Exhibit 99.1

Net earnings per Class A Nonvoting Common Share were $0.77 for the six-month period ended January 31, 2014 compared to $0.36 in the same six-month period last year. Earnings from continuing operations per diluted Class A Nonvoting Common Share were $0.55 for the six-month period ended January 31, 2014 compared to $0.30 in the same six-month period last year. Non-GAAP earnings from continuing operations per diluted Class A Nonvoting Common Share* were $0.69 in the six-month period ended January 31, 2014 and $0.89 per share in the six-month period ended January 31, 2013.

“Our Identification Solutions business continued its steady revenue performance in the second quarter with 2.5 percent organic sales growth and 15.8 percent growth including sales from the PDC acquisition. During the quarter, sales in our Workplace Safety platform were down 7.7 percent which was below our expectations. We have been accelerating investments in our Workplace Safety business to drive organic sales growth. These investments are aimed at improving our e-commerce capabilities, expanding our product offerings and enhancing our overall value proposition which has resulted in an increase in new customers for the group. While we are investing to increase our competitiveness, we are balancing our investments to ensure more profitable growth over the long term,” said Brady’s Chief Financial Officer and Interim President and Chief Executive Officer, Thomas J. Felmer. “We have seen improvements in our Asian and European Identification Solutions’ results and continue to see growth opportunities driven by our new product pipeline and increased focus on industries such as healthcare; food and beverage; chemical, oil and gas; and aerospace and mass transit.”

The Company anticipates organic sales from continuing operations to range from a slight contraction to low single-digit growth for the full year ending July 31, 2014. The Company anticipates its earnings from continuing operations per diluted Class A Nonvoting Common Share to range from $1.55 to $1.75, exclusive of restructuring charges. This guidance is based on current exchange rates, a full-year income tax rate in the mid-to-upper 20 percent range, depreciation and amortization of approximately $45 to $50 million, and approximately $22 million of restructuring charges in fiscal 2014. Our guidance also includes capital expenditures of approximately $40 million in fiscal 2014.

Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect premises, products and people. Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software, and precision die-cut materials. Founded in 1914, the company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, education, medical and a variety of other industries. Brady is headquartered in Milwaukee, Wisconsin and as of July 31, 2013, employed approximately 7,400 people in its worldwide businesses. Brady’s fiscal 2013 sales were approximately $1.15 billion. Brady stock trades on the

The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady's control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: Implementation of the Workplace Safety strategy; the length or severity of the current worldwide economic downturn or timing or strength of a subsequent recovery; future financial performance of major markets Brady serves, which include, without limitation, telecommunications, hard disk drive, manufacturing, electrical, construction, laboratory, education, governmental, public utility, computer, healthcare and transportation; future competition; changes in the supply of, or price for, parts and components; increased price pressure from suppliers and customers; Brady's ability to retain significant contracts and customers; fluctuations in currency rates versus the U.S. dollar; risks associated with international operations; difficulties associated with exports; risks associated with obtaining governmental approvals and maintaining regulatory compliance; Brady's ability to develop and successfully market new products; risks associated with identifying, completing, and integrating acquisitions; risks associated with divestitures and businesses held for sale; risks associated with restructuring plans; environmental, health and safety compliance costs and liabilities; risk associated with loss of key talent; risk associated with product liability claims; technology changes and potential security violations to the Company's information technology systems; Brady's ability to maintain compliance with its debt covenants; increase in our level of debt; potential write-offs of Brady's substantial intangible assets; unforeseen tax consequences; risk, associated with our ownership structure; and numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive, and regulatory nature contained from time to time in Brady's U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K for the year ended July 31, 2013.

