e leadership position in our niche markets.
Our growth is both internal, from new product development and product line extensions, and
external, through the acquisition of manufacturing companies using well-established technolo-
gies that either complement or supplement current products.
Carlisle Companies Incorporated
provides value for shareowners by: gathering a management team at each operating company that is imbued
with professionalism and entrepreneurial spirit, allocating the Companys operating cash flow to its highest and best use, identifying and integrating acquired companies that extend current
operations, and developing innovative products.
Carlisle Companies Incorporated
1998
1999 2000 2001
2002
0
500
1000
1500
2000
Sales
in millions
1611
1771
1849
1971
1517
0
25
50
75
100
Net Income
in millions*
96
96
46
72
85
1998
1999 2000 2001
2002
0
6
12
18
25
Return on Beginning Equity %
*
23.6
20.1
8.5
13.4
24.4
1998
1999 2000 2001
2002
0
60
120
180
240
Operating Cash Flow
in millions
136
128
225
226
97
1998
1999 2000 2001
2002
Building Value into Our Products
. . . and Our Company
Carlisle Companies Incorporated
13925 Ballantyne Corporate Place, Suite 400
Charlotte, North Carolina 28277
704-501-1100
www.carlisle.com
NYSE Symbol: CSL
*Note: 2001 Net income excludes effect of a $21.5 million after-tax restructuring charge
2002 Net income shown before goodwill impairment charge of $43.8 million Carlisle Companies at a Glance
CONSTRUCTION MATERIALS
Carlisle SynTec
www.carlisle-syntec.com
Rubber (EPDM), FleeceBACK, and
TPO roofing systems for non-residen-
tial low slope roofs
Non-residential new construction,
re-roofing and roof maintenance,
general construction, industrial and
maintenance markets
Carlisle Coatings and Waterproofing
www.carlisle-ccw.com
Sheet, liquid and spray-applied
waterproofing membranes; drainage
composites; deck coatings; duct
sealants, adhesives and hardware
General construction - Division 7;
above and below grade waterproof-
ing; air handling market
EcoStar
www.ecostarinc.com
Roofing tiles made from recycled
rubber and plastic
Residential/steep-sloped markets
INDUSTRIAL COMPONENTS
Carlisle Tire & Wheel
www.carlisletire.com
Medium to small pneumatic bias-ply
tires and steel wheels; radial trailer
tires and plastic wheels
Lawn and garden tractors, ATVs,
golf cart manufacturers, trailers
and related replacement parts
distributors
Carlisle Power Transmission
www.cptbelts.com
Industrial belts and related
components
Agriculture, construction, mining,
lawn and grounds, recreation,
petrochemical, wood and paper,
industrial machinery and HVAC
SPECIALTY PRODUCTS
Carlisle Motion Control
www.carlislemotion.com
Heavy-duty friction, disc linings,
braking system parts, brake shoe
remanufacturing and relining for
on-highway Class 6, 7 and 8 trucks
Heavy-duty truck and trailer
manufacturers, brake and axle
manufacturers, and aftermarket
distribution
Carlisle Industrial Brake & Friction
www.carlislebrake.com
Braking systems for off-highway and
industrial equipment, on-highway
and towed vehicle actuation systems
and specialty friction products
Heavy-duty equipment manufactur-
ers, replacement parts distributors,
trailer manufacturers and distributors,
clutch and brake manufacturers
AUTOMOTIVE COMPONENTS
Carlisle Engineered Products
www.cepcarlisle.com
Rubber and plastic automotive parts
Automotive and light truck
manufacturers and first-tier
systems suppliers
TRANSPORTATION PRODUCTS
Trail King Industries
www.trailking.com
Standard and custom-built low-bed
trailers, truck and trailer dump
bodies, and other specialty trailers
Heavy equipment dealers and
contractors, specialized and
commercial haulers
Walker Transportation
www.walkertransport.com
Tank trailers for food, dairy and
chemical applications
Chemical, dry bulk, food and
dairy haulers
GENERAL INDUSTRY
TENSOLITE
Tensolite
www.tensolite.com
High performance cable assemblies
and RF/microwave connectors and
cable assemblies, aerospace and high
performance wire/cable
Large commercial aircraft, regional
and business jets, automated test
equipment, telecommunications,
wireless infrastructure and data
processing equipment manufacturers
CARLISLE FOODSERVICE
Carlisle FoodService Products
www.carlislefsp.com
Commercial and institutional plastic
foodservice permanentware, table
coverings, metal cookware and
serving pieces
Restaurants, hotels, hospitals,
nursing homes, schools, colleges
and universities
Carlisle Sanitary Maintenance Products
www.carlislesmp.com
Industrial brushes, brooms and
cleaning discs
Industrial wholesalers and retailers
of janitorial supplies
CARLISLE HOME PRODUCTS
Carlisle Home Products
www.carlislehomeproducts.com
Limited edition hand painted ceramic
dinnerware, specialty ceramic table
top items and super-clear acrylic
items resembling cut glass
High-end department stores,
specialty gift retailers and high-end
corporate gifts
Kenro Incorporated
www.kenro.com
Custom molded thermoset plastic
components
Manufacturers of appliances,
outdoor products, outdoor grills,
electrical components and
kitchen/bathware
CARLISLE SYSTEMS AND EQUIPMENT
Carlisle Process Systems
www.carlisleprocesssystems.com
Cheese, whey and milk powder
manufacturing systems, controls
and installation
Dairy and food processors
Walker Stainless Equipment
www.walkerstainless.com
Stainless steel vessels, process
equipment, and components
Dairy, food processing,
pharmaceutical, fine chemical
and industrial markets
Carlisle Life Sciences
www.carlislelifesciences.com
Isolation and containment
equipment, including turnkey
modular facilities for the bio-
pharmaceutical industries
Pharmaceutical, biotechnical,
medical and semiconductor
markets
Johnson Truck Bodies
www.johnsontruckbodies.com
Controlled climate truck bodies and
delivery systems
Warehouse-to-retail store delivery
and home food delivery
Products
Markets
Products
Markets
Investor Information
Annual Meeting 12:00 noon, April 21, 2003 at corporate headquarters.
10-K Reports Are available on-line from the SEC, by written request to the Secretary, or at the Companys website:
www.carlisle.com.
Change of Address, Dividend Checks, Lost Certificates and Ownership Transfers Contact the Registrar, Transfer and
Dividend Disbursing Agent for the Company: Computershare Investor Services, LLC, 2 North LaSalle, Chicago, Illinois 60602,
1-800-897-9071 or via the Internet, www-us.computershare.com.
Dividend Reinvestment Plan Shareowners may elect to have regular cash dividends automatically reinvested in the
Companys common stock and, periodically, additional shares may be purchased for cash. Brokerage commissions and all
other service charges are paid for by the Company. For detailed information, contact: Computershare Investor Services, LLC,
1-800-897-9071 or via the Internet, www-us.computershare.com.
Exchange Listing The Companys ticker symbol on the New York Stock Exchange is CSL.
Shareholder Services 1-800-897-9071
Web Site
www.carlisle.com
Ten-Year Summary
All share and per share amounts have been restated to reflect the two-for-one stock split on January 15, 1997.
Earnings per share amounts prior to 1997 have been restated to comply with Statement of Financial Accounting Standards No. 128, Earnings Per Share.
See the Notes to Consolidated Financial Statements.
In thousands except shareholders of record
and per share data.
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
Summary of Operations
Net sales
$1,971,280
1,849,477 1,771,067 1,611,256 1,517,494 1,260,550 1,017,495
822,534
692,650
611,270
Gross margin
$ 359,475
321,857
368,384
356,989
328,115
286,461
237,698
197,675
176,369
158,478
Selling & administrative expenses
$ 211,802
207,103
176,484
173,375
160,366
143,246
128,676
109,236
102,992
98,448
Research & development
$
19,929
17,325
16,463
15,761
16,178
15,824
11,900
12,339
11,933
11,165
Interest and other expenses, net
$
17,244
59,504
24,572
12,370
11,302
10,607
5,082
3,241
2,652
1,952
Income before cumulative effect of change
in accounting principle
$
72,378
24,841
96,180
95,794
84,866
70,666
55,680
44,081
35,568
28,378
Basic earnings per share
$
2.38
0.82 3.18 3.18 2.81 2.34 1.84 1.43 1.17 0.93
Diluted earnings per share
$
2.37
0.82 3.14 3.13 2.77 2.28 1.80 1.41 1.15 0.92
Cumulative effect of change in accounting
principle
$ (43,753)







