CLARCOR Reports Record First Quarter Results

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 2012 performance of the Company and each of its segments, our projections with respect to 2012 estimated sales growth and 2012 estimated operating margins for the Company and each of its segments, and our projections with respect to 2012 cash from operations, 2012 capital expenditures and 2012 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 ability to achieve our long-term operating margin goal of 15% in our Industrial/Environmental Filtration segment in the next three or four years; statements regarding our culture of managing administrative costs prudently while supporting profitable growth; statements regarding our expectations of growth in Europe for the remainder of 2012 as we introduce new products and to continue to expand our geographic presence from our European operations; statements regarding ongoing uncertainty in China and our expectation of sales in China for full year 2012; statements regarding our belief regarding the transitory nature of some sales issues in our Packaging segment, and our ability to procure several significant sales opportunities in our pipeline in the Packaging segment for 2012; statements regarding our ability to develop our capability to support the natural gas extraction and transportation from shale formations; 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 2011 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, including estimated sales growth and estimated operating margin levels for 2012 for the Company and its business segments, 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 FIRST QUARTER RESULTS
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Dollars in thousands except per share data)
			Three Months Ended
			March 3,					February 26,
			2012					2011
Net sales			$	257,264				$	245,720
Cost of sales				171,049					164,767
Gross profit				86,215					80,953
Selling and administrative expenses				51,903					49,662
Operating profit				34,312					31,291
Other income (expense):
Interest expense				(100	)				(44	)
Interest income				134					37
Other, net				612					(200	)
				646					(207	)
Earnings before income taxes				34,958					31,084
Provision for income taxes				11,466					9,163
Net earnings				23,492					21,921
Net earnings attributable to noncontrolling interests				(13	)				(40	)
Net earnings attributable to CLARCOR Inc			$	23,479				$	21,881
Net earning per share attributable to CLARCOR Inc. - Basic			$	0.47				$	0.43
Net earning per share attributable to CLARCOR Inc. - Diluted			$	0.46				$	0.43
Weighted average number of shares outstanding - Basic				50,411,196					50,568,499
Weighted average number of shares outstanding - Diluted				51,094,385					51,287,238
Dividends paid per share			$	0.1200				$	0.1050

CLARCOR INC. 2012 UNAUDITED FIRST QUARTER RESULTS, continued
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
			March 3,					December 3,
			2012					2011
ASSETS
Current assets:
Cash and cash equivalents			$	142,063				$	155,999
Restricted cash				1,007					1,105
Accounts receivable, less allowance for losses of $10,489 and $9,795, respectively				201,758					206,664
Inventories				208,578					200,274
Deferred income taxes				25,580					25,974
Income taxes receivable				704					3,373
Prepaid expenses and other current assets				7,596					7,510
Total current assets				587,286					600,899
Plant assets, at cost, less accumulated depreciation of $299,454 and $293,111, respectively				188,134					184,992
Assets held for sale				2,000					2,000
Goodwill				235,941					235,530
Acquired intangible assets, less accumulated amortization				97,636					98,674
Deferred income taxes				621					749
Other noncurrent assets				14,120					12,089
Total assets			$	1,125,738				$	1,134,933
LIABILITIES
Current liabilities:
Current portion of long-term debt			$	1,176				$	1,289
Accounts payable and accrued liabilities				133,342					155,585
Income taxes payable				2,846					3,176
Total current liabilities				137,364					160,050
Long-term debt, less current portion				16,026					15,981
Long-term pension and postretirement healthcare benefits liabilities				61,317					74,524
Deferred income taxes				40,264					36,194
Other long-term liabilities				10,340					11,069
Total liabilities				265,311					297,818
Contingencies
Redeemable noncontrolling interests				1,585					1,557
SHAREHOLDERS' EQUITY
Capital stock				50,262					50,145
Capital in excess of par value				21,981					19,453
Accumulated other comprehensive loss				(41,331	)				(44,391	)
Retained earnings				827,083					809,520
Total CLARCOR Inc. equity				857,995					834,727
Noncontrolling interests				847					831
Total shareholders' equity				858,842					835,558
Total liabilities and shareholders' equity			$	1,125,738				$	1,134,933

CLARCOR INC. 2012 UNAUDITED FIRST QUARTER RESULTS, continued
CONSOLIDATED CONDENSED CASH FLOWS
(Dollars in thousands)
			Three Months Ended
			March 3,					February 26,
			2012					2011
Cash flows from operating activities:
Net earnings			$	23,492				$	21,921
Depreciation				6,568					6,998
Amortization				1,426					1,331
Other noncash items				(102	)				(94	)
Net loss (gain) on disposition of plant assets				16					(3	)
Stock-based compensation expense				2,906					2,605
Excess tax benefit from stock-based compensation				(2,302	)				(657	)
Deferred income taxes				9,522					(367	)
Changes in assets and liabilities, excluding short-term investments				(40,301	)				(22,904	)
Net cash provided by operating activities				1,225					8,830
Cash flows from investing activities:
Restricted cash				51					46
Business acquisitions, net of cash acquired				(2,144	)				(10,455	)
Additions to plant assets				(9,797	)				(3,492	)
Proceeds from disposition of plant assets				59					34
Investment in affiliates				(132	)				-
Net cash used in investing activities				(11,963	)				(13,867	)
Cash flows from financing activities:
Payments on long-term debt				(26	)				(1,574	)
Sale of capital stock under stock option and employee purchase plans				2,958					2,508
Purchase of treasury stock				(3,635	)				(1,947	)
Excess tax benefits from stock-based compensation				2,302					657
Cash dividends paid				(6,046	)				(5,308	)
Net cash used in financing activities				(4,447	)				(5,664	)
Net effect of exchange rate changes on cash				1,249					1,048
Net change in cash and cash equivalents				(13,936	)				(9,653	)
Cash and cash equivalents, beginning of period				155,999					117,022
Cash and cash equivalents, end of period			$	142,063				$	107,369
Cash paid during the period for:
Interest			$	68				$	36
Income taxes, net of refunds			$	2,879				$	1,740

CLARCOR INC. 2012 UNAUDITED FIRST QUARTER RESULTS, continued
QUARTERLY INCOME STATEMENT DATA BY SEGMENT
(Dollars in thousands)
			Three Months
			March 3					February 26
			2012					2011
Net sales by segment:
Engine/Mobile Filtration			$	120,283				$	111,328
Industrial/Environmental Filtration				121,114					112,119
Packaging				15,867					22,273
			$	257,264				$	245,720
Operating profit by segment:
Engine/Mobile Filtration			$	23,297				$	21,202
Industrial/Environmental Filtration				10,705					7,248
Packaging				310					2,841
			$	34,312				$	31,291
Operating margin by segment:
Engine/Mobile Filtration				19.4	%				19.0	%
Industrial/Environmental Filtration				8.8	%				6.5	%
Packaging				2.0	%				12.8	%
				13.3	%				12.7	%

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