-----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, WZYO/SG5R08ByYM0x776CvGc3IIssYJja9hyPN36hKpe4KhdSim8fiyT6J6w54p+ HQa/VeQ+TJCU5zMjJNyvUg== 0001157523-08-007036.txt : 20080821 0001157523-08-007036.hdr.sgml : 20080821 20080821163926 ACCESSION NUMBER: 0001157523-08-007036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080821 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080821 DATE AS OF CHANGE: 20080821 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: 081032621 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 a5761353.htm NORDSON CORPORATION 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): August 21, 2008


  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 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))

Page 1

Item 2.02.     Results of Operations and Financial Condition

On August 21, 2008, Nordson Corporation issued a press release relating to its results of operations for the third quarter of fiscal 2008.  A copy is attached as Exhibit 99.1.

Item 9.01.     Financial Statements and Exhibits

c.) Exhibits
 
99.1 Press release of Nordson Corporation dated August 21, 2008.

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.

 

Date:

August 21, 2008

Nordson Corporation

 

 

 

 

By:

/s/ Gregory A. Thaxton

Gregory A. Thaxton

Vice President, Chief Financial

Officer

Page 2

Form 8-K

Exhibit Index

Exhibit

Number

 
99.1 Press release of Nordson Corporation dated as of August 21, 2008.

Page 3

EX-99.1 2 a5761353ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Nordson Corporation Reports Record Third Quarter and Year-to-Date Sales, Operating Profit and Earnings Per Share

  • Third Quarter Sales Grow 12 Percent to $288 Million
  • Third Quarter Operating Profit Increases 25 Percent to $51 Million
  • Third Quarter Diluted Earnings per Share Increase 29 Percent to $0.93

WESTLAKE, Ohio--(BUSINESS WIRE)--Nordson Corporation (Nasdaq: NDSN) today reported record third quarter and year-to-date sales, operating profit and diluted earnings per share. For the quarter ending July 31, 2008, sales reached $288 million, a 12 percent increase over sales in the same period a year ago. Volume increased 6 percent, including the first year effect of acquisitions which added 3 percent. Favorable effects of currency translation added 6 percent to sales growth. Operating profit for the quarter improved to $51 million, a 25 percent increase over the same period a year ago. Third quarter diluted earnings per share were $0.93, an increase of 29 percent over the prior year’s quarter.

“Despite significant challenges in the U.S. economic environment, Nordson delivered another very strong quarter to its shareholders,” said Chairman, President and Chief Executive Officer Edward P. Campbell. “The diverse nature of Nordson’s businesses and end market exposures provided the basis for our ongoing record performance. Sales continued to grow at double digit rates, and operating margin continued to improve, expanding to 18 percent in the current quarter from 16 percent in the same quarter a year ago.”


Segment & Regional Results

Sales increased 20 percent in the Adhesive Dispensing segment and 18 percent in the Advanced Technology segment compared to results in the third quarter a year ago. Sales decreased 18 percent in the Industrial Coating and Automotive segment. “Our performance in the quarter was driven by strong revenue growth in our two largest segments,” said Campbell. “Industrial Coating and Automotive, our smallest segment, was negatively impacted by cyclical weakness in durable goods markets such as appliances and automobiles.”

On a geographic basis, third quarter sales increased 28 percent in Europe, 19 percent in Asia Pacific and 8 percent in Japan compared to the same period a year ago. Sales decreased 5 percent in the United States and 3 percent in the Americas.

Fiscal 2008 Year-to-Date Results

For the first nine months of fiscal 2008, sales were a record $827 million, an 18 percent increase over the first nine months of fiscal 2007. Organic volume increased 7 percent, the first-year-effect of acquisitions added 5 percent and the favorable effects of currency translation added 6 percent. Earnings per share on a diluted basis for the first nine months reached an all-time high of $2.53, representing a 41 percent increase over the same period a year ago.

On a segment basis, first-nine-month sales increased 27 percent in the Advanced Technology segment and 19 percent in the Adhesive Dispensing segment, while sales declined 1 percent in the Industrial Coating and Automotive segment, all over the same period a year ago. On a geographic basis, first-nine-month sales increased 30 percent in Asia Pacific, 25 percent in Europe, 12 percent in Japan, 8 percent in the United States and 3 percent in the Americas. “Geographically, powerful sales growth of more than 30 percent in Asia Pacific and 25 percent in Europe helped to balance our slower growing regions,” said Campbell.

