EX-13.1 4 c72003exv13w1.txt ANNUAL REPORT TO SHAREHOLDERS [PHOTO] [PHOTO] [PHOTO] [PHOTO] innovation integrity investment infrastructure [BRADY LOGO] BRADY CORPORATION 2002 ANNUAL REPORT BRADY CORPORATION, founded in 1914, is an international manufacturer and marketer of identification, safety and materials solutions, with products including high-performance labels, signs, precision die-cut materials, printing systems, software, and label-application and data-collection systems. Brady is a leader in its markets which include electronics, telecommunications, manufacturing, electrical, construction, education and a variety of others. Through the Company's values of teamwork, customer focus, value, growth and honesty, Brady's 3,200 employees in 20 countries work to accomplish the company's mission of providing innovative identification solutions which improve safety, security, productivity and performance for customers worldwide. With a reputation for innovation, quality and service, Brady is the provider of choice to more than 300,000 customers around the globe. BRADY CORPORATION 2002 ANNUAL REPORT 2002 highlights [Dollars in thousands except share amounts]
YEARS ENDED JULY 31 2002 2001 % CHANGE ------------------------------------------------------------------------------------- RESULTS OF OPERATIONS - AS REPORTED Net sales $ 516,962 $ 545,944 -5.3 Earnings before income taxes $ 43,135 $ 44,790 -3.7 Net income $ 28,253 $ 27,546 2.6 Return on invested capital 13.2% 14.7% Per diluted Common Share Class A Nonvoting $ 1.20 $ 1.18 1.7 Class B Voting $ 1.17 $ 1.15 1.7 ------------------------------------------------------------------------------------- RESULTS OF OPERATIONS - AS ADJUSTED* Net sales $ 516,962 $ 545,944 -5.3 Earnings before income taxes $ 45,855 $ 60,469 -24.2 Pre-tax profit margin 8.87% 11.08% Net Income $ 30,035 $ 39,364 -23.7 After-tax profit margin 5.81% 7.21% Per diluted Common Share Class A Nonvoting $ 1.28 $ 1.70 -24.7 Class B Voting $ 1.25 $ 1.67 -25.2 ------------------------------------------------------------------------------------- OTHER INFORMATION Working capital $ 135,764 $ 123,830 9.6 Stockholders' investment $ 324,242 $ 302,579 7.2 Research and development $ 17,271 $ 20,329 -15.0 Capital expenditures $ 13,095 $ 20,770 -37.0 Depreciation and amortization** $ 16,630 $ 22,646 -26.6 Dividend yield 2.76% 2.10% 31.4 Trailing P/E ratio, excluding non-recurring items* 21.5 20.3 5.9 Current ratio 2.8 2.8 0.0 Weighted average shares outstanding (diluted) 23,339,708 23,107,229 1.0 -------------------------------------------------------------------------------------
* Excluding amortization of goodwill of $5.9 million after-tax in fiscal 2001, and non-recurring items of: a one-time after-tax restructuring charge of $5.9 million in fiscal 2001; a one-time after-tax restructuring charge of $1.8 million in fiscal 2002. ** On August 1, 2001, Brady adopted FASB 142 and ceased amortization of goodwill. -------------------------------------------------------------------------------- SALES BY REGION [PIE GRAPH] United States 52% Europe 32% Asia 10% Canada & Latin America 6%
SALES BY BUSINESS UNIT [PIE GRAPH] Graphics & Workplace Solutions 57% Identification Solutions & Specialty Tapes 43%
[BAR GRAPH] 97 434 98 463 99 479 00 551 01 546 02 517
NET SALES in $ millions [BAR GRAPH] 97 34 98 35 99 44 00 51 01 39 02 30
NET INCOME in $ millions * Net income adjusted for goodwill ** Non-recurring charge or income [BAR GRAPH] 97 .52 98 .60 99 .64 00 .68 01 .72 02 .76
