ITEM 1. DESCRIPTION OF BUSINESS.
(A) GENERAL DEVELOPMENT OF BUSINESS
CLARCOR Inc. ("CLARCOR") was organized in 1904 as an Illinois corporation and in 1969 was reincorporated in the State of Delaware. As used herein, the "Company" refers to CLARCOR and its subsidiaries unless the context otherwise requires.
In fiscal 1991, CLARCOR converted from a fiscal year ending on November 30 to a fiscal year ending on the Saturday closest to November 30. For fiscal year 1994, the year ended on December 3, 1994 and for fiscal year 1993 the year ended on November 27, 1993. In this Form 10-K, all references to fiscal year ends are shown to begin as of December 1 and end as of November 30 for clarity of presentation.
(I) CERTAIN SIGNIFICANT EVENTS.
Effective January 31, 1994, the Company sold the assets and ongoing business of OilpureSystems for cash. OilpureSystems is engaged in manufacturing and purification of industrial process oils. The transaction had no material effect on the Company's results of operations for fiscal 1994.
On June 9, 1994, the Consumer Products Group established a European manufacturing site through a strategic alliance between the Company's subsidary, Clark Europe, Inc., and a Netherlands-based European supplier of consumer dispensing products. This alliance gives the Consumer Products Group an important manufacturing source for the fast growing closure business in the European market.
On September 14, 1994, the Company acquired the fixed assets and inventory of Filtros Continental S.A. de C.V. in Mexico City and formed a new entity, Filtros Baldwin de Mexico ("FIBAMEX") to manufacture and distribute Baldwin filter products in Mexico. The Company maintains 90% ownership of that business.
During October, 1994 the Company reduced its 20% common stock holding in G.U.D. Holdings Limited ("GUD"), an Australian public company, to 5%.
Effective October 31, 1994, the Company dissolved its PleaTech joint venture partnership and moved the business to its Airguard facility in Louisville, Kentucky. PleaTech Co., of which 60% was owned by the Company, was a technology and manufacturing joint venture for extended life, high-efficiency filters.
(II) SUMMARY OF BUSINESS OPERATIONS.
During 1994, the Company conducted business in two principal industry groups: (1) Filtration Products and (2) Consumer Products.
FILTRATION PRODUCTS. Filtration Products include filters used primarily in the replacement market in the trucking, construction, industrial, farm equipment, diesel locomotive, automotive and environmental industries. It also includes filters used in clean room applications in the medical, pharmaceutical and food and beverage processing industries. The Company's Filtration Products include filters for oil, air, fuel, coolants and hydraulic fluids for trucks, automobiles, construction and industrial equipment, locomotives, marine and farm equipment.
The Company distributes filters and filtration products throughout Europe through its Baldwin Filters N.V. and Baldwin Filters Limited subsidiaries. The Company also owns 5% of the outstanding common stock of GUD and has a 50-50 joint venture with GUD named Baldwin Filters (Aust.) Pty. Ltd. to market heavy duty liquid and air filters in Australia and New Zealand. The Company owns 90% of FIBAMEX which manufactures and distributes filters in Mexico.
CONSUMER PRODUCTS. Consumer Products include a wide variety of custom styled containers and packaging items used primarily by the food, spice, drug, toiletries, tobacco and chemical specialties
industries. The Company's Consumer Products consist of lithographed metal containers, flat sheet decorating, combination metal and plastic containers, plastic closures, collapsible metal tubes, composite containers and various specialties, such as spools for wire and cable, dispensers for razor blades and outer shells for dry cell batteries.
(B) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS
Business segment information for the fiscal years 1992 through 1994 is included on page 41 of the Company's 1994 Annual Report to Shareholders (the "Annual Report"), is incorporated herein by reference and is filed as part of Exhibit 13(a)(vi) to this 1994 Annual Report on Form 10-K ("1994 Form 10-K").
