EXHIBIT 99

For More Information:
Investor contact: Barbara Bolens 414-438-6940
Media contact: Carole Herbstreit 414-438-6882

For Immediate Release

Brady Corporation reports record sales and earnings for fiscal 2006 fourth quarter and year end

MILWAUKEE (September 13, 2006)—Brady Corporation (NYSE: BRC) today reported record results for its fiscal 2006 fourth quarter and fiscal year ended July 31, 2006.

     Sales in the fiscal 2006 fourth quarter rose 37 percent to $288.3 million compared to sales in the fourth quarter of fiscal 2005 of $210.0 million. The increase was comprised of organic growth of 8 percent compared to the prior year’s quarter, with acquisitions adding 27 percent, and foreign currency translation contributing 2 percent to sales growth.

     Net income for the fiscal 2006 fourth quarter was up 40 percent to $22.5 million or $0.43 per diluted Class A Common share, compared with $16.1 million or $0.32 per diluted Class A Common Share in the fourth quarter of fiscal 2005. Earnings per share in fiscal 2006 reflect issuance of additional 4.6 million shares through an equity offering in the fourth quarter.

     Brady’s fiscal 2006 net sales rose 25 percent to $1.018 billion compared to $816.4 million in sales in fiscal 2005. Organic growth was 9 percent, acquisitions added 16 percent and foreign currency had a negligible impact on total sales results.

     Net income for fiscal 2006 rose 27 percent to $104.2 million or $2.07 per diluted Class A Common Share, compared to $81.9 million or $1.64 per diluted Class A Common in fiscal 2005.

     “Fiscal 2006 was an outstanding year for Brady as we hit several important milestones, not the least of which is for the first time in Brady’s history we reached sales in excess of $1 billion. The year was also marked by a tremendous amount of activity, including 11 acquisitions; expansions in India, Slovakia and China; and a successful secondary offering of Brady stock,” said Brady President and Chief Executive Officer Frank M. Jaehnert.

     “In fiscal 2006 we were pleased to see solid organic growth, along with strong cash flow from operating activities of $115.3 million,” said Brady Vice President and Chief Financial Officer David Mathieson. “With the recent acquisitions of Carroll, Daewon and CIPI, we now expect annual sales of between $1.225 and $1.25 billion in fiscal 2007. Earnings-per-share guidance remains unchanged from our June 5 post-equity-offering guidance of $2.18 to $2.27 per share which is consistent with net income of between $120 and $125 million.”

     A Webcast regarding fiscal 2006 results will be available at www.investor.bradycorp.com beginning at 9:30 a.m. Central Daylight Time today.

     Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect premises, products and people. Its products help customers increase safety, security, productivity and performance and include high-performance labels and signs, safety devices, printing systems and software, and precision die-cut materials. Founded in 1914, the company has more than 500,000 customers in electronics, telecommunications, manufacturing, electrical, construction, education, medical and a variety of other industries. Brady is headquartered in Milwaukee and employs more than 7,000 people at operations in the Americas, Europe and Asia/Pacific. Brady’s fiscal 2005 sales were approximately $816 million. More information is available on the Internet at www.bradycorp.com

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Brady believes that certain statements in this news release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements related to future, not past, events included in this news release, including, without limitation, statements regarding Brady’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations are forward-looking statements. When used in this news release, 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 future financial performance of major markets Brady serves, which include, without limitation, telecommunications, manufacturing, electrical, construction, laboratory, education, governmental, public utility, computer, transportation; difficulties in making and integrating acquisitions; risks associated with newly acquired businesses; Brady’s ability to retain significant contracts and customers; future competition; Brady’s ability to develop and successfully market new products; changes in the supply of, or price for, parts and components; increased price pressure from suppliers and customers; interruptions to sources of supply; environmental, health and safety compliance costs and liabilities; Brady’s ability to realize cost savings from operating initiatives; Brady’s ability to attract and retain key talent; difficulties associated with exports; risks associated with international operations; fluctuations in currency rates versus the US dollar; technology changes; potential write-offs of Brady’s substantial intangible assets; risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products; business interruptions due to implementing business systems; 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 located in Item 1A of Part II of Brady’s Quarterly Report on Form 10-Q for the period ended April 30, 2006. These uncertainties may cause Brady’s actual future results to be materially different than those expressed in its forward-looking statements. Brady does not undertake to update its forward-looking statements.

