CLARCOR Reports Fourth Quarter and Fiscal 2009 Res
January 13, 2010 05:16 PM Eastern Time
FRANKLIN, Tenn.--(EON: Enhanced Online News)--CLARCOR Inc. (NYSE: CLC):
CLARCOR Inc. (NYSE: CLC) reported its fiscal 2009 fourth quarter and full year 2009 financial results for the quarter and year
Norm Johnson, CLARCOR’s Chairman and Chief Executive Officer, said, “Even though our fourth quarter results were below wha
year, we are pleased with our results this quarter. Our sales and profits this quarter were the highest of any quarter in 2009, and our
came in at the top of our most recent earnings forecast. The trend of higher sales, operating profit and operating margins for each su
during 2009 gives us a good start for 2010.
“Fourth quarter operating profit increased by 8% compared to the third quarter of 2009, by 38% compared to the second quarter
154% compared to the first quarter of 2009. Fourth quarter operating margins in 2009 were 14.8% compared to 13.9% in the thir
11.0% in the second quarter of 2009 and 6.4% in the first quarter of 2009.
“Most of our businesses, and all of our aftermarket businesses, are performing well and we expect continuing improvement in 2010.
global recession is still impacting us, but the diversity of our filtration businesses and the breadth of our product lines and customer b
large differences in product demand across filtration markets. Equally, having a strong balance sheet during a recession is a great be
balances exceed our outstanding debt and that gives us the ability to aggressively invest in our businesses for growth, pursue acquisit
pay a dividend, which we increased by 8% in September and, when appropriate, repurchase our common stock.
“I am particularly pleased that our Industrial/Environmental operating margins were over 9% for the fourth quarter. Our goal for 201
full-year operating margin for this segment of 8% to 10% from 5% in 2009. Based on the improvement in profitability at CLC Air, I
we will achieve this.
“Overall, product demand improv