EX-99.3 5 d246250dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

Unaudited Pro Forma Financial Information

On July 15, 2011, Nordson Corporation (“Nordson” or the “Company”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with VP Acquisition Holdings, Inc., a Delaware corporation (“Value Plastics”), the security holders of Value Plastics and American Capital, Ltd., in its capacity as the security holder representative, pursuant to which Nordson agreed to acquire all of the capital stock of Value Plastics. The acquisition closed on August 26, 2011, and, pursuant to the terms of the Purchase Agreement, Nordson purchased 100% of the outstanding shares of Value Plastics for an aggregate purchase price of approximately $258,379,000. The entire purchase price was paid in cash and was financed using proceeds from $75 million notes payable, $133 million from an existing line of credit and $50 million of existing available cash. In connection with the acquisition of Value Plastics, Nordson incurred transaction costs of approximately $375 thousand.

The following unaudited pro forma condensed combined financial statements and related notes combine the historical consolidated balance sheets and statements of income of Nordson and Value Plastics. The unaudited pro forma condensed combined balance sheet gives effect to the acquisition as if it had occurred on July 31, 2011 and combines Nordson’s July 31, 2011 unaudited consolidated balance sheet with Value Plastics’ June 30, 2011 unaudited consolidated balance sheet. The unaudited pro forma condensed combined statement of income for the nine months ended July 31, 2011 gives effect to the acquisition as if it had occurred on November 1, 2009, the first day of Nordson’s 2010 fiscal year, and combines Nordson’s unaudited consolidated statement of income for the nine months ended July 31, 2011 with Value Plastics’ unaudited consolidated statements of income for the nine months ended June 30, 2011. The unaudited pro forma condensed combined statement of income for the fiscal year ended October 31, 2010 also gives effect to the acquisition as if it had occurred on November 1, 2009 and combines Nordson’s audited consolidated statement of income for the year ended October 31, 2010 with Value Plastics’ unaudited consolidated statement of income for the twelve month period ended October 31, 2010. Prior to completion of the acquisition on August 26, 2011, Value Plastics’ fiscal year end was December 31.

Value Plastics’ most recent available unaudited interim financial statements prior to the acquisition were for the six months ended June 30, 2011. In order to present a pro forma statement of income for a comparable period to that of the Company, it was necessary to combine Value Plastics’ unaudited results of income for the six months ended June 30, 2011 with their unaudited results of income for the three months ended December 31, 2010. Accordingly, the accompanying pro forma statements of income present results for overlapping periods. The period for the one month ended October 31, 2010 is presented as the first month in the nine months ended July 31, 2011 unaudited pro forma statement of income and the last month in the twelve months ended October 31, 2010 unaudited pro forma statements of income (referred to herein as the “overlap period”). Note 6 contains a schedule showing an unaudited condensed combined statement of income for Value Plastics for the one month ended October 31, 2010, combined with the unaudited condensed combined statement of income for the eleven months ended September 30, 2010, to produce operating results for the twelve months ended October 31, 2010.

The historical consolidated financial information of Nordson and Value Plastics has been adjusted in the unaudited pro forma condensed combined financial statements to give effect to pro forma events that are (1) directly attributable to the acquisition, (2) factually supportable, and (3), with respect to the statements of income, expected to have a continuing impact on the combined results. The unaudited pro forma condensed combined financial information should be read in conjunction with the accompanying notes to the unaudited pro forma condensed combined financial statements. In addition, the unaudited pro forma financial statements and notes thereto should be read in conjunction with the consolidated annual financial statements of Nordson filed with the Securities and Exchange Commission in its Annual Report on Form 10-K for the year ended October 31, 2010, Nordson’s Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2011, and Value Plastics’ consolidated financial statements and the related footnotes included in this Current Report on Form 8-K/A.

The unaudited pro forma condensed combined financial information has been presented for illustrative purposes only and is not intended to represent or be indicative of what the combined company’s financial position or results of income actually would have been had the acquisition been completed as of the dates indicated. In addition, the unaudited pro forma condensed combined financial information does not purport to project the future financial position or operating results of the combined company. The unaudited pro forma condensed combined financial information does not include the impacts of any revenue, cost or other operating synergies that may result from the Value Plastics acquisition or any related restructuring costs.

