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Brady Corporation
Quarter Ended
Sales from continuing operations for the quarter ended
Net earnings from continuing operations for the quarter ended
Net earnings from continuing operations per Class A Nonvoting Common
Share were
Nine-Month Period Ended
Sales from continuing operations for the nine-month period ended
Net earnings from continuing operations for the nine-month period ended
Net earnings from continuing operations per Class A Nonvoting Common
Share were
Commentary and Guidance:
“We were encouraged by our revenue growth in the third quarter. We
believe that our investments to drive organic growth are paying off as
organic sales grew 2.5 percent this quarter. Organic sales were up 4.8
percent in Identification Solutions and down 1.9 percent in Workplace
Safety this quarter. This 1.9 percent decline in our Workplace Safety
business is a much smaller rate of decline compared to previous quarters
as we continue to add new customers, increase revenues over the internet
and have recently returned our catalog advertising to historical
levels,” said Brady’s Chief Financial Officer and Interim President and
Chief Executive Officer,
Felmer continued, “We anticipate low single-digit organic sales growth
from continuing operations in the fourth quarter of fiscal 2014 and we
expect net earnings from continuing operations per diluted Class A
Nonvoting Common Share to range from
A webcast regarding Brady’s fiscal 2014 third 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 Workplace Safety
strategy; the length or severity of the current worldwide economic
downturn or timing or strength of a subsequent recovery; 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; future competition;
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; fluctuations in currency rates
versus the U.S. dollar; risks associated with international operations;
difficulties associated with exports; risks associated with obtaining
governmental approvals and maintaining regulatory compliance; Brady's
ability to develop and successfully market new products; risks
associated with identifying, completing, and integrating acquisitions;
risks associated with divestitures and businesses held for sale; risks
associated with restructuring plans; environmental, health and safety
compliance costs and liabilities; risk associated with loss of key
talent; risk associated with product liability claims; technology
changes and potential security violations to the Company's information
technology systems; Brady's ability to maintain compliance with its debt
covenants; increase in our level of debt; potential write-offs of
Brady's substantial intangible assets; unforeseen tax consequences;
risk, associated with our ownership structure; 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 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 309,577 | $ | 302,483 | $ | 908,301 | $ | 847,200 | ||||||||
Cost of products sold | 154,457 | 143,082 | 452,797 | 395,723 | ||||||||||||
Gross margin | 155,120 | 159,401 | 455,504 | 451,477 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 8,648 | 8,062 | 25,675 | 24,162 | ||||||||||||
Selling, general and administrative | 116,666 | 111,864 | 340,825 | 320,874 | ||||||||||||
Restructuring charges | 3,039 | 8,540 | 14,202 | 10,473 | ||||||||||||
Total operating expenses | 128,353 | 128,466 | 380,702 | 355,509 | ||||||||||||
Operating income | 26,767 | 30,935 | 74,802 | 95,968 | ||||||||||||
Other income and (expense): | ||||||||||||||||
