,295 $ 34,312 $
49,111 $ 46,181 $ 53,110 $ 182,714
Operating margin by segment: Engine/Mobile
Filtration 19.4 % 22.7 % 22.4 % 24.1 % 22.2 %
Industrial/Environmental Filtration 8.8 % 13.2 % 11.4 % 14.0 % 12.0
% Packaging 2.0 % 8.9 % 9.2 % 11.4 %
8.2 % 13.3 % 17.2 % 16.1 % 18.1
% 16.3 %
2011 Quarter
Quarter Quarter Quarter Ended
Ended Ended Ended Twelve February
26 May 28 August 27 December 3
Months Net sales by segment: Engine/Mobile Filtration
$ 111,328 $ 131,276 $ 129,467 $ 137,941 $ 510,012
Industrial/Environmental Filtration 112,119 133,499 132,380 145,028
523,026 Packaging 22,273 23,758
22,972 24,560 93,563 $ 245,720
$ 288,533 $ 284,819 $ 307,529 $
1,126,601
Operating profit by segment:
Engine/Mobile Filtration $ 21,202 $ 29,592 $ 30,175 $ 31,870 $
112,839 Industrial/Environmental Filtration 7,248 16,179 13,650
20,951 58,028 Packaging 2,841 3,009
2,636 1,914 10,400 $
31,291 $ 48,780 $ 46,461 $ 54,735 $
181,267
Operating margin by segment:
Engine/Mobile Filtration 19.0 % 22.5 % 23.3 % 23.1 % 22.1 %
Industrial/Environmental Filtration 6.5 % 12.1 % 10.3 % 14.4 % 11.1
% Packaging 12.8 % 12.7 % 11.5 % 7.8 %
11.1 % 12.7 % 16.9 % 16.3 % 17.8
% 16.1 % CLARCOR INC. 2012 UNAUDITED FOURTH
QUARTER RESULTS, continued
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP
MEASURES (Dollars in thousands, except per share data)
In addition to the GAAP results provided in this release,
the Company provides non-GAAP net sales (including certain
geographic and market-based measures of non-GAAP net sales),
non-GAAP operating profit, non-GAAP net earnings and non-GAAP
diluted earnings per share for our 2011 fiscal year and 2011 fourth
quarter which exclude the impact of having an additional week in
our 2011 fiscal year and 2011 fourth quarter in comparison to our
2012 fiscal year and 2012 fourth quarter. These non-GAAP financial
measures are not in accordance with, nor an alternative for,
generally accepted accounting principles in the United States. The
GAAP measures most directly comparable to non-GAAP net sales,
non-GAAP operating profit, non-GAAP net earnings and non-GAAP
diluted earnings per share are net sales, operating profit, net
earnings and diluted earnings per share, respectively. The
fiscal 2011 non-GAAP financial measures provided in this release
exclude the impact of having an additional week in our 2011 fourth
quarter and fiscal year. Although the comparison of fiscal year
data excluding the additional week in our 2011 fiscal year and 2011
fourth quarter is not a measure of financial performance under
GAAP, the Company believes that providing these non-GAAP financial
measures better enables investors to understand and evaluate the
Company's historical and prospective operating performance.
Management believes that removing the impact of the additional week
in the 2011 fiscal year and 2011 fourth quarter provides a more
comparable measure of the changes in net sales, operating profit,
net earnings and diluted earnings per share in 2012 compared to
2011 and in the fourth quarter of 2012 compared to the fourth
quarter of 2011, as applicable. The additional week amounts
shown are estimates based on the number of weeks in the fourth
quarter of fiscal year 2011 and do not consider certain factors or
allocations that may occur only on a quarterly and annual basis.
The estimated amounts are based on the average week for the actual
2011 fourth quarter rather than the specific last week of the 2011
fourth quarter. These non-GAAP financial measures may have
limitations as analytical tools, and management does not intend
these measures to be considered in isolation or as a substitute for
the related GAAP measures. Following are reconciliations to the
most comparable GAAP financial measures of these non-GAAP financial
measures.
