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CLARCOR Inc. Reports Operating Results (10-Q)

March 23, 2012 | About:

CLARCOR Inc. (NYSE:CLC) filed Quarterly Report for the period ended 2012-03-03.

Clarcor Inc has a market cap of $2.58 billion; its shares were traded at around $48.83 with a P/E ratio of 21.1 and P/S ratio of 2.3. The dividend yield of Clarcor Inc stocks is 0.9%. Clarcor Inc had an annual average earning growth of 7.8% over the past 10 years. GuruFocus rated Clarcor Inc the business predictability rank of 4-star.

Highlight of Business Operations:

The average exchange rate for foreign currencies versus the U.S. dollar unfavorably impacted our translated U.S. dollar value of net sales and operating profit compared to the same periods in the prior year as follows:

Our sales of heavy-duty engine filters in the U.S. were positively influenced by the strength of the U.S. trucking industry. Heavy-duty truck tonnage in the U.S. as measured by the American Trucking Associations was approximately 6% higher through our first two fiscal months of 2012 compared with the same period in 2011, including all-time high truck tonnage in December 2011. Our 12% increase in U.S. sales benefited from this increase in trucking activity as well as our introduction of aftermarket products into new markets.

Total long-term debt of $17.2 million at the end of the first quarter of 2012 included $15.8 million outstanding on industrial revenue bonds and $1.4 million of other long-term debt. At the end of the first quarter of 2012, we were in compliance with all financial covenants as included in the Credit Facility. We expect to be in compliance with these covenants in the foreseeable future. The ratio of total debt to total capitalization (defined as long-term debt plus total shareholders equity) was 2.0% at the end of the first quarter of 2012 compared to 2.0% at year-end 2011.

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