-----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, TmbWK7/c8mTgJBfYS3g/Grg16T5sFaW2WkGSgxEg/baXjhULA/y83NCKOBc5MilE MVZNDJZ+CVJQXs6aYqizTw== 0001144204-07-068142.txt : 20071218 0001144204-07-068142.hdr.sgml : 20071218 20071218170940 ACCESSION NUMBER: 0001144204-07-068142 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071218 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071218 DATE AS OF CHANGE: 20071218 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: 071313837 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 v097612_8k.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): December 18, 2007 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)) Page 1 Item 2.02. Results of Operations and Financial Condition On December 18, 2007, Nordson Corporation issued a press release relating to its results of operations for fourth quarter of fiscal 2007. A copy is attached as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits c.) Exhibits 99.1 Press release of Nordson Corporation dated December 18, 2007. 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: December 18, 2007 Nordson Corporation By: /s/ Peter S. Hellman --------------------- President, Chief Financial and Administrative Officer /s/ Gregory A. Thaxton ---------------------- Vice President, Controller Page 2 Form 8-K Exhibit Index Exhibit Number - ------- 99.1 Press release of Nordson Corporation dated as of December 18, 2007. Page 3 EX-99.1 2 v097612_ex99-1.txt [GRAPHIC OMITTED] FOR IMMEDIATE RELEASE Nordson Corporation Reports Record Fourth Quarter Sales and Operating Profit; Double Digit Growth Also Pushes Annual Sales to Record Level o Fourth Quarter Sales Grow 20.4 Percent to Record $290.8 Million o Fourth Quarter Operating Profit Grows 17.1 Percent o Fiscal Year 2007 Sales Grow 11.4 Percent to Record $993.6 Million o Outlook for Record First Quarter 2008 Revenue and EPS, with Each Growing at Least 20 Percent WWESTLAKE, Ohio, Dec. 18 /PRNewswire-FirstCall/ -- Nordson Corporation (Nasdaq: NDSN) today reported record sales and earnings for the fourth quarter which ended October 31, 2007. Sales for the fourth quarter reached $290.8 million, a 20.4 percent increase over sales for the same period of 2006. Acquisitions accounted for 11.6 percent of the increase and core volume added 4.4 percent, with the remainder coming from the effects of currency translation. On a diluted basis, fourth-quarter earnings per share were $.87, as compared to the prior year's $.87 from continuing operations and $.82 including discontinued operations. The current quarter's results include a charge of $.01 for short-term purchase accounting for acquired inventory. "We had a very strong finish to the year, with record fourth quarter sales and operating profit," said Chairman and Chief Executive Officer Edward P. Campbell. "We generated significant volume growth during the quarter in all segments and each geographic region, grew operating profit by 17 percent and, after normalizing the effect on last year's earnings of non-recurring tax benefits, grew earnings per share from continuing operations by 14 percent." -continued- Annual sales for the year, which ended October 31, 2007, reached a record $993.6 million, an 11.4 percent increase over sales of $892.2 million a year ago. Acquisitions accounted for 7.9 percent of the growth, currency accounted for 3.4 percent, and core growth accounted for 0.1 percent. Full year diluted earnings per share were $2.65 as compared to the prior year's $2.86 from continuing operations and $2.65 including discontinued operations. The current year's results include a charge of $.16 for short-term purchase accounting for acquired inventory. The effective tax rate in the current quarter is 33.2% as compared to the prior year's rate of 28.4% on continuing operations. The prior year rate benefited from certain non-recurring tax benefits. Excluding the $.16 short-term purchase accounting charge in the current year and applying the current year effective tax rate to prior year results, earnings per share from continuing operations increased 5.2 percent over 2006. Cash flow from operations for the year, less capital expenditures and dividends, was $77.9 million or 7.8 percent of sales. Campbell noted, "For the year, we achieved record sales and completed four acquisitions that bring us high performing businesses with market leading positions and significant technology. These new additions strengthen