Exhibit 99
Nordson Corporation Reports Fourth-Quarter Financial Results;
Record Revenue With Earnings Per Share Increasing 36 Percent
WESTLAKE, Ohio, Dec. 8 /PRNewswire-FirstCall/ -- Nordson Corporation
(Nasdaq: NDSN) today reported record fourth-quarter fiscal year sales of $228
million compared with $189 million for the same period of the previous year.
Sales volume was up approximately 17 percent with favorable currency effects
contributing an additional 4 percent to the overall sales gain.
On a diluted basis, fourth-quarter earnings per share were $.53, a 36
percent increase over the prior year. These results include a $3.3 million
pretax charge, or $.06 per share on an after-tax basis, related to the
disposition of a minority equity investment.
Fourth-quarter sales volume for the Finishing and Coating segment was up 30
percent, while volume for the Adhesive Dispensing and Advanced Technology
segments were up 14 percent and 13 percent, respectively. On a geographic basis,
fourth-quarter volume was up 14 percent in the United States, 16 percent in the
Americas, 9 percent in Europe, 30 percent in Japan and 36 percent in the Asia
Pacific region.
Annual sales for the fiscal year, which ended on Oct. 31, 2004, were a
record $794 million, up 19 percent from $667 million in fiscal 2003. Sales
volume was up 13 percent while favorable currency effects contributed an
additional 6 percent to sales growth. On a diluted basis, earnings per share for
the year were a record $1.73 compared with $1.04 in 2003.
Backlog at year-end was approximately $78 million compared with $67 million
the same period of the prior year at 2004 actual exchange rates.
"I am pleased by Nordson's strong performance during the fourth quarter.
Sales volume growth accelerated compared to a good third quarter, and revenue
set a new record," said Edward P. Campbell, chairman and chief executive
officer.
"Our overall results were favorably impacted by a 35 percent increase in
Finishing and Coating segment revenue. In addition, our Advanced Technology
volume continued to grow at a double-digit level, although the rate of growth
has moderated from an extremely strong pace for the first nine months of the
year. Our continued emphasis on improving operating efficiencies resulted in
significantly higher operating margin rates for both the quarter and the year,"
he added.
As previously announced, Nordson will pay a first-quarter 2005 cash dividend
of $0.16 per common share on Jan. 4, 2005, to shareholders of record on Dec. 15,
2004. Nordson has increased its dividend per common share for 41 consecutive
years.
Nordson will broadcast its fourth-quarter conference call on the investor
relations page of its Web site, http://www.nordson.com , on Thursday, Dec. 9,
2004, at 8:30 a.m. EST. 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 of 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 is one of the world's leading producers of precision
dispensing equipment that applies adhesives, sealants and coatings to a broad
range of consumer and industrial products during manufacturing operations. The
company also manufactures technology-based systems for curing and surface
treatment processes. Headquartered in Westlake, Ohio, Nordson Corporation has
more than 3,500 employees worldwide, and direct operations and sales support
offices in 30 countries.
Contact: Derrick Johnson, Director Corporate Communications
Phone: 440.414.5639 (direct)
E-mail: djohnson@nordson.com
A summary of sales, income and earnings is presented in the attached tables.
FOURTH QUARTER PERIOD NORDSON CORPORATION
Period Ending October 31, 2004 FINANCIAL HIGHLIGHTS
(Unaudited) (Dollars in thousands except
for per-share amounts)
CONSOLIDATED STATEMENT OF INCOME
Fourth Quarter Year-to-Date
2004 2003 2004 2003
Net sales $228,353 $189,073 $793,544 $667,347
Cost of sales 106,735 87,169 354,313 301,566
Selling & administrative expenses 86,140 77,258 328,633 295,157
Severance and restructuring costs - 403 - 2,028
Operating profit 35,478 24,243 110,598 68,596
Interest expense - net (3,425) (4,102) (14,082) (17,174)