Information by regional segment for the three and twelve months ended July 31, 2006 and 2005 is as follows:

													Corporate and
(in Thousands)	Americas			Europe			Asia			Subtotals			Eliminations			Total
SALES TO EXTERNAL CUSTOMERS
Three months ended:
July 31, 2006	$	135,470		$	88,966		$	63,897		$	288,333			—		$	288,333
July 31, 2005		108,019			67,825			34,202			210,046			—			210,046
Twelve months ended:
July 31, 2006	$	498,916		$	319,432		$	200,088		$	1,018,436			—		$	1,018,436
July 31, 2005		417,780			274,691			123,976			816,447			—			816,447
SALES GROWTH INFORMATION
Three months ended July 31, 2006:
Base		5.2	%		7.7	%		20.8	%		8.6	%		—			8.6	%
Currency		1.4	%		2.4	%		2.9	%		1.9	%		—			1.9	%
Acquisitions		18.8	%		21.1	%		63.1	%		26.8	%		—			26.8	%
Total		25.4	%		31.2	%		86.8	%		37.3	%		—			37.3	%
Twelve months ended July 31, 2006:
Base		5.0	%		4.2	%		34.7	%		9.2	%		—			9.2	%
Currency		1.5	%		-4.3	%		1.6	%		-0.5	%		—			-0.5	%
Acquisitions		12.9	%		16.4	%		25.1	%		16.0	%		—			16.0	%
Total		19.4	%		16.3	%		61.4	%		24.7	%		—			24.7	%
SEGMENT PROFIT (LOSS)
Three months ended:
July 31, 2006	$	30,336		$	21,900		$	12,192		$	64,428			($2,893	)	$	61,535
July 31, 2005		24,227			18,496			8,830			51,553			(1,929	)		49,624
Percentage increase (decrease)		25.2	%		18.4	%		38.1	%		25.0	%		50.0	%		24.0	%
Twelve months ended:
July 31, 2006	$	122,525		$	83,970		$	49,316		$	255,811			($10,633	)	$	245,178
July 31, 2005		98,193			79,792			34,228			212,213			(4,845	)		207,368
Percentage increase		24.8	%		5.2	%		44.1	%		20.5	%		119.5	%		18.2	%

NET INCOME RECONCILIATION (in thousands)

	Three months ended:						Twelve months ended:
	July 31,			July 31,			July 31,			July 31,
	2006			2005			2006			2005
Total profit for reportable segments	$	64,428		$	51,553		$	255,811		$	212,213
Corporate and eliminations		(2,893	)		(1,929	)		(10,633	)		(4,845	)
Unallocated amounts:
Administrative costs		(24,650	)		(25,442	)		(88,662	)		(84,916	)
Investment and other income		(356	)		557			2,403			1,369
Interest expense		(5,311	)		(2,126	)		(14,231	)		(8,403	)
Income before income taxes		31,218			22,613			144,688			115,418
Income taxes		(8,741	)		(6,558	)		(40,513	)		(33,471	)
Net income	$	22,477		$	16,055		$	104,175		$	81,947

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in thousands)

	Fiscal 2005
	Q1		Q2		Q3		Q4		Total
EBITDA (1)
Net income	$	20,357	$	20,579	$	24,956	$	16,055	$	81,947
Interest expense		2,139		2,037		2,101		2,126		8,403
Income taxes		9,580		8,811		8,522		6,558		33,471
Depreciation and amortization		6,775		6,478		6,738		6,831		26,822
EBITDA (non-GAAP measure)	$	38,851	$	37,905	$	42,317	$	31,570	$	150,643

	Fiscal 2006
	Q1		Q2		Q3		Q4		Total
EBITDA (1)
Net income	$	30,198	$	21,254	$	30,246	$	22,477	$	104,175
Interest expense		1,989		2,435		4,496		5,311		14,231
Income taxes		12,334		7,675		11,763		8,741		40,513
Depreciation and amortization		7,360		7,194		9,419		11,171		35,144
EBITDA (non-GAAP measure)	$	51,881	$	38,558	$	55,924	$	47,700	$	194,063

(1) 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 income before interest expense, income taxes and depreciation and amortization. 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 Condensed Consolidated Statements of Income data. EBITDA should not be considered as an alternative to net income or operating income as an indicator of the company’s operating performance, or as an alternative to operating cash flows 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.

