Wisconsin | 1-14959 | 39-0971239 | ||
(State or other jurisdiction
of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
6555 West Good Hope Road
Milwaukee, Wisconsin |
53223 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description of Exhibit | |
|
||
99.1
|
Press Release of Brady Corporation, dated February 19, 2010, relating to fiscal 2010 second quarter financial results. | |
|
||
10.1
|
Form of Amendment, dated February 17, 2010, to granting agreement for performance-based stock options issued on August 1, 2005 to Frank M. Jaehnert, Thomas J. Felmer, Peter C. Sephton, Matthew O. Williamson, and Allan J. Klotsche. |
BRADY CORPORATION
Date: February 23, 2010
/s/ Thomas J. Felmer
Thomas J. Felmer
Senior Vice President &
Chief Financial Officer
EXHIBIT
NUMBER
DESCRIPTION
Press Release of Brady Corporation, dated February 19, 2010, relating to fiscal 2010
second quarter financial results.
Form of Amendment, dated February 17, 2010, to granting agreement for performance-based
stock options issued on August 1, 2005 to Frank M. Jaehnert, Thomas J. Felmer, Peter C.
Sephton, Matthew O. Williamson, and Allan J. Klotsche.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
Percentage
Percentage
2010
2009
Change
2010
2009
Change
$
295,829
266,449
11.0
%
$
614,315
644,766
-4.7
%
148,911
140,307
6.1
%
309,955
337,478
-8.2
%
146,918
126,142
16.5
%
304,360
307,288
-1.0
%
10,632
8,503
25.0
%
20,241
17,559
15.3
%
108,735
93,613
16.2
%
217,411
207,870
4.6
%
3,649
19,408
7,250
21,047
123,016
121,524
1.2
%
244,902
246,476
-0.6
%
23,902
4,618
417.6
%
59,458
60,812
-2.2
%
1,104
(1,698
)
165.0
%
1,153
154
648.7
%
(5,163
)
(6,314
)
18.2
%
(10,325
)
(12,675
)
18.5
%
19,843
(3,394
)
684.6
%
50,286
48,291
4.1
%
4,842
756
540.5
%
13,617
15,331
-11.2
%
$
15,001
(4,150
)
461.5
%
$
36,669
32,960
11.3
%
$
0.29
$
(0.08
)
462.5
%
$
0.70
$
0.62
12.9
%
$
0.28
$
(0.08
)
450.0
%
$
0.69
$
0.62
11.3
%
$
0.175
$
0.17
2.9
%
$
0.35
$
0.34
2.9
%
$
0.29
$
(0.08
)
462.5
%
$
0.68
$
0.61
11.5
%
$
0.28
$
(0.08
)
450.0
%
$
0.67
$
0.60
11.7
%
$
0.175
$
0.17
2.9
%
$
0.33
$
0.32
4.1
%
52,370
52,350
52,354
52,821
53,096
52,350
53,020
53,144
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
Six Months Ended
January 31,
2010
2009
$
36,669
$
32,960
27,366
27,193
1,420
1,916
5,156
4,244
(4,398
)
515
(174
)
759
(10,300
)
42,156
(1,891
)
(548
)
(1,585
)
(3,648
)
13,229
(64,413
)
2,670
(17,428
)
(129
)
(1,689
)
68,033
22,017
(20,299
)
3,514
(1,405
)
(14,974
)
(12,948
)
(570
)
1,998
(35,843
)
(8,841
)
(18,344
)
(17,985
)
1,672
1,284
(2
)
(40,267
)
380
847
(16,292
)
(56,123
)
1,530
(30,317
)
17,428
(73,264
)
188,156
258,355
$
205,584
$
185,091
$
10,313
$
12,563
10,817
27,384
$
8,829
$
(2,678
)
14,148
$
20,299
$
Corporate and | ||||||||||||||||||||||||
(in thousands) | Americas | Europe | Asia-Pacific | Total Region | Eliminations | Total | ||||||||||||||||||
SALES TO EXTERNAL CUSTOMERS
|
||||||||||||||||||||||||
Three months ended:
|
||||||||||||||||||||||||
January 31, 2010
|
$ | 121,603 | $ | 96,614 | $ | 77,612 | $ | 295,829 | | $ | 295,829 | |||||||||||||
January 31, 2009
|
$ | 122,970 | $ | 87,201 | $ | 56,278 | $ | 266,449 | | $ | 266,449 | |||||||||||||
|
||||||||||||||||||||||||
Six months ended:
|
||||||||||||||||||||||||
January 31, 2010
|
$ | 257,842 | $ | 190,949 | $ | 165,524 | $ | 614,315 | | $ | 614,315 | |||||||||||||
January 31, 2009
|
$ | 283,886 | $ | 195,416 | $ | 165,464 | $ | 644,766 | | $ | 644,766 | |||||||||||||
|
||||||||||||||||||||||||
SALES GROWTH INFORMATION
|
||||||||||||||||||||||||
Three months ended January 31, 2010:
|
||||||||||||||||||||||||
Base
|
-4.3 | % | -1.6 | % | 25.7 | % | 2.9 | % | | 2.9 | % | |||||||||||||
Currency
|
2.6 | % | 10.4 | % | 12.2 | % | 7.2 | % | | 7.2 | % | |||||||||||||
Acquisitions
|
0.6 | % | 2.0 | % | 0.0 | % | 0.9 | % | | 0.9 | % | |||||||||||||
|
||||||||||||||||||||||||
Total
|
-1.1 | % | 10.8 | % | 37.9 | % | 11.0 | % | | 11.0 | % | |||||||||||||
|
