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CLARCOR Reports Record Second Quarter Diluted Earnings Per Share


Unaudited Second Quarter 2013 Highlights(Amounts in millions, except per share data and percentages)
Three Months Ended   Six Months Ended
6/1/13   6/2/12   Change   6/1/13   6/2/12   Change
Net sales $ 287.6   $ 284.9   1 % $ 543.9   $ 542.1   - %
Operating profit 49.4 49.1 1 % 83.2 83.4 - %
Net earnings – CLARCOR 33.1 32.9 1 % 56.5 56.4 - %
Diluted earnings per share $ 0.66 $ 0.65 1 % $ 1.12 $ 1.11 1 %
Operating margin   17.2 %     17.2 %   0.0 pts     15.3 %     15.4 %   -0.1 pts

CLARCOR Inc. (NYSE: CLC) reported that its diluted earnings per share increased 1% from the second quarter of 2012 to a record second quarter high of $0.66. Higher diluted earnings per share were driven by a 1% increase in net sales from last year’s second quarter while operating margin remained consistent at 17.2%. The increase in consolidated net sales compared with the second quarter of 2012 was influenced by higher sales in CLARCOR’s Engine/Mobile and Industrial/Environmental Filtration segments partially offset by lower sales in its Packaging segment.

Changes in average foreign currency exchange rates reduced net sales by $0.7 million and operating profit by $0.2 million, each less than 1%, in the second quarter of 2013 compared with last year’s second quarter. For the first six months of 2013, changes in average foreign currency exchange rates lowered net sales by $0.4 million and operating profit by $0.2 million, also each less than 1%, from the first six months of 2012.

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