CLARCOR Reports Second Quarter Results

CLARCOR Inc. (NYSE: CLC):

Unaudited Second Quarter 2012 Highlights

(Amounts in millions, except per share data and percentages)

		Three Months Ended											Six Months Ended
		6/2/12				5/28/11				Change			6/2/12				5/28/11				Change
Net sales		$	284.9			$	288.5			-1	%		$	542.1			$	534.3			1	%
Operating profit			49.1				48.8			1	%			83.4				80.1			4	%
Net earnings – CLARCOR			32.9				32.8			0	%			56.4				54.7			3	%
Diluted earnings per share		$	0.65			$	0.64			2	%		$	1.11			$	1.07			4	%
Operating margin			17.2	%			16.9	%		0.3 pts				15.4	%			15.0	%		0.4 pts

CLARCOR Inc. (NYSE: CLC) reported that its diluted earnings per share grew 2% from the second quarter of 2011 to a record second quarter high of $0.65. Higher diluted earnings per share were achieved despite a 1% reduction in net sales as operating margin expanded 0.3 percentage points from last year’s second quarter to 17.2%. Second quarter earnings were impacted by lower operating results at the company’s Packaging segment where net sales declined $4.2 million, or 18%, and operating profit declined $1.3 million, or 42%, from the second quarter of 2011. These Packaging segment results negatively influenced consolidated diluted earnings per share by approximately $0.02 compared with last year’s second quarter.

Changes in average foreign currency exchange rates reduced net sales by $3.9 million, or 1%, and operating profit by $0.8 million, or 2%, in the second quarter of 2012 compared with last year’s second quarter. For the first six months of 2012, changes in average foreign currency exchange rates reduced net sales by $4.7 million, or 1%, and operating profit by $0.8 million, or 1%, from the first six months of 2011.

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