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 sales and net income for its fiscal 2007 second quarter

MILWAUKEE (February 21, 2007)—Brady Corporation (NYSE: BRC), a world leader in identification solutions, reports sales and earnings for its second quarter ended January 31, 2007.

     Sales for the quarter were up 39.1 percent to $321.3 million, compared to $231.0 million in the second quarter of fiscal 2006. Base business growth was up 4.6 percent, acquisitions increased sales by 29.8 percent and currency exchange added 4.7 percent. Total sales increased 27.3 percent in the Americas, 29.6 percent in Europe and 84.3 percent in the Asia/Pacific region.

     Net income for the quarter fell 7.3 percent to $19.7 million compared to $21.3 million in the quarter last year. Earnings per diluted Class A Common share were $0.36 compared to $0.43 per share in the fiscal 2006 second quarter. Fiscal 2007 earnings per share results include the effect of issuance of an additional 4.6 million shares through an equity offering in the fourth quarter of fiscal 2006.

     Sales for the six months ended January 31, 2007, rose 41.0 percent to $653.5 million, compared to $463.6 million in the same period last year. Net income for the first six months of fiscal 2007 rose 5.3 percent to $54.2 million compared to $51.5 million for the same period in fiscal 2006. Six-month earnings per diluted Class A Common share were $0.99 compared to $1.03 in fiscal 2006.

     “We are pleased to see solid revenue growth and profitability in the quarter in both the Americas and Europe. In the Asia/Pacific region, which has been exceptionally strong for a number of previous quarters, we are now feeling the effects of some volatility and pricing pressure in the mobile-handset and hard-disk-drive markets on our business,” said Frank M. Jaehnert, Brady’s president and chief executive officer. “We are addressing this, in part, by re-balancing our global die-cut manufacturing capacity and accelerating the integration activities within our newly acquired die-cut businesses. We remain confident in our long-term plans and are making no major changes to our growth strategy.”

     The company reaffirms the guidance issued in its February 8 press release, for fiscal 2007 sales of between $1.35 and $1.37 billion, net income of between $113 and $118 million, and diluted earnings per share between $2.06 and $2.15.

     A webcast regarding fiscal 2007 second quarter results will be available at www.investor.bradycorp.com beginning at 9:30 a.m. Central Standard 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 9,000 people at operations in the Americas, Europe and Asia/Pacific. Brady’s fiscal 2006 sales were approximately $1.018 billion.

     More information is available on the Internet at www.bradycorp.com.

Information by regional segment for the three and six months ended January 31, 2007 and 2006 is as follows:

													Corporate and
(in Thousands)	Americas			Europe			Asia			Subtotals			Eliminations			Total
SALES TO EXTERNAL CUSTOMERS
Three months ended:
January 31, 2007	$	139,988		$	98,846		$	82,441		$	321,275			—		$	321,275
January 31, 2006		109,951			76,284			44,739			230,974			—			230,974
Six months ended:
January 31, 2007	$	286,931		$	191,211		$	175,392		$	653,534			—		$	653,534
January 31, 2006		226,010			150,046			87,553			463,609			—			463,609
SALES GROWTH INFORMATION
Three months ended January 31, 2007:
Base		5.6	%		7.4	%		-2.5	%		4.6	%		—			4.6	%
Currency		0.3	%		10.8	%		4.9	%		4.7	%		—			4.7	%
Acquisitions		21.4	%		11.4	%		81.9	%		29.8	%		—			29.8	%
Total		27.3	%		29.6	%		84.3	%		39.1	%		—			39.1	%
Six months ended January 31, 2007:
Base		4.1	%		7.1	%		4.6	%		5.1	%		—			5.2	%
Currency		0.6	%		8.1	%		3.7	%		3.6	%		—			3.6	%
Acquisitions		22.3	%		12.2	%		92.0	%		32.3	%		—			32.2	%
Total		27.0	%		27.4	%		100.3	%		41.0	%		—			41.0	%
SEGMENT PROFIT (LOSS)
Three months ended:
January 31, 2007	$	28,793		$	22,604		$	12,394		$	63,791			($2,228	)	$	61,563