(Dollars in thousands, except per share data



	(Unaudited)						(Unaudited)
	Three months ended January 31,						Six months ended January 31,
	2014			2013			2014			2013
Net sales	$	291,194		$	272,702		$	598,724		$	544,717
Cost of products sold	148,658			130,811			298,341			252,641
Gross margin	142,536			141,891			300,383			292,076
Operating expenses:
Research and development	8,440			8,213			17,027			16,100
Selling, general and administrative	111,426			109,948			224,159			209,010
Restructuring charges	4,324			1,933			11,163			1,933
Total operating expenses	124,190			120,094			252,349			227,043

Operating income	18,346			21,797			48,034			65,033

Other income and (expense):
Investment and other income	255			898			1,017			1,294
Interest expense	(3,676		)	(4,406		)	(7,397		)	(8,569		)

Earnings from continuing operations before income taxes	14,925			18,289			41,654			57,758

Income tax expense	4,408			28,960			13,002			42,138

Earnings (loss) from continuing operations	$	10,517		$	(10,671	)	$	28,652		$	15,620

Earnings from discontinued operations, net of income taxes	5,907			1,987			11,701			2,884

Net earnings (loss)	$	16,424		$	(8,684	)	$	40,353		$	18,504

Earnings (loss) from continuing operations per Class A Nonvoting Common Share:
Basic	$	0.20		$	(0.21	)	$	0.55		$	0.30
Diluted	$	0.20		$	(0.21	)	$	0.55		$	0.30

Earnings (loss) from continuing operations per Class B Voting Common Share:
Basic	$	0.20		$	(0.21	)	$	0.53		$	0.29
Diluted	$	0.20		$	(0.21	)	$	0.53		$	0.29

Earnings from discontinued operations per Class A Nonvoting Common Share:
Basic	$	0.11		$	0.04		$	0.22		$	0.06
Diluted	$	0.11		$	0.04		$	0.22		$	0.06

Earnings from discontinued operations per Class B Voting Common Share:
Basic	$	0.11		$	0.04		$	0.23		$	0.05
Diluted	$	0.11		$	0.04		$	0.22		$	0.05

Net earnings (loss) per Class A Nonvoting Common Share:
Basic	$	0.31		$	(0.17	)	$	0.77		$	0.36
Diluted	$	0.31		$	(0.17	)	$	0.77		$	0.36
Dividends	$	0.195		$	0.19		$	0.39		$	0.38

Net earnings (loss) per Class B Voting Common Share:
Basic	$	0.31		$	(0.17	)	$	0.76		$	0.34
Diluted	$	0.31		$	(0.17	)	$	0.75		$	0.34
Dividends	$	0.195		$	0.19		$	0.373		$	0.36

Weighted average common shares outstanding (in thousands):
Basic	52,208			51,177			52,140			51,108
Diluted	52,494			51,177			52,457			51,507



	(Unaudited)
	January 31, 2014			July 31, 2013
ASSETS
Current assets:
Cash and cash equivalents	$	79,116		$	91,058
Accounts receivable—net	168,037			169,261
Inventories:
Finished products	68,170			64,544
Work-in-process	16,077			14,776
Raw materials and supplies	19,869			15,387
Total inventories	104,116			94,707
Assets held for sale	124,508			119,864
Prepaid expenses and other current assets	44,120			37,600
Total current assets	519,897			512,490
Other assets:
Goodwill	615,404			617,236
Other intangible assets	146,859			156,851
Deferred income taxes	9,449			8,623
Other	21,915			21,325
Property, plant and equipment:
Cost:
Land	7,738			7,861
Buildings and improvements	92,886			91,471
Machinery and equipment	272,128			266,787
Construction in progress	15,931			11,842
	388,683			377,961
Less accumulated depreciation	264,167			255,803
Property, plant and equipment—net	124,516			122,158
Total	$	1,438,040		$	1,438,683
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Notes payable	$	23,946		$	50,613
Accounts payable	86,918			82,519
Wages and amounts withheld from employees	36,386			42,413
Liabilities held for sale	31,755			34,583
Taxes, other than income taxes	7,028			8,243
Accrued income taxes	5,383			7,056
Other current liabilities	36,971			36,806
Current maturities on long-term debt	61,264			61,264
Total current liabilities	289,651			323,497
Long-term obligations, less current maturities	203,063			201,150
Other liabilities	81,896			83,239
Total liabilities	574,610			607,886
Stockholders’ investment:
Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 48,828,416 and 48,408,544 shares, respectively	513			513
Class B voting common stock—Issued and outstanding, 3,538,628 shares	35			35
Additional paid-in capital	313,963			306,191
Earnings retained in the business	558,494			538,512
Treasury stock—2,353,071 and 2,626,276 shares, respectively of Class A nonvoting common stock, at cost	(64,346		)	(69,797		)
Accumulated other comprehensive income	54,427			56,063
Other	344			(720		)
Total stockholders’ investment	863,430			830,797
Total	$	1,438,040		$	1,438,683



