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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