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Brady Corporation
Quarter Ended
Sales for the quarter ended
During the fourth quarter ended
The Company’s loss from continuing operations for the quarter ended
The Company’s loss from continuing operations per diluted Class A
Nonvoting Common Share was
Year Ended
Sales for the year ended
Earnings (loss) from continuing operations for the year ended
Earnings (loss) from continuing operations per diluted Class A Nonvoting
Common share were
Share Buyback Program:
On
Commentary:
“Our fourth quarter financial results did not meet our expectations. We
realized an organic sales decline in our Identification Solutions
business, and our gross profit margin deteriorated more than
anticipated,” said Brady President and Chief Executive Officer
“Our cash generation continued to show improvements in the fourth
quarter as the cash outlays from our prior restructuring programs and
the elevated levels of capital expenditures have subsided,” said Brady’s
Chief Financial Officer,
Fiscal 2016 Guidance:
The Company anticipates approximately flat to low single-digit organic
sales growth in fiscal 2016, with organic sales growth in both the
Identification Solutions and Workplace Safety businesses increasing as
the year progresses. Brady expects earnings from continuing operations
per diluted Class A Nonvoting Common Share of between
A webcast regarding Brady’s fiscal 2015 fourth quarter financial results
will be available at www.bradycorp.com
beginning at
* See accompanying notes for Non-GAAP measures.
In this news release, statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company'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.
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 healthcare strategy;
implementation of the Workplace Safety strategy; future competition;
Brady’s ability to develop and successfully market new products; 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; technology changes and
potential security violations to the Company's information technology
system; fluctuations in currency rates versus the U.S. dollar; risks
associated with international operations; difficulties associated with
exports; risks associated with restructuring plans; risks associated
with identifying, completing, and integrating acquisitions; 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; risk associated with loss of key
talent; risks associated with divestitures and businesses held for sale;
risks associated with obtaining governmental approvals and maintaining
regulatory compliance; risk associated with product liability claims;
environmental, health and safety compliance costs and liabilities;
potential write-offs of Brady's substantial intangible assets; risks
associated with our ownership structure; unforeseen tax consequences;
Brady's ability to maintain compliance with its debt covenants; increase
in our level of debt; 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
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 except as required by law.
BRADY CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
(Unaudited; Dollars in thousands, except per share data) | ||||||||||||||||
Three months ended July 31, | Twelve months ended July 31 | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales | $ | 288,636 | $ | 316,733 | $ | 1,171,731 | $ | 1,225,034 | ||||||||
Cost of products sold | 159,567 | 162,672 | 613,299 | 615,470 | ||||||||||||
Gross margin | 129,069 | 154,061 | 558,432 | 609,564 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 9,227 | 9,373 | 36,734 | 35,048 | ||||||||||||
