Exhibit 99
Nordson Corporation Announces Record Third-Quarter Sales, Net Income And
Earnings Per Share; EPS Increases 81 Percent
WESTLAKE, Ohio, Aug. 25 /PRNewswire-FirstCall/ -- Nordson Corporation
(Nasdaq: NDSN) today announced record sales, net income and earnings per share
for its third quarter, which ended August 1, 2004. Net income grew to
$17.3 million, which nearly doubles the $8.7 million earned in the prior year.
Diluted earnings per share were $.47 compared with $.26 for the third quarter
of 2003, an increase of 81 percent.
Worldwide sales for the third quarter reached a record $198 million, a
19 percent increase over sales of $166 million for the same period of 2003.
Volume gains were 16 percent, with the remainder of the increase traced to
currency effects associated with a weaker U.S. dollar.
Third-quarter sales volume for the company's advanced technology segment
grew 26 percent, the finishing segment increased 14 percent, and the adhesive
dispensing segment climbed 13 percent.
On a geographic basis, third-quarter volume was up 9 percent in the United
States, 46 percent in the Americas, 13 percent in Europe, 7 percent in Japan
and 40 percent in the Asia-Pacific region.
Backlog at the end of the third quarter was approximately $115 million, up
$48 million from the beginning of the fiscal year calculated at constant
exchange rates.
For the first three quarters of 2004, sales were $565 million, an
18 percent increase over the same period of the prior year. Sales volume
increased 12 percent with favorable currency effects accounting for the
balance. Earnings per share on a diluted basis were $1.20, also a record,
compared with $.65 for the same period last year.
"The acceleration of business activity in our adhesive and finishing
businesses, combined with the continued strength in our advanced technology
sectors resulted in double-digit sales growth across all segments in the third
quarter. These factors, combined with expanding margins, produced an
exceptional bottom-line for the period," said Edward P. Campbell, chairman and
chief executive officer. "We are encouraged by this trend and look forward to
the fourth quarter being another period of record revenue and excellent
bottom-line results," he added.
Nordson will broadcast its third-quarter conference call on the investor
relations page of the company's Web site, www.nordson.com , on Wednesday,
August 25, 2004, at 2:00 p.m. EDT. For persons unable to listen to the live
broadcast, a replay will be available for 14 days after the event.
Information about Nordson's investor relations and shareholder services is
available from Barbara Price, manager, shareholder relations,
at (440) 414-5344.
Except for historical information and comparisons contained herein,
statements included in this release may constitute "forward-looking
statements," as defined by The Private Securities Litigation Reform Act of
1995. These statements involve a number of risks, uncertainties and other
factors, as discussed in the company's filings with the Securities and
Exchange Commission that could cause actual results to differ.
Nordson Corporation, now in its 50th year of operation, is the world's
leading producer of precision dispensing equipment used to apply adhesives,
sealants and coatings to a broad range of consumer and industrial products
during manufacturing operations, helping customers meet quality, productivity
and environmental targets. The company also manufactures technology-based
systems for curing and surface treatment processes. Headquartered in
Westlake, Ohio, Nordson has direct operations in 30 countries and 3,500
employees worldwide.
A summary of sales, income and earnings is presented in the attached
tables.
Contact: Derrick Johnson, Director, Corporate Public Relations
Phone: 440.414.5639
E-mail: djohnson@nordson.com
THIRD QUARTER PERIOD NORDSON CORPORATION
Period Ending August 1, 2004 FINANCIAL HIGHLIGHTS
(Dollars in thousands except for per-
(Unaudited) share amounts)
CONSOLIDATED STATEMENT OF INCOME
Third Quarter Year-to-Date
2004 2003 2004 2003
Net Sales $197,949 $166,272 $565,191 $478,274
Cost of sales 85,835 74,749 247,578 214,397
Selling & administrative expenses 83,261 73,727 242,493 217,899
Severance and restructuring costs - 157 - 1,625
Operating profit 28,853 17,639 75,120 44,353