 

1


Nordson Corporation

Unaudited Pro Forma Condensed Combined Balance Sheet

As of July 31, 2011

(In thousands, except for per share data)

 

   

Nordson Corporation

(a)

   

Value Plastics

(b)

   

Pro Forma Adjustments

(c)

    Note Ref.   Pro Forma Combined  

Assets

         

Current assets:

         

Cash and cash equivalents

  $ 69,057      $ 1,875      $ (50,375   (1)(10)   $ 20,557   

Receivables — net

    259,847        2,657        (52   (2)     262,452   

Inventories — net

    137,792        2,525        4,575      (3)     144,892   

Deferred income taxes

    35,659        —          (1,501   (8)     34,158   

Prepaid expenses

    8,809        217        —            9,026   
 

 

 

   

 

 

   

 

 

     

 

 

 

Total current assets

    511,164        7,274        (47,353       471,085   

Property, plant and equipment — net

    124,304        5,446        138      (4)     129,888   

Goodwill

    369,607        25,793        151,152      (5)     546,552   

Intangible assets — net

    49,481        25,013        49,707      (6)     124,201   

Other assets

    29,888        542        (542   (8)     29,888   
 

 

 

   

 

 

   

 

 

     

 

 

 
  $ 1,084,444      $ 64,068      $ 153,102        $ 1,301,614   
 

 

 

   

 

 

   

 

 

     

 

 

 

Liabilities and shareholders’ equity

         

Current liabilities:

         

Notes payable

  $ 381      $ —        $ —          $ 381   

Accounts payable

    42,433        271        (52   (2)     42,652   

Income taxes payable

    18,206        —          —            18,206   

Accrued liabilities

    96,872        910        —            97,782   

Customer advance payments

    15,004        —          —            15,004   

Current maturities of long-term debt

    111        119        —            230   

Current obligations under capital leases

    4,234        —          —            4,234   
 

 

 

   

 

 

   

 

 

     

 

 

 

Total current liabilities

    177,241        1,300        (52       178,489   

Long-term debt

    51,838        24,335        184,044      (7)     260,217   

Pension and retirement obligations

    105,813        —          —            105,813   

Deferred income taxes

    19,750        —          7,918      (8)     27,668   

Other liabilities

    83,995        —          —            83,995   

Shareholders’ equity:

         

Common shares (49,011 shares issued at October 31, 2010 and 2009)

    12,253        45,050        (45,050   (9)     12,253   

Capital in excess of stated value

    271,298        1,244        (1,244   (9)     271,298   

Retained earnings

    943,942        (7,861     7,486      (9)(10)     943,567   

Accumulated other comprehensive loss

    (49,016     —          —            (49,016

Common shares in treasury, at cost

    (532,670     —          —            (532,670
 

 

 

   

 

 

   

 

 

     

 

 

 

Total shareholders’ equity

    645,807        38,433        (38,808       645,432   
 

 

 

   

 

 

   

 

 

     

 

 

 
  $ 1,084,444      $ 64,068      $ 153,102        $ 1,301,614   
 

 

 

   

 

 

   

 

 

     

 

 

 

See accompanying note three to the unaudited pro forma condensed combined financial statements.

 

2


Nordson Corporation

Unaudited Pro Forma Condensed Combined Statement of Income

For the Nine Months Ended July 31, 2011

(In thousands, except for per share data)

 

   

Nordson Corporation

(a)

   

Value Plastics

(b)

   

Pro Forma Adjustments

(c)

    Note
Ref.
  Pro Forma Combined  

Sales

  $ 902,141      $ 20,081      $ (492   (1)   $ 921,730   

Operating costs and expenses:

         

Cost of sales

    350,168        5,318        (119   (1)     355,367   

Selling and administrative expenses

    315,365        9,810        (1,186   (2)(3)     323,989   
 

 

 

   

 

 

   

 

 

     

 

 

 
    665,533        15,128        (1,305       679,356   
 

 

 

   

 

 

   

 

 

     

 

 

 

Operating profit

    236,608        4,953        813          242,374   

Other income (expense):

         

Interest expense

    (3,560     (2,584     (1,681   (4)     (7,825

Interest and investment income

    430        —          —            430   

Other — net

    2,896        12        —            2,908   
 

 

 

   

 

 

   

 

 

     

 

 

 
    (234     (2,572     (1,681       (4,487
 

 

 

   

 

 

   

 

 

     

 

 

 

Income (loss) before income taxes

    236,374        2,381        (868       237,887   

Income taxes

    68,685        810        (330   (5)     69,165   
 

 

