date:Jan 25, 2013
rovement program C.C.I. reached $56 million. Higher sales and our C.C.I. program led to a 7% increase in operating income and a 9% increase in earnings per share, which also included the benefit of a lower tax rate. With higher profits, as well as improved working capital, we generated a record cash flow in 2012. We returned $297 million of cash to shareholders through dividends and share repurchases, bringing the cumulative five-year total to nearly $1 billion.
In November 2012, McCormicks b