-----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, KhOsBzoz3Gt8F5hkd/+rq6Q/4q5Jo2HdbLosDuknVX2ttHsQvdchxqg7v/keqRAz gpHq8kc5o1B3qPPFBe4Vpw== 0001275287-05-003336.txt : 20050823 0001275287-05-003336.hdr.sgml : 20050823 20050823164041 ACCESSION NUMBER: 0001275287-05-003336 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050823 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050823 DATE AS OF CHANGE: 20050823 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: 051044029 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 nc3473.txt ================================================================================ 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 23, 2005 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)) ================================================================================ Item 2.02. Results of Operations and Financial Condition On August 23, 2005, Nordson Corporation issued a press release relating to its results of operations for the third quarter of fiscal 2005. A copy is attached as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits c.) Exhibits Press release of Nordson Corporation dated August 23, 2005. 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: August 23, 2005 Nordson Corporation By: /s/ Peter S. Hellman ------------------------------ President, Chief Financial and Administrative Officer And: /s/ Nicholas D. Pellecchia ------------------------------ Vice President, Finance and Controller Form 8-K Exhibit Index Exhibit Number - ------- 99.1 Press release of Nordson Corporation dated as of August 23, 2005. EX-99.1 2 nc3473ex991.txt Exhibit 99.1 NORDSON CORPORATION THIRD-QUARTER SALES, NET INCOME AND EARNINGS PER SHARE ANNOUNCED WESTLAKE, Ohio, Aug. 23 /PRNewswire-FirstCall/ -- Nordson Corporation (Nasdaq: NDSN) today announced record sales, net income and earnings per share for its third quarter, which ended July 31, 2005. Net income grew to $18.6 million, which increased $1.3 million from the $17.3 million earned in the prior year. Diluted earnings per share were $.50 compared with $.47 for the third quarter of 2004. Current period results include a favorable earnings per share effect of $.03 related to the recognition of foreign tax credits net of higher state income tax expense. Worldwide sales for the third quarter reached $201.6 million, a 2 percent increase over sales of $197.9 million for the same period of 2004. The increase was attributable to favorable currency associated with a weaker U.S. dollar relative to the third quarter of 2004. Third-quarter sales volume for the company's advanced technology segment was up 19 percent while volume in the finishing and adhesive dispensing segments was down 1 percent and 6 percent, respectively. On a geographic basis, third-quarter volume was 22 percent higher in the Asia-Pacific region, up 8 percent in Japan, flat in the United States, and down 10 percent and 7 percent in the Americas and Europe, respectively. Backlog at the end of the third quarter was approximately $107 million, up $30 million from the beginning of the fiscal year calculated at constant exchange rates. For the first three quarters of 2005, sales were $599 million, a 6 percent increase over the same period of the prior year. Sales volume increased 3 percent with favorable currency effects accounting for the balance. Earnings per share on a diluted basis were $1.36 compared with $1.20 for the same period last year. "We are pleased with the exceptional performance of our Advanced Technology segment, which experienced both strong sales growth and operating improvement," said Edward P. Campbell, Chairman and Chief Executive Officer. "The performance of this segment served to offset a decline in engineered system shipments within our Adhesive Dispensing segment," Campbell added. Nordson will broadcast its third quarter conference call on the investor relations page of the company's Web site, www.nordson.com, on Wednesday, August 24, 2005, 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 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 has more than 3,600 employees worldwide, and direct operations and sales support offices in 30 countries. A summary of sales, income and earnings is presented in the attached tables. Contact: Derrick Johnson, Director, Corporate Communications Phone: (440) 414-5639 E-mail: djohnson@nordson.com THIRD QUARTER PERIOD NORDSON CORPORATION Period Ending July 31, 2005 FINANCIAL HIGHLIGHTS (Dollars in thousands except for per- (Unaudited) share amounts) CONSOLIDATED STATEMENT OF INCOME