 

   

 

 

   

 

 

     

 

 

 

Net income (loss)

  $ 167,689      $ 1,571      $ (538     $ 168,722   
 

 

 

   

 

 

   

 

 

     

 

 

 

Average common shares

    67,998              67,998   

Incremental common shares attributable to outstanding stock options, nonvested stock and deferred stock-based compensation

    864              864   
 

 

 

         

 

 

 

Average common shares and common share equivalents

    68,862              68,862   
 

 

 

         

 

 

 

Basic earnings (loss) per share

  $ 2.47            $ 2.48   

Diluted earnings (loss) per share

  $ 2.44            $ 2.45   

Dividends declared per common share

  $ 0.315            $ 0.315   

See accompanying note four to the unaudited pro forma condensed combined financial statements.

 

3


Nordson Corporation

Unaudited Pro Forma Condensed Combined Statement of Income

For the Year Ended October 31, 2010

(In thousands, except for per share data)

 

   

Nordson Corporation

(a)

   

Value Plastics

(b)

   

Pro Forma Adjustments

(c)

    Note
Ref.
  Pro Forma Combined  

Sales

  $ 1,041,551      $ 26,258      $ (530   (1)   $ 1,067,279   

Operating costs and expenses:

         

Cost of sales

    419,937        6,576        (171   (1)     426,342   

Selling and administrative expenses

    384,752        12,195        (1,636   (2)(3)     395,311   

Severance and restructuring costs

    2,029        —          —            2,029   
 

 

 

   

 

 

   

 

 

     

 

 

 
    806,718        18,771        (1,807       823,682   
 

 

 

   

 

 

   

 

 

     

 

 

 

Operating profit

    234,833        7,487        1,277          243,597   

Other income (expense):

         

Interest expense

    (6,263     (3,585     (2,364   (4)     (12,212

Interest and investment income

    819        —          —            819   

Other — net

    1,930        12        —            1,942   
 

 

 

   

 

 

   

 

 

     

 

 

 
    (3,514     (3,573     (2,364       (9,451
 

 

 

   

 

 

   

 

 

     

 

 

 

Income (loss) before income taxes

    231,319        3,914        (1,087       234,146   

Income tax provision:

         

Current

    36,441        —          (2,790   (5)     33,651   

Deferred

    26,830        1,531        2,377      (5)     30,738   
 

 

 

   

 

 

   

 

 

     

 

 

 
    63,271        1,531        (413       64,389   
 

 

 

   

 

 

   

 

 

     

 

 

 

Net income (loss)

  $ 168,048      $ 2,383      $ (674     $ 169,757   
 

 

 

   

 

 

   

 

 

     

 

 

 

Average common shares

    33,805              33,805   

Incremental common shares attributable to outstanding stock options, nonvested stock and deferred stock-based compensation

    416              416   
 

 

 

         

 

 

 

Average common shares and common share equivalents

    34,221              34,221   
 

 

 

         

 

 

 

Basic earnings (loss) per share

  $ 4.97            $ 5.02   

Diluted earnings (loss) per share

  $ 4.91            $ 4.96   

Dividends declared per common share

  $ 0.78            $ 0.78   

See accompanying note five to the unaudited pro forma condensed combined financial statements.

 

4


Notes to Unaudited Pro Forma Condensed Combined Financial Data

(Dollar Amounts are Presented in Thousands)

(1) Sources and Uses of Funds

Set forth below are the estimated sources and uses of funds reflected in the Value Plastics acquisition.

 

Sources

    

Uses

 

Notes payable

   $ 75,000      

Cash Price

   $ 258,379   

Existing line of credit

     133,379      

Transaction Fees

     375   

Cash

     50,375         
  

 

 

       

 

 

 

Total Sources

   $ 258,754      

Total Uses

   $ 258,754   
  

 

 

       

 

 

 

(2) Purchase Price

The estimated purchase price and the allocation of the estimated purchase price discussed below are preliminary. The acquisition date fair value of the consideration transferred, which consisted solely of cash, was $258,379, and is subject to certain post-closing adjustments. As noted above, the allocation of the purchase price is preliminary, and a final determination of required adjustments will be made based upon an independent appraisal of the fair value of related long-lived tangible and intangible assets and the determination of the fair value of certain other acquired assets and liabilities. The following is a preliminary estimate of the purchase price of Value Plastics:

 

Cash paid

   $ 50,000   

Existing line of credit

     133,379   

Notes Payable

     75,000   
  

 

 

 

Total estimated preliminary purchase price

   $ 258,379   
  

 

 

 

The following table summarizes the purchase price allocation adjustments of the assets acquired and liabilities assumed as if the acquisition date was July 31, 2011. The final allocation of the purchase price will be determined at a later date and is dependent on a number of factors, including the final evaluation of the fair value of our tangible and identifiable intangible assets acquired and liabilities assumed. An independent third-party appraiser assisted in performing a preliminary valuation of these assets, and upon a final valuation the purchase price allocation will be adjusted. Such final adjustments, including increases to depreciation and amortization resulting from the allocation of purchase price to amortizable tangible and intangible assets, may be material. Adjustments to the fair value of tangible and identifiable intangible assets acquired and liabilities assumed will impact the value of goodwill recognized in the transaction, and the adjustment to goodwill may be material. For illustrative purposes, the preliminary allocation of the purchase price to the fair value of Value Plastics’ assets acquired and liabilities assuming the acquisition date was July 31, 2011 is presented as follows:

 

Estimated carrying value of net assets (a)

   $ 3,991   

Fair value of intangible assets

     74,720   

Fair value of property, plant and equipment

     5,584   

Fair value of inventory

     7,100   

Transaction related goodwill adjustment

     176,945   

Net deferred tax liability on fair value adjustments

     (9,961
  

 

 

 
   $ 258,379   
  

 

 

 

 

a. Management believes the historical carrying amounts approximate fair value for these items except for those line items separated below

 

5


Notes to Unaudited Pro Forma Condensed Combined Financial Data

(Dollar Amounts are Presented in Thousands)

 

In accordance with the accounting guidance on business combinations, acquisition-related transaction costs and certain acquisition restructuring and related charges are not included as a component of consideration transferred but are required to be expensed as incurred. The unaudited pro forma condensed combined balance sheet reflects the $375 of anticipated acquisition-related transaction costs of both companies as a reduction of cash with a corresponding decrease in retained earnings.

(3) Description of Pro Forma Adjustments, as presented on the July 31, 2011 Balance Sheet

 

a. This column represents the historical unaudited consolidated balance sheet of Nordson as of July 31, 2011.

 

b. This column represents the historical unaudited consolidated balance sheet of Value Plastics as of June 30, 2011. Certain reclassifications have been made to conform to Nordson’s presentation.

 

c. This column represents the purchase price adjustments for the acquisition of Value Plastics as follows:

 

  (1) Represents adjustments to cash relating to the following:

 

Estimated cash portion of purchase consideration

   $ 50,000   

Estimated acquisition-related transaction costs of Nordson

     375   
  

 

 

 
   $ 50,375   
  

 

 

 

 

  (2) Represents the elimination of intercompany receivables and payables.

 

  (3) Represents the adjustment of historical amount of Value Plastics’ inventories to their estimated fair values. The pro forma condensed combined statement of income excludes the impact on cost of sales of the increase in fair value of inventory, as this is a non-recurring item.

 

  (4) Represents the elimination of historical accumulated depreciation and the adjustment of fixed asset carrying values to their fair market values based upon preliminary valuations.

 

  (5) Eliminates goodwill recorded in the historical financial statements of Value Plastics and records the preliminary fair value of goodwill resulting from the pro forma allocation of the purchase price as if the acquisition had occurred using pro forma balances. Goodwill resulting from the acquisition is not amortized and will be assessed for impairment at least annually in accordance with applicable accounting guidance on goodwill.

 

  (6) Represents the preliminary allocation of purchase price to identifiable intangible assets for trademarks and trade names ($15,400), technology and know-how ($18,500), restrictive covenants ($420), and customer contracts and related relationships ($40,400), less previously recognized intangible assets.

 

  (7) Represents the addition of $208,379 in borrowings that was used by Nordson to finance a portion of the transaction, with a portion of the borrowings used immediately to extinguish all outstanding debt of Value Plastics. The unaudited pro forma condensed combined balance sheet does not assume a reduction in interest based on anticipated principal repayments.

 

6


Notes to Unaudited Pro Forma Condensed Combined Financial Data

(Dollar Amounts are Presented in Thousands)

 

  (8) Records the net deferred tax liability related to the step up in the fair values of assets acquired (including identifiable intangible assets) and liabilities assumed and reclassifies non-current deferred tax assets and current deferred liabilities recorded in Nordson’s historical financial statements using the U.S. statutory income tax rate of 35% adjusted for state taxes.