(C) NARRATIVE DESCRIPTION OF THE BUSINESS
FILTRATION PRODUCTS
The Company's filtration products business is conducted by the CLARCOR Filtration Products Group which includes the following wholly-owned subsidiaries: Baldwin Filters, Inc.; Airguard Industries, Inc.; Clark Filter, Inc.; MicroPure Filtration, Inc.; Baldwin Filters N.V.; and Baldwin Filters Limited. In addition, the Company owns (i) 5% of GUD, and (ii) 50% of Baldwin Filters (Aust.) Pty. Ltd., and (iii) 90% of FIBAMEX.
The Company markets a line of over 18,200 oil, air, fuel, coolant and hydraulic fluid filters. The Company's filters are used in a wide variety of applications including engines, equipment, environmentally controlled areas and processes where effectiveness, reliability and durability are essential. Impure air or fluid impinge upon a paper, cotton, synthetic, chemical or membrane filter media which collects the impurities which are disposed of when the filter is changed. Paper filters have pleated paper elements held in specially treated paper or metal containers and the cotton and synthetic filters use wound or compressed fibers with high absorption characteristics. The Company's filters are sold throughout the United States and Canada and world-wide, primarily in the replacement market for truck, automobile, marine, construction, industrial and farm equipment and food and beverage processing. In addition, some filters are sold to the original equipment market.
CONSUMER PRODUCTS
The Company's consumer products business is conducted by the Consumer Products Group which includes the Company's wholly-owned subsidiary, J. L. Clark, Inc. ("J. L. Clark").
In fiscal 1994 over 1,500 different types and sizes of containers and metal packaging specialties were manufactured for the Company's customers. Flat sheet decorating is provided by use of state-of-the-art lithography equipment. Metal, plastic and paper containers and plastic closures manufactured by the Company are used in marketing a wide variety of dry and paste form products, such as food specialties (tea, spices, dry bakery products, potato chips, pretzels, candy and other confections); cosmetics and toiletries; drugs and pharmaceuticals; chemical specialties (hand cleaners, soaps and special cleaning compounds); and tobacco products. Metal packaging specialties include shells for dry batteries, dispensers for razor blades, spools for insulated and fine wire, and custom decorated flat steel sheets.
Containers and metal packaging specialties are manufactured only upon orders received from customers and individualized containers and packaging specialties are designed and manufactured, usually with distinctive decoration, to meet each customer's marketing and packaging requirements and specifications.
Through the Tube Division of J. L. Clark, the Company manufactures collapsible metal tubes for packaging ointments, artists' supplies, adhesives, cosmetic creams and other viscous materials. Over 150 types and sizes of collapsible metal tubes are manufactured. Tubes are custom manufactured from aluminum to the customer's specifications as to size, shape, neck design and decoration. Both coating and lithographic tube printing decoration techniques are used.
During 1994, the Consumer Products Group formed a strategic alliance with Europe's leading manufacturer of consumer dispensing products to better serve the growing European market. The new European manufacturing site allows the Company to eliminate the costly freight and import duties for its closure products sold in the European Market.
DISTRIBUTION
Filtration Products are sold primarily through a combination of independent distributors and dealers for original equipment manufacturers. The Australian joint venture markets heavy duty filtration products through the distributors of GUD, the Company's joint venture partner.
Consumer Products Group salespersons call directly on customers and prospective customers for containers and packaging specialties. Each salesperson is trained in all aspects of the Company's manufacturing processes with respect to the products sold and as a result is qualified to consult with customers and prospective customers concerning the details of their particular requirements.
CLASS OF PRODUCTS
The percentage of the Company's sales volume contributed by each class of similar products within the Company's Consumer Products Group which contributed 10% or more of sales is as follows:
No class of products within the Company's Filtration Products Group accounted for as much as 10% of the total sales of the Company.
RAW MATERIAL
Steel (black plate and tin plate), filter media, aluminum sheet and coil, stainless steel, chrome vanadium, chrome silicon, resins and aluminum slugs for tubes, roll paper, bulk and roll plastic materials and cotton, wood and synthetic fibers are the most important raw materials used in the manufacture of the Company's products. All of these are purchased or are available from a variety of sources. The Company has no long-term purchase commitments. The Company did not experience shortages in the supply of raw materials during 1994.