	(Unaudited)
	Six months ended January 31,
	2014			2013
Operating activities:
Net earnings	$	40,353		$	18,504
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,342			22,046
Non-cash portion of stock-based compensation expense	4,377			6,868
Non-cash portion of restructuring charges	97			200
Loss on sales of businesses	—			3,138
Deferred income taxes	(2,402		)	26,050
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures):
Accounts receivable	(1,418		)	(5,418		)
Inventories	(8,754		)	(4,475		)
Prepaid expenses and other assets	(3,505		)	(2,772		)
Accounts payable and accrued liabilities	(7,263		)	(13,629		)
Income taxes	(2,050		)	(6,318		)
Net cash provided by operating activities	41,777			44,194

Investing activities:
Purchases of property, plant and equipment	(17,607		)	(15,667		)
Acquisition of business, net of cash acquired	—			(300,757		)
Sales of businesses, net of cash retained	—			10,178
Other	89			(549		)
Net cash used in investing activities	(17,518		)	(306,795		)

Financing activities:
Payment of dividends	(20,370		)	(19,499		)
Proceeds from issuance of common stock	10,894			4,409
Purchase of treasury stock	—			(5,121		)
Proceeds from borrowing on notes payable	—			220,000
Repayment of borrowing on notes payable	(30,000		)	(112,472		)
Proceeds from borrowings on line of credit	3,187			—
Income tax on the exercise of stock options and deferred compensation distributions, and other	(984		)	1,273
Net cash (used in) provided by financing activities	(37,273		)	88,590

Effect of exchange rate changes on cash	1,072			9,422

Net decrease in cash and cash equivalents	(11,942		)	(164,589		)
Cash and cash equivalents, beginning of period	91,058			305,900

Cash and cash equivalents, end of period	$	79,116		$	141,311

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net of capitalized interest	$	7,283		$	7,866
Income taxes, net of refunds	14,083			19,964
Acquisitions:
Fair value of assets acquired, net of cash	—			$	168,674
Liabilities assumed	—			(57,859		)
Goodwill	—			189,942
Net cash paid for acquisitions	—			$	300,757



	Three months ended January 31,						Six months ended January 31,
	2014			2013			2014			2013
SALES TO EXTERNAL CUSTOMERS
ID Solutions	$	194,732		$	168,234		$	404,278		$	330,627
Workplace Safety	96,462			104,468			194,446			214,090
Total	$	291,194		$	272,702		$	598,724		$	544,717

SALES INFORMATION
ID Solutions
Organic	2.5		%	1.8		%	2.9		%	1.4		%
Currency	(0.5		)%	(0.5		)%	(0.4		)%	(1.5		)%
Acquisitions	13.8		%	11.1		%	19.8		%	5.5		%
Total	15.8		%	12.4		%	22.3		%	5.4		%
Workplace Safety
Organic	(6.8		)%	(7.0		)%	(8.4		)%	(5.1		)%
Currency	(0.9		)%	0.4		%	(0.8		)%	(1.0		)%
Acquisitions	—%			5.1		%	—%			5.5		%
Total	(7.7		)%	(1.5		)%	(9.2		)%	(0.6		)%
Total Company
Organic	(1.1		)%	(1.8		)%	(1.6		)%	(1.3		)%
Currency	(0.6		)%	(0.1		)%	(0.5		)%	(1.3		)%
Acquisitions	8.5		%	8.6		%	12.0		%	5.5		%
Total	6.8		%	6.7		%	9.9		%	2.9		%