||||||||||||||||||||||||
Six months ended January 31, 2010:
|
||||||||||||||||||||||||
Base
|
-10.5 | % | -7.5 | % | -4.7 | % | -8.1 | % | | -8.1 | % | |||||||||||||
Currency
|
1.1 | % | 4.2 | % | 4.7 | % | 3.0 | % | | 3.0 | % | |||||||||||||
Acquisitions
|
0.2 | % | 1.0 | % | 0.0 | % | 0.4 | % | | 0.4 | % | |||||||||||||
|
||||||||||||||||||||||||
Total
|
-9.2 | % | -2.3 | % | 0.0 | % | -4.7 | % | | -4.7 | % | |||||||||||||
|
||||||||||||||||||||||||
SEGMENT PROFIT
|
||||||||||||||||||||||||
Three months ended:
|
||||||||||||||||||||||||
January 31, 2010
|
$ | 23,546 | $ | 25,947 | $ | 10,687 | $ | 60,180 | ($3,683 | ) | $ | 56,497 | ||||||||||||
January 31, 2009
|
$ | 22,041 | $ | 22,945 | $ | 4,122 | $ | 49,108 | ($2,607 | ) | $ | 46,501 | ||||||||||||
Percentage increase (decrease)
|
6.8 | % | 13.1 | % | 159.3 | % | 22.5 | % | 41.3 | % | 21.5 | % | ||||||||||||
|
||||||||||||||||||||||||
Six months ended:
|
||||||||||||||||||||||||
January 31, 2010
|
$ | 56,347 | $ | 50,809 | $ | 25,814 | $ | 132,970 | ($6,603 | ) | $ | 126,367 | ||||||||||||
January 31, 2009
|
$ | 57,564 | $ | 54,084 | $ | 26,523 | $ | 138,171 | ($4,914 | ) | $ | 133,257 | ||||||||||||
Percentage increase (decrease)
|
-2.1 | % | -6.1 | % | -2.7 | % | -3.8 | % | 34.4 | % | -5.2 | % |
Three months ended: | Six months ended: | |||||||||||||||
January 31, 2010 | January 31, 2009 | January 31, 2010 | January 31, 2009 | |||||||||||||
Total profit for reportable segments
|
$ | 60,180 | $ | 49,108 | $ | 132,970 | $ | 138,171 | ||||||||
Corporate and eliminations
|
(3,683 | ) | (2,607 | ) | ($6,603 | ) | (4,914 | ) | ||||||||
Unallocated amounts:
|
||||||||||||||||
Administrative costs
|
(28,946 | ) | (22,475 | ) | (59,659 | ) | (51,398 | ) | ||||||||
Restructuring charge
|
(3,649 | ) | (19,408 | ) | (7,250 | ) | (21,047 | ) | ||||||||
Investment and other income (expense)
|
1,104 | (1,698 | ) | 1,153 | 154 | |||||||||||
Interest expense
|
(5,163 | ) | (6,314 | ) | (10,325 | ) | (12,675 | ) | ||||||||
|
||||||||||||||||
Income (loss) before income taxes
|
19,843 | (3,394 | ) | 50,286 | 48,291 | |||||||||||
Income taxes
|
(4,842 | ) | (756 | ) | (13,617 | ) | (15,331 | ) | ||||||||
|
||||||||||||||||
Net income (loss)
|
$ | 15,001 | $ | (4,150 | ) | $ | 36,669 | $ | 32,960 | |||||||
|
Fiscal 2010 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
EBITDA (1)
|
||||||||||||||||||||
Net income
|
$ | 21,668 | $ | 15,001 | $ | 36,669 | ||||||||||||||
Interest expense
|
5,162 | 5,163 | 10,325 | |||||||||||||||||
Income taxes
|
8,775 | 4,842 | 13,617 | |||||||||||||||||
Depreciation and
amortization
|
13,817 | 13,549 | 27,366 | |||||||||||||||||
|
||||||||||||||||||||
EBITDA (non-GAAP measure)
|
$ | 49,422 | $ | 38,555 | $ | | $ | | $ | 87,977 | ||||||||||
|
Fiscal 2009 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
EBITDA (1)
|
||||||||||||||||||||
Net income (loss)
|
$ | 37,110 | $ | (4,150 | ) | $ | 32,960 | |||||||||||||
Interest expense
|
6,361 | 6,314 | 12,675 | |||||||||||||||||
Income taxes
|
14,575 | 756 | 15,331 | |||||||||||||||||
Depreciation and
amortization
|
13,712 | 13,481 | 27,193 | |||||||||||||||||
|
||||||||||||||||||||
EBITDA (non-GAAP measure)
|
$ | 71,758 | $ | 16,401 | $ | | $ | | $ | 88,159 | ||||||||||
|
(1) | Brady is presenting EBITDA because it is used by many of our investors and lenders, and is presented as a convenience to them. EBITDA represents net income before interest expense, income taxes and depreciation and amortization. EBITDA is not a calculation based on generally accepted accounting principles (GAAP). The amounts included in the EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Income data. EBITDA should not be considered as an alternative to net income or operating income as an indicator of the Companys operating performance, or as an alternative to operating cash flows as a measure of liquidity. The EBITDA measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation. |