PATENTS
Certain features of some of the Company's Filtration and Consumer Products are covered by domestic and, in some cases, foreign patents or patent applications. While these patents are valuable and important for certain products, the Company does not believe that its competitive position is dependent upon patent protection.
CUSTOMERS
The largest 10 customers of the Filtration Products Group accounted for 15.5% of the $199,793,000 of fiscal year 1994 sales of such Group.
The largest 10 customers of the Consumer Products Group accounted for 45.6% of the $70,330,000 of fiscal year 1994 sales of such Group.
No single customer accounted for 10% or more of the Company's consolidated 1994 sales.
BACKLOG
At November 30, 1994, the Company had a backlog of firm orders for products amounting to approximately $31,200,000. The comparable backlog figure for 1993 was approximately $25,100,000. All of the orders on hand at November 30, 1994 are expected to be filled during fiscal 1995. The Company's backlog is not subject to significant seasonal fluctuations.
COMPETITION
The Company encounters strong competition in the sale of all of its products.
In the Filtration Products Group, the Company competes in a number of markets against a variety of competitors. The Company is unable to state its relative competitive position in all of these markets due to a lack of available industry-wide data. However in the replacement market for heavy duty liquid and air filters used in internal combustion engines the Company believes that it is among the top five measured by annual sales with a market share of approximately 13%. In addition, the Company believes that it is the largest manufacturer of liquid filters for diesel locomotives.
In the Consumer Products Group, its principal competitors are approximately 10 manufacturers whose sales and product lines are smaller than the Company's and who often compete on a regional basis only. In the Consumer Products market, strong competition is also presented by manufacturers of paper, plastic and glass containers. The Company's competitors generally manufacture and sell a wide variety of products in addition to packaging products of the type produced by the Company and do not publish separate sales figures relative to these competitive products. Consequently, the Company is unable to state its relative competitive position in those markets.
The Company believes that it is able to maintain its competitive position because of the quality of its products and services and the breadth of its Filtration Products line.
PRODUCT DEVELOPMENT
The Company's laboratories test filters, containers, filter components, paints, inks, varnishes, adhesives and sealing compounds to insure high quality manufacturing results, aid suppliers in the development of special finishes and conduct controlled tests of finishes and newly designed filters and containers being perfected for particular uses. Product development departments are concerned with the improvement of existing filters, consumer products and the creation of new and individualized filters, containers and consumer products, in order to broaden the uses of these items, counteract obsolescence and evaluate other products available in the marketplace. During fiscal 1994, a new 25,000 square foot technical center in Kearney, Nebraska designed to enhance the Company's technology in the heavy duty filter industry became operational.
In fiscal 1994, the Company employed 51 professional employees on a full-time basis on research activities relating to the development of new products or the improvement or redesign of its existing products. During this period the Company spent approximately $3,354,000 on such activities as compared with $2,824,000 for 1993 and $2,248,000 for 1992.
ENVIRONMENTAL FACTORS
The Company is not aware of any facts which would cause it to believe that it is in material violation of existing applicable standards respecting emissions to the atmosphere, discharges to waters, or treatment, storage and disposal of solid or hazardous wastes. There are no pending material claims or actions against the Company alleging violations of such standards.
The Company does anticipate, however, that it may be required to install additional pollution control equipment to augment existing equipment in the future in order to meet applicable environmental standards. The Company is presently unable to predict the timing or the cost of such equipment and cannot give any assurance that the cost of such equipment may not have an adverse effect on earnings. However, the Company is not aware, at this time, of any current or pending rquirement to install such equipment at any of its facilities.
EMPLOYEES
As of November 30, 1994, the Company had approximately 2,211 employees.
(D) FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS AND EXPORT SALES
Foreign sales were not material in any of the fiscal years ended November 30, 1994, 1993 or 1992.