Investment and other income | 872 | 1,133 | 1,887 | 2,427 | ||||||||||||
Interest expense | (3,381 | ) | (4,186 | ) | (10,777 | ) | (12,755 | ) | ||||||||
Earnings from continuing operations before income taxes | 24,258 | 27,882 | 65,912 | 85,640 | ||||||||||||
Income tax expense | 4,074 | 6,202 | 17,077 | 48,340 | ||||||||||||
Earnings from continuing operations | $ | 20,184 | $ | 21,680 | $ | 48,835 | $ | 37,300 | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | 3,904 | (17,447 | ) | 15,606 | (14,564 | ) | ||||||||||
Net earnings | $ | 24,088 | $ | 4,233 | $ | 64,441 | $ | 22,736 | ||||||||
Earnings from continuing operations per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | 0.39 | $ | 0.42 | $ | 0.94 | $ | 0.72 | ||||||||
Diluted | $ | 0.39 | $ | 0.42 | $ | 0.93 | $ | 0.72 | ||||||||
Earnings from continuing operations per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | 0.39 | $ | 0.42 | $ | 0.92 | $ | 0.71 | ||||||||
Diluted | $ | 0.39 | $ | 0.42 | $ | 0.92 | $ | 0.70 | ||||||||
Earnings (loss) from discontinued operations per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | 0.07 | $ | (0.34 | ) | $ | 0.30 | $ | (0.28 | ) | ||||||
Diluted | $ | 0.07 | $ | (0.34 | ) | $ | 0.30 | $ | (0.28 | ) | ||||||
Earnings (loss) from discontinued operations per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | 0.07 | $ | (0.34 | ) | $ | 0.30 | $ | (0.29 | ) | ||||||
Diluted | $ | 0.07 | $ | (0.34 | ) | $ | 0.29 | $ | (0.28 | ) | ||||||
Net earnings per Class A Nonvoting Common Share: | ||||||||||||||||
Basic | $ | 0.46 | $ | 0.08 | $ | 1.24 | $ | 0.44 | ||||||||
Diluted | $ | 0.46 | $ | 0.08 | $ | 1.23 | $ | 0.44 | ||||||||
Dividends | $ | 0.195 | $ | 0.19 | $ | 0.585 | $ | 0.57 | ||||||||
Net earnings per Class B Voting Common Share: | ||||||||||||||||
Basic | $ | 0.46 | $ | 0.08 | $ | 1.22 | $ | 0.42 | ||||||||
Diluted | $ | 0.46 | $ | 0.08 | $ | 1.21 | $ | 0.42 | ||||||||
Dividends | $ | 0.195 | $ | 0.19 | $ | 0.568 | $ | 0.553 | ||||||||
Weighted average common shares outstanding (in thousands): | ||||||||||||||||
Basic | 51,933 | 51,415 | 52,071 | 51,210 | ||||||||||||
Diluted | 52,000 | 52,041 | 52,304 | 51,685 |
BRADY CORPORATION AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
April 30, 2014 | July 31, 2013 | |||||||
ASSETS |
||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 78,715 | $ | 91,058 | ||||
Accounts receivable—net | 178,197 | 169,261 | ||||||
Inventories: | ||||||||
Finished products | 71,397 | 64,544 | ||||||
Work-in-process | 17,099 | 14,776 | ||||||
Raw materials and supplies | 20,873 | 15,387 | ||||||
Total inventories | 109,369 | 94,707 | ||||||
Assets held for sale | 109,540 | 119,864 | ||||||
Prepaid expenses and other current assets | 46,661 | 37,600 | ||||||
Total current assets | 522,482 | 512,490 | ||||||
Other assets: | ||||||||
Goodwill | 620,998 | 617,236 | ||||||
Other intangible assets | 142,846 | 156,851 | ||||||
Deferred income taxes | 12,361 | 8,623 | ||||||
Other | 22,760 | 21,325 | ||||||
Property, plant and equipment: | ||||||||
Cost: | ||||||||
Land | 7,917 | 7,861 | ||||||
Buildings and improvements | 97,600 | 91,471 | ||||||
Machinery and equipment | 284,905 | 266,787 | ||||||
Construction in progress | 11,595 | 11,842 | ||||||
402,017 | 377,961 | |||||||
Less accumulated depreciation | 271,790 | 255,803 | ||||||
Property, plant and equipment—net | 130,227 | 122,158 | ||||||
Total | $ | 1,451,674 | $ | 1,438,683 | ||||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT |
