-----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, CtXxOhGVu2yzwIl/d48G7H+EyzKYMLi5ATRrVEoA4fs2J0UslDf2k0XpG7yydyKL FTpVlllkWeBN2bVwn/wpQg== 0000891092-04-000936.txt : 20040225 0000891092-04-000936.hdr.sgml : 20040225 20040225085438 ACCESSION NUMBER: 0000891092-04-000936 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040225 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040225 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: 04626154 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 e17035_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 25, 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) Page 1 Item 7. Financial Statements, Pro Forma Financial Information and Exhibits c.) Exhibits Press release of Nordson Corporation dated February 25, 2004. Item 12. Results of Operations and Financial Condition On February 25, 2004, Nordson Corporation issued a press release relating to its results of operations for the first quarter of 2004. A copy is attached as Exhibit 99. 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 25, 2004 Nordson Corporation By: /s/ Peter S. Hellman ----------------------------------------- Executive Vice 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 February 25, 2004. Page 3 EX-99 3 e17035ex99.txt PRESS RELEASE Exhibit 99 Nordson's First-Quarter Earnings Per Share Up 80 Percent; Earnings Set Record As Company Begins 50th Anniversary Year WESTLAKE, Ohio, Feb. 25 /PRNewswire-FirstCall/ -- Nordson Corporation (Nasdaq: NDSN) today announced sales and record earnings for the first quarter, which ended February 1, 2004. On a diluted basis, earnings per share for the quarter were $.27 compared with $.15 for the same period of 2003, an 80 percent increase. Worldwide sales for the first quarter of 2004 were $170.6 million, a 17 percent increase compared with sales of $145.3 million for the same period of 2003. Volume gains were 10 percent, with the remainder traced to currency effects associated with a weaker U.S. dollar. Sales volume for the company's Advanced Technology businesses grew by 21 percent during the quarter while the Adhesive Systems segment increased volume by 11 percent. Nordson's Finishing Systems group experienced a 5 percent volume decline. Sales volume was up 43 percent in Nordson's Pacific South region, 10 percent in Europe and 6 percent in North America. Sales volume in Japan reflected a 9 percent decrease. Backlog at the end of the first quarter was $81 million, up approximately $20 million since the beginning of the year. "Sales in our Advanced Technology and Adhesive Systems business segments benefited from the early stages of economic recovery in North America as well as accelerated growth in Asia, contributing to a record setting first-quarter performance," stated Edward P. Campbell, president and chief executive officer. "We are encouraged by the increase in new orders and continue to see signs that the demand for capital equipment will remain strong," Campbell added. Nordson will broadcast its first-quarter conference call on the investor relations page of the company's Web site, www.nordson.com , on Wednesday, February 25, 2004, at 11:30 a.m. EST. For those 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, now in its 50th year of operation, is the world's leading producer of precision dispensing equipment used to apply adhesives, sealants and coatings to a broad range of consumer and industrial products during manufacturing operations, helping customers meet quality, productivity and environmental targets. The company also manufactures technology-based systems for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has direct operations in 30 countries and 3,500 employees worldwide. A summary of sales, income and earnings is presented in the attached tables. Contact: Bruce Waffen Phone: (440) 414-5610 E-mail: bwaffen@nordson.com NORDSON CORPORATION FINANCIAL HIGHLIGHTS (Dollars in thousands except for per share amounts) FIRST QUARTER PERIOD Period ending February 1, 2004 (Unaudited) CONSOLIDATED STATEMENT OF INCOME First Quarter 2004 2003 Net sales $170,640 $145,323 Cost of sales 77,767 66,066 Selling and administrative expenses 74,733 68,119 Severance and restructuring costs - 22 Operating profit 18,140 11,116 Interest expense - net (3,815) (4,399) Other income - net 99 730 Income before income taxes 14,424 7,447 Income taxes 4,760 2,458 Net income $9,664 $4,989 Return on sales 6% 3% Return on average shareholders' equity 12% 7% Per share data Average common shares outstanding (000's) 34,568 33,662 Average common shares and common share equivalents (000's) 35,632 33,820 Per share: Basic earnings $.28 $.15 Diluted earnings $.27 $.15 Dividends paid $.155 $.15 FIRST QUARTER PERIOD Period ending February 1, 2004 (Unaudited) CONSOLIDATED BALANCE SHEET February 1, November 2, 2004 2003 Cash and marketable securities $16,924 $6,972 Receivables 145,468 151,740 Inventories 79,929 78,557 Other current assets 41,745 40,101 Total current assets 284,066 277,370 Property, plant and equipment - net 114,008 115,255 Other assets 372,976 374,181 $771,050 $766,806 Notes payable and debt due within one year $35,435 $67,324 Accounts payable and accrued liabilities 137,691 144,338 Total current liabilities 173,126 211,662 Long-term debt 172,683 172,619 Other liabilities 85,444 82,416 Total shareholders' equity 339,797 300,109 $771,050 $766,806 Other information: Employees 3,481 3,483 Common shares outstanding (000's) 35,231 34,035 FIRST QUARTER PERIOD Period ending February 1, 2004 (Unaudited) NORDSON CORPORATION FINANCIAL HIGHLIGHTS (Dollars in thousands) First Quarter % Growth over 2003 SALES BY BUSINESS SEGMENT 2004 2003 Volume Currency Total Adhesive dispensing & nonwoven fiber systems $106,101 $87,878 10.9% 9.8% 20.7% Coating & finishing systems 29,200 28,974 -5.2% 6.0% 0.8% Advanced technology systems 35,339 28,471 20.8% 3.3% 24.1% Total sales by business segment $170,640 $145,323 9.6% 7.8% 17.4% First Quarter OPERATING PROFIT BY BUSINESS SEGMENT 2004 2003 Adhesive dispensing & nonwoven fiber systems $14,802 $10,377 Coating & finishing systems 569 112 Advanced technology systems 4,999 2,023 Corporate (2,230) (1,396) Total operating profit by business segment $18,140 $11,116 First Quarter % Growth over 2003 SALES BY GEOGRAPHIC REGION 2004 2003 Volume Currency Total North America $62,310 $58,153 5.9% 1.2% 7.1% Europe 65,875 52,528 9.6% 15.8% 25.4% Japan 18,072 17,918 -9.4% 10.3% 0.9% Pacific South 24,383 16,724 42.9% 2.9% 45.8% Total sales by geographic region $170,640 $145,323 9.6% 7.8% 17.4% SELECTED SUPPLEMENTAL First Quarter INFORMATION 2004 2003 Depreciation and amortization $7,060 $7,048 Capital expenditures $2,504 $992 Dividends paid $5,351 $5,038 SOURCE Nordson Corporation -0- 02/25/2004 /CONTACT: Bruce Waffen of Nordson Corporation, +1-440-414-5610, or bwaffen@nordson.com / /Web site: http://www.nordson.com / (NDSN) CO: Nordson Corporation ST: Ohio IN: CST MAC SU: ERN CCA MAV -----END PRIVACY-ENHANCED MESSAGE-----