<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
_______
FORM 10-Q
QUARTERLY REPORT
_______
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
_______
for quarter ended May 31, 1997
_______
REGISTRANT: CLARCOR Inc. (Delaware)
_______
<PAGE> 2
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended May 31, 1997 Commission File Number 1-11024
CLARCOR Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 36-0922490
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2323 Sixth Street, P.O. Box 7007, Rockford, Illinois 61125
- ---------------------------------------------------- -----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 815-962-8867
-----------------
No Change
- ------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No __
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
16,127,812 common shares outstanding
------------------------------------------------------
Page 1 of 14
<PAGE> 3
Part I - Item 1
- ---------------
CLARCOR Inc.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
________
<TABLE>
<CAPTION>
Restated
May 31, November 30,
ASSETS 1997 1996
----------- ------------
(unaudited) (See Note 2)
<S> <C> <C>
Current assets:
Cash and short-term cash investments $ 9,289 $ 18,827
Accounts receivable, less allowance for losses
of $2,347 for 1997 and $2,007 for 1996 59,828 58,739
Inventories:
Raw materials 19,352 19,549
Work in process 11,154 11,663
Finished products 31,031 25,675
--------- ---------
Total inventories 61,537 56,887
--------- ---------
Prepaid expenses 1,524 2,391
Other current assets 4,012 3,882
--------- ---------
Total current assets 136,190 140,726
--------- ---------
Plant assets, at cost 180,157 175,950
less accumulated depreciation (96,017) (91,425)
--------- ---------
84,140 84,525
--------- ---------
Marketable equity securities, at fair value - 3,292
Excess of cost over fair value of assets acquired,
less accumulated amortization 15,678 15,503
Pension assets 13,410 12,453
Other noncurrent assets 10,563 10,520
--------- ---------
$ 259,981 $ 267,019
========= =========
LIABILITIES
Current liabilities:
Current portion of long-term debt $ 1,206 $ 7,625
Accounts payable 21,214 20,366
Income taxes 3,608 3,984
Accrued and other liabilities 19,242 19,322
--------- ---------
Total current liabilities 45,270 51,297
--------- ---------
Long-term debt, less current portion 38,023 43,449
Long-term pension liabilities 7,017 6,607
Other long-term liabilities 9,079 10,077
Minority Interest 981 908
Contingencies
SHAREHOLDERS' EQUITY
Capital stock 16,128 15,956
Retained earnings 143,275 138,210
Other shareholders' equity 208 515
--------- ---------
159,611 154,681
--------- ---------
$ 259,981 $ 267,019
========= =========
</TABLE>
See Notes to Consolidated Condensed Financial Statements
Page 2 of 14
<PAGE> 4
CLARCOR Inc.
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Dollars in thousands except per share data)
(Unaudited)
_________
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
--------------------------- ---------------------------
Restated Restated
May 31, June 1, May 31, June 1,
1997 1996 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net sales $ 96,684 $ 91,540 $ 183,642 $ 172,554
Cost of sales 66,818 64,153 129,268 122,066
----------- ----------- ----------- -----------
Gross profit 29,866 27,387 54,374 50,488
Selling and administrative expenses 17,995 16,625 35,161 32,792
Merger related expenses - - 2,972 -
----------- ----------- ----------- -----------
Operating profit 11,871 10,762 16,241 17,696
----------- ----------- ----------- -----------
Other income (expense):
Interest expense (635) (1,008) (1,440) (1,970)
Interest income 171 241 459 474
Gain on sale of investment in marketable securities - - 1,706 -
Other, net (143) 59 (54) (246)
----------- ----------- ----------- -----------
(607) (708) 671 (1,742)
----------- ----------- ----------- -----------
Earnings before income taxes and minority
interests in earnings of subsidiaries 11,264 10,054 16,912 15,954
Provision for income taxes 4,176 3,738 6,786 5,869
----------- ----------- ----------- -----------
Earnings before minority interests in earnings of
subsidiaries 7,088 6,316 10,126 10,085
Minority interests in earnings of subsidiaries (40) (39) (61) (56)
