-----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, QXZySL1/dPt6BF1XPLhWnaD2qb+HNrfpH5SijybCRCmz/DViqE9YZLRkXupEgV4e 6c1fvLzM0E39Y066cOsuDA== 0000950124-00-007466.txt : 20001215 0000950124-00-007466.hdr.sgml : 20001215 ACCESSION NUMBER: 0000950124-00-007466 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001031 FILED AS OF DATE: 20001214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRADY CORP CENTRAL INDEX KEY: 0000746598 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS MANUFACTURING INDUSTRIES [3990] IRS NUMBER: 390178960 STATE OF INCORPORATION: WI FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-14959 FILM NUMBER: 789137 BUSINESS ADDRESS: STREET 1: 6555 W GOOD HOPE RD STREET 2: P O BOX 571 CITY: MILWAUKEE STATE: WI ZIP: 53201-0571 BUSINESS PHONE: 4143586600 FORMER COMPANY: FORMER CONFORMED NAME: BRADY W H CO DATE OF NAME CHANGE: 19920703 10-Q 1 c59092e10-q.txt FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) --- OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 31, 2000 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) --- OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to ----- ----- Commission File Number 0-12730 BRADY CORPORATION ----------------- (Exact name of registrant as specified in its charter) WISCONSIN 39-0178960 --------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 6555 WEST GOOD HOPE ROAD, MILWAUKEE, WISCONSIN 53223 ---------------------------------------------------- (Address of principal executive offices) (Zip Code) (414) 358-6600 -------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of December 1, 2000, there were outstanding 20,981,831 shares of Class A Common Stock and 1,769,314 shares of Class B Common Stock. The Class B Common Stock, all of which is held by an affiliate of the Registrant, is the only voting stock. 2 FORM 10-Q BRADY CORPORATION INDEX
Page ---- PART I. Financial Information Item 1. Financial Statements Unaudited Condensed Consolidated Balance Sheets 3 Unaudited Condensed Consolidated Statements of Income and Earnings Retained in the Business 4 Unaudited Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 PART II. Other Information Item 6. Exhibits and Reports on Form 8-K 14 Signatures 15
3 BRADY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in Thousands)
ASSETS October 31, 2000 July 31, 2000 ------ ---------------- ------------- (Unaudited) Current assets: Cash and cash equivalents $ 57,437 $ 60,784 Accounts receivable, less allowance for losses ($3,036 and $2,919 respectively) 86,411 82,656 Inventories 39,184 41,220 Prepaid expenses and other current assets 17,875 18,523 --------- --------- Total current assets 200,907 203,183 Other assets: Goodwill - net 95,687 99,954 Other 17,076 14,337 Property, plant and equipment: Cost: Land 4,712 4,723 Buildings and improvements 42,935 43,006 Machinery and equipment 115,758 113,319 Construction in progress 17,307 15,955 --------- --------- 180,712 177,003 Less accumulated depreciation 98,426 96,343 --------- --------- Net property, plant and equipment 82,286 80,660 --------- --------- Total $ 395,956 $ 398,134 ========= ========= LIABILITIES AND STOCKHOLDERS' INVESTMENT ---------------------------------------- Current liabilities: Accounts payable $ 23,504 $ 26,070 Wages and amounts withheld from employees 20,933 27,857 Taxes, other than income taxes 2,574 2,585 Accrued income taxes 13,962 10,245 Other current liabilities 16,254 12,212 Short-term borrowings and current maturities on long-term debt 4,138 8,130 --------- --------- Total current liabilities 81,365 87,099 Long-term debt, less current maturities 4,114 4,157 Other liabilities 15,295 15,654 --------- --------- Total liabilities 100,774 106,910 Stockholders' investment: Preferred stock 2,855 2,855 Class A nonvoting common stock - issued 20,979,898 210 209 and 20,966,315 shares, respectively Class B voting common stock - issued 1,769,314 shares 18 18 Additional paid-in capital 31,846 31,586 Earnings retained in the business 272,885 265,462 Treasury stock - 4,548 shares of Class A nonvoting common stock, at cost (132) (132) Cumulative other comprehensive income (11,037) (7,137) Other (1,463) (1,637) --------- --------- Total stockholders' investment 295,182 291,224 --------- --------- Total $ 395,956 $ 398,134 ========= =========
See Notes to Condensed Consolidated Financial Statements. 3 4 BRADY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND EARNINGS RETAINED IN THE BUSINESS (Dollars in Thousands, Except Per Share Amounts)
(Unaudited) Three Months Ended October 31 2000 1999 ----------- ------------ Net sales $ 144,417 $ 125,549 Operating expenses: Cost of products sold 63,846 54,344 Research and development 5,560 4,050 Selling, general and administrative 56,599 47,377 --------- --------- Total operating expenses 126,005 105,771 Operating income 18,412 19,778 Other income and (expense): Investment and other income - net 192 502 Interest expense (175) (81) --------- --------- Income before income taxes 18,429 20,199 Income taxes 7,010 7,832 --------- --------- Net income 11,419 12,367 Earnings retained in business at beginning of period 265,462 233,521 Less dividends: Preferred Stock (65) (65) Common Stock (3,931) (3,697) --------- --------- Earnings retained in business at end of period $ 272,885 $ 242,126 ========= ========= Net income per Class A Nonvoting Common Share Basic $ 0.50 $ 0.54 ========= ========= Diluted $ 0.49 $ 0.54 ========= ========= Net income per Class B Voting Common Share Basic $ 0.47 $ 0.51 ========= ========= Diluted $ 0.46 $ 0.51 ========= =========
