CLARCOR Inc (CLC) has reported a 12.26 percent fall in profit for the quarter ended Dec. 03, 2016. The company has earned $29 million, or $0.59 a share in the quarter, compared with $33.05 million, or $0.67 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $36.33 million, or $0.74 a share compared with $36.71 million or $0.74 a share, a year ago.
Revenue during the quarter went up marginally by 1.18 percent to $376.95 million from $372.55 million in the previous year period. Gross margin for the quarter expanded 27 basis points over the previous year period to 33.09 percent. Total expenses were 88.21 percent of quarterly revenues, up from 86.74 percent for the same period last year. That has resulted in a contraction of 147 basis points in operating margin to 11.79 percent.
Operating income for the quarter was $44.45 million, compared with $49.39 million in the previous year period.
However, the adjusted operating income for the quarter stood at $54.18 million compared to $55.02 million in the prior year period. At the same time, adjusted operating margin contracted 39 basis points in the quarter to 14.37 percent from 14.77 percent in the last year period.
Operating cash flow improves significantly
CLARCOR Inc has generated cash of $285.40 million from operating activities during the year, up 85.63 percent or $131.65 million, when compared with the last year.
The company has spent $49.04 million cash to meet investing activities during the year as against cash outgo of $33.24 million in the last year. It has incurred net capital expenditure of $29.60 million on net basis during the year, down 48.13 percent or $27.46 million from year ago.
The company has spent $201.98 million cash to carry out financing activities during the year as against cash outgo of $110.56 million in the last year period.
Cash and cash equivalents stood at $134.88 million as on Dec. 03, 2016, up 32.85 percent or $33.35 million from $101.53 million on Nov. 28, 2015.
Debt comes down significantly
CLARCOR Inc has recorded a decline in total debt over the last one year. It stood at $285.45 million as on Dec. 03, 2016, down 29.54 percent or $119.70 million from $405.16 million on Nov. 28, 2015. Interest coverage ratio deteriorated to 24.77 for the quarter from 29.68 for the same period last year.
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