SEGMENT PROFIT
ID Solutions	$	37,526		$	34,643		$	88,493		$	79,223
Workplace Safety	14,668			23,600			33,042			51,429
Total	$	52,194		$	58,243		$	121,535		$	130,652
SEGMENT PROFIT AS A PERCENT OF SALES
ID Solutions	19.3		%	20.6		%	21.9		%	24.0		%
Workplace Safety	15.2		%	22.6		%	17.0		%	24.0		%
Total	17.9		%	21.4		%	20.3		%	24.0		%



	Fiscal 2014									Fiscal 2013
	Q1			Q2			Q2 YTD			Q1			Q2			Q2 YTD			Q3			Q4			Full Year

SALES TO EXTERNAL CUSTOMERS
Identification Solutions	$	209,546		$	194,732		$	404,278		$	162,393		$	168,234		$	330,627		$	197,417		$	211,071		$	739,115
Workplace Safety	97,984			96,462			194,446			109,622			104,468			214,090			105,066			99,521			418,677
Total Company	$	307,530		$	291,194		$	598,724		$	272,015		$	272,702		$	544,717		$	302,483		$	310,592		$	1,157,792

SALES INFORMATION
Identification Solutions
Organic	3.3		%	2.5		%	2.9		%	0.9		%	1.8		%	1.4		%	(1.9		)%	2.3		%	0.8		%
Currency	(0.3		)%	(0.5		)%	(0.4		)%	(2.4		)%	(0.5		)%	(1.5		)%	(1.0		)%	0.2		%	(1.0		)%
Acquisitions	26.0		%	13.8		%	19.8		%	0.4		%	11.1		%	5.5		%	25.3		%	28.2		%	16.3		%
Total	29.0		%	15.8		%	22.3		%	(1.1		)%	12.4		%	5.4		%	22.4		%	30.7		%	16.1		%

Workplace Safety
Organic	(10.0		)%	(6.8		)%	(8.4		)%	(3.3		)%	(7.0		)%	(5.1		)%	(9.0		)%	(8.6		)%	(7.0		)%
Currency	(0.6		)%	(0.9		)%	(0.8		)%	(2.3		)%	0.4		%	(1.0		)%	(1.1		)%	0.1		%	(0.7		)%
Acquisitions	—%			—%			—%			5.8		%	5.1		%	5.5		%	5.0		%	—%			4.0		%
Total	(10.6		)%	(7.7		)%	(9.2		)%	0.2		%	(1.5		)%	(0.6		)%	(5.1		)%	(8.5		)%	(3.7		)%

Total Company
Organic	(2.1		)%	(1.1		)%	(1.6		)%	(0.8		)%	(1.8		)%	(1.3		)%	(4.8		)%	(2.1		)%	(2.4		)%
Currency	(0.4		)%	(0.6		)%	(0.5		)%	(2.4		)%	(0.1		)%	(1.3		)%	(1.0		)%	0.1		%	(0.8		)%
Acquisitions	15.6		%	8.5		%	12.0		%	2.6		%	8.6		%	5.5		%	17.0		%	16.9		%	11.3		%
Total	13.1		%	6.8		%	9.9		%	(0.6		)%	6.7		%	2.9		%	11.2		%	14.9		%	8.1		%