DIVIDEND HISTORY annually per share At its September 2002 board meeting, Brady increased its annual dividend to $0.80/share. 1 BRADY CORPORATION 2002 ANNUAL REPORT LETTER TO SHAREHOLDERS [GRAPHIC] TO OUR SHAREHOLDERS Fiscal 2002 was the second straight year of difficult business conditions and disappointing sales and earnings results for Brady Corporation. Despite the challenges of a weak U.S. economy in the short term, we remained committed to investing in our businesses on a global basis for the long term. We continued with our key initiatives of process improvement through building a robust global infrastructure of facilities and capabilities. We focused on meeting the needs of our customers with innovative new products and exceptional service through global expansion. Above all, we maintained an unwavering adherence to the highest standards of integrity. The recovery from the recession that has stalled our growth has not come as quickly or as strongly as we had hoped. Our sales for fiscal 2002 were $517.0 million, down 5.3 percent from $545.9 million in fiscal 2001. Our Graphics and Workplace Solutions group began to see some signs of stabilization in its markets, but sales for our Identification Solutions & Specialty Tapes (ISST) group declined as its higher-tech markets, particularly telecommunications and electronics, continued to struggle. Regionally, U.S. sales slipped, but we saw gains in China, parts of Europe and Latin America. Our reported net income for fiscal 2002 was $28.3 million or $1.20 per diluted share, compared to $27.5 million or $1.18 per diluted share in the previous year. To ensure that our cost structure reflects the levels of current activity, we reduced our workforce by about 3 percent, and are consolidating some resources and facilities at our U.S., European, and Asian operations, with expected pre-tax savings of about $4 million in fiscal 2003. As a result, we took a restructuring charge of $3.0 million pre-tax in the fourth quarter. Excluding non-recurring items and goodwill amortization in both years, net income for fiscal 2002 was $30.0 million or $1.28 per diluted share compared to $39.4 million or $1.70 per diluted share in fiscal 2001. [PHOTO] Katherine M. Hudson President and Chief Executive Officer Brady maintains a strong balance sheet, with virtually no debt, and solid cash reserves of $76.0 million, up from $62.8 million at the end of fiscal 2001, even after dividend payments to our shareholders, and investments in strategic initiatives for process improvement, e-business, global expansion, and research and development. ...we remained committed to investing in our businesses on a global basis for the long term. 2 BRADY CORPORATION 2002 ANNUAL REPORT LETTER TO SHAREHOLDERS This year Brady launched a number of significant new products. [PHOTO] In January 2002, the ISST group introduced the ID Pal(TM) labeling tool around the world. A hand-held, thermal-transfer printer, designed specifically to meet the requirements of professionals working in the electrical and datacom industries, the ID Pal(TM) printer features easy-to-load drop-in label cartridges, a built-in label cutter, and a rugged and easy-to-find bright red outer shell. It provides an industrial-quality solution for on-site wire and cable marking, panel and component labeling, as well as asset and general identification. The ID Pal(TM) labeler is the most affordable hand-held printer offered by Brady. Also this year, the Graphics group launched the GlobalMark(TM) Industrial Label Maker to replace the Labelizer(R) Plus printer, which has been an industry standard workhorse for the last decade. With new features including on-screen templates and touch-screen menus, the GlobalMark(TM) printer enables users to easily create industrial-grade indoor/outdoor labels and signs to meet OSHA and ANSI requirements as well as other equipment and security identification needs. As a result of improved product development processes at Brady, we were able to launch 4 different models of the GlobalMark(TM) printer, offering customers monocolor or multicolor options to fit any budget, options for built-in software and templates in 11 different languages, and a top-of-the-line "color & cut" model with a built-in plotter and cutter that cuts out text, shapes and graphics. In addition, a newly released MarkWare(TM) software upgrade complements the new printer. [PHOTO] Other new products include BradyGlo(TM) safety signs that glow in the dark to increase building safety in the event of blackouts or power failures; the ProImage(R) Plus 3000 