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Selected Financial Data
(In thousands, except per share data,
ratios and growth rates)		 Compound Growth Rate Year ended December 31, (A)
5 years 10 years 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991
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Summary of Operations

Sales

 7.7% 12.2% $913,686 $1,014,615 $936,928 $774,312 $696,093 $629,674 $569,455 $455,808 $365,410 $325,620 $288,773
Cost of sales 10.0% 13.7% 680,172 759,521 683,772 536,890 483,164 422,801 401,070 307,403 244,752 213,373 188,034
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Gross profit 2.5% 8.8% 233,514 255,094 253,156 237,422 212,929 206,873 168,385 148,405 120,658 112,247 100,739
Freight 52,806 51,184 46,839 37,454 27,955 26,979 24,827 24,583 22,963 19,674 17,646
Selling, general and administrative expenses 12.6% 14.9% 146,934 145,268 125,784 105,052 88,978 81,003 67,361 59,247 49,355 42,402 36,655
Restructuring and other nonrecurring costs 7,083 16,777 – – – – – – – – –
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Operating income -23.0% -5.4% 26,691 41,865 80,533 94,916 95,996 98,891 76,197 64,575 48,340 50,171 46,438
Other (expense) income:
Interest expense (41,153) (34,063) (25,456) (16,072) (14,111) (10,698) (6,955) (6,870) (6,822) (12,315) (17,754)
Interest income 986 412 603 334 312 591 821 353 612 243 246
Equity in (loss) income of unconsolidated affiliates (2,610) 6,533 9,224 4,308 1,665 2,154 – – – – –
Other, net (1,904) (918) (459) (433) (674) 4,274 (463) (249) 167 (151) (297)
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(44,681) (28,036) (16,088) (11,863) (12,808) (3,679) (6,597) (6,766) (6,043) (12,223) (17,805)
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(Loss) income before minority interest, income taxes
and extraordinary items		 (17,990)
13,829 64,445 83,053 83,188 95,212 69,600 57,809 42,297 37,948 28,633
Minority interest 180 (169) (356) (730) (1,721) (754) 153 13 15 – –
Tax (benefit) provision (5,903) 5,485 23,142 30,483 30,468 36,567 26,454 22,189 15,099 14,851 11,064
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(Loss) income from continuing operations before
discontinued operations, extraordinary items,
and accounting changes		 $(11,907) $8,175 $40,947 $51,840 $50,999 $57,891 $43,299 $35,633 $27,213 $23,097 $17,569
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Net (loss) income $ (14,602) $8,175 $40,947 $51,840 $50,999 $57,891 $43,299 $35,633 $32,363 $22,919 $17,569
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Diluted weighted average shares outstanding 27,845 26,301 25,199 25,423 25,216 25,377 25,896 25,639 25,387 19,791 17,720

Per Share Data
(Loss) income from continuing operations before
discontinued operations, extraordinary items, and
accounting changes		 $(0.42) $0.31 $1.62 $2.04 $2.02 $2.28 $1.67 $1.39 $1.07 $1.17 $0.99
Net (loss) income (0.52) 0.31 1.62 2.04 2.02 2.28 1.67 1.39 1.27 1.16 0.99
Cash dividends declared 0.18 0.72 0.72 0.66 0.58 0.50 0.435 0.375 0.33 0.08 –
Market price on December 31 $6.93 $9.38 $24.00 $28.56 $34.25 $33.25 $20.00 $22.25 $16.75 $18.75 N/A
Shares outstanding December 31 27,854 26,205 25,488 24,681 25,331 25,053 25,682 25,280 24,968 24,639 17,649
Price/Earnings ratio N/A 30.16 14.77 14.00 16.93 14.58 11.96 16.01 13.14 16.19 N/A

Total Market Value of Common Stock

 $193,028 $245,672 $611,712 $704,889 $867,587 $833,012 $513,640 $562,480 $418,214 $461,981 N/A

Balance Sheet Data
Cash and cash equivalents $64,244 $8,900 $18,771 $2,610 $1,391 $11,989 $8,785 $12,465 $14,371 $23,667 $4,547
Property, plant and equipment, net 450,376 483,309 479,856 324,470 291,036 256,834 181,930 150,391 127,773 103,004 86,005
Depreciation and amortization 63,323 60,858 52,741 38,705 33,661 26,314 17,671 14,542 12,493 10,661 10,515
Capital expenditures 28,059 58,306 35,696 40,716 36,275 32,059 28,041 29,331 21,251 16,880 10,647
Total assets 960,981 934,097 879,880 620,156 551,414 477,804 323,618 267,905 222,244 188,499 145,485
Current maturities of long-term debt 48 1,259 16,615 26,103 9 29 36 72 64 71 36,292
Revolving credit loans – 194,000 140,000 147,000 129,000 100,000 10,000 – – – –
Long-term debt, less current maturities 508,691 272,813 269,739 82,881 83,129 83,261 83,380 83,446 83,515 83,388 126,021
Shareholders' equity (deficit) 279,579 279,808 279,184 234,221 214,756 171,520 140,204 102,924 74,919 48,161 (68,149)
Total capital $788,318 $747,880 $705,538 $490,205 $426,894 $354,810 $233,620 $186,442 $158,498 $131,620 94,164

Other Key Financial Measures
Total debt-to-total capital 64.5% 62.6% 60.4% 52.2% 49.7% 51.7% 40.0% 44.8% 52.7% 63.4% (C)
Net debt-to-net capital 61.4% 62.1% 59.3% 52.0% 49.5% 50.0% 37.6% 40.8% 48.0% 55.4% (C)
Effective tax rate -33.1% 40.2% 36.1% 36.7% 37.4% 38.7% 38.0% 38.4% 35.7% 39.1% 38.6%
Return on shareholders' equity N/A 6.7% (B) 16.0% 23.1% 26.4% 37.1% 35.6% 40.1% 44.2% (C) (C)
Return on average capital N/A 5.4% (B) 9.6% 13.5% 15.3% 21.9% 22.7% 23.1% 21.8% 27.1% 30.0%
Dividend payout ratio N/A 231.6% 44.3% 32.4% 28.7% 21.9% 26.0% 27.0% 25.9% 7.0% 0.0%


(A) Restated to reflect the change in inventory costing method of accounting from LIFO to FIFO at one of the Company's subsidiaries.
See Note 1 in the accompanying financial statements for additional information.
(B) Excludes extraordinary items, restructuring and other nonrecurring costs.
(C) Not meaningful due to Company's leveraged recapitalization in 1986.

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Caraustar Industries, Inc.