-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H1/6flIGw7PWSsj2vtfXYLZLQgKYp6uLAEFTqBXnb3kC3WhRpoBfFTxQrkbxSVx3 BIpjhooJ8tMYu9ZX+x4GFw== 0000891092-04-005883.txt : 20041208 0000891092-04-005883.hdr.sgml : 20041208 20041208171427 ACCESSION NUMBER: 0000891092-04-005883 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041208 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041208 DATE AS OF CHANGE: 20041208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORDSON CORP CENTRAL INDEX KEY: 0000072331 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569] IRS NUMBER: 340590250 STATE OF INCORPORATION: OH FISCAL YEAR END: 1103 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07977 FILM NUMBER: 041191419 BUSINESS ADDRESS: STREET 1: 28601 CLEMENS RD CITY: WESTLAKE STATE: OH ZIP: 44145 BUSINESS PHONE: 2168921580 MAIL ADDRESS: STREET 1: 28601 CLEMENS ROAD CITY: WESTLAKE STATE: OH ZIP: 44145 8-K 1 e20131_8k.txt FORM 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): December 8, 2004 NORDSON CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) OHIO -------------------------------------------------------------- (State or other jurisdiction of incorporation or organization) 0-7977 34-0590250 ------------------------ ------------------------------------ (Commission file number) (I.R.S. Employer Identification No.) 28601 Clemens Road, Westlake, Ohio ---------------------------------------- (Address of principal executive offices) 44145 ---------- (Zip Code) (440) 892-1580 ---------------------------------------------------- (Registrant's telephone number, including area code) 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 (see General Instruction A.2 below): [_] Written communication 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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)) Page 1 Item 2.02. Results of Operations and Financial Condition On December 8, 2004, Nordson Corporation issued a press release relating to its results of operations for the fourth quarter of 2004. A copy is attached as Exhibit 99. Item 9.01. Financial Statements and Exhibits c.) Exhibits Press release of Nordson Corporation dated December 8, 2004. 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 thereunto duly authorized. Date: December 8, 2004 Nordson Corporation By: /s/ Peter S. Hellman --------------------- President, Chief Financial and Administrative Officer And: /s/ Nicholas D. Pellecchia --------------------------- Vice President, Finance and Controller Page 2 Form 8-K Exhibit Index Exhibit Number - ------ 99 Press release of Nordson Corporation dated as of December 8, 2004. Page 3 EX-99 2 e20131ex99.txt PRESS RELEASE Exhibit 99 Nordson Corporation Reports Fourth-Quarter Financial Results; Record Revenue With Earnings Per Share Increasing 36 Percent WESTLAKE, Ohio, Dec. 8 /PRNewswire-FirstCall/ -- Nordson Corporation (Nasdaq: NDSN) today reported record fourth-quarter fiscal year sales of $228 million compared with $189 million for the same period of the previous year. Sales volume was up approximately 17 percent with favorable currency effects contributing an additional 4 percent to the overall sales gain. On a diluted basis, fourth-quarter earnings per share were $.53, a 36 percent increase over the prior year. These results include a $3.3 million pretax charge, or $.06 per share on an after-tax basis, related to the disposition of a minority equity investment. Fourth-quarter sales volume for the Finishing and Coating segment was up 30 percent, while volume for the Adhesive Dispensing and Advanced Technology segments were up 14 percent and 13 percent, respectively. On a geographic basis, fourth-quarter volume was up 14 percent in the United States, 16 percent in the Americas, 9 percent in Europe, 30 percent in Japan and 36 