See Notes to Condensed Consolidated Financial Statements. 4 5 BRADY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands) (Unaudited) Three Months Ended October 31 2000 1999 -------- -------- Operating activities: Net income $ 11,419 $ 12,367 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 3,191 2,968 Amortization 1,187 1,344 (Gain) Loss on sale of property, plant & equipment (4) 51 Provision for losses on accounts receivable 452 712 Amortization of restricted stock 174 174 Changes in operating assets & liabilities (net of effects of business acquisitions): Accounts receivable (6,924) (5,193) Inventory 950 (1,662) Prepaid expenses and other assets 985 (4,229) Accounts payable, accrued expenses and other liabilities (3,951) (7,650) Income taxes 3,715 2,282 -------- -------- Net cash provided by operating activities 11,194 1,164 Investing activities: Acquisitions of businesses, net of cash acquired 0 (4,949) Purchases of property, plant and equipment (5,471) (1,184) Proceeds from sale of property, plant and equipment 5 37 Other (13) 0 -------- -------- Net cash (used in) investing activities (5,479) (6,096) Financing activities: Payment of dividends (3,996) (3,762) Proceeds from issuance of Common Stock 260 349 Principal payments on debt (4,035) (2,831) Proceeds from short-term borrowings 0 0 -------- -------- Net cash (used in) financing activities (7,771) (6,244) Effect of exchange rate changes on cash (1,291) 841 -------- -------- Net (decrease) in cash and cash equivalents (3,347) (10,335) Cash and cash equivalents, beginning of period 60,784 75,466 -------- -------- Cash and cash equivalents, end of period $ 57,437 $ 65,131 ======== ======== Supplemental disclosures: Cash paid during the period for: Interest $ 131 $ 277 Income taxes, net of refunds 3,125 4,025 Acquisitions: Fair value of asset acquired, net of cash 1,300 Liabilities assumed (561) Goodwill 4,210 -------- -------- Net cash paid for acquisitions $ 0 $ 4,949 ======== ========
See Notes to Condensed Consolidated Financial Statements. 5 6 BRADY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Three Months Ended October 31, 2000 NOTE A - Basis of Presentation The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, the foregoing statements contain all adjustments, consisting only of normal recurring accruals, necessary to present fairly the financial position of the Company as of October 31, 2000, and July 31, 2000, and its results of operations and its cash flows for the three months ended October 31, 2000, and 1999. The condensed consolidated balance sheet at July 31, 2000, has been derived from the audited consolidated financial statements of that date and condensed. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission. Accordingly, this does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, such unaudited interim information reflects all adjustments, consisting only of a normal recurring nature, necessary to present the financial position, results of operations, and cash flows for the periods presented. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report. It is not practical to segregate the amounts of raw material, work in process or finished goods at the respective interim balance sheet dates. Reclassifications - Certain prior year amounts have been reclassified to conform with the current year presentation. NOTE B - New Pronouncement Effective August 1, 2000, the Company adopted Financial Accounting Standard No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended, which requires that all derivative instruments be reported on the balance sheet at fair value and establishes criteria for designation and effectiveness of hedging relationships. The cumulative effect of adopting FAS 133 as of October 31, 2000 was not material to the Company's financial statements. The Company is exposed to market risk, such as changes in interest rates and currency exchange rates. The Company does not hold or issue derivative financial instruments for trading purposes. Interest Rate Hedging - Brady could be exposed to interest rate risk through its corporate borrowing activities. The objective of Brady's interest rate risk management activities is to manage the levels of the Company's fixed and floating interest rate exposure to be consistent with Brady's preferred mix. The interest rate risk management program consists of entering into approved interest rate derivatives when there is a desire to modify Brady's exposure to interest rates. As of October 31, 2000, the Company has not entered into any interest rate derivatives. 