||||||||
Current liabilities: | ||||||||
Notes payable | $ | 75,552 | $ | 50,613 | ||||
Accounts payable | 87,528 | 82,519 | ||||||
Wages and amounts withheld from employees | 44,742 | 42,413 | ||||||
Liabilities held for sale | 24,536 | 34,583 | ||||||
Taxes, other than income taxes | 8,409 | 8,243 | ||||||
Accrued income taxes | 10,808 | 7,056 | ||||||
Other current liabilities | 31,628 | 36,806 | ||||||
Current maturities on long-term debt | 61,264 | 61,264 | ||||||
Total current liabilities | 344,467 | 323,497 | ||||||
Long-term obligations, less current maturities | 162,468 | 201,150 | ||||||
Other liabilities | 80,742 | 83,239 | ||||||
Total liabilities | 587,677 | 607,886 | ||||||
Stockholders’ investment: | ||||||||
Common stock: | ||||||||
Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 47,935,602 and 48,408,544 shares, respectively | 513 | 513 | ||||||
Class B voting common stock—Issued and outstanding, 3,538,628 shares | 35 | 35 | ||||||
Additional paid-in capital | 314,625 | 306,191 | ||||||
Earnings retained in the business | 572,474 | 538,512 | ||||||
Treasury stock—3,245,885 and 2,626,276 shares, respectively of Class A nonvoting common stock, at cost |
(87,682 | ) | (69,797 | ) | ||||
Accumulated other comprehensive income | 63,687 | 56,063 | ||||||
Other | 345 | (720 | ) | |||||
Total stockholders’ investment | 863,997 | 830,797 | ||||||
Total | $ | 1,451,674 | $ | 1,438,683 |
BRADY CORPORATION AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Dollars in Thousands) | ||||||||
(Unaudited) | ||||||||
Nine months ended April 30, | ||||||||
2014 | 2013 | |||||||
Operating activities: | ||||||||
Net earnings | $ | 64,441 | $ | 22,736 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 33,782 | 36,037 | ||||||
Non-cash portion of stock-based compensation expense | 5,033 | 6,964 | ||||||
Non-cash portion of restructuring charges | 267 | 3,701 | ||||||
Loss on write-down of assets held for sale | — | 15,658 | ||||||
Loss on sales of businesses | — | 3,138 | ||||||
Deferred income taxes | (8,310 | ) | 33,780 | |||||
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): | ||||||||
Accounts receivable | 2,949 | (6,410 | ) | |||||
Inventories | (9,435 | ) | (91 | ) | ||||
Prepaid expenses and other assets | (2,772 | ) | 541 | |||||
Accounts payable and accrued liabilities | (13,027 | ) | (22,226 | ) | ||||
Income taxes | 2,912 | (4,198 | ) | |||||
Net cash provided by operating activities | 75,840 | 89,630 | ||||||
Investing activities: | ||||||||
Purchases of property, plant and equipment | (29,808 | ) | (26,082 | ) | ||||
Acquisition of business, net of cash acquired | — | (301,157 | ) | |||||
Sales of businesses, net of cash retained | — | 10,178 | ||||||
Other | (647 | ) | (1,245 | ) | ||||
Net cash used in investing activities | (30,455 | ) | (318,306 | ) | ||||
Financing activities: | ||||||||
Payment of dividends | (30,479 | ) | (29,344 | ) | ||||
Proceeds from issuance of common stock | 10,894 | 10,246 | ||||||
Purchase of treasury stock | (23,335 | ) | (5,121 | ) | ||||
Proceeds from borrowing on notes payable | 63,000 | 220,000 | ||||||
Repayment of borrowing on notes payable | (39,000 | ) | (173,000 | ) | ||||
Proceeds from borrowings on line of credit | 3,187 | 11,491 | ||||||
Repayment of borrowing on line of credit | (2,401 | ) | — | |||||
Principal payments on debt | (42,514 | ) | (42,514 | ) | ||||
Income tax on the exercise of stock options and deferred compensation distributions, and other | (978 | ) | 1,794 | |||||