Third Quarter Year-to-Date ----------------------- ----------------------- 2005 2004 2005 2004 ---------- ---------- ---------- ---------- Net Sales $ 201,570 $ 197,949 $ 599,359 $ 565,191 Cost of sales 87,748 85,835 263,441 247,578 Selling & administrative expenses 85,794 83,261 255,962 242,493 Operating profit 28,028 28,853 79,956 75,120 Interest expense - net (2,787) (3,434) (8,769) (10,657) Other income (expense) - net (130) 363 1,100 628 Income before income taxes 25,111 25,782 72,287 65,091 Income taxes 6,520 8,508 21,852 21,480 Net income $ 18,591 $ 17,274 $ 50,435 $ 43,611 Return on sales 9% 9% 8% 8% Return on average shareholders' equity 17% 19% 16% 17% Average common shares outstanding (000's) 36,208 35,861 36,251 35,267 Average common shares and common share equivalents (000's) 36,843 37,049 37,063 36,385 Per share: Basic earnings $ .51 $ .48 $ 1.39 $ 1.24 Diluted earnings $ .50 $ .47 $ 1.36 $ 1.20 Dividends paid $ .16 $ .155 $ .48 $ .465
CONSOLIDATED BALANCE SHEET
July 31, October 31, 2005 2004 ----------- ----------- Cash and marketable securities $ 99,672 $ 60,579 Receivables 156,509 175,013 Inventories 90,530 85,330 Other current assets 45,919 43,350 Total current assets 392,630 364,272 Property, plant & equipment - net 109,429 111,607 Other assets 367,164 364,669 $ 869,223 $ 840,548 Notes payable and debt due within one year $ 68,233 $ 27,591 Accounts payable and accrued liabilities 164,197 169,319 Total current liabilities 232,430 196,910 Long-term debt 101,420 148,033 Other liabilities 103,148 92,272 Total shareholders' equity 432,225 403,333 $ 869,223 $ 840,548 Other information: Employees 3,641 3,544 Common shares outstanding (000's) 36,312 36,279
THIRD QUARTER PERIOD NORDSON CORPORATION Period Ending July 31, 2005 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands)
Third Quarter % Growth over 2004 ----------------------- ------------------------------------ SALES BY BUSINESS SEGMENT 2005 2004 Volume Currency Total - ----------------------------------- ---------- ---------- ---------- ---------- ---------- Adhesive dispensing & nonwoven fiber systems $ 119,093 $ 123,665 -6.3% 2.6% -3.7% Finishing & coating systems 32,514 32,227 -1.2% 2.1% 0.9% Advanced technology systems 49,963 42,057 18.5% 0.3% 18.8% Total sales by business segment $ 201,570 $ 197,949 -0.2% 2.0% 1.8%
Year-to-Date % Growth over 2004 ----------------------- ------------------------------------ SALES BY BUSINESS SEGMENT 2005 2004 Volume Currency Total - ----------------------------------- ---------- ---------- ---------- ---------- ---------- Adhesive dispensing & nonwoven fiber systems $ 359,988 $ 351,563 -1.0% 3.4% 2.4% Finishing & coating systems 101,058 90,567 8.9% 2.7% 11.6% Advanced technology systems 138,313 123,061 11.6% 0.8% 12.4% Total sales by business segment $ 599,359 $ 565,191 3.3% 2.7% 6.0%
Third Quarter Year-to-Date ----------------------- ----------------------- OPERATING PROFIT BY BUSINESS SEGMENT 2005 2004 2005 2004 - ------------------------------------ ---------- ---------- ---------- ---------- Adhesive dispensing & nonwoven fiber systems $ 22,439 $ 24,924 $ 64,956 $ 64,593 Finishing & coating systems (530) (143) 432 (440) Advanced technology systems 11,067 8,556 27,411 24,448 Corporate (4,948) (4,484) (12,843) (13,481) Total operating profit by business segment $ 28,028 $ 28,853 $ 79,956 $ 75,120
Third Quarter % Growth over 2004 ----------------------- ------------------------------------ SALES BY GEOGRAPHIC REGION 2005 2004 Volume Currency Total - ----------------------------------- ---------- ---------- ---------- ---------- ---------- United States $ 66,236 $ 66,205 - - - Americas 14,156 15,107 -9.7% 3.4% -6.3% Europe 72,086 74,953 -7.2% 3.4% -3.8% Japan 20,369 18,601 7.9% 1.6% 9.5% Asia Pacific 28,723 23,083 21.5% 2.9% 24.4% Total Sales by Geographic Region $ 201,570 $ 197,949 -0.2% 2.0% 1.8%
Year-to-Date % Growth over 2004 ----------------------- ------------------------------------ SALES BY GEOGRAPHIC REGION 2005 2004 Volume Currency Total - ----------------------------------- ---------- ---------- ---------- ---------- ---------- United States $ 198,172 $ 188,551 5.1% - 5.1% Americas 42,340 37,439 9.8% 3.3% 13.1% Europe 219,488 214,753 -3.2% 5.4% 2.2% Japan 62,133 58,237 4.5% 2.2% 6.7% Asia Pacific 77,226 66,211 14.6% 2.0% 16.6% Total Sales by Geographic Region $ 599,359 $ 565,191 3.3% 2.7% 6.0%
Third Quarter Year-to-Date ----------------------- ----------------------- SELECTED SUPPLEMENTAL INFORMATION 2005 2004 2005 2004 - ----------------------------------- ---------- ---------- ---------- ---------- Depreciation and amortization $ 6,335 $ 6,358 $ 19,117 $ 20,152 Capital expenditures $ 2,387 $ 2,186 $ 10,718 $ 7,059 Dividends paid $ 5,795 $ 5,539 $ 17,409 $ 16,341
SOURCE Nordson Corporation -0- 08/23/2005 /CONTACT: Derrick Johnson, Director, Corporate Communications of Nordson Corporation, +1-440-414-5639, or E-mail, djohnson@nordson.com / /Web site: http://www.nordson.com/ - - -----END PRIVACY-ENHANCED MESSAGE-----