Basic earnings per share
$
(1.44)







Diluted earnings per share
$
(1.43)







Net earnings
$
28,625
24,841
96,180
95,794
84,866
70,666
55,680
44,081
35,568
28,378
Basic earnings per share
$
0.94
0.82 3.18 3.18 2.81 2.34 1.84 1.43 1.17 0.93
Diluted earnings per share
$
0.94
0.82 3.14 3.13 2.77 2.28 1.80 1.41 1.15 0.92
Financial Position
Net working capital
$ 157,246
281,165
312,192
300,660
223,188
191,450
175,285
153,709
164,669
144,474
Property, plant and equipment, net
$ 447,986
447,660
402,614
349,451
354,769
294,165
264,238
193,133
158,238
142,229
Total assets
$1,315,900
1,398,352 1,305,679 1,080,662 1,022,852
861,216
742,463
542,423
485,283
420,363
Long-term debt
$ 293,124
461,379
396,864
281,744
273,521
209,642
191,167
72,725
69,148
59,548
% of total capitalization
34.6
46.1
42.0 37.2 40.3 37.6 38.4 21.0 21.8 21.3
Shareholders equity
$ 553,077
540,284
547,879
478,133
405,435
347,253
307,607
273,582
247,850
220,523
Other Data
Average shares outstanding basic
30,441
30,260
30,239
30,166
30,179
30,235
30,281
30,759
30,519
30,590
Average shares outstanding diluted
30,583
30,450
30,599
30,635
30,674
31,025
30,953
31,226
30,960
30,956
Dividends paid
$
25,887
24,883
22,989
20,511
18,105
15,868
14,129
12,928
11,605
10,705
Per shar