													Corporate and
(in Thousands)	Americas			Europe			Asia			Subtotals			Eliminations			Total
January 31, 2006		24,969			19,989			11,717			56,675			(2,631	)		54,044
Percentage increase (decrease)		15.3	%		13.1	%		5.8	%		12.6	%		-15.3	%		13.9	%
Six months ended:
January 31, 2007	$	65,698		$	45,609		$	34,531		$	145,838			($4,425	)	$	141,413
January 31, 2006		57,163			40,767			24,727			122,657			(5,017	)		117,640
Percentage increase (decrease)		14.9	%		11.9	%		39.6	%		18.9	%		-11.8	%		20.2	%

NET INCOME RECONCILIATION (in thousands)

	Three months ended:						Six months ended:
	January 31,			January 31,			January 31,			January 31,
	2007			2006			2007			2006
Total profit for reportable segments	$	63,791		$	56,675		$	145,838		$	122,657
Corporate and eliminations		(2,228	)		(2,631	)		(4,425	)		(5,017	)
Unallocated amounts:
Administrative costs		(28,839	)		(22,768	)		(56,748	)		(42,235	)
Investment and other income (expense)		(106	)		88			532			480
Interest expense		(5,244	)		(2,435	)		(9,979	)		(4,424	)
Income before income taxes		27,374			28,929			75,218			71,461
Income taxes		(7,665	)		(7,675	)		(21,061	)		(20,009	)
Net income	$	19,709		$	21,254		$	54,157		$	51,452

###

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 Annual Report on Form 10-K for the period ended July 31, 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.

BRADY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in Thousands)

	(Unaudited)
	Three Months Ended January 31,									Six Months Ended January 31,
							Percentage									Percentage
	2007			2006			Change			2007			2006			Change
Net sales	$	321,275		$	230,974			39.1	%	$	653,534		$	463,609			41.0	%
Cost of products sold		171,114			113,869			50.3	%		339,245			222,513			52.5	%
Gross margin		150,161			117,105			28.2	%		314,289			241,096			30.4	%
Operating expenses:
Research and development		9,082			6,829			33.0	%		17,614			13,363			31.8	%
Selling, general and administrative		108,355			79,000			37.2	%		212,010			152,328			39.2	%
Total operating expenses		117,437			85,829			36.8	%		229,624			165,691			38.6	%
Operating income		32,724			31,276			4.6	%		84,665			75,405			12.3	%
Other income and (expense):
Investment and other income (expense)		(106	)		88			-220.5	%		532			480			10.8	%
Interest expense		(5,244	)		(2,435	)		115.4	%		(9,979	)		(4,424	)		125.6	%
Income before income taxes		27,374			28,929			-5.4	%		75,218			71,461			5.3	%
Income taxes		7,665			7,675			-0.1	%		21,061			20,009			5.3	%
Net income	$	19,709		$	21,254			-7.3	%	$	54,157		$	51,452			5.3	%
Per Class A Nonvoting Common Share:
Basic net income	$	0.37		$	0.43			-14.0	%	$	1.01		$	1.05			-3.8	%
Diluted net income	$	0.36		$	0.43			-16.3	%	$	0.99		$	1.03			-3.9	%
Dividends	$	0.14		$	0.13			7.7	%	$	0.28		$	0.26			7.7	%
Per Class B Voting Common Share:
Basic net income	$	0.37		$	0.43			-14.0	%	$	0.99		$	1.03			-3.9	%
Diluted net income	$	0.36		$	0.43			-16.3	%	$	0.97		$	1.02			-4.9	%
Dividends	$	0.14		$	0.13			7.7	%	$	0.26		$	0.24			8.3	%
Weighted average common shares outstanding (in Thousands):
Basic		53,894			48,994						53,814			49,098
Diluted		54,789			49,813						54,697			49,891