----------- ----------- ----------- -----------
Net earnings $ 7,048 $ 6,277 $ 10,065 $ 10,029
=========== =========== =========== ===========
Net earnings per common share $ 0.44 $ 0.39 $ 0.63 $ 0.63
=========== =========== =========== ===========
Average number of common shares outstanding 16,077,336 15,932,284 16,031,422 15,923,915
=========== =========== =========== ===========
Dividends paid per share $ 0.1625 $ 0.1600 $ 0.3250 $ 0.3200
=========== =========== =========== ===========
</TABLE>
See Notes to Consolidated Condensed Financial Statements
Page 3 of 14
<PAGE> 5
CLARCOR Inc.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
________
<TABLE>
<CAPTION>
Six Months Ended
-----------------------------
Restated
May 31, June 1,
1997 1996
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 10,065 $ 10,029
Depreciation and amortization 5,911 5,203
Gain on sale of investment in marketable securities (1,706) -
Changes in assets and liabilities (5,239) (11,981)
Other, net (192) (143)
--------- ---------
Net cash provided by operating activities 8,839 3,108
--------- ---------
Cash flows from investing activities:
Proceeds from sale of investment 3,322 -
Business acquisitions, net of cash acquired (846) (1,358)
Investment in affiliate (38) (119)
Additions to plant assets (5,377) (9,878)
Disposition of plant assets 302 1,819
--------- ---------
Net cash used in investing activities (2,637) (9,536)
--------- ---------
Cash flows from financing activities:
Proceeds from long-term debt 1,000 9,517
Reduction of long-term debt (12,845) (5,025)
Purchase of treasury stock - (430)
Cash dividends paid (5,005) (4,732)
Other, net 1,211 426
--------- ---------
Net cash used in financing activities (15,639) (244)
--------- ---------
Net effect of exchange rate changes on cash (101) (127)
--------- ---------
Net change in cash and short-term cash investments (9,538) (6,799)
Cash and short-term cash investments,
beginning of period 18,827 19,791
--------- ---------
Cash and short-term cash investments,
end of period $ 9,289 $ 12,992
========= =========
Cash paid during the period for:
Interest $ 1,567 $ 1,714
========= =========
Income taxes $ 6,622 $ 5,554
========= =========
</TABLE>
See Notes to Consolidated Condensed Financial Statements
Page 4 of 14
<PAGE> 6
CLARCOR Inc.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
- --------------------------------------------------------------------------------
1. BUSINESS COMBINATION AND MERGER RELATED COSTS
On February 28, 1997, the Company completed its acquisition of United Air
Specialists, Inc. (UAS), a manufacturer of air quality equipment based in
Cincinnati, Ohio. The Company issued 1,081,741 shares of its common stock in
exchange for all the shares of UAS stock. Additional shares of its common
stock (approximately 127,590 shares) will be issued upon exercise of UAS
options. The transaction has been structured as a statutory merger
accounted for as a pooling of interests. As a result of the acquisition,
UAS became a subsidiary of the Company.
Under the requirements of the pooling of interests accounting treatment, the
consolidated condensed financial statements for the periods presented have
been restated (except for cash dividends declared per share, which represent
the historical dividends declared by the Company) to include the results of
operations, cash flows, and financial positions of UAS. UAS' fiscal
year-end for all periods presented has been changed to the Saturday closest
to November 30. Therefore, the Company's restated consolidated financial
statements for fiscal 1996 include UAS for the period beginning December 1,
1995, and ending on November 30, 1996. Certain prior period amounts for UAS
have been reclassified to conform with the presentation of such data by the
Company. UAS' net sales and net earnings for the six months and quarter
ended June 1, 1996 were $18.9 million and $.3 million, and $10.0 million and
$.5 million, respectively.
No intercompany transactions existed between the two companies during the
periods presented. A one-time pre-tax charge of $3 million ($2.4 million
net of tax) covering the costs of the merger includes legal and professional
fees, non-compete agreements, and costs to integrate the businesses of the
two companies.