our base in important growth markets we have targeted for investment." Segment & Regional Results - -------------------------- All segments contributed solid volume growth in the quarter. The Advanced Technology Systems segment reported a sales volume gain of 38.7 percent. The Adhesive Dispensing Systems segment volume increased 9.5 percent, and Industrial Coating and Automotive Systems volume increased 5.2 percent. "I am very pleased with the excellent profitability the Adhesive Dispensing Systems segment delivered in the quarter and the continuing improvement in the profitability of the Industrial Coating and Automotive Systems segment, where full year operating profit margins improved from 5.9 percent to 9.6 percent," said Campbell. -continued- On a geographic basis, fourth quarter sales volume increased 26.5 percent in the Americas, 22.0 percent in Japan, 16.4 percent in Asia Pacific, 15.9 percent in Europe and 11.9 percent in the United States. Backlog and Outlook - ------------------- Backlog at year-end was approximately $98 million, compared with $72 million for the same period of the prior year. These backlog amounts are calculated at 2007 year-end exchange rates. "We finished 2007 with excellent momentum which should propel first quarter revenue and earnings per share to record levels. With the short term dampening effect of purchase accounting behind us and with many geographic markets continuing to show strength, we believe 2008 will be another record year for Nordson," said Campbell. For the first quarter of fiscal year 2008, sales are expected to grow between 21 and 25 percent over the same period a year ago. Diluted earnings per share are expected to be in the range of $.55 to $.64, compared to $.46 in the prior year's first quarter. Nordson will broadcast its fourth-quarter conference call on the investor relations page of its Web site, www.nordson.com, on Wednesday, December 19, 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, 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 filing with the Securities and Exchange Commission that could cause actual results to differ. -continued- 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 for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has more than 4,000 employees worldwide, and direct operations and sales support offices in 30 countries. ### Investor Contact: - ----------------- Barbara Price, Manager, Shareholder Relations (440) 414-5344 bprice@nordson.com Media Contact: - -------------- James R. Jaye, Director, Corporate Communications (440) 414-5639 jjaye@nordson.com A summary of sales, income and earnings is presented in the attached tables.
NORDSON CORPORATION FOURTH QUARTER PERIOD ------------------- Period Ending October 31, 2007 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands except for per-share amounts) CONSOLIDATED STATEMENT OF INCOME - -------------------------------- Fourth Quarter Year-to-Date 2007 2006 2007 2006 --------- --------- --------- --------- Net sales $ 290,768 $ 241,512 $ 993,649 $ 892,221 Cost of sales 131,166 102,088 439,804 379,800 Selling & administrative expenses 111,082 97,998 401,703 364,806 --------- --------- --------- --------- Operating profit 48,520 41,426 152,142 147,615 Interest expense - net (5,641) (2,022) (20,037) (10,150) Other income (expense) - net 1,376 (616) 3,617 (1,031) --------- --------- --------- --------- Income before income taxes 44,255 38,788 135,722 136,434 Income taxes 14,621 9,310 45,030 38,767 --------- --------- --------- --------- Income from continuing operations 29,634 29,478 90,692 97,667 Loss from discontinued operations, net of tax -- (1,692) -- (7,069) --------- --------- --------- --------- Net income $ 29,634 $ 27,786 $ 90,692 $ 90,598 ========= ========= ========= ========= Continuing operations return on sales 10% 12% 9% 11% Continuing operations return on average shareholders' equity 23% 28% 19% 26% - ----------------------------------------------------------------------------------------- Average common shares outstanding (000's) 33,624 33,390 33,547 33,365 Average common shares and common share equivalents (000's) 34,247 34,015 34,182 34,180 Per share: Basic earnings from continuing operations $ .88 $ .88 $ 2.70 $ 2.93 Basic earnings from discontinued operations -- (.05) -- (.21) Total $ .88 $ .83 $ 2.70 $ 2.72 --------- --------- --------- --------- Diluted earnings from continuing operations $ .87 $ .87 $ 2.65 $ 2.86 Diluted