 

Net deferred tax liabilities resulting from purchase price allocation

   $ 9,961   

Reclassify non-current deferred tax asset

     (542

Reclassify current deferred tax liability

     (1,501
  

 

 

 

Total pro forma adjustment

   $ 7,918   
  

 

 

 

 

  (9) Eliminates Value Plastics historical shareholders’ equity.

 

  (10) Reflects adjustments to retained earnings for the following:

 

Eliminate Value Plastic historical retained earnings

  $ 7,861   

To record estimated non-recurring cost for acquisition related transaction costs

    (375
 

 

 

 
  $ 7,486   
 

 

 

 

(4) Description of Pro Forma Adjustments, as presented on the July 31, 2011 Statement of Income

 

  a. This column represents the historical unaudited consolidated statement of income of Nordson for the nine months ended July 31, 2011.

 

  b. This column represents the historical unaudited consolidated statement of income of Value Plastics for the nine months ended June 30, 2011. This statement of income contains an overlapping period for the one month ended October 31, 2010 with the statement of income for the year ended October 31, 2010.

 

  c. This column represents the purchase price adjustments for the acquisition of Value Plastics as follows:

 

  (1) To record the elimination of intercompany sales ($492) and cost of sales ($119).

 

  (2) To record pro forma depreciation expense of $15 resulting from the change in basis of acquired identifiable property plant and equipment.

 

  (3) To record pro forma amortization expense of $2,872 on the portion of the purchase price allocated to intangible assets, less $4,073 of historical amortization expense, as follows:

 

     Preliminary Fair
Value
     Estimated Useful
Life (years)
     Estimated
Amortization (i)
 

Trademark / Trade Name Asset

   $ 15,400         20       $ 578   

Technology and Know-how

     18,500         15         925   

Restrictive Covenants

     420         2         158   

Customer Contracts and Related Relationships

     40,400         25         1,212   
  

 

 

       

 

 

 
   $ 74,720          $ 2,872   
  

 

 

       

 

 

 

 

7


Notes to Unaudited Pro Forma Condensed Combined Financial Data

(Dollar Amounts are Presented in Thousands)

 

  (i) Amortization expense has been calculated using the straight-line method over the estimated useful life.

 

  (4) To record the increased interest as of July 31, 2011 on the debt being incurred to finance the transaction, as discussed in footnote 1 above. Interest expense on the existing line of credit of $133,379 was estimated at $530 for the period using an interest rate of .53%, the interest rate on the revolving credit facility on the date of the drawdown. Interest on the notes payable of $75,000 was estimated to be $1,151 for the period using an interest rate of 2.21%. The unaudited pro forma condensed combined statement of income assumes a reduction in interest based on contractually required principal repayments of $5,555 at the beginning of the period but does not adjust for any anticipated principal payments.

 

  (5) Represents the federal and state income tax effect of the pro forma adjustments calculated using the U.S. statutory income tax rate of 35% adjusted for state taxes. The tax adjustment reflects the impact of combining Nordson’s historical financial statements with Value Plastics’ results of operations and adjusting income before taxes for purchase accounting adjustments primarily related to expenses associated with incremental debt to finance the acquisition, increased depreciation on acquired property plant and equipment, and amortization resulting from the estimated fair value adjustments to intangible assets.

(5) Description of Pro Forma Adjustments, as presented on the October 31, 2010 Statement of Income

 

  a. This column represents the historical unaudited consolidated statement of income of Nordson for the nine months ended July 31, 2011.

 

  b. This column represents the historical unaudited consolidated statement of income of Value Plastics for the nine months ended June 30, 2011. This statement of income contains an overlapping period for the one month ended October 31, 2010 with the statement of income for the nine months ended July 31, 2011.

 

  c. This column represents the purchase price adjustments for the acquisition of Value Plastics as follows:

 

  (1) To record the elimination of intercompany sales of ($530) and cost of sales ($171).

 

  (2) To record pro forma depreciation expense of $21 resulting from the change in basis of acquired identifiable property plant and equipment.