Selling, general and administrative | 102,908 | 111,340 | 422,704 | 452,164 | ||||||||||||
Restructuring charges | 2,830 | 810 | 16,821 | 15,012 | ||||||||||||
Impairment charges | 46,867 | 148,551 | 46,867 | 148,551 | ||||||||||||
Total operating expenses | 161,832 | 270,074 | 523,126 | 650,775 | ||||||||||||
Operating (loss) income | (32,763 | ) | (116,013 | ) | 35,306 | (41,211 | ) | |||||||||
Other (expense) and income | ||||||||||||||||
Investment and other (expense) income | (123 | ) | 515 | 845 | 2,402 | |||||||||||
Interest expense | (2,762 | ) | (3,523 | ) | (11,156 | ) | (14,300 | ) | ||||||||
(Loss) earnings from continuing operations before income taxes | (35,648 | ) | (119,021 | ) | 24,995 | (53,109 | ) | |||||||||
Income tax expense (benefit) | 3,746 | (22,040 | ) | 20,093 | (4,963 | ) | ||||||||||
(Loss) earnings from continuing operations | $ | (39,394 | ) | $ | (96,981 | ) | $ | 4,902 | $ | (48,146 | ) | |||||
(Loss) earnings from discontinued operations, net of income taxes | — | (13,428 | ) | (1,915 | ) | 2,178 | ||||||||||
Net (loss) earnings | $ | (39,394 | ) | $ | (110,409 | ) | $ | 2,987 | $ | (45,968 | ) | |||||
(Loss) earnings from continuing operations per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | (0.77 | ) | $ | (1.89 | ) | $ | 0.10 | $ | (0.93 | ) | |||||
Diluted | $ | (0.77 | ) | $ | (1.89 | ) | $ | 0.10 | $ | (0.93 | ) | |||||
(Loss) earnings from continuing operations per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | (0.77 | ) | $ | (1.89 | ) | $ | 0.08 | $ | (0.95 | ) | |||||
Diluted | $ | (0.77 | ) | $ | (1.89 | ) | $ | 0.08 | $ | (0.95 | ) | |||||
(Loss) earnings from discontinued operations per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | — | $ | (0.26 | ) | $ | (0.04 | ) | $ | 0.04 | ||||||
Diluted | $ | — | $ | (0.26 | ) | $ | (0.04 | ) | $ | 0.04 | ||||||
(Loss) earnings from discontinued operations per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | — | $ | (0.26 | ) | $ | (0.04 | ) | $ | 0.05 | ||||||
Diluted | $ | — | $ | (0.26 | ) | $ | (0.04 | ) | $ | 0.05 | ||||||
Net (loss) earnings per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | (0.77 | ) | $ | (2.15 | ) | $ | 0.06 | $ | (0.89 | ) | |||||
Diluted | $ | (0.77 | ) | $ | (2.15 | ) | $ | 0.06 | $ | (0.89 | ) | |||||
Dividends | $ | 0.20 | $ | 0.195 | $ | 0.80 | $ | 0.78 | ||||||||
Net (loss) earnings per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | (0.77 | ) | $ | (2.15 | ) | $ | 0.04 | $ | (0.90 | ) | |||||
Diluted | $ | (0.77 | ) | $ | (2.15 | ) | $ | 0.04 | $ | (0.90 | ) | |||||
Dividends | $ | 0.20 | $ | 0.195 | $ | 0.78 | $ | 0.76 | ||||||||
Weighted average common shares outstanding (in thousands): | ||||||||||||||||
Basic | 51,317 | 51,250 | 51,285 | 51,866 | ||||||||||||
Diluted | 51,317 | 51,250 | 51,357 | 51,866 |
BRADY CORPORATION AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited; Dollars in thousands) | ||||||||
July 31, 2015 | July 31, 2014 | |||||||
ASSETS |
||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 114,492 | $ | 81,834 | ||||
Accounts receivable—net | 157,386 | 177,648 | ||||||
Inventories: | ||||||||
Finished products | 66,700 | 73,096 | ||||||
Work-in-process | 16,958 | 17,689 | ||||||
Raw materials and supplies | 20,849 | 22,490 | ||||||
Total inventories | 104,507 | 113,275 | ||||||
Assets held for sale | — | 49,542 | ||||||
Prepaid expenses and other current assets | 32,197 | 41,543 | ||||||
Total current assets | 408,582 | 463,842 | ||||||
Other assets: | ||||||||
Goodwill | 433,199 | 515,004 | ||||||
Other intangible assets | 68,888 | 91,014 | ||||||