Quarter Ended Twelve Months
Ended December 1, December 3, December 1,
December 3, 2012 2011 Change
2012 2011 Change
Consolidated
Net sales, as reported (GAAP) $ 292,913 $ 307,529 -5 % $ 1,121,765
$ 1,126,601 0 % Impact of additional week in fiscal 2011 -
(21,966 ) - (21,966 ) Non-GAAP net sales
292,913 285,563 3 % $ 1,121,765 $ 1,104,635
2 % Operating profit, as reported (GAAP) $ 53,110 $
54,735 -3 % $ 182,714 $ 181,267 1 % Impact of additional week in
fiscal 2011 - (3,910 ) - $ (3,910 ) Non-GAAP
operating profit $ 53,110 $ 50,825 4 % $ 182,714
$ 177,357 3 % Net earnings - CLARCOR, as reported
(GAAP) $ 36,310 $ 37,244 -3 % $ 122,986 $ 124,003 -1 % Impact of
additional week in fiscal 2011 - (2,660 ) -
(2,660 ) Non-GAAP net earnings - CLARCOR $ 36,310 $ 34,583
5 % $ 122,986
$ 121,342 1 % Diluted earnings per share, as reported
(GAAP) $ 0.72 $ 0.73 -2 % $ 2.42 $ 2.42 0 % Impact of additional
week in fiscal 2011 - (0.05 ) - (0.05 )
Non-GAAP diluted earnings per share - CLARCOR $ 0.72 $ 0.68
6 % $ 2.42
$ 2.37 2 %
Segment
Data
Engine/Mobile Filtration Net sales, as reported (GAAP) $
125,744 $ 137,941 -9 % $ 503,607 $ 510,012 -1 % Impact of
additional week in fiscal 2011 - (9,853 ) -
(9,853 ) Non-GAAP net sales $ 125,744 $ 128,088 -2 %
$ 503,607 $ 500,159 1 % Operating profit, as reported
(GAAP) $ 30,250 $ 31,870 -5 % $ 111,653 $ 112,839 -1 % Impact of
additional week in fiscal 2011 - (2,276 ) -
(2,276 ) Non-GAAP operating profit $ 30,250 $ 29,594
2 % $ 111,653
$ 110,563 1 %
Industrial Environmental
Filtration Net sales, as reported (GAAP) $ 147,089 $ 145,028 1
% $ 541,364 $ 523,026 4 % Impact of additional week in fiscal 2011
- (10,359 ) - (10,359 ) Non-GAAP net
sales $ 147,089 $ 134,669 9 % $ 541,364 $ 512,667 6 %
Operating profit, as reported (GAAP) $ 20,573 $ 20,951 -2 %
$ 64,766 $ 58,028 12 % Impact of additional week in fiscal 2011
- (1,497 ) - (1,497 ) Non-GAAP
operating profit $ 20,573 $ 19,455 6 % $ 64,766
$ 56,532 15 %
CLARCOR INC. 2012 UNAUDITED FOURTH QUARTER RESULTS,
continued
RECONCILIATION OF SELECTED
GAAP MEASURES TO NON-GAAP MEASURES (Dollars in thousands)
Quarter Ended Twelve Months
Ended December 1, December 3, December 1,
December 3, 2012 2011 Change
2012 2011 Change
Segment Data
(continued)
Packaging Net sales, as reported (GAAP) $ 20,080 $ 24,560
-18 % $ 76,794 $ 93,563 -18 % Impact of additional week in fiscal
2011 - (1,754 ) - (1,754 )
Non-GAAP net sales $ 20,080 $ 22,806 -12 % $ 76,794 $
91,809 -16 % Operating profit, as reported (GAAP) $
2,287 $ 1,914 19 % $ 6,295 $ 10,400 -39 % Impact of additional week
in fiscal 2011 - (137 ) - (137 )
Non-GAAP operating profit $ 2,287 $ 1,777 29 % $ 6,295
$ 10,263 -39 %
Quarter
Ended Year Ended December 1, December 1,
2012 2012
Other
Domestic heavy-duty engine filtration aftermarket net sales growth,
as reported (GAAP) -2 % 1 % Impact of additional week in fiscal
2011 7 % 2 % Non-GAAP domestic heavy-duty engine
filtration aftermarket net sales growth 5 % 3 %
China heavy-duty engine filtration net sales growth, as
reported (GAAP) -17 % -12 % Impact of additional week in fiscal
2011 7 % 2 % Non-GAAP China heavy-duty engine
filtration net sales growth -10 % -10 % Total
Filtration Services (TFS) net sales growth, as reported (GAAP) 12 %
Impact of additional week in fiscal 2011 2 % Non-GAAP Total
Filtration Services (TFS) net sales growth 14 %
Industrial/Environmental dust collector systems net sales growth,
as reported (GAAP) 13 % Impact of additional week in fiscal 2011
2 % Non-GAAP Industrial/Environmental dust collector systems
net sales growth 15 % Domestic Engine/Mobile
Filtration net sales growth, as reported (GAAP) -7 % Impact of
additional week in fiscal 2011 7 % Non-GAAP domestic
Engine/Mobile Filtration net sales growth 0 %
International Engine/Mobile Filtration net sales growth, as
reported (GAAP) -12 % Impact of additional week in fiscal 2011
7 % Non-GAAP international Engine/Mobile Filtration net
sales growth -5 % Domestic Industrial/Environmental
Filtration net sales growth, as reported (GAAP) -3 % Impact of
additional week in fiscal 2011 7 % Non-GAAP domestic
Industrial/Environmental Filtration net sales growth 4 %
International Industrial/Environmental Filtration net sales
growth, as reported (GAAP) 13 % Impact of additional week in fiscal
2011 7 % Non-GAAP international Industrial/Environmental
Filtration net sales growth 20 %
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