6 7 Currency Rate Hedging - The primary objectives of the foreign exchange risk management activities are to understand and mitigate the impact of potential foreign exchange fluctuations on the Company's financial results and its economic well-being. While the Company's risk management objectives and strategies will be driven from an economic perspective, the Company will attempt where possible and practical to ensure that the hedging strategies it engages in can be treated as "hedges" from an accounting perspective or otherwise result in accounting treatment where the earnings effect of the hedging instrument provides substantial offset (in the same period) to the earnings effect of the hedged item. Generally, these risk management transactions will involve the use of foreign currency derivatives to protect against exposure resulting from intercompany sales and identified inventory or other asset purchases. The Company primarily utilizes forward exchange contracts with maturities of less than 12 months, which qualify as cash flow hedges. These are intended to offset the effect of exchange rate fluctuations on forecasted sales, inventory purchases and intercompany charges. The fair value of these instruments at October 31, 2000 was an $860,000 asset. Gains and losses on these instruments are deferred in other comprehensive income (OCI) until the underlying transaction is recognized in earnings. The impact is reported in investment and other income on the income statement, to match the underlying transaction being hedged. Hedging activity for cash flow hedges, currently fair valued at $604,000 of after-tax gain, is expected to be reclassified to earnings in the next 12 months. Hedge effectiveness is determined by how closely the changes in the fair value of the hedging instrument offset the changes in the fair value or cash flows of the hedged item. Hedge accounting is permitted only if the hedging relationship is expected to be highly effective at the inception of the hedge and on an on-going basis. Any ineffective portions are to be recognized in earnings immediately. The Company's existing cash flow hedges are considered to be 100% effective. As a result, there is no current impact to earnings due to hedge ineffectiveness. No cash flow hedges were discontinued during the quarter ended October 31, 2000. NOTE C - Net Income Per Common Share Reconciliations of the numerator and denominator of the basic and diluted per share computations for the Company's Class A and Class B common stock are summarized as follows:
Fiscal 2001 Fiscal 2000 1st Quarter 1st Quarter ----------- ----------- Numerator: - ---------- Net income $11,419,000 $12,367,000 Less: Preferred stock dividends (64,784) (64,784) -------- -------- Numerator for basic and diluted Class A earnings per share 11,354,216 12,302,216 Less: Preferential dividends (698,631) (694,492) Less: Preferential dividends on dilutive stock options (8,555) (10,411) ------- -------- Numerator for basic and diluted Class B earnings per share $10,647,030 $11,597,313 =========== ===========
7 8
Fiscal 2001 Fiscal 2000 1st Quarter 1st Quarter ----------- ----------- Denominator: - ----------- Denominator for basic earnings per share for both Class A and Class B 22,742,339 22,617,658 share for both Class A and Class B Plus: Effect of dilutive stock options 256,920 312,654 ------- ------- Denominator for diluted earnings per share for both Class A and Class B 22,999,259 22,930,312 ========== ========== Class A Common Stock earnings per share: Basic $0.50 $0.54 Diluted $0.49 $0.54 Class B Common Stock earnings per share: Basic $0.47 $0.51 Diluted $0.46 $0.51
Options to purchase 518,683 and 18,050 shares of Class A Common Stock were not included in the computations of diluted earnings per share for the quarters ending October 31, 2000, and 1999, respectively, because the option exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive. NOTE D - Comprehensive Income Total comprehensive income, which was comprised of net income, foreign currency adjustments and net unrealized gains and losses from cash flow hedges, amounted to approximately $7,519,000 and $12,918,000 for the three months ended October 31, 2000, and 1999, respectively. NOTE E - Segment Information The Company's reportable segments are business units that are each managed separately because they manufacture and/or distribute distinct products using different processes. The Company has three reportable segments: the Identification Solutions & Specialty Tapes Group, the Graphics Group and the Direct Marketing Group. The Company's internal measure of profit or loss changed in Fiscal 2001 to support the move to a global process organization. This change excludes administrative line expenses from the segments' measure of profit or loss. The prior year has been restated to reflect this change. 8 9 Following is a summary of segment information for the three months ended October 31, 2000, and 1999:
(Dollars in Thousands) Identification Solutions & Corporate Specialty Direct and Tapes Graphics Marketing Eliminations Totals ----- -------- --------- ------------ ------ Three months ended October 31, 2000: - ------------------------------------ Revenues from external customers $69,932 $33,385 $41,100 $ 144,417 Intersegment revenues 962 1,321 258 ($2,541) -- Profit (loss) 17,461 9,430 11,771 (647) 38,015 Three months ended October 31, 1999: - ------------------------------------ Revenues from external customers $54,430 $31,872 $39,247 $ 125,549 Intersegment revenues 644 622 294 ($1,560) -- Profit (loss) 14,862 8,992 10,751 (704) 33,901