2. CONSOLIDATED FINANCIAL STATEMENTS
The November 30, 1996 restated consolidated balance sheet data was derived
from CLARCOR's year-end financial statements and UAS' unaudited November 30,
1996 balance sheet, but does not include all disclosures required by
generally accepted accounting principles. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or
omitted.
The consolidated balance sheet as of May 31, 1997, the consolidated
statements of earnings and the consolidated statements of cash flows for the
periods ended May 31, 1997, and June 1, 1996, have been prepared by the
Company without audit and include the results of UAS for the identical three
and six month periods, as applicable. The financial statements have been
prepared on the same basis as those in the Company's November 30, 1996
annual report to shareholders. In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position, results of operations, and cash flows
have been made.
Page 5 of 14
<PAGE> 7
CLARCOR Inc.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited) Continued
- --------------------------------------------------------------------------------
2. CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
The results of operations for the period ended May 31, 1997 are not
necessarily indicative of the operating results for the full year.
3. RECLASSIFICATION
Certain amounts within the financial statements have been reclassified to
conform to the current period presentation. The reclassification had no
effect on retained earnings or net income as previously reported.
4. SEGMENT DATA
The Company operates in three principal product segments: Engine/Mobile
Filtration, Industrial/Environmental Filtration, and Consumer Products.
The segment data for the three-month and six-month periods ended May 31,
1997 and June 1, 1996, respectively, are shown below. Net sales represent
sales to unaffiliated customers, as reported in the consolidated condensed
statements of earnings. Intersegment sales were not material. The
information below has been restated to reflect the current segment
groupings.
<TABLE>
<CAPTION>
1997
------------------------------------------------
Quarter Ended
---------------------------- Six
(Dollars in Thousands) March 1 May 31 Months
------------------------------------------------
<S> <C> <C> <C>
NET SALES BY SEGMENT:
Engine/Mobile Filtration $ 46,353 $53,526 $ 99,879
Industrial/Environmental Filtration 26,201 25,778 51,979
Consumer Products 14,404 17,380 31,784
------------------------------------------------
$ 86,958 $96,684 $183,642
================================================
OPERATING PROFIT BY SEGMENT:
Engine/Mobile Filtration $ 6,282 $ 9,065 $ 15,347
Industrial/Environmental Filtration 214 772 986
Consumer Products 846 2,034 2,880
------------------------------------------------
$ 7,342 $11,871 $ 19,213
Merger related expenses (2,972) - (2,972)
------------------------------------------------
$ 4,370 $11,871 $ 16,241
================================================
</TABLE>
Page 6 of 14
<PAGE> 8
CLARCOR Inc.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited) Continued
- --------------------------------------------------------------------------------
4. SEGMENT DATA (Cont.)
<TABLE>
<CAPTION>
1996 Restated
-----------------------------------------
Quarter Ended
------------------------
Six
(Dollars in Thousands) March 2 June 1 Months
-----------------------------------------
<S> <C> <C> <C>
NET SALES BY SEGMENT:
Engine/Mobile Filtration $43,332 $50,750 $ 94,082
Industrial/Environmental Filtration 23,832 25,234 49,066
Consumer Products 13,850 15,556 29,406
-----------------------------------------
$81,014 $91,540 $172,554
=========================================
OPERATING PROFIT BY SEGMENT:
Engine/Mobile Filtration $ 6,281 $ 8,075 $ 14,356
Industrial/Environmental Filtration (126) 1,375 1,249
Consumer Products 779 1,312 2,091
-----------------------------------------
$ 6,934 $10,762 $ 17,696
=========================================
</TABLE>
Page 7 of 14
<PAGE> 9
Part II - Item 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
On February 28, 1997, the merger of United Air Specialists, Inc. (UAS) into
CLARCOR was completed. This transaction was accounted for as a pooling of
interests, and as a result, CLARCOR's financial statements were restated for
all periods presented to include the results of operations, cash flows and
financial positions of UAS. The Company's restated consolidated financial
statements for fiscal 1996 will include UAS for the period beginning December
1, 1995, and ending on November 30, 1996. The fiscal periods presented in this
report are for the three months and six months ended May 31, 1997, and June 1,
1996, for both CLARCOR and UAS.