Order Rates and Backlog

Order rates for the 12 week period ending August 17, 2008, measured in constant currency, increased 3 percent over the same period a year ago. Order rates by segment and geography are provided in the accompanying financial tables, with pro-forma growth in order rates calculated as though fiscal year 2007 acquisitions were owned in both years.


Backlog at the end of the third quarter was approximately $128 million, an increase of 5 percent compared with $122 million at the same time a year ago. Backlog increased by approximately $26 million or 25 percent from the end of fiscal 2007 to the end of the current year’s third quarter. Backlog amounts are calculated at July 31, 2008 exchange rates.

Outlook

“Though the business environment in certain geographic and end markets continues to be challenging, we expect another record year in 2008 for revenues and earnings per share,” said Campbell. “While operating from a position of strength, we will continue to focus aggressively on improving our operating performance and making the adjustments necessitated by the changing external economic forces that can impact our future.”

For the fourth quarter of fiscal year 2008, sales are expected to be in the range of down 1 percent to up 3 percent compared to the same period a year ago. Diluted earnings per share are expected in the range of $0.84 to $0.94. The midpoint of this range would be a 2 percent increase over the $0.87 per share earned in the prior year’s fourth quarter. This earnings per share range excludes any non-recurring costs that may be incurred in connection with operating improvement activities.

Nordson will broadcast its third-quarter conference call on the investor relations page of its Web site, www.nordson.com, on Friday, August 22, 2008 at 8:30 a.m. EDT. 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, 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 filing 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 equipment used in the testing and inspection of electronic components as well as technology-based systems for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has more than 4,100 employees worldwide, and direct operations and sales support offices in 34 countries.

A summary of sales, income, earnings and order rates is presented in the attached tables.


NORDSON CORPORATION

FINANCIAL HIGHLIGHTS

(Dollars in thousands except for per-share amounts)

 
THIRD QUARTER PERIOD

 

 

Period Ending July 31, 2008

 

 

(Unaudited)

 

 

     

CONSOLIDATED STATEMENT OF INCOME

Third Quarter

Year-to-Date

2008

2007 2008 2007
 
Net sales $ 288,362 $ 257,713 $ 827,167 $ 702,881
Cost of sales 125,923 113,005 358,996 308,638
Selling & administrative expenses  

111,142

    103,729     326,252     290,621  
 
Operating profit 51,297 40,979 141,919 103,622
 
Interest expense - net (3,225 ) (5,579 ) (12,368 ) (14,396 )
Other income (expense) - net   2,617     531     4,838     2,241  
 
Income before income taxes 50,689 35,931 134,389 91,467
Income taxes   18,319     11,410     47,631     30,409  
 
Net Income $ 32,370   $ 24,521   $ 86,758   $ 61,058  
 
 
Return on sales 11 % 10 % 10 % 9 %
Return on average shareholders' equity 21 % 20 % 20 % 18 %
                 
 
Average common shares outstanding (000's) 33,897 33,611 33,681 33,521

 

Average common shares and common share equivalents (000's)

34,637 34,215 34,318 34,159
 
Per share:
 
Basic earnings $ .95 $ .73 $ 2.58 $ 1.82
Diluted earnings $ .93 $ .72 $ 2.53 $ 1.79
 
Dividends paid $ .1825 $ .175 $ .5475 $ .525

THIRD QUARTER PERIOD    
Period Ending July 31, 2008
(Unaudited)
 

CONSOLIDATED BALANCE SHEET

July 31 October 31
2008 2007
 
Cash and marketable securities $ 24,579 $ 31,145
Receivables 224,747 229,993
Inventories 135,819 119,650
Other current assets   30,849   29,136
Total current assets 415,994 409,924
 
Property, plant & equipment - net 136,384 132,937
Other assets   663,561   668,979
 
$ 1,215,939 $ 1,211,840
 
Notes payable and debt due within one year $ 217,592 $ 324,099
Accounts payable and accrued liabilities   152,358   185,815
Total current liabilities 369,950 509,914
 
Long-term debt 68,550 22,840
Other liabilities 146,894 147,969
Total shareholders' equity   630,545   531,117
$ 1,215,939 $ 1,211,840
           
 
Other information:
 