BRADY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

	(Unaudited)
	January 31, 2007			July 31, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	86,408		$	113,008
Short term investments		—			11,500
Accounts receivable, less allowance for losses ($8,340 and $6,390, respectively)		218,594			187,907
Inventories:
Finished products		76,245			59,365
Work-in-process		18,292			12,850
Raw materials and supplies		39,823			37,702
Total inventories		134,360			109,917
Prepaid expenses and other current assets		43,389			36,825
Total current assets		482,751			459,157
Other assets:
Goodwill		655,238			587,642
Other intangible assets, net		145,544			134,111
Deferred income taxes		33,954			34,135
Other		16,599			10,235
Total other assets		851,335			766,123
Property, plant and equipment:
Cost:
Land		6,582			6,548
Buildings and improvements		81,878			78,418
Machinery and equipment		219,468			198,426
Construction in progress		28,636			12,098
		336,564			295,490
Less accumulated depreciation		171,144			155,584
Net property, plant and equipment		165,420			139,906
Total	$	1,499,506		$	1,365,186
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	92,598		$	78,585
Wages and amounts withheld from employees		49,555			61,778
Taxes, other than income taxes		6,768			6,231
Accrued income taxes		22,627			25,243
Other current liabilities		43,357			46,763
Short-term borrowings and current maturities on long-term debt		12			20
Total current liabilities		214,917			218,620
Long-term obligations, less current maturities		420,817			350,018
Other liabilities		56,968			50,502
Total liabilities		692,702			619,140
Stockholders’ investment:
Common stock:
Class A nonvoting common stock — Issued 50,481,743 and 50,481,743 shares, respectively and outstanding 50,403,641 and 50,188,842 shares, respectively		505			505
Class B voting common stock — Issued and outstanding, 3,538,628 shares		35			35
Additional paid-in capital		259,282			258,922
Income retained in the business		500,134			460,991
Treasury stock - 78,102 and 292,901 shares, respectively of Class A nonvoting common stock, at cost		(2,956	)		(10,865	)
Accumulated other comprehensive income		49,042			35,696
Other		762			762
Total stockholders’ investment		806,804			746,046
Total	$	1,499,506		$	1,365,186

BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

	(Unaudited)
	Six Months Ended
	January 31
	2007			2006
Operating activities:
Net income	$	54,157		$	51,452
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		26,096			14,554
Deferred income taxes		(542	)		712
Loss on disposal of property, plant & equipment		305			45
Provision for losses on accounts receivable		1,301			623
Non-cash portion of stock-based compensation expense		3,669			2,827
Changes in operating assets and liabilities (net of effects of business acquisitions):
Accounts receivable		(15,337	)		(11,250	)
Inventories		(14,787	)		(11,537	)
Prepaid expenses and other assets		(8,590	)		(2,959	)
Accounts payable and accrued liabilities		(8,316	)		(17,512	)
Income taxes		(3,411	)		(10,127	)
Other liabilities		2,514			3,970
Net cash provided by operating activities		37,059			20,798
Investing activities:
Acquisition of businesses, net of cash acquired		(90,418	)		(100,256	)
Payments of contingent consideration		(9,329	)		—
Purchases of short-term investments		—			(3,800	)
Sales of short-term investments		11,500			10,900
Purchases of property, plant and equipment		(32,135	)		(17,341	)
Proceeds from sale of property, plant and equipment		234			66
Other		(5,831	)		(1,711	)
Net cash used in investing activities		(125,979	)		(112,142	)
Financing activities:
Payment of dividends		(15,014	)		(12,710	)
Proceeds from issuance of common stock		3,837			6,467
Principal payments on debt		(26,231	)		(190,459	)
Proceeds from issuance of debt		97,020			289,630
Purchase of treasury stock		—			(27,233	)
Income tax benefit from the exercise of stock options		763			3,354
Net cash provided by financing activities		60,375			69,049
Effect of exchange rate changes on cash		1,945			67
Net decrease in cash and cash equivalents		(26,600	)		(22,228	)
Cash and cash equivalents, beginning of period		113,008			72,970
Cash and cash equivalents, end of period		86,408			50,742
Supplemental disclosures:
Cash paid during the period for:
Interest, net of capitalized interest	$	9,754		$	3,907
Income taxes, net of refunds		23,983			24,510
Acquisitions:
Fair value of assets acquired, net of cash	$	50,042		$	39,422
Liabilities assumed		(15,617	)		(9,326	)
Goodwill		55,993			70,160
Net cash paid for acquisitions	$	90,418		$	100,256

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(in thousands)

	Fiscal 2006
	Q1		Q2		Q3		Q4		Total
EBITDA (1)
Net income	$	30,198	$	21,254					$	51,452
Interest expense		1,989		2,435						4,424
Income taxes		12,334		7,675						20,009
Depreciation and amortization		7,360		7,194						14,554
EBITDA (non-GAAP measure)	$	51,881	$	38,558	$	—	$	—	$	90,439
	Fiscal 2007
	Q1		Q2		Q3		Q4		Total
EBITDA (1)
Net income	$	34,448	$	19,709					$	54,157
Interest expense		4,735		5,244						9,979
Income taxes		13,396		7,665						21,061
Depreciation and amortization		12,927		13,169						26,096
EBITDA (non-GAAP measure)	$	65,506	$	45,787	$	—	$	—	$	111,293

(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.