RESULTS OF OPERATIONS
SECOND QUARTER 1997 COMPARED TO SECOND QUARTER OF 1996.
CLARCOR's growth in sales, operating profit and earnings in the second quarter
of 1997 over the 1996 quarter resulted from strong performance by the Company's
Engine/Mobile Filtration and Consumer Products segments.
Net sales increased 5.6% over the 1996 quarter as a result of increased volume
from each of the Company's segments. Increased sales by the Engine/Mobile
Filtration segment resulted from higher volume at both the Baldwin Filter and
Clark Filter units offset by reduced sales from the Hastings product line. The
decrease in sales for the Hastings product line resulted from the planned
elimination of low margin automotive filtration products. The
Industrial/Environmental Filtration segment reported a sales increase of 2.2%
for the quarter. This increase resulted from a higher volume of shipments from
the Airguard operation offset by lower sales from UAS in the 1997 quarter due
to the timing of customer shipments. The Company's Consumer Products segment
recorded an 11.7% increase in sales for the quarter due to higher sales volume
of plastic closures and metal promotional products.
Operating profit in the second quarter increased 10.3% in 1997 over 1996
results. This greater increase in profit, compared to the sales increase of
5.6%, resulted from increased production volumes and the Company's continued
emphasis on increasing productivity and reducing costs. Operating margin
increased to 12.3% compared to 11.8% in the 1996 quarter.
The increased operating profit for the Engine/Mobile segment resulted from a
combined sales increase of over 10% for Baldwin and Clark Filter. The continued
integration of the Hastings Filters product line with Baldwin Filters resulted
in a reduced loss for Hastings Filters for the second quarter compared to the
first quarter of 1997. The Industrial/Environmental Filtration segment reported
lower operating profit in the 1997 quarter than in the 1996 quarter. An
increase of more than 60% in Airguard's operating profit was offset by a much
lower level of profit from UAS for the quarter. UAS' reduced profit was due to
the delay and mix of customer shipments, an unusually high level of profit in
the second quarter of 1996, and a higher level of distribution and marketing
costs in 1997. The Consumer Products segment recorded substantially higher
operating profit in the 1997 quarter as a result of higher production and sales
levels than in 1996 for both the metal and plastic operations.
Page 8 of 14
<PAGE> 10
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued
Other expense for the quarter was lower than the 1996 quarter due to a lower
level of interest expense on the reduced level of debt.
Provision for income taxes for the quarter of $4,176,000 represented an
effective rate of 37.1% of pretax earnings, which compares to an effective rate
of 37.2% in 1996.
Net earnings of $7,048,000 for the 1997 quarter were 12.3% higher than the
$6,277,000 reported in 1996 due to the strong operating performance for the
1997 quarter. Earnings per share increased to $.44 from $.39 in 1996, a 12.8%
increase.
SIX MONTHS 1997 COMPARED TO SIX MONTHS OF 1996
Net sales of $183,642,000 for the 1997 six-month period increased 6.4% over the
1996 six-month period. Each of the Company's segments reported increased sales
for the period. Higher sales volume was recorded for Baldwin's and Clark
Filter's engine/mobile filtration products, Airguard's and UAS' industrial and
environmental filtration products, and J.L. Clark's plastic and metal packaging
products. Lower sales volume in 1997 for the Hastings' light duty
engine/mobile filter line was due to the planned elimination of lower margin
products.
Operating profit of $16,241,000 for six months 1997 compares to $17,696,000 in
1996. The 1997 amount includes the effect of the UAS merger related expenses
of $2,972,000 that were recorded in the first quarter. Excluding the impact of
the merger related expenses, operating profit for the Company increased 8.6%
for the six-month period compared to 1996. The increased profit for the six
months resulted from increased sales of 6.4%, reduced manufacturing costs, and
improved plant efficiencies.
