-----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, QgF0vOyb0P+HBG2n8cygbNLK4vebqRisb4HvjYqmJeBXisSVPEkvoq7yCZBWJCM6 g04tbqnLIZLFV0zHjYC6jQ== 0001275287-07-000977.txt : 20070227 0001275287-07-000977.hdr.sgml : 20070227 20070227172329 ACCESSION NUMBER: 0001275287-07-000977 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070227 DATE AS OF CHANGE: 20070227 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: 07654330 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 nc9109.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, 2007 NORDSON CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) OHIO 0-7977 34-0590250 - ------------------------------- ------------ ------------------- (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) file number) Identification No.) 28601 Clemens Road, Westlake, Ohio 44145 ---------------------------------------- ---------- (Address of principal executive offices) (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, 2007, Nordson Corporation issued a press release relating to its results of operations for the first quarter of fiscal 2007. 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, 2007. 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, 2007 Nordson Corporation By: /s/ Peter S. Hellman ------------------------------ President, Chief Financial and Administrative Officer Page 3 Form 8-K Exhibit Index Exhibit Number - ------- 99.1 Press release of Nordson Corporation dated as of February 27, 2007. Page 4 EX-99.1 2 nc9109ex991.txt EXHIBIT 99.1 Exhibit 99.1 NEWS RELEASE NORDSON CORPORATION 28601 Clemens Road Westlake, Ohio 44145-1119 FOR IMMEDIATE RELEASE NORDSON CORPORATION ANNOUNCES RECORD FIRST QUARTER SALES o Worldwide First-Quarter Sales Reach Record $203.9 Million o Acquisition of Dage Fuels 14 Percent Volume Growth in Advanced Technology Systems Sales WESTLAKE, Ohio - February 27, 2007 - Nordson Corporation (Nasdaq:NDSN) today announced record sales for the first quarter, which ended January 31, 2007. Worldwide sales for the quarter were $203.9 million, a 3 percent increase compared with sales from continuing operations of $197.4 million for the same period of 2006. Sales growth in the first quarter consisted of 3 percent from the acquisition of Dage Holdings, which was completed on December 14, 2006, and 3 percent from favorable currency effects; organic volume was down 3 percent. On a diluted basis, earnings per share for the quarter were $.46, as compared with $.52 from continuing operations for the same period of 2006. Current year earnings per share include a charge of approximately $.05 per share for the impact of purchase accounting and financing costs related to the acquisition of Dage. First-quarter sales volume for the Advanced Technology Systems segment grew by 14 percent over the prior year period; Dage revenue was responsible for most of the increase. Volume was down 3 percent in the Adhesive Dispensing Systems segment and 10 percent in the Finishing and Coating Systems segment. On a geographic basis, sales volume for the first quarter was up 14 percent in the Asia Pacific region and 1 percent in Europe. Volume was down 3 percent in the United States, 6 percent in the Americas and 9 percent in Japan. --more-- Nordson Corporation Announces First Quarter Earnings February 27, 2007 Page 2 of 6 Backlog at the end of the first quarter was approximately $101 million, up more than $32 million since the beginning of the fiscal year, calculated at constant exchange rates. "After a slow start to the fiscal year, I am encouraged by the rebound in orders we've seen in the past eight weeks in all three business segments," said Edward P. Campbell, chairman and chief executive officer. "In the eight-week period ending February 16, 2007, order volume is up 13 percent over the prior year, including the impact of the Dage acquisition. By segment, order volume is up 26 percent in Advanced Technology Systems, 23 percent in Finishing and Coating Systems and 5 percent in Adhesive Dispensing Systems." "I also am pleased with the market opportunities and volume growth Dage brought to our Advanced Technology Systems segment," Campbell said. "Since the time of acquisition through February 16, 2007, Dage order volume is up 14 percent from the same period of last year. Additionally, our end-market product diversification within this segment has helped moderate the impact of the deceleration of sales taking place across certain segments of the global technology industry." Nordson will broadcast its first quarter conference call on the investor relations page of its Web site, www.nordson.com, on Wednesday, February 28, 2007 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, 2007 Page 3 of 6 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 used for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has more than 3,800 