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CLARCOR Reports Record First Quarter Results


Unaudited First Quarter 2012 Highlights

(Amounts in millions, except per share data and percentages)
Quarter Ended
3/03/12     2/26/11     Change
Net sales $ 257.3     $ 245.7     5%
Operating profit 34.3 31.3 10%
Net earnings – CLARCOR 23.5 21.9 7%
Diluted earnings per share $ 0.46 $ 0.43 7%
Operating margin 13.3% 12.7% 0.6 pts

CLARCOR Inc. (NYSE: CLC) reported its financial results for the first quarter of 2012. Diluted earnings per share grew 7% from the first quarter of 2011 to a record first quarter high of $0.46. Higher diluted earnings per share were driven by a 5% increase in net sales, a 10% increase in operating profit and a 0.6 percentage point improvement in operating margin. Operating profit at the company’s Engine/Mobile and Industrial/Environmental Filtration segments increased 20% on a combined basis reflecting an 8% increase in net sales and a 1.4 percentage point improvement in operating margin. Higher first quarter earnings were achieved despite lower operating results at the company’s Packaging segment where net sales declined 29% and operating profit declined 89% from the first quarter of 2011. These Packaging segment results negatively impacted consolidated diluted earnings per share by approximately $0.04 compared with last year’s first quarter. The company expects its Packaging segment results to improve over the remainder of the year.

Changes in average foreign currency exchange rates reduced net sales by $0.8 million and did not significantly impact operating profit in the first quarter of 2012 compared with last year’s first quarter.

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