EX-99 2 l12303aexv99.htm EX-99 PRESS RELEASE OF NORDSON CORPORATION DATED FEB. 22, 2005 EX-99 Press Release of Nordson Corp. Dated 2/22/05
 

Exhibit 99

(LOGO)

FOR IMMEDIATE RELEASE

NORDSON CORPORATION ANNOUNCES FIRST — QUARTER EARNINGS;
SALES AND EARNINGS CONTINUE TO SET RECORD HIGHS

WESTLAKE, Ohio — Feb. 22, 2005 — Nordson Corporation (Nasdaq-NDSN) today announced record sales and earnings for the first quarter, which ended January 30, 2005. On a diluted basis, earnings per share for the quarter were $.39 compared with $.27 for the same period of 2004, a 44 percent increase.

Worldwide sales for the first quarter of 2005 were $190 million, an 11 percent increase compared with sales of $171 million for the same period of 2004. Volume gains were 8 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 16 percent during the quarter while the Adhesive Dispensing Systems segment increased volume by 4 percent. Nordson’s Finishing Systems segment increased its volume by 12 percent.

On a geographic basis, sales volume for the first quarter was up 4 percent in the United States and 50 percent in the Americas. Sales volume in Europe declined less than 1 percent, while volume was up 16 percent in Japan and 18 percent in the Asia Pacific Region.

Backlog at the end of the first quarter was approximately $88 million, up more than $10 million since the beginning of the fiscal year.

-more-

 


 

Nordson Corporation — February 22, 2005, page 2 of 4

“We are pleased with first-quarter performance. The tempo of business activity in our Advanced Technology segment, coupled with strong activity in Asia across all business segments, contributed significantly to the increase in sales and earnings for the quarter,” said Edward P. Campbell, Nordson Chairman and Chief Executive Officer.

“Although we have experienced a softening in year-to-year order comparisons over the last two months, our outlook remains positive. We expect that sales volume growth for the full year will be in the 5 percent to 6 percent range, exclusive of acquisitions,” 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 23, 2005, at 8:30 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 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 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:
Phone:
E-mail:
  Derrick Johnson, Director, Corporate Communications
(440) 414-5639 (direct)
djohnson@nordson.com

NNR: 0507

 


 

     
FIRST QUARTER PERIOD
Period ending January 30, 2005
(Unaudited)
  NORDSON CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands except for per-share amounts)
 
CONSOLIDATED STATEMENT OF INCOME    
                 
    First Quarter  
    2005     2004  
 
               
Net sales
  $ 190,166     $ 170,640  
Cost of sales
    83,625       77,767  
Selling and administrative expenses
    82,791       74,733  
 
           
 
               
Operating profit
    23,750       18,140  
 
               
Interest expense — net
    (2,950 )     (3,815 )
Other income — net
    483       99  
 
           
 
               
Income before income taxes
    21,283       14,424  
Income taxes
    6,917       4,760  
 
           
 
               
Net income
  $ 14,366     $ 9,664  
 
           
 
               
Return on sales
    8 %     6 %
Return on average shareholders’ equity
    14 %     12 %
 
               
 
               
 
               
Per share data
               
 
               
Average common shares outstanding (000’s)
    36,226       34,568  
Average common shares and
common share equivalents (000’s)
    37,200       35,632  
 
               
Per share:
               
 
               
Basic earnings
  $ .40     $ .28  
Diluted earnings
  $ .39     $ .27  
 
               
Dividends paid
  $ .16     $ .155  
 
               
 
               
FIRST QUARTER PERIOD
               
Period ending January 30, 2005
               
(Unaudited)
               
 
CONSOLIDATED BALANCE SHEET
  January 30,   October 31,
 
    2005       2004  
 
           
Cash and marketable securities
  $ 62,622     $ 60,579  
Receivables
    171,221       175,013  
Inventories
    88,409       85,330  
Other current assets
    45,882       43,350  
 
           
Total current assets
    368,134       364,272  
 
               
Property, plant and equipment — net
    112,524       111,607  
Other assets
    365,203       364,669  
 
           
 
  $ 845,861     $ 840,548  
 
           
 
               
Notes payable and debt due within one year
  $ 30,621     $ 27,591  
Accounts payable and accrued liabilities
    139,408       169,319  
 
           
Total current liabilities
    170,029       196,910  
 
               
Long-term debt
    147,612       148,033  
Other liabilities
    102,491       92,272  
Total shareholders’ equity
    425,729       403,333  
 
           
 
  $ 845,861     $ 840,548  
 
           

 


 

                                         
Other information:
                 
 
Employees
    3,557       3,544    
 
Common shares outstanding (000’s)
    36,449       36,279    

FIRST QUARTER PERIOD
Period ending January 30, 2005
(Unaudited)

                                         
    First Quarter     % Growth over 2004  
SALES BY BUSINESS SEGMENT   2005     2004     Volume     Currency     Total  
 
                                       
Adhesive dispensing & nonwoven fiber systems
  $ 114,962     $ 106,101       3.8 %     4.6 %     8.4 %
Finishing & coating systems
    33,688       29,200       12.1 %     3.3 %     15.4 %
Advanced technology systems
    41,516       35,339       16.0 %     1.5 %     17.5 %
 
                                   
 
Total sales by business segment
  $ 190,166     $ 170,640       7.7 %     3.7 %     11.4 %
 
                             
 
                                       
 
    First Quarter                          
OPERATING PROFIT BY BUSINESS SEGMENT
    2005       2004                          
 
                                   
 
                                       
Adhesive dispensing & nonwoven fiber systems
  $ 18,343     $ 14,802                          
Finishing & coating systems
    695       569                          
Advanced technology systems
    6,862       4,999                          
Corporate
    (2,150 )     (2,230 )                        
 
                                   
 
                                       
Total operating profit by business segment
  $ 23,750     $ 18,140                          
 
                                   
 
    First Quarter     % Growth over 2004  
SALES BY GEOGRAPHIC REGION   2005     2004     Volume     Currency     Total  
 
United States
  $ 60,285     $ 57,913       4.1 %     0.0 %     4.1 %
Americas
    14,554       9,476       49.8 %     3.8 %     53.6 %
Europe
    70,828       65,875       -0.5 %     8.0 %     7.5 %
Japan
    21,469       18,072       16.0 %     2.8 %     18.8 %
Asia Pacific
    23,030       19,304       18.2 %     1.1 %     19.3 %
 
                                   
 
                                       
Total sales by geographic region
  $ 190,166     $ 170,640       7.7 %     3.7 %     11.4 %
 
                             
 
 
  First Quarter                          
SELECTED SUPPLEMENTAL INFORMATION
    2005       2004                          
 
                                   
 
                                       
Depreciation and amortization
  $ 6,387     $ 7,060                          
Capital expenditures
  $ 3,136     $ 2,504                          
Dividends paid
  $ 5,800     $ 5,351