Other income totaled $671,000 for the 1997 six-month period and compares to a
total of other expense of $1,742,000 for the 1996 period. The change from 1996
is related to the $1,706,000 gain on sale of marketable securities recorded in
the first quarter of 1997 and reduced interest expense due to the lower level
of debt in 1997.
The provision for income taxes of $6,786,000, which resulted in an effective
rate of 40.1%, is higher than last year's amount due to a higher level of
earnings in 1997 and because certain of the merger related charges recorded in
the first quarter of 1997 are not fully deductible for tax purposes.
Net earnings were $10,065,000 for the 1997 six-month period and reflect two
unusual items recorded in the first quarter of 1997, a gain on the sale of
marketable securities and the UAS merger related charges. Without the impact
of the unusual items recorded in the first quarter of 1997, net earnings would
have been approximately $11,300,000 or $.71 per share. Net earnings for the
first six months of 1996 were $10,029,000, or $.63 per share.
Average shares outstanding were 16,031,422 at the end of the 1997 six-month
period and compared to 15,923,915 for the 1996 period. The amounts include the
additional shares issued in connection with the merger of UAS.
Page 9 of 14
<PAGE> 11
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued
LIQUIDITY AND CAPITAL RESOURCES
Cash provided by operating activities increased $5,731,000 primarily from
reduced investment in working capital compared to the first six months of 1996.
Cash flows used in investing activities were lower for the first six months
of 1997 compared to 1996 due to the proceeds of $3,322,000 received in first
quarter 1997 from the sale of marketable securities. In addition, plant asset
additions of $5,377,000 for six months 1997 were $4,501,000 lower than in 1996.
Cash flows used in financing activities in 1997 included payments on long-term
debt of $12,845,000 compared to $5,025,000 in 1996. The 1997 payments include
final payments on the 9.7% term note and on certain high cost debt assumed in
the UAS merger. During the first quarter of 1997 and prior to the merger, UAS
used an additional $1,000,000 on a line of credit. Additional borrowings in
1996 included $8,410,000 of industrial revenue bonds used to finance the
Hastings Filters plant expansion.
CLARCOR's current operations continue to generate adequate cash to fund
operating needs, pay dividends, and provide for the repayment of the Company's
long-term debt. Sufficient lines of credit remain available to fund current
operating needs. The Company's level of capital expenditures is expected to
be lower in 1997 than in 1996.
The Company's financial position at May 31, 1997, continued to be solid and
sufficiently liquid to support current operations. Cash and short-term cash
investments totaled $9,289,000 at the end of the quarter, a reduction of
$9,538,000 from year-end 1996. Inventories increased $4,650,000 from year-end
due to expected customer shipment requirements for the third and fourth
quarters. The current ratio at the end of the quarter was 3.0:1 compared to
2.7:1 at the end of fiscal 1996. The current year ratio of long-term debt to
total capitalization was 19.2% which was lower than the level of 21.9% at
year-end as a result of the debt repayments made in 1997.
At May 31, 1997, CLARCOR had 16,127,812 shares of common stock outstanding that
included 1,081,741 shares issued for the UAS merger. The increase in shares
outstanding from the prior year is primarily due to additional shares issued
upon exercise of stock options.
OUTLOOK
On the strength of the operating results from each of the businesses in the
second quarter, the Company is expecting each segment to report solid fiscal
year results. The order volume for the Engine/Mobile Filtration segment
continues to outpace the market and that trend is expected to continue through
the third and fourth quarters of 1997. Additionally, the continued integration
of the Hastings Filters line with Baldwin Filters remains a high priority and
the improvement reflected in Hastings' second quarter results is expected to
continue. During the second quarter, Airguard received its largest order for a
gas turbine intake filtration system for $2.8 million. Order bookings were at
record levels for UAS at the end of the quarter and, as a result, increased
sales and profits are expected for UAS for the balance of the year. The
Consumer Products segment's sales are expected to be approximately equal with
the second half of 1996;
Page 10 of 14
<PAGE> 12
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued
however, operating profit is expected to be improved over the 1996 level due to
continued plant efficiencies and a better product sales mix.
