Income Taxes and Other IncomeThe 3.3 percentage point increase in our effective tax rate to 32.8% in the first quarter of 2012 from 29.5% in the first quarter of 2011 was primarily due to a significant benefit recognized in the first quarter of 2011 related to the extension of the research and experimentation tax credit in December 2010 in addition to the non-renewal of this same credit for 2012. Other income (expense) in the first quarter of 2012 included the receipt of a one-time $1.2 million dividend pursuant to our investment in BioProcess Algae LLC and a $0.5 million foreign currency loss in the first quarter of 2012 primarily from the translation of cash accounts at certain foreign subsidiaries denominated in currencies other than their functional currencies.
CLARCOR Reports Record First Quarter Results
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