Export sales for the fiscal years ended November 30, 1994, 1993 and 1992 were $21,306,000, $18,008,000 and $10,882,000, respectively.
ITEM 2.
ITEM 2. PROPERTIES.
(I) LOCATION
The corporate office building located in Rockford, Illinois, houses the Corporate offices and the Group offices for the Filtration and Consumer Products headquarters in 22,000 square feet of office space.
FILTRATION PRODUCTS. The following is a description of the principal properties owned and utilized by the Company in conducting its Filtration Products business:
The Baldwin Filters' Kearney, Nebraska plant contains 410,000 square feet of manufacturing and warehousing space, 25,000 square feet of research and development space, and 40,000 square feet of office space. It is located on a site of approximately 40 acres. In addition, Baldwin has a capital lease for a 100,000 square foot manufacturing facility on a site of 20 acres in Gothenburg, Nebraska.
Airguard Industries has five manufacturing locations. It leases 167,000 square feet in New Albany, Indiana on a 8.5 acre tract of land, 20,000 square feet in Louisville, Kentucky on a 2.5 acre tract of land, 15,000 square feet in Garland, Texas on a .7 acre tract of land, and 15,000 square feet in Tijuana, Mexico on a .7 tract of land. Airguard owns a 38,000 square foot manufacturing facility on a 1.8 acre tract of land in Corona, California.
The Airguard High Efficiency Filter plant, located in Louisville, Kentucky on a 7.5 acre tract of land, contains 100,000 square feet of manufacturing and office facilities.
Airguard sales outlets with warehousing are located in Louisville, Kentucky; Cincinnati, Ohio; Nashville, Tennessee; Atlanta, Georgia; Columbus, Ohio; Birmingham, Alabama; Dallas, Texas; and Corona, California.
The Company also manufactures Clark filters in Lancaster, Pennsylvania. The building, constructed about 1968 on an 11.4 acre tract of land, contains 168,000 square feet of manufacturing and office space.
The Company leases 18,000 square feet of manufacturing and office space in Mexico City, Mexico for the manufacture and distribution of Filtration Products.
CONSUMER PRODUCTS. The following is a description of the principal properties owned and utilized by the Company in conducting its Consumer Products business:
The Company's J. L. Clark, Rockford, Illinois plant, located on 34 acres, consists of one-story manufacturing buildings, the first of which was constructed in 1910. Since then a number of major additions have been constructed and an injection molding plant was constructed in 1972. Approximately 429,000 square feet of floor area are devoted to manufacturing, warehouse and office use. Of the 34 acres, approximately 12 are vacant.
A J. L. Clark plant is located in Lancaster, Pennsylvania on approximately 11 acres. It consists of a two-story office building containing approximately 7,500 square feet of floor space and a manufacturing plant and warehouse containing 236,000 square feet of floor space, most of which is on one level. These buildings were constructed between 1924 and 1964.
The J. L. Clark Tube Division's manufacturing plant is located in Downers Grove, Illinois on a 5-acre tract of land. The one-story building contains 58,000 square feet of floor space.
The various properties owned by the Company are considered by it to be in good repair and well maintained. All of the manufacturing facilities are adequate for the current sales volume of the Company's products and can accommodate significant expansion of production levels before plant additions are required.
(II) FUNCTION
FILTRATION PRODUCTS. Oil, air, fuel, hydraulic fluid and coolant filters are produced at Baldwin in Kearney, and Gothenburg, Nebraska. Much of the Baldwin plant equipment has been built or modified by Baldwin. The various processes of pleating paper, winding cotton and synthetic fibers, placing the filter element in a metal or fiber container and painting the containers are mechanized but require manual assistance. The plant also maintains an inventory of special dies and molds for filter manufacture.
Air filters for the industrial air and environmental markets are produced in the Airguard facilities.
Oil, air and fuel filters primarily for use in the railroad industry are produced at Clark Filter in Lancaster, Pennsylvania.