FORWARD-LOOKING INFORMATION IS SUBJECT TO RISK AND UNCERTAINTY
Certain statements quoted in the body of this report, and statements in the
"Outlook" section of this report are forward-looking. These statements involve
risk and uncertainty. Actual future results and trends may differ materially
depending on a variety of factors, including the volume and timing of orders
received during the quarter, the mix of changes in distribution channels
through which the Company's products are sold, the timing and acceptance of new
products and product enhancements by the Company or its competitors, changes in
pricing, product life cycles, purchasing patterns of distributors and
customers, competitive conditions in the industry, business cycles affecting
the markets in which the Company's products are sold, extraordinary events,
such as litigation or acquisitions, including related charges, and economic
conditions generally or in various geographic areas. All of the foregoing
matters are difficult to forecast. The future results of the Company may
fluctuate as a result of these and the other risk factors detailed from time to
time in the Company's Securities and Exchange Commission reports.
Due to the foregoing items, it is possible that, in some future quarters, the
Company's operating results will be below the expectation of some stock market
analysts and investors. In such event, the price of the CLARCOR common stock
could be materially adversely affected.
Page 11 of 14
<PAGE> 13
Part II - Other Information
Item 6a - Exhibit (11), Computations of Per Share Earnings
are presented on page 13.
Item 6b - On June 2, 1997, the Company filed a Form 8-K to
report the quarterly income statement data and segment data as
restated for the year ended November 30, 1996 to include the
results of United Air Specialists' operations. The Form 8-K was
amended on July 7, 1997 to correct the presentation of the first
quarter 1997's segment data.
Page 12 of 14
<PAGE> 14
CLARCOR Inc.
EXHIBIT (11) - COMPUTATIONS OF PER SHARE EARNINGS
_______________
<TABLE>
<CAPTION>
Six Months Ended
------------------------------------
Restated
May 31, June 1,
AVERAGE SHARES OUTSTANDING 1997 1996
------------------------------------
<S> <C> <C>
1. Average number of shares outstanding 16,031,422 15,923,915
2. Net additional shares resulting from
assumed exercise of stock options* 356,046 380,446
----------- -----------
3. Adjusted average shares outstanding
for fully diluted computation (1 plus 2) 16,387,468 16,304,361
=========== ===========
Earnings per share of common stock:
Primary $ 0.63 $ 0.63
=========== ===========
Assuming full dilution $ 0.61 $ 0.62
=========== ===========
</TABLE>
* Assumes proceeds from exercise of stock options used to purchase
treasury shares at the greater of the quarter-end or the average market price
during the period.
See Notes to Consolidated Condensed Financial Statements
Page 13 of 14
<PAGE> 15
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CLARCOR Inc.
(Registrant)
July 10, 1997 By /s/ Bruce A. Klein
- --------------- --------------------------------
(Date) Bruce A. Klein, Vice President - Finance
and Chief Financial Officer
Page 14 of 14
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-29-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<EXCHANGE-RATE> 1.0
<CASH> 9,289
<SECURITIES> 0
<RECEIVABLES> 62,175
<ALLOWANCES> 2,347
<INVENTORY> 61,537
<CURRENT-ASSETS> 136,190
<PP&E> 180,157
<DEPRECIATION> 96,017
<TOTAL-ASSETS> 259,981
<CURRENT-LIABILITIES> 45,270
<BONDS> 38,023
0
0
<COMMON> 16,128
<OTHER-SE> 143,483
<TOTAL-LIABILITY-AND-EQUITY> 259,981
<SALES> 183,642
<TOTAL-REVENUES> 183,642
<CGS> 129,268
<TOTAL-COSTS> 129,268
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,440
<INCOME-PRETAX> 16,912
<INCOME-TAX> 6,786
<INCOME-CONTINUING> 10,065
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,065
<EPS-PRIMARY> .63
<EPS-DILUTED> .61
</TABLE>