PosterPrinter(TM) system for the education market, which helps schools create large, colorful visuals to capture students' attention and increase participation and excitement in the classroom; and a new line of laboratory identification solutions to meet the growing needs for sample identification in the laboratory market. [PHOTO] Innovation at Brady also goes beyond new product offerings, to new ways of manufacturing products and serving customers. For example, we continue to expand our digital manufacturing and our Web-to-Workbench(TM) initiative, which allows customers to customize products on-line and send their orders directly to the manufacturing floor. Web-to-Workbench(TM) signs and markers produced over $1 million in sales this year. And we are constantly revamping our Web sites and focusing on being "easy to do business with" over the Internet and around the world. INNOVATION [GRAPHIC] 3 BRADY CORPORATION 2002 ANNUAL REPORT LETTER TO SHAREHOLDERS [GRAPHIC] INFRASTRUCTURE We had three acquisitions in fiscal 2002 that expanded our geographic infrastructure, increased our market share, and brought us new technologies to ensure Brady continues to be a leader in its markets. In November 2001, we acquired StrandWare, Inc. in Eau Claire, Wis., a leading developer of bar-code-label-design software. Combining the strength of StrandWare's market position and well established reseller network with our existing software product offerings strengthens our position as the market leader in packaged software products for the automatic identification and data collection (AIDC) industry. Also in November 2001, we acquired Safety Sign Service, a manufacturer and supplier of safety products, in Perth, Australia. Located about 1,500 miles from Brady Australia in the western part of the country, this acquisition gives Brady a stronger strategic position in Australia, where much of the safety and identification market is regionally based. [GRAPHIC] VISUALLY CHANGING PAPER In April 2002, we acquired Temtec, Inc., located in Suffern, N.Y. Temtec is a specialty printing company that develops and markets products for security applications utilizing its patented Visually Changing Paper (VCP) technology. This technology uses coating and printing capabilities to create materials that reveal a message, color or design after a specified time period. Temtec's TEMPbadge(R) identification and security products include a variety of self-expiring badges, security seals, parking permits and wristbands designed for visitor control. The acquisition of Temtec provides Brady new technologies to further grow its security product offerings, as well as development opportunities for marketing Temtec products in international arenas served by Brady's current global infrastructure. We also stretched our presence around the globe by responding to growth opportunities, particularly in Asia. This year we laid the groundwork for expanded manufacturing in China and Malaysia, as we continue to support the movement of our customers to new locations there. [ECLIPSE LOGO] Our process-improvement initiative, named "Eclipse" for "Earning Customer Loyalty through Integrated Processes and Systems Everywhere," is also building a global Brady infrastructure with common and shared processes supported by an integrated enterprise resource planning (ERP) system. Eclipse, with an investment of about $30 million, has been our top priority since fiscal 2000. Our objective is to streamline and coordinate our business processes, and leverage the power of SAP software as our ERP system to maximize the customer experience with Brady. This year we continued to implement SAP in coordinated phases throughout our global operations, and by December 2002, we will have more than two-thirds of our businesses converted to the new software. Benefits of our new system include the creation of a more structured approach to market planning and new product development which uses better customer data and market information that we previously could not access or share across