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CLARCOR Reports Third Quarter Results

“Our long-term expectations are to grow sales between 6% and 10% annually. Even though we will fall short of this goal this year, we believe we are well-positioned to achieve this growth going forward. We believe we possess a solid foundation for future long-term growth based upon the many initiatives we continue to develop including adding new heavy-duty engine filtration distributors and broadening our product offerings both in the U.S. and abroad. The oil and gas filtration industry remains strong, and we feel as good about our position in this filtration market as we do with any other market. Moreover, with an approximate 80% company-wide mix of aftermarket business, we believe we are well-positioned within a growing filtration industry to continue to capitalize on future profitable growth opportunities including our ability to share our advanced media development technology across our diverse business units.”

Estimated full-year sales growth as compared with 2011 and 2012 operating margin by segment and on a consolidated basis are as follows:
 

2012 Estimated Sales Growth
 

2012 Estimated Operating Margin
 
Engine/Mobile Filtration 0.0% to 1.0% 21.5% to 22.5%
Industrial/Environmental Filtration 3.0% to 5.0% 11.0% to 12.0%
Packaging -16.0% to -12.0% 8.5% to 9.5%
CLARCOR 0.0% to 2.0% 15.5% to 16.5%
 

Our fiscal year 2011 included fifty-three weeks while our fiscal year 2012 will include fifty-two weeks. In addition, our fourth quarter 2011 included fourteen weeks while our fourth quarter 2012 will include thirteen weeks. We estimate that the additional week in the fiscal year and fourth quarter of 2011 will impact net sales and operating profit growth comparisons to comparable periods in 2012 by 2% for the full year and 7% for the fourth quarter.

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