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 Announces First Quarter Earnings February 27, 2007 Page 4 of 6 FIRST QUARTER PERIOD Period Ending January 31, 2007 (Unaudited) NORDSON CORPORATION ------------------- FINANCIAL HIGHLIGHTS (Dollars in thousands except for per-share amounts) CONSOLIDATED STATEMENT OF INCOME - -------------------------------- First Quarter --------------------------- 2007 2006 ------------ ------------ Net sales $ 203,875 $ 197,351 Cost of sales 86,214 83,336 Selling & administrative expenses 89,395 83,623 ------------ ------------ Operating profit 28,266 30,392 Interest expense - net (3,814) (3,307) Other income (expense) - net (1,069) (705) ------------ ------------ Income before income taxes 23,383 26,380 Income taxes 7,826 8,827 ------------ ------------ Income from continuing operations 15,557 17,553 Loss from discontinued operations, net of tax - (1,486) ------------ ------------ Net income $ 15,557 $ 16,067 ============ ============ Continuing operations return on sales 8% 9% Continuing operations return on average shareholders' equity 14% 21% Average common shares outstanding (000's) 33,383 33,002 Average common shares and common share equivalents (000's) 34,117 33,847 Per share: Basic earnings from continuing operations $ .47 $ .53 Basic earnings from discontinued operations - (.04) ------------ ------------ Total $ .47 $ .49 ============ ============ Diluted earnings from continuing operations $ .46 $ .52 Diluted earnings from discontinued operations - (.05) ------------ ------------ Total $ .46 $ .47 ============ ============ Dividends paid $ .175 $ .165 Nordson Corporation Announces First Quarter Earnings February 27, 2007 Page 5 of 6 FIRST QUARTER PERIOD Period Ending January 31, 2007 (Unaudited) CONSOLIDATED BALANCE SHEET - -------------------------- January 31 October 31, 2007 2006 ------------ ------------ Cash and marketable securities $ 29,787 $ 48,868 Receivables 181,129 190,459 Inventories 114,096 83,688 Other current assets 27,782 24,289 ------------ ------------ Total current assets 352,794 347,304 Property, plant & equipment - net 113,774 105,415 Other assets 573,006 370,171 ------------ ------------ $ 1,039,574 $ 822,890 ============ ============ Notes payable and debt due within one year $ 269,499 $ 70,188 Accounts payable and accrued liabilities 147,593 171,137 ------------ ------------ Total current liabilities 417,092 241,325 Long-term debt 47,130 47,130 Other liabilities 124,639 103,907 Total shareholders' equity 450,713 430,528 ------------ ------------ $ 1,039,574 $ 822,890 ============ ============ Other information: Employees 3,866 3,645 Common shares outstanding (000's) 33,684 33,411 Nordson Corporation Announces First Quarter Earnings February 27, 2007 Page 6 of 6 FIRST QUARTER PERIOD Period Ending January 31, 2007 (Unaudited) NORDSON CORPORATION ------------------- FINANCIAL HIGHLIGHTS (Dollars in thousands)
First Quarter % Growth over 2006 --------------------------- -------------------------------------------- SALES BY BUSINESS SEGMENT 2007 2006 Volume Currency Total - ----------------------------------- ------------ ------------ ------------ ------------ ------------ Adhesive dispensing systems $ 114,379 $ 113,447 -3.4% 4.2% 0.8% Finishing & coating systems 29,816 32,150 -9.9% 2.6% -7.3% Advanced technology systems 59,680 51,754 13.6% 1.7% 15.3% ------------ ------------ Total sales by business segment $ 203,875 $ 197,351 0.0% 3.3% 3.3% ============ ============ ============ ============ ============
First Quarter --------------------------- OPERATING PROFIT BY BUSINESS SEGMENT 2007 2006 - ------------------------------------ ------------ ------------ Adhesive dispensing systems $ 22,428 $ 23,425 Finishing & coating systems 148 (978) Advanced technology systems 8,235 10,996 Corporate (2,545) (3,051) ------------ ------------ Total operating profit by business segment $ 28,266 $ 30,392 ============ ============
First Quarter % Growth over 2006 --------------------------- -------------------------------------------- SALES BY GEOGRAPHIC REGION 2007 2006 Volume Currency Total - ----------------------------------- ------------ ------------ ------------ ------------ ------------ United States $ 64,291 $ 66,152 -2.8% 0.0% -2.8% Americas 14,796 15,712 -5.6% -0.2% -5.8% Europe 76,842 70,205 0.9% 8.6% 9.5% Japan 17,103 18,819 -8.5% -0.6% -9.1% Asia Pacific 30,843 26,463 14.3% 2.3% 16.6% ------------ ------------ Total Sales by Geographic Region $ 203,875 $ 197,351 0.0% 3.3% 3.3% ============ ============ ============ ============ ============
First Quarter --------------------------- SELECTED SUPPLEMENTAL INFORMATION 2007 2006 - --------------------------------- ------------ ------------ Depreciation and amortization $ 6,093 $ 5,518 Capital expenditures $ 8,656 $ 4,540 Dividends paid $ 5,839 $ 5,455 -----END PRIVACY-ENHANCED MESSAGE-----