the company. The system also provides accurate real-time information on orders, which is enhancing the effectiveness and responsiveness of our customer service and manufacturing activities. Integrated systems, common processes and shared data are also making it possible for us to consolidate our buying power, better utilize our working capital, reduce our costs and accelerate global growth. We are already seeing results from Eclipse, including an improvement in the days sales outstanding in the U.S. of about 16 days, an increase in global inventory turns of about one turn despite a sales decline, an improvement in the days payable outstanding of about 14 days in the U.S., and purchasing savings of more than $2 million. 4 BRADY CORPORATION 2002 ANNUAL REPORT LETTER TO SHAREHOLDERS We are proud to again be named to the list of "The 100 Best Corporate Citizens" by Business Ethics magazine, moving up on the list to 23rd place, after debuting in the 44th position three years ago. Brady's ongoing support for education in our community, commitment to diversity in the workplace, and family-friendly employment policies and benefits have demonstrated year after year that companies can indeed succeed when they do the right thing. In fiscal 2003, we'll be continuing our emphasis on our guiding values of teamwork, value creation, honesty, customer focus and growth. INTEGRITY [GRAPHIC] Teamwork is our number one guiding value and a vital element for sustainable growth and superior business performance at Brady. In support of our teams, we strive to create a positive work environment that generates value for our employees, and in turn, for our customers and shareholders. This year we conducted our first on-line global employee survey. More than two-thirds of our 3,200 employees around the world participated. While it was gratifying to see that the vast majority believed overall Brady is a great place to work, we will be using survey feedback for continuous improvement in the Brady work place and the ways in which we work together. Honesty and integrity in all our business activities must be sustained and protected. The ethical tone at Brady was set by the company's founders nearly 90 years ago. Their legacy of ethical business behavior lives on in our business and accounting practices today. We review our financial actions both internally and with our independent Audit Committee. Our goal is not only to follow the letter of the law, but also to communicate in the spirit of full and honest disclosure that accurately reflects the reality of our business conditions. [GRAPHIC] Customer Focus remains the key to our success and is being enabled and strengthened by our process improvement initiatives. While our current sales and net income reflect the pressures of two years of a difficult economy, our global presence, people and processes have strongly positioned us to return to the more traditional levels of growth that Brady shareholders have come to expect. Going forward, we certainly hope that economic conditions improve in fiscal 2003. But we aren't relying on outside factors to lift our business. We will continue to focus on the core products and customers that have made Brady successful in the past. And we have developed strategies to grow our business beyond those traditional markets into allied areas such as health care and security. Brady has been built on innovation and integrity. We have financial strength and a worldwide workforce of dedicated people committed to generating long-term value for our customers and shareholders. Thank you for your continued support, /s/ Katherine M. Hudson Katherine M. Hudson President and Chief Executive Officer Brady Corporation 5 BRADY CORPORATION 2002 ANNUAL REPORT 2002 FINANCIAL REVIEW (Dollars in Thousands, Except Per Share Amounts) Years Ended July 31, 1992 through 2002