Deferred income taxes | 22,310 | 27,320 | ||||||
Other | 18,704 | 22,314 | ||||||
Property, plant and equipment: | ||||||||
Cost: | ||||||||
Land | 5,284 | 7,875 | ||||||
Buildings and improvements | 94,423 | 101,866 | ||||||
Machinery and equipment | 270,086 | 288,409 | ||||||
Construction in progress | 2,164 | 12,500 | ||||||
371,957 | 410,650 | |||||||
Less accumulated depreciation | 260,743 | 276,479 | ||||||
Property, plant and equipment—net | 111,214 | 134,171 | ||||||
Total | $ | 1,062,897 | $ | 1,253,665 | ||||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT |
||||||||
Current liabilities: | ||||||||
Notes payable | $ | 10,411 | $ | 61,422 | ||||
Accounts payable | 73,020 | 88,099 | ||||||
Wages and amounts withheld from employees | 30,282 | 38,064 | ||||||
Liabilities held for sale | — | 10,640 | ||||||
Taxes, other than income taxes | 7,250 | 7,994 | ||||||
Accrued income taxes | 7,576 | 7,893 | ||||||
Other current liabilities | 38,194 | 35,319 | ||||||
Current maturities on long-term debt | 42,514 | 42,514 | ||||||
Total current liabilities | 209,247 | 291,945 | ||||||
Long-term obligations, less current maturities | 200,774 | 159,296 | ||||||
Other liabilities | 65,188 | 69,348 | ||||||
Total liabilities | 475,209 | 520,589 | ||||||
Stockholders’ investment: | ||||||||
Common stock: | ||||||||
Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 47,781,184 and 47,704,196 shares, respectively | 513 | 513 | ||||||
Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 | ||||||
Additional paid-in capital | 314,403 | 311,811 | ||||||
Earnings retained in the business | 414,069 | 452,057 | ||||||
Treasury stock—3,480,303 and 3,477,291 shares, respectively of Class
A nonvoting
common stock, at cost |
(93,234 | ) | (93,337 | ) | ||||
Accumulated other comprehensive (loss) income | (45,034 | ) | 64,156 | |||||
Other | (3,064 | ) | (2,159 | ) | ||||
Total stockholders’ investment | 587,688 | 733,076 | ||||||
Total | $ | 1,062,897 | $ | 1,253,665 |
BRADY CORPORATION AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited; Dollars in thousands) | ||||||||
Twelve months ended July 31, | ||||||||
2015 | 2014 | |||||||
Operating activities: | ||||||||
Net earnings (loss) | $ | 2,987 | $ | (45,968 | ) | |||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 39,458 | 44,598 | ||||||
Non-cash portion of restructuring charges | 4,164 | 566 | ||||||
Non-cash portion of stock-based compensation expense | 4,471 | 5,214 | ||||||
Impairment charges | 46,867 | 148,551 | ||||||
Loss on sale of business, net | 426 | 1,238 | ||||||
Deferred income taxes | (7,233 | ) | (27,516 | ) | ||||
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ||||||||
Accounts receivable | 1,317 | (3,600 | ) | |||||
Inventories | (763 | ) | (12,608 | ) | ||||
Prepaid expenses and other assets | 9,188 | (278 | ) | |||||
Accounts payable and accrued liabilities | (8,516 | ) | (20,508 | ) | ||||
Income taxes | 982 | 3,731 | ||||||
Net cash provided by operating activities | 93,348 | 93,420 | ||||||
Investing activities: | ||||||||
Purchases of property, plant and equipment | (26,673 | ) | (43,398 | ) | ||||
Sale of business, net of cash retained | 6,111 | 54,242 | ||||||
Other | 6,197 | (637 | ) | |||||
Net cash (used in) provided by investing activities | (14,365 | ) | 10,207 | |||||
Financing activities: | ||||||||
Payment of dividends | (40,976 | ) | (40,487 | ) | ||||
Proceeds from issuance of common stock | 1,644 | 12,113 | ||||||
Purchase of treasury stock | — | (30,581 | ) | |||||
Proceeds from borrowing on credit facilities | 83,382 | 73,334 | ||||||
Repayment of borrowing on credit facilities | (32,314 | ) | (62,398 | ) | ||||