percent in the Asia Pacific region. Annual sales for the fiscal year, which ended on Oct. 31, 2004, were a record $794 million, up 19 percent from $667 million in fiscal 2003. Sales volume was up 13 percent while favorable currency effects contributed an additional 6 percent to sales growth. On a diluted basis, earnings per share for the year were a record $1.73 compared with $1.04 in 2003. Backlog at year-end was approximately $78 million compared with $67 million the same period of the prior year at 2004 actual exchange rates. "I am pleased by Nordson's strong performance during the fourth quarter. Sales volume growth accelerated compared to a good third quarter, and revenue set a new record," said Edward P. Campbell, chairman and chief executive officer. "Our overall results were favorably impacted by a 35 percent increase in Finishing and Coating segment revenue. In addition, our Advanced Technology volume continued to grow at a double-digit level, although the rate of growth has moderated from an extremely strong pace for the first nine months of the year. Our continued emphasis on improving operating efficiencies resulted in significantly higher operating margin rates for both the quarter and the year," he added. As previously announced, Nordson will pay a first-quarter 2005 cash dividend of $0.16 per common share on Jan. 4, 2005, to shareholders of record on Dec. 15, 2004. Nordson has increased its dividend per common share for 41 consecutive years. Nordson will broadcast its fourth-quarter conference call on the investor relations page of its Web site, http://www.nordson.com , on Thursday, Dec. 9, 2004, at 8:30 a.m. EST. For persons unable to listen to the live broadcast, a replay will be available for 14 days after the event. Information about Nordson's investor relations and shareholder services is available from Barbara Price, manager of shareholder relations, at (440) 414-5344. Except for historical information and comparisons contained herein, statements included in this release may constitute "forward-looking statements," as defined by The Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors, as discussed in the company's filings with the Securities and Exchange Commission that could cause actual results to differ. Nordson Corporation is one of the world's leading producers of precision dispensing equipment that applies adhesives, sealants and coatings to a broad range of consumer and industrial products during manufacturing operations. The company also manufactures technology-based systems for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson Corporation has more than 3,500 employees worldwide, and direct operations and sales support offices in 30 countries. Contact: Derrick Johnson, Director Corporate Communications Phone: 440.414.5639 (direct) E-mail: djohnson@nordson.com A summary of sales, income and earnings is presented in the attached tables. FOURTH QUARTER PERIOD NORDSON CORPORATION Period Ending October 31, 2004 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands except for per-share amounts) CONSOLIDATED STATEMENT OF INCOME Fourth Quarter Year-to-Date 2004 2003 2004 2003 Net sales $228,353 $189,073 $793,544 $667,347 Cost of sales 106,735 87,169 354,313 301,566 Selling & administrative expenses 86,140 77,258 328,633 295,157 Severance and restructuring costs - 403 - 2,028 Operating profit 35,478 24,243 110,598 68,596 Interest expense - net (3,425) (4,102) (14,082) (17,174) Other income - net (3,316) (237) (2,688) 1,055 Income before income taxes 28,737 19,904 93,828 52,477 Income taxes 9,014 6,568 30,494 17,317 Net income $19,723 $13,336 $63,334 $35,160 Return on sales 9% 7% 8% 5% Return on average shareholders' equity 20% 18% 18% 13% Average common shares outstanding (000's) 36,157 33,858 35,489 33,703 Average