2002* 2001 2000 1999 1998 1997 -------------------------------------------------------------------------- OPERATING DATA NET SALES ............................ $ 516,962 $ 545,944 $ 550,664 $ 479,025 $ 463,235 $ 433,649 Operating expenses: Cost of products sold .............. 256,186 257,313 245,587 216,060 212,980 201,664 Research and development ........... 17,271 20,329 20,555 17,116 20,287 16,300 Selling, general and administrative 199,282 214,220 215,231 182,688 178,648 165,317 Nonrecurring charge (credit) - net.. 2,720 9,560 -- (611) 5,390 -- -------------------------------------------------------------------------- Total operating expenses ........ 475,459 501,422 481,373 415,253 417,305 383,281 -------------------------------------------------------------------------- OPERATING INCOME ..................... 41,503 44,522 69,291 63,772 45,930 50,368 OTHER INCOME AND (EXPENSE): Investment and other income - net .. 1,714 686 7,418 1,455 638 1,159 Interest expense ................... (82) (418) (578) (445) (403) (256) -------------------------------------------------------------------------- Net other income ................. 1,632 268 6,840 1,010 235 903 -------------------------------------------------------------------------- Income before income taxes and cumulative effect of changes in accounting principles .............. 43,135 44,790 76,131 64,782 46,165 51,271 INCOME TAXES ......................... 14,882 17,244 28,930 25,198 18,129 19,564 -------------------------------------------------------------------------- Income before cumulative effect of changes in accounting principles ... 28,253 27,546 47,201 39,584 28,036 31,707 CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES FOR: Postretirement benefits (net of income taxes of $2,663) ....... -- -- -- -- -- -- Income taxes .................... -- -- -- -- -- -- NET INCOME ........................... $ 28,253 $ 27,546 $ 47,201 $ 39,584 $ 28,036 $ 31,707 ========================================================================== NET INCOME PER COMMON SHARE (DILUTED): Class A Nonvoting .................. $ 1.20 $ 1.18 $ 2.05 $ 1.73 $ 1.23 $ 1.43 Class B Voting ..................... $ 1.17 $ 1.15 $ 2.02 $ 1.70 $ 1.20 $ 1.40 CASH DIVIDENDS ON: Class A Common Stock ............... $ .76 $ .72 $ .68 $ .64 $ .60 $ .52 Class B Common Stock ............... $ .73 $ .69 $ .65 $ .61 $ .57 $ .49 BALANCE SHEET (at year end) Working capital .................... $ 135,764 $ 123,830 $ 116,084 $ 129,884 $ 125,386 $ 130,724 Total assets ....................... 420,525 393,592 398,134 351,120 311,824 291,662 Long-term obligations, less current maturities ............... 3,751 4,144 4,157 1,402 3,716 3,890 Stockholders' investment ........... 324,242 302,579 291,224 260,564 233,373 206,547 --------------------------------------------------------------------------
* On August 1, 2001, Brady adopted FASB 142 and ceased amortization of goodwill. 6 BRADY CORPORATION 2002 ANNUAL REPORT 2002 FINANCIAL REVIEW
1996 1995 1994 1993 1992 ------------------------------------------------------------------------ $365,929 $319,946 $260,386 $247,286 $240,156 172,813 149,218 122,661 118,617 114,321 11,309 10,426 10,318 12,132 10,001 140,642 119,717 97,932 92,449 93,931 -- -- -- (1,236) 6,562 ------------------------------------------------------------------------ 324,764 279,361 230,911 221,962 224,815 ------------------------------------------------------------------------ 41,165 40,585 29,475 25,324 15,341 4,570 4,609 837 559 239 (302) (555) (410) (54) (219) ------------------------------------------------------------------------ 4,268 4,054 427 505 20 ------------------------------------------------------------------------ 45,433 44,639 29,902 25,829 15,361 17,406 16,728 11,362 8,973 6,972 ------------------------------------------------------------------------ 28,027 27,911 18,540 16,856 8,389 -- -- -- -- (3,995) -- -- -- -- 661 $ 28,027 $ 27,911 $ 18,540 $ 16,856 $ 5,055 ======================================================================== $ 1.26 $ 1.26 $ .84 $ .77 $ .22 $ 1.23 $ 1.23 $ .81 $ .74 $ .19 $ .40 $ .27 $ .23 $ .20 $ .19 $ .37 $ .23 $ .19 $ .17 $ .15 $109,688 $129,938 $100,023 $ 77,943 $ 66,093 261,835 230,005 202,509 179,901 173,054 1,809 1,903 1,855 1,978 2,524 189,263 170,823 145,129 128,068 119,771 ------------------------------------------------------------------------