Following is a reconciliation of profit for the three months ended October 31, 2000, and 1999:
(Dollars in Thousands) Fiscal 2001 Fiscal 2000 ----------- ----------- Total profit from reportable segments $38,662 $34,605 Corporate and eliminations (647) (704) Unallocated amounts: Administrative costs (17,204) (12,062) Goodwill (1,497) (1,220) Interest-net 201 542 Foreign exchange (230) (139) Other (856) (823) ----- ----- Income before income taxes $18,429 $20,199 ======= =======
9 10 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations For the three months ended October 31, 2000, revenues of $144,417,000 were 15.0% higher than the same quarter of the previous year. Sales of the Company's international operations increased 16.6% in local currencies, which is attributable to continued market penetration of existing base products. This increase was significantly offset by the negative effect of fluctuations in the exchange rates used to translate financial results into U.S. currency, which reduced international sales growth by 12.2 percentage points in the quarter. International sales growth in U.S. currency was 4.4%. Sales of the Company's U.S. operations increased 23.8%. Of that increase, base business increased 10.9%. The acquisitions of the Champion America, Inc. brand name, Data Recognition, Inc. and Imtec, Inc. increased U.S. sales by 12.9%. The cost of products sold as a percentage of sales increased from 43.3% to 44.2% during the first quarters of fiscal 2000 and 2001, respectively. This increase was due to changes in product mix resulting from some of the Company's recent acquisitions. Selling, general and administrative expenses as a percentage of sales were 39.2% for the quarter compared to 37.7% for the same quarter of the previous year. This increase was due primarily to the Company's planned investment in process improvements discussed in the Financial Condition section below. Research and development expenditures increased 37.3% in this year's quarter to $5,560,000, compared to $4,050,000 in last year's first quarter, reflecting the Company's commitment to new product development. As a percentage of sales, research and development expenses increased from 3.2% to 3.9% for the quarter. Operating income was $18,412,000 for the quarter ended October 31, 2000, compared to $19,778,000 for the same period last year because of the factors cited above. Investment and other income decreased $310,000 from the same period last year. This decrease was the result of higher foreign exchange transaction losses and lower investment income due to lower cash balances resulting from acquisitions made during the prior year. Income before income taxes decreased 8.8% from the same period last year. The Company's effective tax rate decreased to 38.0% for the quarter compared to 38.8% for the same quarter of the previous year, due to profitability changes in the Company's international operations. Net income decreased 7.7% to $11,419,000, compared to $12,367,000 for the same quarter of the previous year. On a per Class A common share basis, diluted net income for the three months ended October 31, 2000, was $0.49 compared to $0.54 for the same quarter of the previous year. The decrease in the current quarter resulted primarily from increased spending during the quarter for process improvements, e-business and research and development and lower margins in the current quarter due to recent acquisitions. 10 11 Business Segment Operating Results Identification Solutions & Specialty Tapes (ISST) Group: ISST sales increased 28.5% for the three months ended October 31, 2000. Core business in local currency increased 18.0%. The acquisitions of Data Recognition, Inc. and Imtec, Inc. also contributed, increasing sales over prior year 15.1%. These increases were partially offset by the negative effect of fluctuations in the exchange rates used to translate financial results into U.S. currency, which reduced sales growth within the group by 4.6% in the quarter. Sales were up significantly in Latin America and Asia. European core growth in local currency was 27.6% but, due to the weak Euro, translated to 8.3% in U.S. dollars. Domestic operations continued to be strong with core growth of 10.4%. Year to date group profit increased 17.5% over the first quarter of last year. Profit from base sales grew at a rate greater than sales. Profit from acquisitions was slightly above break-even and is expected to improve as integration expenses wind down. The negative effect of foreign currency decreased quarterly group profit by 4.6 percentage points. Graphics Group: Graphics sales increased 4.7% for the three months ended October 31, 2000. Although core business in local currency rose 8.4%, this increase was partially offset by the negative effect of fluctuations in the exchange rates used to translate financial results into U.S. currency, which reduced sales growth within the group by 3.7% in the quarter. Sales were up in the United States, Asia and Canada and down in Australia and Europe. Year to date group profit increased 4.9% over the first quarter of last year. This increase was primarily the result of the group's refocusing resources on products with higher profit margins, which more than offset the