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17
OPERATIONS
The following tables set forth the percentage relationship to net sales of each line item of the consolidated statements of
earnings, as well as the percentage change in dollar amounts from the prior year. This table should be read in conjunction with
the following discussion and analysis and the consolidated financial statements, including the related notes to the consolidated
financial statements.
Basis Point Increase /
(Decrease) in Percentage of
Net Sales from Prior Year 1
Percentage Increase /
(Decrease) in
Dollar Amounts
from Prior Year 1
2013
2012
2013 vs. 2012
2013 vs. 2012
Net sales
100.00%
100.00%
N/A
5.7
%
Gross margin
34.59
34.30
29
6.6
Expenses:
Selling, general and administrative
24.08
24.24
(16
)
5.1
Depreciation
2.74
3.01
(27
)
(4.0
)
Interest - net
0.89
0.84
5
12.7
Total expenses
27.71
28.09
(38
)
4.3
Pre-tax earnings
6.88
6.21
67
17.1
Income tax provision
2.60
2.33
27
17.7
Net earnings
4.28%
3.88%
40
16.7
%
EBIT margin 2
7.77%
7.05%
72
16.6
%
Basis Point Increase /
(Decrease) in Percentage
of Net Sales from Prior
Year 1
Percentage Increase /
(Decrease) in
Dollar Amounts
from Prior Year 1
2012
2011
2012 vs. 2011
2012 vs. 2011
Net sales
100.00%
100.00%
N/A
0.6
%
Gross margin
34.30
34.56
(26
)
(0.1
)
Expenses:
Selling, general and administrative
24.24
25.08
(84
)
(2.8
)
Depreciation
3.01
2.95
6
2.9
Interest - net
0.84
0.74
10
13.9
Total expenses
28.09
28.77
(68
)
(1.8
)
Pre-tax earnings
6.21
5.79
42
7.9
Income tax provision
2.33
2.13
20
10.4
Net earnings
3.88%
3.66%
22
6.5
%
EBIT margin 2
7.05%
6.53%
52
8.6
%