[BAR GRAPH] 97 65 98 66 99 75 00 61 01 63 02 76
CASH BALANCES in $ millions [BAR GRAPH]
Cash flow Free from operations cash flow 97 40 20 98 47 17 99 61 37 00 48 11 01 53 16 02 54 24
CASH FLOW in $ millions [BAR GRAPH] 97 24 98 20 99 25 00 25 01 15 02 13
% RETURN ON INVESTED CAPITAL ROIC = Net income + Income Taxes + Interest Expense -------------------------------------------- Stockholders' Investment + Long-term Debt + Current Portion of Long-term Debt 7 BRADY CORPORATION 2002 ANNUAL REPORT SHAREHOLDER SERVICES COMMON SHARES Brady Corporation Class A Common Stock trades on the New York Stock Exchange under the symbol BRC. As of September 10, 2002, there were 350 Class A Common Stock shareholders of record and about 4,000 beneficial shareholders. There are three Class B Common Stock shareholders. Brady Corporation stock is also listed on the Berlin stock exchange. QUARTERLY STOCK DATA
2002 2001 2000 High Low High Low High Low -------------------------------------------------------------- 4th Quarter $36.69 $26.70 $35.94 $28.67 $34.13 $27.00 3rd Quarter $40.47 $32.04 $38.83 $30.48 $32.28 $24.50 2nd Quarter $37.47 $29.03 $38.35 $27.08 $34.56 $26.25 1st Quarter $36.41 $27.47 $32.67 $26.92 $36.31 $25.63 --------------------------------------------------------------
DIVIDENDS Brady has paid dividends on its Common Stock every quarter since going public in June 1984, and the Company has increased the dividend every year for each of the past 17 years. At its September 2002 meeting, the Board of Directors increased the quarterly dividend on Class A Common Stock to $0.20 per share per quarter, or $0.80 per year. Dividends are normally paid on the last day of October, January, April and July. DIVIDEND REINVESTMENT Shareholders of record may have their dividends automatically reinvested in Brady stock through a Dividend Reinvestment Program. For more information on this program, see the description on the Internet at www.bradycorp.com or call Brady's investor line at 414-438-6918. STOCK TRANSFER AGENT Wells Fargo Bank Minnesota, N.A. Shareowner Services P.O. Box 64584 St. Paul, MN, 55164-0854 www.wellsfargo.com BRADY INFORMATION Brady's Internet site at www.investor.bradycorp.com contains investor presentations, 10-K and 10-Q filings, annual reports, news releases, frequently asked investor questions, stock prices, a Brady investment calculator, product information and a variety of other information about Brady. INFORMATION REQUESTS AND INVESTOR NEWS LINE A phone system at 414-438-6918 enables you to listen to financial news highlights, request printed 10-K and other financial information, request dividend reinvestment information, or be transferred to an investor relations representative. Or you may send your information requests to Investor Relations, Brady Corporation, P.O. Box 571, Milwaukee, WI 53201-0571, or e-mail investor@bradycorp.com. ANALYST AND INVESTOR CONTACT Barbara Bolens, Director of Investor Relations, 414-438-6940. ANNUAL MEETING The Brady Corporation Annual Meeting will be at 9 a.m., Thursday, November 14, 2002, at Brady Corporation Signmark Division, 2221 W. Camden Road, Milwaukee, Wisconsin. Highlights will be posted on the Internet at www.investor.bradycorp.com. [NYSE LOGO] 8 BRADY CORPORATION 2002 ANNUAL REPORT BRADY LOCATIONS UNITED STATES Brady Corporation P.O. Box 571 Milwaukee, WI 53201 Brady Worldwide, Inc. - Identification Solutions 6555 W. Good Hope Rd. Milwaukee, WI 53223 Brady Worldwide, Inc. - Global Die-Cut Products N144 W5690 Pioneer Road Cedarburg, WI 53012 Brady Worldwide, Inc. - Coated Products P.O. Box 298 2230 W. Florist Ave. Milwaukee, WI 53201-0298 Brady Worldwide, Inc. - Signmark(R) Tobey Research & Innovation 2221 W. Camden Rd. Milwaukee, WI 53209 Brady Worldwide Inc. - AIDC Software & Services 12000 W. Park Place Milwaukee, WI 53224 Brady Business Process Innovation Center 5300 N. 118th Court, Bldg. F Milwaukee, WI 