common shares and common share equivalents (000's) 37,031 34,170 36,546 33,899 Per share: Basic earnings $.55 $.39 $1.78 $1.04 Diluted earnings $.53 $.39 $1.73 $1.04 Dividends paid $0.16 $.155 $.625 $.605 CONSOLIDATED BALANCE SHEET October 31 November 2, 2004 2003 Cash and marketable securities $60,579 $6,972 Receivables 173,852 151,740 Inventories 85,330 78,557 Prepaid expenses 43,350 40,101 Total current assets 363,111 277,370 Property, plant & equipment - net 111,607 115,255 Other assets 364,164 374,181 $838,882 $766,806 Notes payable and debt due within one year $27,591 $67,324 Accounts payable and accrued liabilities 168,158 144,338 Total current liabilities 195,749 211,662 Long-term debt 147,023 172,619 Other liabilities 92,272 82,416 Total shareholders' equity 403,838 300,109 $838,882 $766,806 Other information: Employees 3,544 3,483 Common shares outstanding (000's) 36,279 34,035 FOURTH QUARTER PERIOD NORDSON CORPORATION Period Ending October 31, 2004 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands) Fourth Quarter % Growth over 2003 SALES BY BUSINESS SEGMENT 2004 2003 Volume Currency Total Adhesive dispensing & nonwoven fiber systems $146,136 $122,753 14.2% 4.8% 19.0% Coating & finishing systems 40,377 29,896 29.8% 5.3% 35.1% Advanced technology systems 41,840 36,424 13.0% 1.9% 14.9% Total sales by business segment $228,353 $189,073 16.5% 4.3% 20.8% OPERATING PROFIT BY BUSINESS Fourth Quarter SEGMENT 2004 2003 Adhesive dispensing & nonwoven fiber systems $33,311 $24,929 Coating & finishing systems 2,906 1,809 Advanced technology systems 5,781 4,702 Corporate (6,520) (7,197) Total operating profit by business segment $35,478 $24,243 Fourth Quarter % Growth over 2003 SALES BY GEOGRAPHIC REGION 2004 2003 Volume Currency Total United States $77,499 $67,852 14.2% 0.0% 14.2% Americas 13,951 11,801 16.3% 1.9% 18.2% Europe 81,314 68,740 9.3% 9.0% 18.3% Japan 29,240 21,498 29.6% 6.4% 36.0% Asia 26,349 19,182 35.7% 1.7% 37.4% Total Sales by Geographic Region $228,353 $189,073 16.5% 4.3% 20.8% Fourth Quarter SELECTED SUPPLEMENTAL INFORMATION 2004 2003 Depreciation and amortization $6,724 $7,606 Capital expenditures $4,250 $3,078 Dividends paid $5,787 $5,242 FOURTH QUARTER PERIOD NORDSON CORPORATION Period Ending October 31, 2004 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands) Year-to-Date % Growth over 2003 SALES BY BUSINESS SEGMENT 2004 2003 Volume Currency Total Adhesive dispensing & nonwoven fiber systems $497,699 $426,204 10.2% 6.6% 16.8% Coating & finishing systems 130,944 112,722 11.0% 5.2% 16.2% Advanced technology systems 164,901 128,421 26.0% 2.4% 28.4% Total sales by business segment $793,544 $667,347 13.3% 5.6% 18.9% OPERATING PROFIT BY BUSINESS Year-to-Date SEGMENT 2004 2003 Adhesive dispensing & nonwoven fiber systems $97,904 $73,302 Coating & finishing systems 2,466 707 Advanced technology systems 30,229 14,502 Corporate (20,001) (19,915) Total operating profit by business segment $110,598 $68,596 Year-to-Date % Growth over 2003 SALES BY GEOGRAPHIC REGION 2004 2003 Volume Currency Total United States $266,050 $245,918 8.2% 0.0% 8.2% Americas 51,390 42,340 18.6% 2.8% 21.4% Europe 296,067 244,709 9.7% 11.3% 21.0% Japan 87,477 73,333 10.8% 8.5% 19.3% Asia 92,560 61,047 48.2% 3.4% 51.6% Total Sales by Geographic Region $793,544 $667,347 13.3% 5.6% 18.9% Year-to-Date SELECTED SUPPLEMENTAL INFORMATION 2004 2003 Depreciation and amortization $26,876 $29,241 Capital expenditures $11,309 $7,563 Dividends paid $22,128 $20,377 SOURCE Nordson Corporation -0- 12/08/2004 /CONTACT: Derrick Johnson, Director Corporate Communications of Nordson Corporation, +1-440-414-5639, or djohnson@nordson.com / /Web site: http://www.nordson.com / (NDSN) CO: Nordson Corporation ST: Ohio IN: MAC SU: ERN CCA MAV -----END PRIVACY-ENHANCED MESSAGE-----