SEGMENT PROFIT
Identification Solutions	$	50,967		$	37,526		$	88,493		$	44,581		$	34,643		$	79,223		$	46,787		$	48,379		$	174,390
Workplace Safety	18,374			14,668			33,042			27,829			23,600			51,429			23,453			20,359			95,241
Total Company	$	69,341		$	52,194		$	121,535		$	72,410		$	58,243		$	130,652		$	70,240		$	68,738		$	269,631

SEGMENT PROFIT AS PERCENT OF SALES
Identification Solutions	24.3		%	19.3		%	21.9		%	27.5		%	20.6		%	24.0		%	23.7		%	22.9		%	23.6		%
Workplace Safety	18.8		%	15.2		%	17.0		%	25.4		%	22.6		%	24.0		%	22.3		%	20.5		%	22.7		%
Total Company	22.5		%	17.9		%	20.3		%	26.6		%	21.4		%	24.0		%	23.2		%	22.1		%	23.3		%

Net Earnings Reconciliation
Total segment profit	$	69,341		$	52,194		$	121,535		$	72,410		$	58,243		$	130,652		$	70,240		$	68,738		$	269,631
Unallocated Amounts:
Administrative costs	(32,813		)	(29,524		)	(62,338		)	(29,173		)	(34,513		)	(63,686		)	(30,764		)	(27,242		)	(121,692		)
Restructuring charges	(6,839		)	(4,324		)	(11,163		)	—			(1,933		)	(1,933		)	(8,540		)	(15,573		)	(26,046		)
Impairment charges	—			—			—			—			—			—			—			(204,448		)	(204,448		)
Investment and other income	761			255			1,017			395			898			1,294			1,132			1,098			3,523
Interest expense	(3,721		)	(3,676		)	(7,397		)	(4,163		)	(4,406		)	(8,569		)	(4,186		)	(3,887		)	(16,642		)
Earnings (loss) from continuing operations before income taxes	$	26,729		$	14,925		$	41,654		$	39,469		$	18,289		$	57,758		$	27,882		$	(181,314	)	$	(95,674	)



In accordance with the U.S. Securities and Exchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure.


EBITDA from Continuing Operations
Brady is presenting EBITDA from Continuing Operations because it is used by many of our investors and lenders, and is presented as a convenience to them. EBITDA from Continuing Operations represents earnings (loss) from continuing operations before interest expense, income taxes, depreciation, amortization and impairment charges. EBITDA from Continuing Operations is not a calculation based on generally accepted accounting principles ("GAAP"). The amounts included in the EBITDA from Continuing Operations calculation, however, are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. EBITDA from Continuing Operations should not be considered as an alternative to net earnings or operating income as an indicator of the Company's operating performance, or as an alternative to net cash provided by operating activities as a measure of liquidity. The EBITDA from Continuing Operations measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.






			Fiscal 2014

			Q1		Q2			Q3		Q4			Total
EBITDA from Continuing Operations:
	Earnings from continuing operations		$	18,135	$	10,517							$	28,652
		Interest expense	3,721		3,676								7,397
		Income taxes	8,594		4,408								13,002
		Depreciation and amortization	10,878		11,464								22,342
	EBITDA from Continuing Operations (non-GAAP measure)		$	41,328	$	30,065							$	71,393


			Fiscal 2013

			Q1		Q2			Q3		Q4			Total
EBITDA from Continuing Operations:
	Earnings (loss) from continuing operations		$	26,291	$	(10,671	)	$	21,680	$	(175,557	)	$	(138,257	)
		Interest expense	4,163		4,406			4,186		3,886			16,641
		Income taxes	13,178		28,960			6,202		(5,757		)	42,583
		Depreciation and amortization	7,401		8,773			11,650		12,103			39,927
		Intangible asset write-down in restructuring charges	—		—			3,207		—			3,207
		Impairment charges	—		—			—		204,448			204,448
	EBITDA from Continuing Operations (non-GAAP measure)		$	51,033	$	31,468		$	46,925	$	39,123		$	168,549