CONSUMER PRODUCTS. The Company's metal, combination metal and plastic packaging products are produced in J. L. Clark plants located in Rockford, Illinois, and Lancaster, Pennsylvania. The Rockford and Lancaster metal container plants are completely integrated facilities which include creative and mechanical art departments and photographic facilities for color separation, preparation of multiple-design negatives and lithographing plates. Metal sheets are decorated on high speed coating machines and lithographing presses connected with conveyor ovens. Decorated sheets are then cut to working sizes on shearing equipment, following which fabrication is completed by punch presses, can-forming and can-closing equipment and other specialized machinery for supplementary operations. Most tooling for fabricating equipment is designed and engineered by the Company's engineering staffs, and much of it is produced in the Company's tool rooms.
Plastic packaging capabilities include printing and molding of irregular shaped plastic containers and customized plastic closures. J. L. Clark is the only company in the packaging industry to mold and offset lithograph a one-piece irregular shaped semi-rigid plastic container with a living hinge cover. A growing area of specialty is custom-designed plastic closures for products which have tamper-evidence as well as convenience features.
Collapsible metal tubes are produced at the J. L. Clark Tube Division plant in Downers Grove, Illinois from aluminum slugs on fully-automated production lines which consist of extrusion presses, trimming machines, annealing ovens, coating machines, printing presses and capping machines. When necessary for customer specifications, tubes can be internally waxed or lined in order to achieve chemical compatibility with products to be packed.
Composite containers of both spiral and convolute construction, as well as some specialty items, are produced at J. L. Clark divisions in Rockford, Illinois and Lancaster, Pennsylvania.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS.
The Company is involved in legal actions arising in the normal course of business. After taking into consideration legal counsel's evaluation of such actions, management is of the opinion that their outcome will not have a material adverse effect on the Company's consolidated results of operations or financial position.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ADDITIONAL ITEM: EXECUTIVE OFFICERS OF THE REGISTRANT
Each executive officer of the Company is elected for a term of one year which begins at the Board of Directors Meeting at which he or she is elected, held following the Annual Meeting of Shareholders, and ends on the date of the next Annual Meeting of Shareholders or upon the due election and qualification of his or her successor.
PART II
ITEM 5.
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SHAREHOLDER MATTERS.
The Company's Common Stock is listed on the New York Stock Exchange; it is traded under the symbol CLC. The following table sets forth the high and low market prices as quoted during the relevant periods by the New York Stock Exchange and dividends paid for each quarter of the last two fiscal years.
The approximate number of holders of record of Common Stock of the Company as at February 1, 1995 is 1900. In addition, the Company believes that there are approximately 3,800 beneficial owners whose shares are held in street names.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA.
The information required hereunder is set forth on pages 26 and 27 of the Annual Report under the caption "13-Year Financial Summary", is incorporated herein by reference and is filed as Exhibit 13a(ix) to this 1994 Form 10-K.
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.
The information required hereunder is set forth on pages 21 through 25 of the Annual Report under the caption "Financial Review", is incorporated herein by reference and is filed as Exhibit 13a(x) to this 1994 Form 10-K.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
The Consolidated Financial Statements, the Notes thereto and the report thereon of Coopers & Lybrand, independent accountants, required hereunder with respect to the Company and its consolidated subsidiaries are set forth on pages 28 through 42, inclusive, of the Annual Report, are incorporated herein by reference and is filed as Exhibits 13(a)(ii) through 13(a)(vii) to this 1994 Form 10-K.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Certain information required hereunder is set forth on pages 1 and 2 of the Company's Proxy Statement dated February 23, 1995 (the "Proxy Statement") for the Annual Meeting of Shareholders to be held on March 30, 1995 under the caption "Election of Directors -- Nominees for Election to the Board" and is incorporated herein by reference.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION.