BRADY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in Thousands)

	(Unaudited)
	Three Months Ended July 31st									Twelve Months Ended July 31st
							Percentage									Percentage
	2006			2005			Change			2006			2005			Change
Net sales	$	288,333		$	210,046			37.3	%	$	1,018,436		$	816,447			24.7	%
Cost of products sold		144,429			101,119			42.8	%		492,681			383,171			28.6	%
Gross margin		143,904			108,927			32.1	%		525,755			433,276			21.3	%
Operating expenses:
Research and development		9,766			7,334			33.2	%		30,443			25,078			21.4	%
Selling, general and administrative		97,253			77,411			25.6	%		338,796			285,746			18.6	%
Total operating expenses		107,019			84,745			26.3	%		369,239			310,824			18.8	%
Operating income		36,885			24,182			52.5	%		156,516			122,452			27.8	%
Other income and (expense):
Investment and other income		(356	)		557			-163.9	%		2,403			1,369			75.5	%
Interest expense		(5,311	)		(2,126	)		149.8	%		(14,231	)		(8,403	)		69.4	%
Income before income taxes		31,218			22,613			38.1	%		144,688			115,418			25.4	%
Income taxes		8,741			6,558			33.3	%		40,513			33,471			21.0	%
Net income	$	22,477		$	16,055			40.0	%	$	104,175		$	81,947			27.1	%
Per Class A Nonvoting Common Share:
Basic net income	$	0.44		$	0.33			33.3	%	$	2.10		$	1.67			25.7	%
Diluted net income	$	0.43		$	0.32			34.4	%	$	2.07		$	1.64			26.2	%
Dividends	$	0.13		$	0.11			18.2	%	$	0.52		$	0.44			18.2	%
Per Class B Voting Common Share:
Basic net income	$	0.44		$	0.33			33.3	%	$	2.09		$	1.66			25.9	%
Diluted net income	$	0.43		$	0.32			34.4	%	$	2.05		$	1.63			25.8	%
Dividends	$	0.13		$	0.11			18.2	%	$	0.50		$	0.42			19.0	%
Weighted average common shares outstanding (in Thousands):
Basic		50,791			49,240						49,494			48,967
Diluted		51,672			50,232						50,385			49,859

BRADY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

	(Unaudited)
	July 31, 2006			July 31, 2005
ASSETS
Current assets:
Cash and cash equivalents	$	113,008		$	72,970
Short term investments		11,500			7,100
Accounts receivable, less allowance for losses ($6,390 and $3,726, respectively)		187,907			123,453
Inventories:
Finished Products		59,365			38,827
Work-in-process		12,850			9,681
Raw materials and supplies		37,702			22,227
Total inventories		109,917			70,735
Prepaid expenses and other current assets		36,825			28,114
Total current assets		459,157			302,372
Other assets:
Goodwill		587,642			332,369
Other Intangible assets, net		134,111			71,647
Deferred Income Taxes		34,135			39,043
Other		10,235			6,305
Total other assets		766,123			449,364
Property, plant and equipment:
Cost:
Land		6,548			6,388
Buildings and improvements		78,418			65,007
Machinery and equipment		198,426			157,093
Construction in progress		12,098			6,510
		295,490			234,998
Less accumulated depreciation		155,584			136,587
Net property, plant and equipment		139,906			98,411
Total	$	1,365,186		$	850,147
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	78,585		$	52,696
Wages and amounts withheld from employees		61,778			49,620
Taxes, other than income taxes		6,231			4,815
Accrued income taxes		25,675			24,028
Other current liabilities		46,763			29,649
Short-term borrowings and current maturities on long-term debt		20			4
Total current liabilities		219,052			160,812
Long-term obligations, less current maturities		350,018			150,026
Other liabilities		50,502			42,035
Total liabilities		619,572			352,873
Stockholders’ investment:
Common stock:
Class A nonvoting common stock — Issued 50,481,743 and 45,877,543 shares,		505			458
respectively and outstanding 50,188,842 and 45,792,199 shares, respectively
Class B voting common stock — Issued and outstanding, 3,538,628 shares		35			35
Additional paid-in capital		258,922			99,029
Income retained in the business		460,991			382,880
Treasury Stock - 292,901 and 85,344 shares, respectively of Class A nonvoting common stock, at cost		(10,865	)		(1,575	)
Accumulated other comprehensive income		35,264			17,497
Other		762			(1,050	)
Total stockholders’ investment		745,614			497,274
Total	$	1,365,186		$	850,147

BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

	(Unaudited)
	Twelve Months Ended
	31-Jul
	2006			2005			2004
Operating activities:
Net income	$	104,175		$	81,947		$	50,871
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		35,144			26,822			20,190
Gain on Foreign Currency Contract		(1,516	)		—			—
Income tax benefit from the exercise of stock options		—			5,385			4,406
Deferred Income taxes		(1,843	)		(2,653	)		5,172
Loss on sale or disposal of property, plant & equipment		124			743			321
Provision for losses on accounts receivable		1,152			1,216			1,450
Non-cash portion of stock-based compensation expense		5,568			5,579			1,927
Net restructuring charge accrued liability		—			—			3,221
Changes in operating assets and liabilities (net of effects of business acquisitions):
Accounts receivable		(13,620	)		(7,132	)		(11,979	)
Inventories		(16,961	)		(11,847	)		(6,791	)
Prepaid expenses and other assets		(2,163	)		(3,572	)		2,168
Accounts payable and accrued liabilities		10,421			8,827			15,210
Income taxes		492			9,662			(393	)
Other liabilities		(5,643	)		4,126			1,873
Net cash provided by operating activities		115,330			119,103			87,646
Investing activities:
Acquisition of businesses, net of cash acquired		(347,681	)		(79,926	)		(228,928	)
Purchases of short-term investments		(150,900	)		(50,025	)		(38,450	)
Sales of short-term investments		146,500			48,075			42,850
Purchases of property, plant and equipment		(39,410	)		(21,920	)		(14,892	)
Purchase of Foreign Currency Contract		(2,134	)		—			—
Proceeds from sale of property, plant and equipment		546			390			448
Other		(2,203	)		(1,686	)		(1,533	)
Net cash used in investing activities		(395,282	)		(105,092	)		(240,505	)
Financing activities:
Payment of dividends		(26,064	)		(21,291	)		(19,805	)
Proceeds from issuance of common stock		166,664			15,734			19,422
Principal payments on debt		(417,601	)		(85,604	)		(161,578	)
Proceeds from issuance of debt		615,730			83,000			310,000
Purchase of treasury stock		(24,683	)		(1,551	)		(564	)
Income tax benefit from the exercise of stock options		4,912			—			—
Debt issue costs		—			—			(1,372	)
Net cash provided by (used in) financing activities		318,958			(9,712	)		146,103
Effect of exchange rate changes on cash		1,032			(117	)		6,939
Net increase in cash and cash equivalents		40,038			4,182			183
Cash and cash equivalents, beginning of period		72,970			68,788			68,605
Cash and cash equivalents, end of period		113,008			72,970			68,788
Supplemental disclosures:
Cash paid during the period for:
Interest, net of capitalized interest	$	8,991			7,836			506
Income taxes, net of refunds		37,661			19,358			10,977
Acquisitions:
Fair value of asset acquired, net of cash	$	167,900			60,193			96,656
Liabilities assumed		(63,667	)		(35,113	)		(8,674	)
Goodwill		247,098			54,846			140,946
Effect of foreign currency contract		(3,650	)		—			—
Net cash paid for acquisitions	$	347,681			79,926			228,928