Net cash used in financing activities | (61,626 | ) | (6,448 | ) | ||||
Effect of exchange rate changes on cash | 3,898 | 6,258 | ||||||
Net decrease in cash and cash equivalents | (12,343 | ) | (228,866 | ) | ||||
Cash and cash equivalents, beginning of period | 91,058 | 305,900 | ||||||
Cash and cash equivalents, end of period | $ | 78,715 | $ | 77,034 | ||||
Supplemental disclosures: | ||||||||
Cash paid during the period for: | ||||||||
Interest, net of capitalized interest | $ | 11,417 | $ | 13,194 | ||||
Income taxes, net of refunds | 18,842 | 26,786 | ||||||
Acquisitions: | ||||||||
Fair value of assets acquired, net of cash | — | $ | 169,830 | |||||
Liabilities assumed | — | (57,860 | ) | |||||
Goodwill | — | 189,187 | ||||||
Net cash paid for acquisitions | — | $ | 301,157 |
BRADY CORPORATION AND SUBSIDIARIES | ||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Three Months Ended April 30 | Nine Months Ended April 30 | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
SALES TO EXTERNAL CUSTOMERS | ||||||||||||||||
ID Solutions | $ | 206,448 | $ | 197,417 | $ | 610,726 | $ | 528,044 | ||||||||
Workplace Safety | 103,129 | 105,066 | 297,575 | 319,156 | ||||||||||||
Total | $ | 309,577 | $ | 302,483 | $ | 908,301 | $ | 847,200 | ||||||||
SALES INFORMATION | ||||||||||||||||
ID Solutions | ||||||||||||||||
Organic | 4.8 | % | (1.9 | )% | 3.6 | % | 0.3 | % | ||||||||
Currency | (0.2 | )% | (1.0 | )% | (0.3 | )% | (1.4 | )% | ||||||||
Acquisitions | — | % | 25.3 | % | 12.4 | % | 12.2 | % | ||||||||
Total | 4.6 | % | 22.4 | % | 15.7 | % | 11.1 | % | ||||||||
Workplace Safety | ||||||||||||||||
Organic | (1.9 | )% | (9.0 | )% | (6.3 | )% | (6.4 | )% | ||||||||
Currency | 0.1 | % | (1.1 | )% | (0.5 | )% | (1.0 | )% | ||||||||
Acquisitions | — | % | 5.0 | % | — | % | 5.3 | % | ||||||||
Total | (1.8 | )% | (5.1 | )% | (6.8 | )% | (2.1 | )% | ||||||||
Total Company | ||||||||||||||||
Organic | 2.5 | % | (4.8 | )% | (0.1 | )% | (2.5 | )% | ||||||||
Currency | (0.2 | )% | (1.0 | )% | (0.4 | )% | (1.2 | )% | ||||||||
Acquisitions | — | % | 17.0 | % | 7.7 | % | 9.4 | % | ||||||||
Total | 2.3 | % | 11.2 | % | 7.2 | % | 5.7 | % | ||||||||
SEGMENT PROFIT | ||||||||||||||||
ID Solutions | $ | 44,302 | $ | 46,787 | $ | 132,795 | $ | 126,011 | ||||||||
Workplace Safety | 14,771 | 23,453 | 47,813 | 74,881 | ||||||||||||
Total | $ | 59,073 | $ | 70,240 | $ | 180,608 | $ | 200,892 | ||||||||
SEGMENT PROFIT AS A PERCENT OF SALES | ||||||||||||||||
ID Solutions | 21.5 | % | 23.7 | % | 21.7 | % | 23.9 | % | ||||||||
Workplace Safety | 14.3 | % | 22.3 | % | 16.1 | % | 23.5 | % | ||||||||
Total | 19.1 | % | 23.2 | % | 19.9 | % | 23.7 | % | ||||||||
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total segment profit | $ | 59,073 | $ | 70,240 | $ | 180,608 | $ | 200,892 | ||||||||
Unallocated amounts: | ||||||||||||||||
Administrative costs | (29,267 | ) | (30,765 | ) | (91,604 | ) | (94,451 | ) | ||||||||
Restructuring charges | (3,039 | ) | (8,540 | ) | (14,202 | ) | (10,473 | ) | ||||||||
Investment and other income | 872 | 1,133 | 1,887 | 2,427 | ||||||||||||
Interest expense | (3,381 | ) | (4,186 | ) | (10,777 | ) | (12,755 | ) | ||||||||
Earnings from continuing operations before income taxes | $ | 24,258 | $ | 27,882 | $ | 65,912 | $ | 85,640 |
GAAP to NON-GAAP MEASURES | ||||||||||||||||
(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 Earnings from Continuing Operations Before Income Taxes to Earnings from Continuing Operations Before Income Taxes Excluding Certain Items: | ||||||||||||||||
