CLARCOR Inc. (CLC, Financial) filed Quarterly Report for the period ended 2009-08-29.
Clarcor Inc. is a diversified marketer and manufacturer of mobile industrial and environmental filtration products and consumer and industrial packaging products sold in domestic and international markets. Clarcor Inc. has a market cap of $1.62 billion; its shares were traded at around $31.9 with a P/E ratio of 20.3 and P/S ratio of 1.6. The dividend yield of Clarcor Inc. stocks is 1.1%. Clarcor Inc. had an annual average earning growth of 10.3% over the past 10 years. GuruFocus rated Clarcor Inc. the business predictability rank of 4.5-star.
Interest payments on our variable rate debt are determined based on current interest rates. The $60.0 million outstanding at the end of the third quarter under our five-year revolving line of credit will be due by the end of the five-year term. Interest payments related to the $60.0 million outstanding on the revolving line of credit were $0.1 million in the third quarter of 2009. In addition, we made a $0.7 million payment in the third quarter of 2009 related to the fixed interest rate swap agreement. We anticipate two final payments of a combined $1.8 million over the next two quarters on the fixed interest rate swap agreement.
We are not expecting any significant improvement in the U.S. or world economies for the rest of this year. Our Asian business is stronger than our U.S. or European businesses, and we expect this difference will continue for the fourth quarter and into 2010. We are looking at several sales opportunities in South Asia and South America, but these will not have a material impact in the fourth quarter or in the first half of 2010. We expect the aftermarket to remain stronger than the OEM market for the rest of 2009 and throughout 2010. We also expect to report higher sales and operating profit in our fourth quarter this year than in the previous three quarters. Nevertheless, given the current U.S. and world economies and other factors impacting our business as described above, we have revised our previous earnings per share forecast and now expect diluted earnings per share for 2009 to be in a range of $1.30 to $1.40.
On June 25, 2007, our Board of Directors approved a three-year, $250 million stock repurchase program. Pursuant to the authorization, we may purchase shares from time to time in the open market or through privately negotiated transactions through June 25, 2010. We have no obligation to repurchase shares under the authorization, and the timing, actual number and values of shares to be purchased will depend on our stock price and market conditions. As set forth in the table below, we repurchased 688,200 shares of our common stock during the fiscal quarter ended August 29, 2009. The amount of $167,422,663 remained available for purchase under such program at the end of the third quarter of 2009.
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Clarcor Inc. is a diversified marketer and manufacturer of mobile industrial and environmental filtration products and consumer and industrial packaging products sold in domestic and international markets. Clarcor Inc. has a market cap of $1.62 billion; its shares were traded at around $31.9 with a P/E ratio of 20.3 and P/S ratio of 1.6. The dividend yield of Clarcor Inc. stocks is 1.1%. Clarcor Inc. had an annual average earning growth of 10.3% over the past 10 years. GuruFocus rated Clarcor Inc. the business predictability rank of 4.5-star.
Highlight of Business Operations:
Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds.” We paid $13.8 million of dividends in the first nine months of 2009 compared to $12.3 million in the first nine months of 2008. Our current annual dividend rate is $0.36 per share.Interest payments on our variable rate debt are determined based on current interest rates. The $60.0 million outstanding at the end of the third quarter under our five-year revolving line of credit will be due by the end of the five-year term. Interest payments related to the $60.0 million outstanding on the revolving line of credit were $0.1 million in the third quarter of 2009. In addition, we made a $0.7 million payment in the third quarter of 2009 related to the fixed interest rate swap agreement. We anticipate two final payments of a combined $1.8 million over the next two quarters on the fixed interest rate swap agreement.
We are not expecting any significant improvement in the U.S. or world economies for the rest of this year. Our Asian business is stronger than our U.S. or European businesses, and we expect this difference will continue for the fourth quarter and into 2010. We are looking at several sales opportunities in South Asia and South America, but these will not have a material impact in the fourth quarter or in the first half of 2010. We expect the aftermarket to remain stronger than the OEM market for the rest of 2009 and throughout 2010. We also expect to report higher sales and operating profit in our fourth quarter this year than in the previous three quarters. Nevertheless, given the current U.S. and world economies and other factors impacting our business as described above, we have revised our previous earnings per share forecast and now expect diluted earnings per share for 2009 to be in a range of $1.30 to $1.40.
On June 25, 2007, our Board of Directors approved a three-year, $250 million stock repurchase program. Pursuant to the authorization, we may purchase shares from time to time in the open market or through privately negotiated transactions through June 25, 2010. We have no obligation to repurchase shares under the authorization, and the timing, actual number and values of shares to be purchased will depend on our stock price and market conditions. As set forth in the table below, we repurchased 688,200 shares of our common stock during the fiscal quarter ended August 29, 2009. The amount of $167,422,663 remained available for purchase under such program at the end of the third quarter of 2009.
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