Principal payments on debt | (42,514 | ) | (61,264 | ) | ||||
Income tax on equity-based compensation, and other | (1,374 | ) | (6,104 | ) | ||||
Net cash used in financing activities | (32,152 | ) | (115,387 | ) | ||||
Effect of exchange rate changes on cash | (14,173 | ) | 2,536 | |||||
Net increase (decrease) in cash and cash equivalents | 32,658 | (9,224 | ) | |||||
Cash and cash equivalents, beginning of period | 81,834 | 91,058 | ||||||
Cash and cash equivalents, end of period | $ | 114,492 | $ | 81,834 | ||||
Supplemental disclosures: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 11,164 | $ | 14,594 | ||||
Income taxes, net of refunds | 25,024 | 33,043 |
BRADY CORPORATION AND SUBSIDIARIES | ||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
(Unaudited; Dollars in Thousands) | ||||||||||||||||
Three Months Ended July 31, | Year Ended July 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
SALES TO EXTERNAL CUSTOMERS | ||||||||||||||||
ID Solutions | $ | 201,536 | $ | 214,397 | $ | 806,484 | $ | 825,123 | ||||||||
Workplace Safety | 87,100 | 102,336 | 365,247 | 399,911 | ||||||||||||
Total | $ | 288,636 | $ | 316,733 | $ | 1,171,731 | $ | 1,225,034 | ||||||||
SALES INFORMATION | ||||||||||||||||
ID Solutions | ||||||||||||||||
Organic | (0.3 | )% | 1.2 | % | 1.7 | % | 2.9 | % | ||||||||
Currency | (5.7 | )% | 0.4 | % | (4.0 | )% | (0.2 | )% | ||||||||
Acquisitions | — | % | — | % | — | % | 8.9 | % | ||||||||
Total | (6.0 | )% | 1.6 | % | (2.3 | )% | 11.6 | % | ||||||||
Workplace Safety | ||||||||||||||||
Organic | (3.2 | )% | 0.9 | % | (0.4 | )% | (4.6 | )% | ||||||||
Currency | (11.7 | )% | 1.9 | % | (8.3 | )% | 0.1 | % | ||||||||
Acquisitions | — | % | — | % | — | % | — | % | ||||||||
Total | (14.9 | )% | 2.8 | % | (8.7 | )% | (4.5 | )% | ||||||||
Total Company | ||||||||||||||||
Organic | (1.2 | )% | 1.1 | % | 1.0 | % | 0.2 | % | ||||||||
Currency | (7.7 | )% | 0.9 | % | (5.4 | )% | (0.1 | )% | ||||||||
Acquisitions | — | % | — | % | — | % | 5.7 | % | ||||||||
Total | (8.9 | )% | 2.0 | % | (4.4 | )% | 5.8 | % | ||||||||
SEGMENT PROFIT | ||||||||||||||||
ID Solutions | $ | 29,040 | $ | 43,334 | $ | 149,840 | $ | 176,129 | ||||||||
Workplace Safety | 15,895 | 18,425 | 56,502 | 66,238 | ||||||||||||
Total | $ | 44,935 | $ | 61,759 | $ | 206,342 | $ | 242,367 | ||||||||
SEGMENT PROFIT AS A PERCENT OF SALES | ||||||||||||||||
ID Solutions | 14.4 | % | 20.2 | % | 18.6 | % | 21.3 | % | ||||||||
Workplace Safety | 18.2 | % | 18.0 | % | 15.5 | % | 16.6 | % | ||||||||
Total | 15.6 | % | 19.5 | % | 17.6 | % | 19.8 | % | ||||||||
Three Months Ended July 31, | Year Ended July 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total segment profit | $ | 44,935 | $ | 61,759 | $ | 206,342 | $ | 242,367 | ||||||||
Unallocated amounts: | ||||||||||||||||
Administrative costs | (28,001 | ) | (28,411 | ) | (107,348 | ) | (120,015 | ) | ||||||||
Restructuring charges | (2,830 | ) | (810 | ) | (16,821 | ) | (15,012 | ) | ||||||||
Impairment charges | (46,867 | ) | (148,551 | ) | (46,867 | ) | (148,551 | ) | ||||||||
Investment and other income | (123 | ) | 515 | 845 | 2,402 | |||||||||||
Interest expense | (2,762 | ) | (3,523 | ) | (11,156 | ) | (14,300 | ) | ||||||||
Earnings (loss) from continuing operations before income taxes | $ | (35,648 | ) | $ | (119,021 | ) | $ | 24,995 | $ | (53,109 | ) |
GAAP to NON-GAAP MEASURES | ||||||||||||||||
(Unaudited; Dollars in Thousands, Except Per Share Amounts) | ||||||||||||||||
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. | ||||||||||||||||