Other income - net (3,316) (237) (2,688) 1,055
Income before income taxes 28,737 19,904 93,828 52,477
Income taxes 9,014 6,568 30,494 17,317
Net income $19,723 $13,336 $63,334 $35,160
Return on sales 9% 7% 8% 5%
Return on average shareholders'
equity 20% 18% 18% 13%
Average common shares outstanding
(000's) 36,157 33,858 35,489 33,703
Average common shares and common
share equivalents (000's) 37,031 34,170 36,546 33,899
Per share:
Basic earnings $.55 $.39 $1.78 $1.04
Diluted earnings $.53 $.39 $1.73 $1.04
Dividends paid $0.16 $.155 $.625 $.605
CONSOLIDATED BALANCE SHEET
October 31 November 2,
2004 2003
Cash and marketable securities $60,579 $6,972
Receivables 173,852 151,740
Inventories 85,330 78,557
Prepaid expenses 43,350 40,101
Total current assets 363,111 277,370
Property, plant & equipment - net 111,607 115,255
Other assets 364,164 374,181
$838,882 $766,806
Notes payable and debt due within one year $27,591 $67,324
Accounts payable and accrued liabilities 168,158 144,338
Total current liabilities 195,749 211,662
Long-term debt 147,023 172,619
Other liabilities 92,272 82,416
Total shareholders' equity 403,838 300,109
$838,882 $766,806
Other information:
Employees 3,544 3,483
Common shares outstanding (000's) 36,279 34,035
FOURTH QUARTER PERIOD NORDSON CORPORATION
Period Ending October 31, 2004 FINANCIAL HIGHLIGHTS
(Unaudited) (Dollars in thousands)
Fourth Quarter % Growth over 2003
SALES BY BUSINESS SEGMENT 2004 2003 Volume Currency Total
Adhesive dispensing &
nonwoven fiber systems $146,136 $122,753 14.2% 4.8% 19.0%
Coating & finishing systems 40,377 29,896 29.8% 5.3% 35.1%
Advanced technology systems 41,840 36,424 13.0% 1.9% 14.9%
Total sales by business segment $228,353 $189,073 16.5% 4.3% 20.8%
OPERATING PROFIT BY BUSINESS Fourth Quarter
SEGMENT 2004 2003
Adhesive dispensing & nonwoven
fiber systems $33,311 $24,929
Coating & finishing systems 2,906 1,809
Advanced technology systems 5,781 4,702
Corporate (6,520) (7,197)
Total operating profit by
business segment $35,478 $24,243
Fourth Quarter % Growth over 2003
SALES BY GEOGRAPHIC REGION 2004 2003 Volume Currency Total
United States $77,499 $67,852 14.2% 0.0% 14.2%
Americas 13,951 11,801 16.3% 1.9% 18.2%
Europe 81,314 68,740 9.3% 9.0% 18.3%
Japan 29,240 21,498 29.6% 6.4% 36.0%
Asia 26,349 19,182 35.7% 1.7% 37.4%
Total Sales by Geographic Region $228,353 $189,073 16.5% 4.3% 20.8%
Fourth Quarter
SELECTED SUPPLEMENTAL INFORMATION 2004 2003
Depreciation and amortization $6,724 $7,606
Capital expenditures $4,250 $3,078
Dividends paid $5,787 $5,242
FOURTH QUARTER PERIOD NORDSON CORPORATION
Period Ending October 31, 2004 FINANCIAL HIGHLIGHTS
(Unaudited) (Dollars in thousands)
Year-to-Date % Growth over 2003
SALES BY BUSINESS SEGMENT 2004 2003 Volume Currency Total
Adhesive dispensing &
nonwoven fiber systems $497,699 $426,204 10.2% 6.6% 16.8%
Coating & finishing systems 130,944 112,722 11.0% 5.2% 16.2%
Advanced technology systems 164,901 128,421 26.0% 2.4% 28.4%
Total sales by business segment $793,544 $667,347 13.3% 5.6% 18.9%
OPERATING PROFIT BY BUSINESS Year-to-Date
SEGMENT 2004 2003
Adhesive dispensing & nonwoven
fiber systems $97,904 $73,302
Coating & finishing systems 2,466 707
Advanced technology systems 30,229 14,502
Corporate (20,001) (19,915)
Total operating profit by
business segment $110,598 $68,596
Year-to-Date % Growth over 2003
SALES BY GEOGRAPHIC REGION 2004 2003 Volume Currency Total
United States $266,050 $245,918 8.2% 0.0% 8.2%
Americas 51,390 42,340 18.6% 2.8% 21.4%
Europe 296,067 244,709 9.7% 11.3% 21.0%
Japan 87,477 73,333 10.8% 8.5% 19.3%
Asia 92,560 61,047 48.2% 3.4% 51.6%
Total Sales by Geographic Region $793,544 $667,347 13.3% 5.6% 18.9%
Year-to-Date
SELECTED SUPPLEMENTAL INFORMATION 2004 2003
Depreciation and amortization $26,876 $29,241
Capital expenditures $11,309 $7,563
Dividends paid $22,128 $20,377
SOURCE Nordson Corporation
-0- 12/08/2004
/CONTACT: Derrick Johnson, Director Corporate Communications of Nordson
Corporation, +1-440-414-5639, or djohnson@nordson.com /
/Web site: http://www.nordson.com /
(NDSN)
CO: Nordson Corporation
ST: Ohio
IN: MAC
SU: ERN CCA MAV