53225 Brady Worldwide, Inc. - Varitronics 6835 Winnetka Circle Brooklyn Park, MN 55428 Imtec Identification Solutions 100 S. Massachusetts Street Seattle, WA 98134 Seton Identification Products 20 Thompson Rd. Branford, CT 06405 Seton Identification Products 4451 Eucalyptus Ave. Suite 330 Chino, CA 91710 Brady Data Recognition International 2929 Longhorn Blvd., Suite 103 Austin, TX 78758 Brady Precision Die-Cut Products South 6500 NW 12th Avenue, Suite 119 Fort Lauderdale, FL 33309 AUSTRALIA Brady Australia Pty. Ltd. Seton Australia Pty. Ltd. 112 Christina Road Villawood NSW 2163 Australia Brady Australia Pty. Ltd. Visi Sign 10 Reid Street Bayswater, Victoria 3153 Australia Brady Australia Pty. Ltd. Safety Sign Service 663 Dundas Road Forrest Field, West Australia 6058 Australia BELGIUM W.H. Brady, n.v.. Industrie Park C/3 Lindestraat 20 B-9240 Zele, Belgium BRAZIL W.H.B. do Brasil Ltda. Brady Sao Paulo Rua Rosangela Donata De Oliveira 30 06236-110 Osasco Sao Paulo, Brazil W.H.B. do Brasil Ltda. Seton Brasil Centro Empresarial Alphaville Av. Jurua, 105 - Modulo 4 06455-010 Barueri Sao Paulo, Brazil W.H.B. do Brasil Ltda. Brady Manaus Avenida Solimoes, N. 2100 Distrito Industrial da Suframa 69075-200 Manaus Amazonas, Brazil CANADA W.H.B. Identification Solutions, Inc. Seton-Canada 56 Leek Crescent Richmond Hill Ontario, Canada CHINA Brady (Beijing) Co. Ltd. Unit 8401/8402 3 Yong Chang North Road Yong Chang Industrial Park Beijing Economic Technological Area Beijing 100176, PRC Brady (Shanghai) International Trading Co. Ltd. 5F-B, No. 158 Aona Road Wai Gao Qiao Free Trade Zone Shanghai 200131, PRC Brady (Wuxi) Co. Ltd. No. 229 Xingchuang Ba Lu Wuxi-Singapore Industrial Park Wuxi, Jinagsu, PRC 214028 FRANCE Braton Group s.a.r.l. Brady France 1 Rue de Terre Neuve - Bat. E BP 362 - ZAC Les Ulis 91959 Courtaboeuf Cedex, France Tricor Groupe S.A. - Seton 45 Avenue de L'Europe BP 132 594 Roncq Cedex, France Brady LettraSoft S.A. 13 Rue des Emeraudes F-69006 Lyon, France Signals S.A. Rond Point de la Republique Z.I. de la Rochelle 17187 Perigny Cedex, France Brady Software Group Europe Z.I. Est 2, rue Vincent Van Gogh 32000 Auch, France GERMANY Brady GmbH - Division ISST Lagerstrasse 13 64807 Dieburg, Germany Brady GmbH - Division Systeme Seton Division Otto-Hahn-Str. 5-7 63222 Langen, Germany Brady GmbH - Balkhausen Rudolf-Diesel-Strasse 17 28857 Syke, Germany Brady Gmbh Olchinger Str. 56 D-82194 Grobenzell, Germany HONG KONG Brady Corporation S.E.A. Pte. Ltd. Unit 03/04, 18th Floor CRE Centre 889 Cheung Sha Wan Road Kowloon, Hong Kong ITALY Brady Italia. Srl Via Luigi Lazzaroni 7 21047 Saronno (VA), Italy JAPAN Nippon Brady K.K. TVP Building 3rd Floor 3-9-13 Moriya-cho, Kanagawa-Ku Yokohama, Kanagawa 221-0022 Japan KOREA Brady Corporation S.E.A. Pte Ltd. - Korean Branch 272-2 Yatap-dong, Bundang-gu Seongnam Gyeonggi-do Lighthouse, 4th floor, 42 peong Seoul, Republic of Korea (South) MALAYSIA Brady Corporation S.E.A. Pte. Ltd. 54-G-2,Wisma Sri Mata Jalan Van Praagh 11600 Penang, Malaysia Brady Technology Sdn Bhd Level 41- Suite B Menara Maxix Kuala Lumpor City Center 50088 Kuala Lumpur MEXICO W.H. Brady S. de R.L. de C.V. Iago Iseo, N. 91 Col. Anahuac 11320 Mexico D.F., Mexico PHILIPPINES Brady Corporation S.E.A. Pte. Ltd. 9 Narra Drive, Palmera Heights III Valley Golf, Cainta Rizal Philippines 1900 SINGAPORE Brady Corporation S.E.A. Pte. Ltd. Brady Corporation Asia Pte. Ltd. 55 Ayer Rajah Crescent #03-25 Ayer Rajah Industrial Estate Singapore 139949 SWEDEN Brady AB Karins Vag 5 194 54 Upplands Vasby Sweden TAIWAN Brady Corporation S.E.A. Pte. Ltd. 6F-2, 412, Chung Hsiao E. Rd. SEC 5 Taipei 110, Taiwan UNITED KINGDOM Brady Corporation Ltd. Wildmere Industrial Estate Banbury, Oxfordshire 0X16 7JU United Kingdom BRADY CORPORATION 2002 ANNUAL REPORT BRADY CORPORATION P.O. Box 571 Milwaukee, WI 53201-0571 www.bradycorp.com [BRADY LOGO] [RECYCLE LOGO] In keeping with Brady Corporation's policy of environmental stewardship, this brochure is recyclable. (C) Brady Corporation. All Rights Reserved. 10-LP-02-30