CLARCOR Reports Fourth Quarter And Full Year 2012 Results

CLARCOR Inc. (NYSE: CLC):

Unaudited Fourth Quarter and Full Year 2012 Highlights(Amounts in millions, except per share data and percentages)

GAAP Financial Results:

			Quarter Ended													Full Year Ended
			12/1/12 (13 weeks)					12/3/11 (14 weeks)					Change			12/1/12 (52 weeks)					12/3/11 (53 weeks)					Change
Net sales			$	292.9				$	307.5				-5%			$	1,121.8				$	1,126.6				0%
Operating profit				53.1					54.7				-3%				182.7					181.3				1%
Net earnings – CLARCOR				36.3					37.2				-3%				123.0					124.0				-1%
Diluted earnings per share			$	0.72				$	0.73				-2%			$	2.42				$	2.42				0%
Operating margin				18.1	%				17.8	%			0.3 pts				16.3	%				16.1	%			0.2 pts

Adjusted Financial Results:

The fourth quarter and full year of 2011 contained an additional week in comparison to the fourth quarter and full year of 2012. The following table reflects 2011 fourth quarter and full year GAAP results adjusted for the additional week. A reconciliation of non-GAAP figures adjusting for the additional week in the fourth quarter and full year of 2011 to GAAP figures is available at the end of this document.

			Quarter Ended													Full Year Ended
			12/1/12 (13 weeks)					12/3/11 (13 weeks)					Change			12/1/12 (52 weeks)					12/3/11 (52 weeks)					Change
Net sales			$	292.9				$	285.6				3%			$	1,121.8				$	1,104.6				2%
Operating profit				53.1					50.8				4%				182.7					177.4				3%
Net earnings – CLARCOR				36.3					34.6				5%				123.0					121.3				1%
Diluted earnings per share			$	0.72				$	0.68				6%			$	2.42				$	2.37				2%
Operating margin				18.1	%				17.8	%			0.3 pts				16.3	%				16.1	%			0.2 pts

CLARCOR Inc. (NYSE: CLC) reported its financial results for the fourth quarter and full year 2012. Diluted earnings per share for full year 2012 equaled the record high diluted earnings per share of $2.42 in full year 2011. However, the diluted earnings per share comparison between full year 2012 and full year 2011 was influenced by an additional or fifty-third week in full year 2011. After taking into account this additional week in 2011, diluted earnings per share increased approximately 2%, or $0.05, in full year 2012. Operating margin of 16.3% in full year 2012 improved 0.2 percentage points from full year 2011.

Significant full year 2012 financial and strategic highlights include the following:

• Full year consolidated operating margin of 16.3% was the highest in over 20 years
• Engine/Mobile segment operating margin exceeded 20.0% for the 12 ^th consecutive year
• Continued improvement in Industrial/Environmental segment operating margin to 12.0%
• Generated cash from operations of $136 million and returned $62 million to shareholders
• Oil and gas filtration sales increased $14.0 million, or 7%, from full year 2011
• Committed $12.0 million for an oil and gas filtration research center in Mineral Wells, TX

The Company’s fourth quarter 2012 diluted earnings per share of $0.72 declined $0.01, or 2%, from the fourth quarter of 2011 on 5% lower net sales. However, the diluted earnings per share comparison between the fourth quarter of 2012 and the fourth quarter of 2011 was influenced by an additional or fourteenth fiscal week in the fourth quarter of 2011. After taking into account this additional week, diluted earnings per share increased approximately 6%, or $0.04, in the fourth quarter of 2012. Operating margin of 18.1% in the fourth quarter of 2012 improved 0.3 percentage points from the fourth quarter of 2011.

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