8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 13, 2013

MINE SAFETY APPLIANCES COMPANY

(Exact name of registrant as specified in its charter)

Pennsylvania	1-15579	25-0668780
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

1000 Cranberry Woods Drive Cranberry Township, Pennsylvania	16066-5207
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 724-776-8600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On February 13, 2013, the Company issued a press release announcing its financial results for the quarter and year ended December 31, 2012. A copy of the press release is furnished herewith as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Mine Safety Appliances Company Press Release dated February 13, 2013, announcing financial results for the quarter and year ended December 31, 2012.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MINE SAFETY APPLIANCES COMPANY
(Registrant)
By	/s/ Dennis L. Zeitler
	Dennis L. Zeitler
	Senior Vice President - Finance

Date: February 14, 2013

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Mine Safety Appliances Company Press Release dated February 13, 2013, announcing financial results for the quarter and year ended December 31, 2012.

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EX-99.1

Exhibit 99.1

FROM: MSA (Mine Safety Appliances Company) Ticker: MSA (NYSE) Contact: Mark Deasy – (724) 741-8570

MSA Reports Record Full Year Earnings

Net Income Increases 30% on Strong “Core” Performance

PITTSBURGH, February 13, 2013 – MSA (NYSE: MSA) today announced that net sales for the year ended December 31, 2012 were $1.169 billion compared with $1.173 billion in 2011, a decrease of $4 million. Excluding the effect of weakening currencies and the company’s divestiture of its ballistic vest and North American ballistic helmet businesses, sales increased $73 million or 7 percent. Net income for the year ended December 31, 2012 was a record $91 million, or $2.45 per basic share, an increase of $21 million, or 30 percent, compared with $70 million, or $1.91 per basic share, in 2011.

Net sales for the fourth quarter of 2012 were $294 million compared with $304 million for the same quarter in 2011, a decrease of $10 million or 3 percent. Excluding the effect of weakening currencies and the divested ballistic vest and North American ballistic helmet businesses, sales increased $10 million or 4 percent.

Net income for the fourth quarter of 2012 was $19 million, or 53 cents per basic share, an increase of $2 million or 15 percent, compared with $17 million or 46 cents per basic share, for the same quarter last year.

“As these results demonstrate, we continue to gain solid traction from our long-term strategy, a key focus of which is generating growth from core product sales in established and emerging markets,” said William M. Lambert, MSA president and CEO.

(more)

MSA’s five core product groups include industrial head protection, fall protection devices, portable gas detection instruments, fixed gas and flame detection systems, and self-contained breathing apparatus (SCBA). Revenues in these product groups increased 10 percent for the quarter and represented 68 percent of MSA’s global business in the fourth quarter.

“Our continued emphasis on strengthening our overall mix with core products, combined with our focus on reducing manufacturing costs and implementing strategic pricing initiatives, clearly drove our success in 2012,” Mr. Lambert said. He added that for the quarter, gross profit margins improved 480 basis points when compared to the fourth quarter of 2011.

For the quarter, sales in the company’s North American segment decreased $14 million, or 9 percent, when compared to the same period of 2011. Excluding the impact of the ballistic vest and ballistic helmet divestitures in the fourth quarter of 2011 and the second quarter of 2012, respectively, North American segment sales increased $2 million or 1 percent when compared to the same period of 2011. Sales of gas detection products increased $5 million on higher shipments to industrial markets. These increases were partially offset by a $2 million decline in SCBA sales to fire service markets.

Fourth quarter sales in MSA’s European segment increased $7 million or 9 percent over the prior year. Excluding the unfavorable impact of a $1 million currency translation effect, European segment local currency sales increased $8 million or 11 percent from the prior year. Local currency sales of SCBAs and gas detection products each increased $4 million on strength in industrial markets.

(more)

Sales in MSA’s International segment decreased $3 million or 3 percent, when compared to the fourth quarter of 2011. The decline was fully due to unfavorable currency translation effects, primarily related to a weakening of the South African rand and Brazilian real. Local currency sales were flat, despite a $2 million increase in head, eye and face protection products and a $1 million increase in gas detection products to industrial markets in Latin America. These improvements were offset by weakness in Australia and Africa.

Net income in the North American segment was $19 million in the fourth quarter, an increase of $6 million. The increase in income reflects strong improvements in gross profits driven by sales mix and lower manufacturing costs.

Fourth quarter net income in MSA’s European segment was $3 million. Local currency net income increased $1 million in the quarter due to higher sales, increased gross profits and lower restructuring costs partially offset by higher operating expenses.

Net income in MSA’s International segment was $4 million. Local currency net income decreased $2 million in the quarter due to a lower level of sales throughout Sub Saharan Africa and Australia.

The net loss reported in reconciling items in the fourth quarter of 2012 was $7 million, up $2 million when compared to the same period in 2011.

(more)

“In looking back at 2012, I would categorize the year as a challenging period, but one in which we met those challenges,” Mr. Lambert said. “Our focus on core products helped us navigate the ongoing economic uncertainty, grow local currency sales 7 percent, and increase net income by 30 percent. Both our local currency sales and our net income are records for us. Just as impressively, we had a record $150 million of cash flow from Operations that allowed us to repay $63 million of debt, return $51 million to shareholders as dividends and increase cash by $23 million.”

“While the global economy and business conditions remain tepid, our focus and commitment to executing the corporate strategy remains unchanged,” Mr. Lambert said. “MSA’s position in the marketplace, the continued focus on developing and driving demand of core products, and our ongoing efforts to reduce manufacturing and operating costs provide us many opportunities to improve profitability and increase shareholder value in 2013 and beyond,” he concluded.