approximately three-percentage point negative impact of foreign currency. Direct Marketing Group: Direct Marketing sales increased 4.7% for the three months ended October 31, 2000. Core business in local currency increased 11.2%. The acquisition of the Champion America Inc. brand name also contributed, increasing sales over prior year 1.7%. The Direct Marketing Group was particularly impacted by the negative effect of fluctuations in the exchange rates used to translate financial results into U.S. currency, which reduced sales growth within the group by 8.2% in the quarter. Sales were up in the United States, Australia, Canada and Brazil, while sales in Europe had decreased from the same quarter of the previous year, in U.S. dollars. Year to date group profit increased 9.5% over the first quarter of last year. This improvement was primarily due to strong sales growth in the U.S. while controlling cost levels. 11 12 Financial Condition The Company's liquidity remained strong. The current ratio as of October 31, 2000, was 2.5. Cash and cash equivalents were $57,437,000 at October 31, 2000, compared to $60,784,000 at July 31, 2000. The decrease was primarily due to a $4,000,000 payment on the Company's revolving loan agreement. Working capital increased $3,458,000 during the three months ended October 31, 2000 to $119,542,000. Cash flow from operations totaled $11,194,000 for the three months ended October 31, 2000, compared to $1,164,000 for the same period last year. The improvement was primarily the result of a decrease in prepaid expenses and an increase in current liabilities. Capital expenditures were $5,471,000 in the three months ended October 31, 2000, compared to $1,184,000 in the first quarter last year. The increase over prior year was primarily a result of investments in new technology to support Eclipse process improvements. Cash used in financing activities was $7,771,000 for the three-month period ended October 31, 2000, resulting from payments of dividends to the Company's stockholders and principal payments on bank debt. Cash flows used in financing activities for the same period last year were $6,244,000. Long-term debt as a percentage of long-term debt plus stockholder's investment was 1.4% at October 31, 2000, unchanged from July 31, 2000. The Company maintains a $200,000,000 line of credit with a group of six banks of which $4,000,000 is being utilized as of October 31, 2000. During the second quarter of fiscal 2000, Brady began a Company-wide process-improvement initiative, known as Eclipse. This initiative is expected to improve and standardize processes throughout the Company and install new technology to support those processes. The Company estimates this initiative will take approximately three years to complete with total cash outlay of approximately $30,000,000. To date, the Company has invested approximately $17,200,000 in the project. The Company estimates that about 60% of that cash outlay will be capital expenditures. The Company believes that its cash and cash equivalents, the cash flow from operating activities and available line of bank credit are adequate to meet the Company's current and anticipated investing and financing needs. 12 13 Forward-Looking Statements Matters in this Quarterly Report may contain forward-looking information, as defined in the Private Securities Litigation Reform Act of 1995. All such forward-looking information in this report involves risks and uncertainties, including, but not limited to, variations in the economic or political conditions in the countries with which the Company does business; fluctuations in currency exchange rates for international currencies versus the U.S. dollar; technology changes; the continued availability of sources of supply; domestic and international economic conditions and growth rates; the ability of the Company to timely adjust its cost structure to changes in levels of sales, product mix and low levels of order backlog; unknown information with respect to non-negotiated acquisitions; and the ability of the Company to acquire new businesses. The Company cautions that forward-looking statements are not guarantees, since there are inherent difficulties in predicting future results, and that actual results could differ materially from those expressed or implied in forward-looking statements. 13 14 PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits None (b) Reports on Form 8-K. The Company was not required to file and did not file a report on Form 8-K during the quarter ended October 31, 2000. 14 15 Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SIGNATURES BRADY CORPORATION Date: December 13, 2000 /s/ K. M. Hudson ------------------ ---------------- K. M. Hudson President Date: December 13, 2000 /s/ F. M. Jaehnert ------------------ ------------------ F. M. Jaehnert Vice President & Chief Financial Officer (Principal Accounting Officer) 15 EX-27 2 c59092ex27.txt FINANCIAL DATA SCHEDULE
5 1,000 3-MOS JUL-31-2001 AUG-01-2000 OCT-31-2000 57,437 0 89,447 3,036 39,184 200,907 180,712 98,426 395,956 81,365 4,114 2,855 0 228 292,099 395,956 144,417 144,417 63,846 63,846 62,159 0 175 18,429 7,010 11,419 0 0 0 11,419 0.50 0.49
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