-----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, Va+z8Dn0GTyG/46ike5lG36y2yg2/swWuYRGbeA1Gr66EakJ6aKOw6pw4CZwhCsT 665xzuVVW9JkX1lDxbWWyg== 0001275287-06-001108.txt : 20060227 0001275287-06-001108.hdr.sgml : 20060227 20060227172630 ACCESSION NUMBER: 0001275287-06-001108 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060227 DATE AS OF CHANGE: 20060227 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: 06647688 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 nc4591.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): February 27, 2006 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 February 27, 2006, Nordson Corporation issued a press release relating to its results of operations for the first quarter of fiscal 2006. A copy is attached as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits d.) Exhibits 99.1 Press release of Nordson Corporation dated February 27, 2006. Page 2 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: February 27, 2006 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 February 27, 2006. Page 3 EX-99.1 2 nc4591ex991.txt EXHIBIT 99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE NORDSON CORPORATION ANNOUNCES FIRST QUARTER EARNINGS; EARNINGS PER SHARE INCREASE BY 21 PERCENT o First quarter 2006 represents records for sales, earnings and earnings per share o Sales volume increased 24 percent in Advanced Technology Systems segment o Asia Pacific and United States sales volumes increased 14 percent and 10 percent, respectively WESTLAKE, Ohio - February 27, 2006 - Nordson Corporation (Nasdaq:NDSN) today announced record sales and earnings for the first quarter, which ended January 31, 2006. On a diluted basis, earnings per share for the quarter were $.47 compared with $.39 for the same period of 2005, a 21 percent increase. Included in first quarter operating expenses was a $982,000 charge, or $.02 per share, related to the adoption of new accounting guidelines for the expensing of stock options. In addition, charges related to the restructuring of the Finishing and Coating Systems segment amounted to $1.2 million, or $.02 per share. Worldwide sales for the first quarter of 2006 were $197.5 million, a 4 percent increase compared with sales of $190.2 million for the same period of 2005. Volume gains of 7 percent were offset by unfavorable currency effects of 3 percent. First quarter sales volume for the company's Advanced Technology Systems segment grew by 24 percent over the prior year period while the Adhesive Dispensing and Nonwoven Fiber Systems segment increased volume by 3 percent. Sales volume for the Finishing and Coating Systems segment was approximately equal to one year ago. On a geographic basis, sales volume for the first quarter was up 10 percent in the United States, 5 percent in the Americas and 6 percent in Europe. Volume was up 14 percent in the Asia Pacific region and down 4 percent in Japan. - more - Nordson Corporation Announces First Quarter Earnings February 27, 2006 Page 2 of 5 Backlog at the end of the first quarter was approximately $100 million, up more than $20 million since the beginning of the fiscal year, calculated at actual exchange rates. "Our Advanced Technology Systems segment continues to generate exceptional results, with sales volume growth in the first quarter being broadly distributed across all businesses within this segment," said Edward P. Campbell, chairman and chief executive officer. "We are encouraged by the improving business environment in our Adhesive Dispensing segment. When excluding the Fiber Systems business, sales volume for the segment was up 5 percent, which was driven by improvement in our Packaging Systems business in the United States and Europe," Campbell said. "In addition, higher gross margins within the Adhesive Dispensing segment contributed to improved overall operating margins, with the operating profit rate for the quarter reaching 14.3 percent compared to 12.5 percent a year ago." Nordson will broadcast its first quarter conference call on the investor relations page of its Web site, www.nordson.com, on Tuesday, February 28, 2006 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, by calling (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. A summary of sales, income and earnings is presented in the attached tables. - more - Nordson Corporation Announces First Quarter Earnings February 27, 2006 Page 3 of 5 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. # # # Contact: Derrick Johnson, Director, Corporate Communications Phone: (440) 414-5639 E-mail: djohnson@nordson.com NORDSON CORPORATION ------------------- FINANCIAL HIGHLIGHTS (Dollars in thousands except for per-share amounts) FIRST QUARTER PERIOD Period ending January 31, 2006 (Unaudited) CONSOLIDATED STATEMENT OF INCOME - -------------------------------- First Quarter ------------------------- 2006 2005 ----------- ----------- Net sales $ 197,452 $ 190,166 Cost of sales 83,654 83,625 Selling and administrative expenses 85,601 82,791 ----------- ----------- Operating profit 28,197 23,750 Interest expense - net (3,279) (2,950) Other income - net (707) 483 ----------- ----------- Income before income taxes 24,211 21,283 Income taxes 8,144 6,917 ----------- ----------- Net income $ 16,067 $ 14,366 =========== =========== Return on sales 8% 8% Return on average shareholders' equity 19% 14% Per share data Average common shares outstanding (000's) 33,002 36,226 Average common shares and common share equivalents (000's) 33,847 37,200 Per share: Basic earnings $ .49 $ .40 Diluted earnings $ .47 $ .39 Dividends paid $ .165 $ .16 CONSOLIDATED BALANCE SHEET - -------------------------- January 31, October 30, 2006 2005 ----------- ----------- Cash and marketable securities $ 17,981 $ 11,484 Receivables 151,539 181,660 Inventories 92,936 81,868 Other current assets 37,865 36,704 ----------- ----------- Total current assets 300,321 311,716 Property, plant and equipment - net 111,263 110,531 Other assets 365,397 366,279 ----------- ----------- $ 776,981 $ 788,526 =========== =========== Notes payable and debt due within one year $ 59,891 $ 72,079 Accounts payable and accrued liabilities 152,403 177,995 ----------- ----------- Total current liabilities 212,294 250,074 Long-term debt 101,420 101,420 Other liabilities 102,039 106,120 Total shareholders' equity 361,228 330,912 ----------- ----------- $ 776,981 $ 788,526 =========== =========== Other information: Employees 3,665 3,653 Common shares outstanding (000's) 33,467 32,911 NORDSON CORPORATION ------------------- FINANCIAL HIGHLIGHTS (Dollars in thousands) FIRST QUARTER PERIOD Period ending January 31, 2006 (Unaudited)
First Quarter % Growth over 2005 ------------------------- --------------------------------------- SALES BY BUSINESS SEGMENT 2006 2005 Volume Currency Total - -------------------------------------------------- ----------- ----------- ----------- ----------- ----------- Adhesive dispensing & nonwoven fiber systems $ 113,548 $ 114,962 3.1% -4.3% -1.2% Finishing & coating systems 32,150 33,130 -0.4% -2.6% -3.0% Advanced technology systems 51,754 42,074 24.3% -1.3% 23.0% ----------- ----------- Total sales by business segment $ 197,452 $ 190,166 7.2% -3.4% 3.8% =========== =========== =========== =========== ===========
First Quarter ------------------------- OPERATING PROFIT BY BUSINESS SEGMENT 2006 2005 - -------------------------------------------------- ----------- ----------- Adhesive dispensing & nonwoven fiber systems $ 21,554 $ 18,343 Finishing & coating systems (886) 619 Advanced technology systems 11,154 6,938 Corporate (3,625) (2,150) ----------- ----------- Total operating profit by business segment $ 28,197 $ 23,750 =========== ===========
First Quarter % Growth over 2005 ------------------------- --------------------------------------- SALES BY GEOGRAPHIC REGION 2006 2005 Volume Currency Total - -------------------------------------------------- ----------- ----------- ----------- ----------- ----------- United States $ 66,218 $ 60,285 9.8% 0.0% 9.8% Americas 15,713 14,554 5.3% 2.7% 8.0% Europe 70,220 70,828 6.3% -7.2% -0.9% Japan 18,819 21,469 -3.7% -8.6% -12.3% Asia Pacific 26,482 23,030 14.2% 0.8% 15.0% ----------- ----------- Total sales by geographic region $ 197,452 $ 190,166 7.2% -3.4% 3.8% =========== =========== =========== =========== ===========
First Quarter ------------------------- SELECTED SUPPLEMENTAL INFORMATION 2006 2005 - -------------------------------------------------- ----------- ----------- Depreciation and amortization $ 6,062 $ 6,387 Capital expenditures $ 4,531 $ 3,136 Dividends paid $ 5,455 $ 5,800 -----END PRIVACY-ENHANCED MESSAGE-----