About MSA

Established in 1914, MSA is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company’s comprehensive line of products is used by workers around the world in a broad range of industries, including the fire service, the oil, gas and petrochemical industry, construction, mining and utilities, as well as the military. Principal products include self-contained breathing apparatus, fixed gas and flame detection systems, handheld gas detection instruments, head protection products, fall protection devices and thermal imaging cameras. The company also provides a broad range of consumer and contractor safety products through a joint venture with MCR Safety. These products are marketed and sold under the Safety Works^® brand. MSA, based north of Pittsburgh in Cranberry Township, Pa., has annual sales of approximately $1.2 billion, manufacturing operations in the United States, Europe, Asia and Latin America, and 42 international locations. Additional information is available on the company’s Web site at www.MSAsafety.com. Information on Safety Works products can be found at www.SafetyWorks.com.

Cautionary Statement Regarding Forward-Looking Statements:

Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including without limitation all projections and anticipated levels of future performance, involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Actual results can be affected by any number of factors, many of which are outside of management’s control. Among the factors that could cause such differences are global economic conditions, spending patterns of government agencies, competitive pressures, product liability claims, the success of new product introductions, currency exchange rate fluctuations, the identification and successful integration of acquisitions and the risks of doing business in foreign countries. These risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission (“SEC”). You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. MSA’s SEC filings are readily obtainable at no charge at www.sec.gov, as well as on a number of other commercial Website.

# # #

Mine Safety Appliances Company

Consolidated Condensed Statement of Income (Unaudited)

(In thousands, except earnings per share)

	Three Months Ended December 31,					Year Ended December 31,
	2012			2011		2012			2011
Net sales	$	294,114		$	303,754	$	1,168,904		$	1,173,227
Other income, net		2,558			1,028		10,991			5,381
		296,672			304,782		1,179,895			1,178,608
Cost of products sold		163,753			183,812		666,172			702,991
Selling, general and administrative		84,643			78,985		321,234			306,367
Research and development		11,193			9,599		40,900			39,245
Restructuring and other charges		2,787			2,441		2,787			8,559
Interest expense		2,501			3,694		11,361			14,117
Currency exchange losses, net		1,306			1,525		3,151			2,511
		266,183			280,056		1,045,605			1,073,790
Income before income taxes		30,489			24,726		134,290			104,818
Provision for income taxes		10,979			7,839		42,529			34,773
Net income		19,510			16,887		91,761			70,045
Net (income) loss attributable to noncontrolling interests		(23	)		92		(1,124	)		(193	)
Net income attributable to Mine Safety Appliances Company		19,487			16,979		90,637			69,852
Basic earnings per share	$	.53		$	.46	$	2.45		$	1.91
Diluted earnings per share	$	.52		$	.46	$	2.42		$	1.87
Dividends per common share	$	.56		$	.26	$	1.38		$	1.03
Basic shares outstanding		36,650			36,265		36,564			36,221
Diluted shares outstanding		37,137			36,874		37,042			36,831

Mine Safety Appliances Company

Consolidated Condensed Balance Sheet (Unaudited)

(In thousands)

	December 31, 2012		December 31, 2011
Current assets
Cash and cash equivalents	$	82,718	$	59,938
Trade receivables, net		191,289		192,627
Inventories		136,300		141,475
Other current assets		56,243		64,809
Total current assets		466,550		458,849
Property, net		147,465		145,763
Prepaid pension cost		42,816		58,075
Goodwill		258,400		259,084
Other noncurrent assets		196,515		193,281
Total		1,111,746		1,115,052
Current liabilities
Notes payable and current portion of long-term debt	$	6,823	$	8,263
Accounts payable		59,519		50,208
Other current liabilities		122,458		113,299
Total current liabilities		188,800		171,770
Long-term debt		272,333		334,046
Pensions and other employee benefits		151,536		124,310
Deferred tax liabilities		17,249		30,458
Other noncurrent liabilities		11,124		15,057
Equity		470,704		439,411
Total		1,111,746		1,115,052

Mine Safety Appliances Company

Consolidated Condensed Statement of Cash Flows (Unaudited)

(In thousands)

	Twelve Months Ended December 31,
	2012			2011
Net income	$	91,761		$	70,045
Depreciation and amortization		31,702			32,866
Change in working capital		38,159			(2,304	)
Other operating		(11,146	)		(15,349	)
Cash from operations		150,476			85,258
Capital expenditures		(32,209	)		(30,390	)
Property disposals		20,193			18,687
Other investing		(5,269	)		—
Cash from investing		(17,285	)		(11,703	)
Change in debt		(63,128	)		(34,863	)
Cash dividends paid		(50,990	)		(37,741	)
Other financing		3,598			1,324
Cash from financing		(110,520	)		(71,280	)
Exchange rate changes		109			(2,097	)
Increase in cash		22,780			178

Mine Safety Appliances Company

Segment Information (Unaudited)

(In thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011
Net sales
North America	$	135,199		$	148,986		$	551,927		$	561,140
Europe		82,099			75,350			289,549			286,753
International		76,816			79,418			327,428			325,334
Total		294,114			303,754			1,168,904			1,173,227
Net income (loss)
North America	$	19,294		$	13,141		$	70,930		$	57,914
Europe		3,119			1,791			12,913			7,331
International		4,418			6,643			22,318			27,152
Reconciling		(7,344	)		(4,596	)		(15,524	)		(22,545	)
Total		19,487			16,979			90,637			69,852