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings from Continuing Operations Before Income Taxes (GAAP measure) | $ | 24,258 | $ | 27,882 | $ | 65,912 | $ | 85,640 | ||||||||
Cost of goods sold: | ||||||||||||||||
Purchase accounting expense related to inventory | — | — | — | 1,530 | ||||||||||||
Selling, general and administrative: | ||||||||||||||||
PDC acquisition-related expenses | — | — | — | 3,600 | ||||||||||||
Restructuring charges | 3,039 | 8,540 | 14,202 | 10,473 | ||||||||||||
Non-cash income tax charges related to PDC funding | — | — | — | — | ||||||||||||
Earnings from Continuing Operations Before Income Taxes Excluding Certain Items (non-GAAP measure) |
$ | 27,297 | $ | 36,422 | $ | 80,114 | $ | 101,243 | ||||||||
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 April 30, | Nine Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income Taxes on Continuing Operations (GAAP measure) | $ | 4,074 | $ | 6,202 | $ | 17,077 | $ | 48,340 | ||||||||
Cost of goods sold: | ||||||||||||||||
Purchase accounting expense related to inventory | — | — | — | 581 | ||||||||||||
Selling, general and administrative: | ||||||||||||||||
PDC acquisition-related expenses | — | — | — | 641 | ||||||||||||
Restructuring charges | 968 | 1,691 | 4,584 | 2,000 | ||||||||||||
Non-cash income tax charges related to PDC funding | — | — | — | (25,000 | ) | |||||||||||
Income Taxes on Continuing Operations Excluding Certain Items (non-GAAP measure) |
$ | 5,042 | $ | 7,893 | $ | 21,661 | $ | 26,562 | ||||||||
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 Earnings from Continuing Operations to Net Earnings from Continuing Operations Excluding Certain Items: | ||||||||||||||||
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Earnings from Continuing Operations (GAAP measure) | $ | 20,184 | $ | 21,680 | $ | 48,835 | $ | 37,300 | ||||||||
Cost of goods sold: | ||||||||||||||||
Purchase accounting expense related to inventory | — | — | — | 949 | ||||||||||||
Selling, general and administrative: | ||||||||||||||||
PDC acquisition-related expenses | — | — | — | 2,959 | ||||||||||||
Restructuring charges | 2,071 | 6,849 | 9,618 | 8,473 | ||||||||||||
Non-cash income tax charges related to PDC funding | — | — | — | 25,000 | ||||||||||||
Net Earnings from Continuing Operations Excluding Certain Items (non- GAAP measure) |
$ | 22,255 | $ | 28,529 | $ | 58,453 | $ | 74,681 | ||||||||
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 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 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 April 30, | Nine Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Earnings from Continuing Operations Per Diluted Class A | $ | 0.39 | $ | 0.42 | $ | 0.93 | $ | 0.72 | ||||||||
Nonvoting Common Share (GAAP measure) | ||||||||||||||||
Cost of goods sold: | ||||||||||||||||
Purchase accounting expense related to inventory | — | — | — | 0.02 | ||||||||||||
Selling, general and administrative: | ||||||||||||||||
PDC acquisition-related expenses | — | — | — | 0.06 | ||||||||||||
Restructuring charges | 0.04 | 0.13 | 0.18 | 0.16 | ||||||||||||
Non-cash income tax charges related to PDC funding | — | — | — | 0.48 | ||||||||||||
Net Earnings from Continuing Operations Per Diluted Class A Nonvoting | ||||||||||||||||
Common Share Excluding Certain Items (non-GAAP measure) | $ | 0.43 | $ | 0.55 | $ | 1.12 | $ | 1.44 |
Source:
Brady Corporation
Investor contact:
Aaron Pearce 414-438-6895
or
Media
contact:
Carole Herbstreit 414-438-6882