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 (Loss) Earnings from Continuing Operations Before Income Taxes to Earnings from Continuing Operations Before Income Taxes Excluding Certain Items: | ||||||||||||||||
Three months ended July 31, | Twelve months ended July 31 | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(Loss) Earnings from Continuing Operations Before Income Taxes (GAAP measure) | $ | (35,648 | ) | $ | (119,021 | ) | $ | 24,995 | $ | (53,109 | ) | |||||
Restructuring charges | 2,830 | 810 | 16,821 | 15,012 | ||||||||||||
Impairment charges | 46,867 | 148,551 | 46,867 | 148,551 | ||||||||||||
Other non-routine charges | 7,430 | - | 7,430 | - | ||||||||||||
Postretirement benefit plan curtailment gain | - | - | (4,296 | ) | - | |||||||||||
|
||||||||||||||||
Earnings from Continuing Operations Before Income Taxes Excluding Certain Items (non-GAAP measure) |
$ | 21,479 | $ | 30,340 | $ | 91,817 | $ | 110,454 | ||||||||
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 July 31, | Twelve months ended July 31 | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Income Taxes on Continuing Operations (GAAP measure) | $ | 3,746 | $ | (22,040 | ) | $ | 20,093 | $ | (4,963 | ) | ||||||
Restructuring charges | 672 | 230 | 5,078 | 4,751 | ||||||||||||
Impairment charges | - | 31,157 | - | 31,157 | ||||||||||||
Other non-routine charges | 2,673 | - | 2,673 | - | ||||||||||||
Postretirement benefit plan curtailment gain | - | - | (1,504 | ) | - | |||||||||||
|
||||||||||||||||
Income Taxes on Continuing Operations Excluding Certain Items (non-GAAP measure) |
$ | 7,091 | $ | 9,347 | $ | 26,340 | $ | 30,945 | ||||||||
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 (Loss) Earnings from Continuing Operations to Net Earnings from Continuing Operations Excluding Certain Items: | ||||||||||||||||
Three months ended July 31, | Twelve months ended July 31 | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net (Loss) Earnings from Continuing Operations (GAAP measure) | $ | (39,394 | ) | $ | (96,981 | ) | $ | 4,902 | $ | (48,146 | ) | |||||
Restructuring charges | 2,158 | 580 | 11,743 | 10,261 | ||||||||||||
Impairment charges | 46,867 | 117,394 | 46,867 | 117,394 | ||||||||||||
Other non-routine charges | 4,757 | - | 4,757 | - | ||||||||||||
Postretirement benefit plan curtailment gain | - | - | (2,792 | ) | - | |||||||||||
|
||||||||||||||||
Net Earnings from Continuing Operations Excluding Certain Items (non-GAAP measure) |
$ | 14,388 | $ | 20,993 | $ | 65,477 | $ | 79,509 | ||||||||
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. 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 (Loss) 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 July 31, | Twelve months ended July 31 | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net (Loss) Earnings from Continuing Operations Per Diluted Class A | $ | (0.77 | ) | $ | (1.89 | ) | $ | 0.10 | $ | (0.93 | ) | |||||
Nonvoting Common Share (GAAP measure) | ||||||||||||||||
Restructuring charges | 0.04 | 0.01 | 0.23 | 0.20 | ||||||||||||
Impairment charges | 0.91 | 2.29 | 0.91 | 2.26 | ||||||||||||
Other non-routine charges | 0.09 | - | 0.09 | - | ||||||||||||
Postretirement benefit plan curtailment gain | - | - | (0.05 | ) | - | |||||||||||
|
||||||||||||||||
Net Earnings from Continuing Operations Per Diluted Class A Nonvoting Common Share Excluding Certain Items (non-GAAP measure) |
$ | 0.28 | $ | 0.41 | $ | 1.27 | $ | 1.53 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20150911005142/en/
Source:
Brady Corporation
Investor contact:
Ann Thornton, 414-438-6887
or
Media
contact:
Carole Herbstreit, 414-438-6882