EBITDA from Discontinued Operations
Brady is presenting EBITDA from Discontinued Operations because it is used by many of our investors and lenders, and is presented as a convenience to them. EBITDA from Discontinued Operations represents earnings (loss) from discontinued operations before interest expense, income taxes, depreciation, amortization, and impairment charges. EBITDA from Discontinued Operations is not a calculation based on generally accepted accounting principles ("GAAP"). The amounts included in the EBITDA from Discontinued Operations calculation, however, are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. EBITDA from Discontinued Operations should not be considered as an alternative to net earnings or operating income as an indicator of the Company's operating performance, or as an alternative to net cash provided by operating activities as a measure of liquidity. The EBITDA from Discontinued Operations measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.






			Fiscal 2014

			Q1		Q2			Q3			Q4			Total
EBITDA from Discontinued Operations:
	Earnings from discontinued operations		$	5,794	$	5,907								$	11,701
		Interest expense	—		—									—
		Income taxes	2,535		(1,475		)							1,060
		Depreciation and amortization	—		—									—
	EBITDA from Discontinued Operations (non-GAAP measure)		$	8,329	$	4,432								$	12,761


			Fiscal 2013

			Q1		Q2			Q3			Q4			Total
EBITDA from Discontinued Operations:
	Earnings (loss) from discontinued operations		$	897	$	1,987		$	(17,447	)	$	(1,714	)	$	(16,277	)
		Interest expense	—		—			—			—			—
		Income taxes	303		1,666			1,393			1,340			4,702
		Depreciation and amortization	2,991		2,881			2,926			—			8,798
		Loss on write-down of assets held for sale	—		—			15,658			—			15,658
	EBITDA from Discontinued Operations (non-GAAP measure)		$	4,191	$	6,534		$	2,530		$	(374	)	$	12,881



EBITDA:
Brady is presenting EBITDA because it is used by many of our investors and lenders, and is presented as a convenience to them. EBITDA represents net earnings (loss) before interest expense, income taxes, depreciation, amortization and impairment charges. EBITDA is not a calculation based on generally accepted accounting principles ("GAAP"). The amounts included in the EBITDA calculation, however, are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. EBITDA should not be considered as an alternative to net earnings or operating income as an indicator of the Company's operating performance, or as an alternative to net cash provided by operating activities as a measure of liquidity. The EBITDA measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.






			Fiscal 2014

			Q1		Q2			Q3		Q4			Total
EBITDA:
	Net earnings		$	23,929	$	16,424							$	40,353
		Interest expense	3,721		3,676								7,397
		Income taxes	11,129		2,933								14,062
		Depreciation and amortization	10,878		11,464								22,342
	EBITDA (non-GAAP measure)		$	49,657	$	34,497							$	84,154


			Fiscal 2013

			Q1		Q2			Q3		Q4			Total
EBITDA:
	Net earnings (loss)		$	27,188	$	(8,684	)	$	4,233	$	(177,271	)	$	(154,534	)
		Interest expense	4,163		4,406			4,186		3,886			16,641
		Income taxes	13,481		30,626			7,595		(4,417		)	47,285
		Depreciation and amortization	10,392		11,654			14,576		12,103			48,725
		Intangible asset write-down in restructuring charges	—		—			3,207		—			3,207
		Loss on write-down of assets held for sale	—		—			15,658		—			15,658
		Impairment charges	—		—			—		204,448			204,448
	EBITDA (non-GAAP measure)		$	55,224	$	38,002		$	49,455	$	38,749		$	181,430



Earnings from Continuing Operations Before Income Taxes Excluding Certain Items:
Brady is presenting the Non-GAAP measure "Earnings from Continuing Operations Before Income Taxes Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this Non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our sustainable results. We believe this profit measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of Earnings from Continuing Operations Before Income Taxes to Earnings from Continuing Operations Before Income Taxes Excluding Certain Items:





		Three Months Ended January 31,				Six Months Ended January 31,
		2014		2013		2014		2013
Earnings from Continuing Operations Before Income Taxes (GAAP Measure)		$	14,925	$	18,289	$	41,654	$	57,758
	Cost of goods sold:
Purchase accounting expense related to inventory		—		1,530		—		1,530
	Selling, general and administrative:
PDC acquisition-related expenses		—		3,600		—		3,600
	Restructuring charges	4,324		1,933		11,163		1,933
	Non-cash income tax charges related to PDC funding	—		—		—		—
Earnings from Continuing Operations Before Income Taxes Excluding Certain Items (non-GAAP measure)		$	19,249	$	25,352	$	52,817	$	64,821



Income Taxes on Continuing Operations Excluding Certain Items:
Brady is presenting the Non-GAAP measure "Income Taxes on Continuing Operations Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this Non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our sustainable results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of Income Taxes on Continuing Operations to Income Taxes on Continuing Operations Excluding Certain Items:


		Three Months Ended January 31,					Six Months Ended January 31,
		2014		2013			2014		2013
Income Taxes on Continuing Operations (GAAP measure)		$	4,408	$	28,960		$	13,002	$	42,138
	Cost of goods sold:
Purchase accounting expense related to inventory		—		581			—		581
	Selling, general and administrative:
PDC acquisition-related expenses		—		641			—		641
	Restructuring charges	1,481		617			3,611		617
	Non-cash income tax charges related to PDC funding	—		(25,000		)	—		(25,000		)
Income Taxes on Continuing Operations Excluding Certain Items (non-GAAP measure)		$	5,889	$	5,799		$	16,613	$	18,977



Net Earnings from Continuing Operations Excluding Certain Items:
Brady is presenting the Non-GAAP measure "Net Earnings from Continuing Operations Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this Non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our sustainable results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of Net Earnings from Continuing Operations to Net Earnings from Continuing Operations Excluding Certain Items:





		Three Months Ended January 31,					Six Months Ended January 31,
		2014		2013			2014		2013
Net Earnings (Loss) from Continuing Operations (GAAP measure)		$	10,517	$	(10,671	)	$	28,652	$	15,620
	Cost of goods sold:
Purchase accounting expense related to inventory		—		949			—		949
	Selling, general and administrative:
PDC acquisition-related expenses		—		2,959			—		2,959
	Restructuring charges	2,843		1,316			7,552		1,316
	Non-cash income tax charges related to PDC funding	—		25,000			—		25,000
Net Earnings from Continuing Operations Excluding Certain Items (non-GAAP measure)		$	13,360	$	19,553		$	36,204	$	45,844



Net Earnings from Continuing Operations Per Diluted Class A Nonvoting Common Share Excluding Certain Items:
Brady is presenting the Non-GAAP measure "Net Earnings from Continuing Operations Per Diluted Class A Nonvoting Common Share Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this Non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our sustainable results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of Net Earnings from Continuing Operations Per Diluted Class A Nonvoting Common Share to Net Earnings from Continuing Operations Per Diluted Class A Nonvoting Common Share Excluding Certain Items:


		Three Months Ended January 31,					Six Months Ended January 31,
		2014		2013			2014		2013
Net Earnings (Loss) from Continuing Operations Per Diluted Class A Nonvoting Common Share (GAAP measure)		$	0.20	$	(0.21	)	$	0.55	$	0.30
	Cost of goods sold:
Purchase accounting expense related to inventory		—		0.02			—		0.02
	Selling, general and administrative:
PDC acquisition-related expenses		—		0.06			—		0.06
	Restructuring charges	0.05		0.03			0.14		0.03
	Non-cash income tax charges related to PDC funding	—		0.49			—		0.49
Net Earnings from Continuing Operations Excluding Certain Items Per Diluted Class A Nonvoting Common Share (non-GAAP measure)		$	0.25	$	0.38		$	0.69	$	0.89