Employees 4,139 4,089
 
Common shares outstanding (000's) 34,105 33,710

NORDSON CORPORATION

FINANCIAL HIGHLIGHTS

(Dollars in thousands)

           
THIRD QUARTER PERIOD
Period Ending July 31, 2008
(Unaudited)
 
 

SALES BY

BUSINESS

Third Quarter % Growth over 2007 Year-to-Date % Growth over 2007

SEGMENT

2008 2007 Volume Currency Total 2008 2007 Volume Currency Total
 
 
Adhesive dispensing systems $ 152,851 $ 127,753 9.4 % 10.2 % 19.6 % $ 429,167 $ 361,449 9.1 % 9.6 % 18.7 %
Advanced technology systems 94,555 80,103 16.9 % 1.1 % 18.0 % 272,222 213,989 25.7 % 1.5 % 27.2 %
Industrial coating & automotive systems   40,956     49,857   -22.3 % 4.4 % -17.9 %   125,778     127,443   -6.5 % 5.2 % -1.3 %
 
Total sales by business segment $ 288,362   $ 257,713   5.7 % 6.2 % 11.9 % $ 827,167   $ 702,881   11.4 % 6.3 % 17.7 %
 

OPERATING

PROFIT BY

BUSINESS

Third Quarter Year-to-Date

SEGMENT

2008 2007 2008 2007
 
Adhesive dispensing systems $ 40,490 $ 29,751 $ 107,309 $ 82,498
Advanced technology systems 16,296 11,315

 

45,521 27,011
Industrial coating & automotive systems 521 6,440 5,891 10,465
Corporate   (6,010 )   (6,527 )   (16,802 )   (16,352 )
 
Total operating profit by business segment $ 51,297   $ 40,979   $ 141,919   $ 103,622  
 
 

SALES BY

GEOGRAPHIC

Third Quarter % Growth over 2007 Year-to-Date % Growth over 2007

REGION

2008 2007 Volume Currency Total 2008 2007 Volume Currency Total
 
United States $ 76,717 $ 80,935 -5.2 %

-

 

-5.2 % $ 233,912 $ 217,377 7.6 %

-

7.6 %
Americas 20,794 21,352 -5.4 % 2.8 % -2.6 % 54,603 52,967 -0.9 % 4.0 % 3.1 %
Europe 118,471 92,462 14.7 % 13.4 % 28.1 % 322,966 257,943 12.7 % 12.5 % 25.2 %
Japan 23,745 22,069 -2.3 % 9.9 % 7.6 % 73,118 65,147 2.6 % 9.6 % 12.2 %
Asia Pacific   48,635     40,895   16.7 % 2.2 % 18.9 %   142,568     109,447   26.8 % 3.5 % 30.3 %
 
Total Sales by Geographic Region $ 288,362   $ 257,713   5.7 % 6.2 % 11.9 % $ 827,167   $ 702,881   11.4 % 6.3 % 17.7 %
 
                                           
 

SELECTED

SUPPLEMENTAL

Third Quarter Year-to-Date

INFORMATION

2008 2007 2008 2007
 
Depreciation and amortization $ 8,098 $ 7,597 $ 23,645 $ 20,326
Capital expenditures $ 7,763 $ 6,470 $ 17,885 $ 25,689
Dividends paid $ 6,185 $ 5,876 $ 18,430 $ 17,593

NORDSON CORPORATION

ORDER RATES FOR 12-WEEK PERIOD ENDING AUGUST 17, 2008
CHANGE FROM PRIOR YEAR
     
 

BUSINESS SEGMENT

% CHANGE

GEOGRAPHY

% CHANGE

 
Adhesive dispensing systems

5

%

United States

-

Advanced technology systems

1

%

Americas 2 %
Industrial coating & automotive systems 1 % Europe 7 %
Japan -4 %
Total

3

%

Asia Pacific 4 %
 
Total

3

%

 
Notes:
1. Numbers in this table are unaudited and exclude the effects of currency movements.
2. Pro-forma growth in order rates were calculated as though fiscal 2007 acquisitions were owned in both years.

CONTACT:
Nordson Corporation
Investor Contact:
Barbara T. Price, Manager, Shareholder Relations
440-414-5344
bprice@nordson.com
or
Media Contact:
James R. Jaye, Director, Corporate Communications
440-414-5639
jjaye@nordson.com

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