earnings from discontinued operations -- (.05) -- (.21) Total $ .87 $ .82 $ 2.65 $ 2.65 --------- --------- --------- --------- Dividends paid $ .175 $ .17 $ .70 $ .67 CONSOLIDATED BALANCE SHEET October 31 October 31 2007 2006 ---------- ---------- Cash and marketable securities $ 31,145 $ 48,868 Receivables 229,993 190,459 Inventories 119,650 83,688 Other current assets 29,136 24,289 ---------- ---------- Total current assets 409,924 347,304 Property, plant & equipment - net 132,917 105,415 Other assets 668,999 370,171 ---------- ---------- $1,211,840 $ 822,890 ========== ========== Notes payable and debt due within one year $ 324,099 $ 70,188 Accounts payable and accrued liabilities 185,815 171,137 ---------- ---------- Total current liabilities 509,914 241,325 Long-term debt 22,840 47,130 Other liabilities 147,969 103,907 Total shareholders' equity 531,117 430,528 ---------- ---------- $1,211,840 $ 822,890 ========== ========== - -------------------------------------------------------------------------------- Other information: Employees 4,089 3,645 Common shares outstanding (000's) 33,710 33,411 Total
NORDSON CORPORATION FOURTH QUARTER PERIOD ------------------- Period Ending October 31, 2007 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands except for per-share amounts) Fourth Quarter % Growth over 2006 SALES BY BUSINESS SEGMENT 2007 2006 Volume Currency Total - ------------------------- -------- -------- ------ -------- ----- Adhesive dispensing systems $148,119 $128,071 9.5% 6.2% 15.7% Industrial coating & automotive systems 55,919 51,428 5.2% 3.5% 8.7% Advanced technology systems 86,730 62,013 38.7% 1.2% 39.9% -------- -------- Total sales by business segment $290,768 $241,512 16.0% 4.4% 20.4% ======== ======== ==== === ==== Fourth Quarter OPERATING PROFIT BY BUSINESS SEGMENT 2007 2006 - ------------------------------------ -------- -------- Adhesive dispensing systems $ 35,708 $ 29,906 Industrial coating & automotive systems 7,150 7,209 Advanced technology systems 13,469 13,639 Corporate (7,807) (9,328) -------- -------- Total operating profit by business segment $ 48,520 $ 41,426 ======== ======== Fourth Quarter % Growth over 2006 SALES BY GEOGRAPHIC REGION 2007 2006 Volume Currency Total - -------------------------- -------- -------- ------ -------- ----- United States $ 87,457 $ 78,152 11.9% -- 11.9% Americas 20,597 15,668 26.5% 5.0% 31.5% Europe 105,442 84,029 15.9% 9.6% 25.5% Japan 33,086 26,830 22.0% 1.3% 23.3% Asia Pacific 44,186 36,833 16.4% 3.6% 20.0% -------- -------- Total Sales by Geographic Region $290,768 $241,512 16.0% 4.4% 20.4% ======== ======== ==== === ==== Fourth Quarter SELECTED SUPPLEMENTAL INFORMATION 2007 2006 - --------------------------------- -------- -------- Depreciation and amortization $ 7,607 $ 6,438 Capital expenditures $ 5,328 $ 3,010 Dividends paid $ 5,888 $ 5,689 Year-to-Date % Growth over 2006 SALES BY BUSINESS SEGMENT 2007 2006 Volume Currency Total - ------------------------- -------- -------- ------ -------- ----- Adhesive dispensing systems $509,568 $478,858 1.7% 4.7% 6.4% Industrial coating & automotive systems 183,362 174,105 2.7% 2.6% 5.3% Advanced technology systems 300,719 239,258 24.3% 1.4% 25.7% -------- -------- Total sales by business segment $993,649 $892,221 8.0% 3.4% 11.4% ======== ======== ==== === ==== Year-to-Date OPERATING PROFIT BY BUSINESS SEGMENT 2007 2006 - ------------------------------------ -------- -------- Adhesive dispensing systems $118,206 $109,018 Industrial coating & automotive systems 17,615 10,351 Advanced technology systems 40,480 56,976 Corporate (24,159) (28,730) -------- -------- Total operating profit by business segment $152,142 $147,615 ======== ======== Year-to-Date % Growth over 2006 SALES BY GEOGRAPHIC REGION 2007 2006 Volume Currency Total - -------------------------- -------- -------- ------ -------- ----- United States $304,834 $291,242 4.7% - 4.7% Americas 73,564 64,928 11.4% 1.9% 13.3% Europe 363,385 314,287 7.2% 8.4% 15.6% Japan 98,233 86,982 14.1% -1.2% 12.9% Asia Pacific 153,633 134,782 11.3% 2.7% 14.0% -------- -------- Total Sales by Geographic Region $993,649 $892,221 8.0% 3.4% 11.4% ======== ======== ==== === ==== Year-to-Date SELECTED SUPPLEMENTAL INFORMATION 2007 2006 - --------------------------------- -------- -------- Depreciation and amortization $ 27,933 $ 23,310 Capital expenditures $ 31,017 $ 13,610 Dividends paid $ 23,481 $ 22,372 -----END PRIVACY-ENHANCED MESSAGE-----