 

  (3) To record pro forma amortization expense of $3,829 on the portion of the purchase price allocated to intangible assets, less $5,486 of historical amortization expense, as follows:

 

     Preliminary
Fair Value
     Estimated Useful
Life (years)
     Estimated
Amortization (i)
 

Trademark / Trade Name Asset

   $ 15,400         20       $ 770   

Technology and Know-how

     18,500         15         1,233   

Restrictive Covenants

     420         2         210   

Customer Contracts and Related Relationships

     40,400         25         1,616   
  

 

 

       

 

 

 
   $ 74,720          $ 3,829   
  

 

 

       

 

 

 

 

  (i) Amortization expense has been calculated using the straight-line method over the estimated useful life.

 

  (4)

To record the increased interest as of October 31, 2010 on the debt being incurred to finance the transaction, as discussed in footnote 1 above. Interest expense on the existing line of credit of $133,379 was estimated at $707 for the period using an interest rate of .53%, the interest rate on the revolving credit facility on the date of the

 

8


Notes to Unaudited Pro Forma Condensed Combined Financial Data

(Dollar Amounts are Presented in Thousands)

 

  drawdown. Interest on the notes payable of $75,000 was estimated to be $1,657 for the period using an interest rate of 2.21%. The unaudited pro forma condensed combined statement of income does not assume a reduction in interest based on any anticipated principal payments.

 

  (5) Represents the federal and state income tax effect of the pro forma adjustments calculated using the U.S. statutory income tax rate of 35% adjusted for state taxes. The tax adjustment reflects the impact of combining Nordson’s historical financial statements with Value Plastics’ results of operations and adjusting income before taxes for purchase accounting adjustments primarily related to expenses associated with incremental debt to finance the acquisition, increased depreciation on acquired property plant and equipment, and amortization resulting from the estimated fair value adjustments to intangible assets.

 

9


Notes to Unaudited Pro Forma Condensed Combined Financial Data

(Dollar Amounts are Presented in Thousands)

 

(6) Value Plastics unaudited consolidated financial data for overlapping period

The unaudited pro forma condensed combined statement of income for the twelve months ended October 31, 2010 was prepared as if the acquisition had taken place on November 1, 2009. The unaudited pro forma condensed combined statement of income for the nine months ended July 31, 2011 was also prepared as if the acquisition had taken place on November 1, 2009. The statements are intended to show the impact the acquisition with Value Plastics would have had on the last full fiscal year of income and through the latest reported fiscal quarter’s income, had Value Plastics been operating as one of the Company’s business subsidiaries during these periods.

Prior to completion of the acquisition on August 26, 2011, Value Plastics’ fiscal year end was December 31. Value Plastics’ most recent available unaudited interim financial statements prior to the acquisition were for the six months ended June 30, 2011. In order to present a pro forma statement of income for a comparable period to that of Nordson, it was necessary to combine Value Plastics’ unaudited results of income for the six months ended June 30, 2011 with their unaudited results of income for the three months ended December 31, 2010. Accordingly, the accompanying pro forma statements of income present results of overlapping periods. The overlapping period of the month ended October 31 is presented as the first month in the nine months ended July 31, 2011 unaudited pro forma statement of income and the last month in the twelve months ended October 31, 2010 unaudited pro forma statements of income. The following schedule presents the unaudited results for the period of overlap, reconciled to the twelve months ended October 31, 2010:

Value Plastics

Unaudited condensed combined statement of income for the twelve months ended Oct 31, 2010

 

    Historical Balances (a)        
    11 months
September 30, 2010
    1 month
October 31, 2010
    Combined 12 months  

Sales

  $ 24,019      $ 2,239      $ 26,258   

Operating costs and expenses:

     

Cost of sales

    5,952        624        6,576   

Selling and administrative expenses

    11,187        1,008        12,195   
 

 

 

   

 

 

   

 

 

 
    17,139        1,632        18,771   
 

 

 

   

 

 

   

 

 

 

Operating profit

    6,880        607        7,487   

Other income (expense):

     

Interest expense

    (3,284     (301     (3,585

Other — net

    9        3        12   
 

 

 

   

 

 

   

 

 

 
    (3,275     (298     (3,573
 

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    3,605        309        3,914   

Income tax expense

    1,412        119        1,531   
 

 

 

   

 

 

   

 

 

 

Net income (loss)

  $ 2,193      $ 190      $ 2,383   
 

 

 

   

 

 

   

 

 

 

(a) – Certain reclassifications have been made to conform to Nordson’s presentation.

 

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