Interest expense - net (3,434) (4,321) (10,657) (13,072)
Other income - net 363 (265) 628 1,292
Income before income taxes 25,782 13,053 65,091 32,573
Income taxes 8,508 4,308 21,480 10,749
Net income $17,274 $8,745 $43,611 $21,824
Return on sales 9% 5% 8% 5%
Return on average shareholders'
equity 19% 12% 17% 11%
Average common shares outstanding
(000's) 35,861 33,702 35,267 33,651
Average common shares and
common share equivalents (000's) 37,049 33,867 36,385 33,809
Per share:
Basic earnings $.48 $.26 $1.24 $.65
Diluted earnings $.47 $.26 $1.20 $.65
Dividends paid $.155 $.15 $.465 $.45
THIRD QUARTER PERIOD NORDSON CORPORATION
Period Ending August 1, 2004 FINANCIAL HIGHLIGHTS
(Dollars in thousands except
for per-share amounts)
(Unaudited)
CONSOLIDATED BALANCE SHEET
August 1, November 2,
2004 2003
Cash and marketable securities $31,264 $6,972
Receivables 161,255 151,740
Inventories 91,706 78,557
Prepaid expenses 41,491 40,101
Total current assets 325,716 277,370
Property, plant & equipment - net 111,168 115,255
Other assets 370,236 374,181
$807,120 $766,806
Notes payable and debt due within one
year $24,168 $67,324
Accounts payable and accrued liabilities 154,296 144,338
Total current liabilities 178,464 211,662
Long-term debt 159,808 172,619
Other liabilities 81,701 82,416
Total shareholders' equity 387,147 300,109
$807,120 $766,806
Other information:
Employees 3,547 3,483
Common shares outstanding (000's) 36,273 34,035
THIRD QUARTER PERIOD NORDSON CORPORATION
Period Ending August 1, 2004 FINANCIAL HIGHLIGHTS
(Unaudited) (Dollars in thousands except for per-
share amounts)
Third Quarter % Growth over 2003
SALES BY BUSINESS SEGMENT 2004 2003 Volume Currency Total
Adhesive dispensing & nonwoven
fiber systems $123,665 $105,961 12.9% 3.8% 16.7%
Coating & finishing systems 32,227 27,494 13.7% 3.5% 17.2%
Advanced technology systems 42,057 32,817 26.5% 1.7% 28.2%
Total sales by business
segment $197,949 $166,272 15.8% 3.3% 19.1%
OPERATING PROFIT BY Third Quarter
BUSINESS SEGMENT 2004 2003
Adhesive dispensing &
nonwoven fiber systems $24,924 $17,598
Coating & finishing systems (143) 16
Advanced technology systems 8,556 4,303
Corporate (4,484) (4,278)
Total operating profit by
business segment $28,853 $17,639
Third Quarter % Growth over 2003
SALES BY GEOGRAPHIC REGION 2004 2003 Volume Currency Total
United States $66,205 $60,901 8.7% - 8.7%
Americas 15,107 10,401 46.0% -0.8% 45.2%
Europe 74,953 62,523 13.4% 6.5% 19.9%
Japan 18,601 16,209 7.0% 7.8% 14.8%
Asia Pacific 23,083 16,238 40.4% 1.8% 42.2%
Total Sales by Geographic
Region $197,949 $166,272 15.8% 3.3% 19.1%
SELECTED SUPPLEMENTAL Third Quarter
INFORMATION 2004 2003
Depreciation and
amortization $6,358 $7,432
Capital expenditures $2,186 $2,228
Dividends paid $5,539 $5,050
THIRD QUARTER PERIOD NORDSON CORPORATION
Period Ending August 1, 2004 FINANCIAL HIGHLIGHTS
(Unaudited) (Dollars in thousands except for
per-share amounts)
Year-to-Date % Growth over 2003
SALES BY BUSINESS SEGMENT 2004 2003 Volume Currency Total
Adhesive dispensing &
nonwoven fiber systems $351,563 $303,451 8.6% 7.3% 15.9%
Coating & finishing systems 90,567 82,826 4.1% 5.2% 9.3%
Advanced technology systems 123,061 91,997 31.2% 2.6% 33.8%
Total sales by business
segment $565,191 $478,274 12.1% 6.1% 18.2%
OPERATING PROFIT BY BUSINESS Year-to-Date
SEGMENT 2004 2003
Adhesive dispensing &
nonwoven fiber systems $64,593 $48,373
Coating & finishing systems (440) (1,102)
Advanced technology systems 24,448 9,800
Corporate (13,481) (12,718)
Total operating profit by
business segment $75,120 $44,353
Year-to-Date % Growth over 2003
SALES BY GEOGRAPHIC REGION 2004 2003 Volume Currency Total
United States $188,551 $178,066 5.9% - 5.9%
Americas 37,439 30,539 19.4% 3.2% 22.6%
Europe 214,753 175,969 9.8% 12.2% 22.0%
Japan 58,237 51,835 3.1% 9.3% 12.4%
Asia Pacific 66,211 41,865 53.9% 4.3% 58.2%
Total Sales by Geographic
Region $565,191 $478,274 12.1% 6.1% 18.2%
SELECTED SUPPLEMENTAL Year-to-Date
INFORMATION 2004 2003
Depreciation and
amortization $20,152 $21,635
Capital expenditures $7,059 $4,485
Dividends paid $16,341 $15,135
SOURCE Nordson Corporation
-0- 08/25/2004
/CONTACT: Derrick Johnson, Director, Corporate Public Relations of
Nordson Corporation, +1-440-414-5639, or E-mail, djohnson@nordson.com /
/Web site: http://www.nordson.com /
(NDSN)
CO: Nordson Corporation
ST: Ohio
IN: CST MAC
SU: ERN CCA MAV