NORDSON CORPORATION
Exhibit 13-h
ELEVEN-YEAR SUMMARY
2001 2000 1999
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(In thousands except for per-share amounts)
OPERATING DATA (a)
Sales $731,416 740,568 700,465
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Cost of sales $337,129(j) 332,597 318,230
% of sales 46 45 45
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Selling and administrative expenses $321,395 307,559 302,250
% of sales 44 42 43
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Operating profit $59,537(j) 91,452(e) 76,985(e)
% of sales 8 12 11
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Income before cumulative effect of accounting changes and non-recurring charges $33,774(j) 60,501(e) 49,501(e)
% of sales 5 8 7
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Net income $24,610 54,632 47,506
% of sales 3 7 7
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FINANCIAL DATA (a)
Working capital $6,524 116,230 89,376
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Net property, plant and equipment and other non-current assets $500,276 240,802 250,474
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Total invested capital $506,800 357,032 339,850
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Total assets $862,453 610,040 591,790
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Long-term obligations $243,074 109,809 118,452
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Shareholders' equity $263,726 247,223 221,398
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Return on average invested capital-- % (b) 10 20 16
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Return on average shareholders' equity-- % (c) 13 27 23
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PER-SHARE DATA (a) (f)
Basic earnings per share:
Income before cumulative effect of accounting changes and non-recurring charges $1.03 1.86(e) 1.50(e)
Net income $.75 1.68 1.44
Diluted earnings per share:
Income before cumulative effect of accounting changes and non-recurring charges $1.02 1.85(e) 1.48(e)
Net income $.74 1.67 1.42
Cash earnings per share (i) $1.23 1.84 1.60
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Dividends per common share $.56 .52 .48
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Book value per common share $7.96 7.62 6.76
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Average common shares 32,727 32,455 33,048
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Average common shares and common share equivalents 33,050 32,767 33,484
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ELEVEN-YEAR SUMMARY
1998(g) 1997 1996 1995
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(In thousands except for per-share amounts)
OPERATING DATA (a)
Sales 660,900 636,710 609,444 581,444
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Cost of sales 303,671(d) 276,425 255,095 245,587
% of sales 46 43 42 42
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Selling and administrative expenses 286,120 286,226 270,088 251,913
% of sales 43 45 44 43
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Operating profit 45,071(d) 74,059 84,261 83,944
% of sales 7 12 14 14
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Income before cumulative effect of accounting changes and non-recurring charges 47,440(d) 49,967 53,071 52,676
% of sales 7 8 9 9
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Net income 20,825 49,967 53,071 52,676
% of sales 3 8 9 9
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FINANCIAL DATA (a)
Working capital 121,394 139,152 110,486 130,562
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Net property, plant and equipment and other non-current assets 210,468 184,181 192,791 148,769
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Total invested capital 331,862 323,333 303,277 279,331
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Total assets 538,944 502,996 510,493 434,710
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Long-term obligations 117,087 102,788 57,980 48,001
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Shareholders' equity 214,775 220,545 245,297 231,330
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Return on average invested capital-- % (b) 16 18 20 21
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Return on average shareholders' equity-- % (c) 22 22 23 24
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PER-SHARE DATA (a) (f)
Basic earnings per share:
Income before cumulative effect of accounting changes and non-recurring charges 1.43(d) 1.45 1.49 1.45
Net income .63 1.45 1.49 1.45
Diluted earnings per share:
Income before cumulative effect of accounting changes and non-recurring charges 1.42(d) 1.42 1.46 1.42
Net income .62 1.42 1.46 1.42
Cash earnings per share (i) .76 1.54 1.55 1.49
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Dividends per common share .44 .40 .36 .32
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Book value per common share 6.42 6.55 6.95 6.42
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Average common shares 33,084 34,552 35,738 36,438
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Average common shares and common share equivalents 33,322 35,106 36,408 37,154
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ELEVEN-YEAR SUMMARY
1994 1993(h) 1992 1991
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(In thousands except for per-share amounts)
OPERATING DATA (a)
Sales 506,692 461,557 425,618 387,962
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Cost of sales 212,866 191,575 168,437 158,885
% of sales 42 42 40 41
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Selling and administrative expenses 219,422 202,608 189,887 170,814
% of sales 43 44 45 44
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Operating profit 74,404 67,374 67,294 58,263
% of sales 15 15 16 15
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Income before cumulative effect of accounting changes and non-recurring charges 46,654 40,775 39,537 33,787
% of sales 9 9 9 9
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Net income 46,654 35,991 39,537 33,787
% of sales 9 8 9 9
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FINANCIAL DATA (a)
Working capital 126,996 125,391 105,138 87,004
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Net property, plant and equipment and other non-current assets 130,637 116,298 114,461 103,015
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Total invested capital 257,633 241,689 219,599 190,019
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Total assets 380,944 357,970 346,297 296,930
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Long-term obligations 45,209 45,284 41,879 37,305
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Shareholders' equity 212,424 196,405 177,720 152,714
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Return on average invested capital-- % (b) 20 19 20 21
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Return on average shareholders' equity-- % (c) 24 23 24 25
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PER-SHARE DATA (a) (f)
Basic earnings per share:
Income before cumulative effect of accounting changes and non-recurring charges 1.25 1.09 1.05 .90
Net income 1.25 .96 1.05 .90
Diluted earnings per share:
Income before cumulative effect of accounting changes and non-recurring charges 1.22 1.06 1.02 .88
Net income 1.22 .94 1.02 .88
Cash earnings per share (i) 1.28 1.00 1.06 .93
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Dividends per common share .28 .24 .22 .20
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Book value per common share 5.77 5.24 4.74 4.07
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Average common shares 37,246 37,502 37,656 37,460
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Average common shares and common share equivalents 38,134 38,368 38,942 38,186
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(a) See accompanying Notes to Consolidated Financial Statements.
(b) Income before cumulative effect of accounting changes and non-recurring
charges plus interest on long-term obligations net of income taxes, as a
percentage of total assets less current liabilities.
(c) Income before cumulative effect of accounting changes and non-recurring
charges, as a percentage of shareholders' equity.
(d) Cost of sales includes non-recurring charges related to inventory
valuations of $6.9 million. Operating profit also includes non-recurring
charges recorded below selling and administrative expenses and consists of
$14.3 million for the portion of the purchase price paid for JM
Laboratories, Inc. attributable to in-process research and development;
$9.8 million for an early retirement program, involuntary severances and
fixed-asset write-downs; and $2.0 million for costs associated with the
consolidation of European operations.
(e) 2000 operating profit includes a non-recurring charge of $9.0 million which
consists of severance payments. 1999 operating profit includes a
non-recurring charge of $3.0 million which consists of severance payments
and supplemental pension obligations.
(f) Amounts adjusted for 2-for-1 stock split effective September 12, 2000.
(g) In 1998, the Company adopted Statement of Financial Accounting Standards
No. 128, "Earnings Per Share." Prior years have been restated.
(h) In 1993, the Company adopted Statements of Financial Accounting Standards
No. 106, "Employers' Accounting for Postretirement Benefits Other Than
Pensions"; No. 109, "Accounting for Income Taxes"; and No. 112, "Employers'
Accounting for Postemployment Benefits." Prior years have not been
restated.
(i) Diluted cash earnings per share consists of net earnings adjusted for
goodwill amortization related to business acquisitions.
(j) 2001 includes a non-recurring charge of $14.0 million which consists of
severance and other charges of $13.3 million and inventory write-offs of
$.7 million which is included in cost of sales.
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