The information required hereunder is set forth on pages 6 through 15 inclusive, of the Proxy Statement under the caption "Compensation of Executive Officers and Other Information" and is incorporated herein by reference.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
The information required hereunder is set forth on pages 4 and 5 of the Proxy Statement under the caption "Beneficial Ownership of the Company's Common Stock" and is incorporated herein by reference.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Mr. L.P. Harnois was the Company's Senior Vice President and Chief Financial Officer until December 1, 1994. On that date he elected early retirement from the Company and resigned as an officer. In that regard the Company agreed to (i) pay Mr. Harnois the present value of his benefits under the Company's Supplemental Retirement Plan, (ii) continue coverages for Mr. Harnois under various Company group insurance plans until December, 1996, (iii) make immediately exercisable all stock options granted to Mr. Harnois, which options will expire on November 30, 1997, (iv) pay consulting fees based on salary at the date of retirement and continuing until fiscal year end 1995 to Mr. Harnois in regard to the completion of certain projects assigned to Mr. Harnois, (v) transfer to Mr. Harnois a split-dollar life insurance policy on his life owned by the Company, and (vi) continue to provide certain other employee benefits until November 30, 1995.
On April 5, 1994 the Company loaned $137,500 to Mr. Norman E. Johnson, the Company's Group Vice President -- Filtration Products, on an interest-free basis. The loan was repaid in full on June 10, 1994. The loan was made pursuant to the Company's Relocation Expense Policy and was used by Mr. Johnson to purchase a home in connection with his relocation from Kearney, Nebraska to the Company's headquarters in Rockford, Illinois.
Mr. Carl J. Dargene, a Director of the Company, is President, Chief Executive Officer and Director of AMCORE Financial, Inc. ("AMCORE"). During 1994 AMCORE's subsidiary, AMCORE Investment Banking, Inc. provided investment banking services to the Company, including advice regarding certain potential acquisition candidates indentified by the Company. AMCORE also acts as a trustee, administrator or custodian for certain of the Company's employee benefit plans.
PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 8-K.
(A) FINANCIAL STATEMENTS
The following financial information is incorporated herein by reference to the Company's Annual Report to Shareholder's for the fiscal year ended November 30, 1994:
*Consolidated Balance Sheets at November 30, 1994 and 1993
*Consolidated Statements of Earnings for the years ended November 30, 1994, 1993 and 1992
*Consolidated Statements of Shareholders' Equity for the years ended November 30, 1994, 1993 and 1992
*Consolidated Statements of Cash Flows for the years ended November 30, 1994, 1993 and 1992
*Notes to Consolidated Financial Statements
*Report of Independent Accountants
*Management's Report on Responsibility for Financial Reporting - ------------------------ *Filed herewith as part of Exhibit 13(a) to this 1994 Form 10-K
The following items are set forth herein on the pages indicated:
Financial statements and schedules other than those listed above are omitted for the reason that they are not applicable, are not required, or the information is included in the financial statements or the footnotes therein.
(B) There were no Reports on Form 8-K filed during the fourth quarter of the fiscal year ended November 30, 1994.
(C) Exhibits
- ------------------------ * Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 1984, in which each Exhibit had the same number as herein.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CLARCOR Inc. (Registrant)
By: _LAWRENCE E. GLOYD________ Lawrence E. Gloyd CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER Date: February 24, 1995
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
REPORT OF INDEPENDENT ACCOUNTANTS
The Board of Directors and Shareholders CLARCOR Inc. Rockford, Illinois
Our report on the consolidated financial statements of CLARCOR Inc. has been incorporated by reference in this Form 10-K from page 42 of the 1994 Annual Report to Shareholders of CLARCOR Inc. In connection with our audits of such financial statements, we have also audited the related financial statement schedule listed on page of this Form 10-K.
In our opinion, the financial statement schedule referred to above, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information required to be included therein.
COOPERS & LYBRAND L.L.P.
Rockford, Illinois January 6, 1995
CLARCOR INC. SCHEDULE VIII - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE YEARS ENDED NOVEMBER 30, 1994, 1993 AND 1992 (DOLLARS IN THOUSANDS)