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EX-10.1 - EXHIBIT 10.1 - BRADY CORP | c22498exv10w1.htm |
EX-99.2 - EXHIBIT 99.2 - BRADY CORP | c22498exv99w2.htm |
8-K - FORM 8-K - BRADY CORP | c22498e8vk.htm |
EXHIBIT 99.1
For More Information:
Investor contact: Aaron Pearce 414-438-6895
Media contact: Carole Herbstreit 414-438-6882
Investor contact: Aaron Pearce 414-438-6895
Media contact: Carole Herbstreit 414-438-6882
Brady Corporation Reports Fiscal 2011 Fourth Quarter Results and Announces Share Buyback
Program.
MILWAUKEE (September 12, 2011)Brady Corporation (NYSE: BRC), a world leader in identification
solutions, today reported its full year fiscal 2011 financial results and financial results for the
fourth quarter ended July 31, 2011. The company also announced that its Board of Directors
authorized a share buyback program for up to two million shares of the companys Class A Common
Stock.
Year Ended July 31, 2011:
Net income for the year ended July 31, 2011 was up 32.6 percent to $108.7 million compared to
$82.0 million for the year ended July 31, 2010. Excluding $6.6 million of after-tax restructuring
charges for the year-ended July 31, 2011 and $11.4 million of after-tax restructuring charges for
the year ended July 31, 2010, net income was up 23.4 percent to $115.3 million for the year ended
July 31, 2011 compared to $93.4 million for the year ended July 31, 2010.
Earnings per diluted Class A Common Share were up 31.6 percent to $2.04 for the year ended
July 31, 2011 compared to $1.55 for the year ended July 31, 2010. Excluding after-tax
restructuring charges, earnings per diluted Class A Common Share increased 22.7 percent to $2.16
for the year ended July 31, 2011 compared to $1.76 per share for the year ended July 31, 2010.
Sales for the year-ended July 31, 2011 were up 6.4 percent to $1.34 billion compared to $1.26
billion for the year ended July 31, 2010. Organic sales growth was 2.9 percent, acquisitions net
of divestitures contributed 1.0 percent to sales growth, and the impact of foreign currency
translation increased sales by 2.5 percent during the year ended July 31, 2011. By segment,
organic sales increased 3.2 percent in the Americas, 4.7 percent in Europe and 0.4 percent in the
Asia-Pacific region.
Fourth Quarter Ended July 31, 2011:
Net income for the quarter ended July 31, 2011 was up 37.0 percent to $29.6 million compared
to $21.6 million in the same quarter last year. Excluding $1.6 million of after-tax restructuring
charges in the fourth quarter of fiscal 2011 and $4.6 million of after-tax restructuring charges in
the same quarter last year, net income was up 19.1 percent to $31.2 million compared to $26.2
million in the same quarter last year.
Earnings per diluted Class A Common Share were up 34.1 percent to $0.55 in the fourth quarter
of fiscal 2011 compared to $0.41 in the fourth quarter of fiscal 2010. Excluding after-tax
restructuring charges, earnings per diluted Class A Common Share increased 18.4 percent to $0.58 in
the fourth quarter of fiscal 2011 compared to $0.49 per share in the same quarter of fiscal 2010.
Sales for the fiscal 2011 fourth quarter were up 6.3 percent to $343.1 million compared to
$322.9 million in the fourth quarter of fiscal 2010. Organic sales declined 0.6 percent,
divestitures, net of acquisitions reduced
sales by 0.2 percent, and the impact of foreign currency translation increased sales by 7.1
percent. By segment, organic sales increased 2.0 percent in Europe and 0.4 percent in the
Asia-Pacific region and decreased 2.7 percent in the Americas region.
Share Buyback Program:
Bradys Board of Directors has authorized a share buyback program for up to two million shares
of the Companys common stock. The share repurchase plan may be implemented from time to time on
the open market or in privately negotiated transactions.
Commentary and Guidance:
I am pleased with our strong earnings and cash flow both in the fourth quarter and the full
fiscal year in light of a still challenging economy and relative moderate organic growth for the
company. This is a testament to the positive impact BBPS is having on efficiency and productivity.
During fiscal 2011, we returned $38.1 million of cash to our shareholders in the form of
dividends, repaid $61.3 million of debt while increasing our cash position by $75.1 million; ending
with $390 million of cash on hand at July 31, 2011, said Frank M. Jaehnert, Bradys President and
Chief Executive Officer. Im also happy to report that our Board of Directors authorized a share
buyback program for up to 2 million shares and approved an increase in the dividend to our
shareholders for the 26th straight year.
We remain focused on putting our cash to work through investment in organic growth
opportunities as well as strategic acquisitions, said Brady Chief Financial Officer Thomas J.
Felmer. As we look into fiscal 2012, we remain cautious about the health of the overall global
economy. We believe that the pace of economic growth will be modest. Accordingly, we anticipate
low-single-digit organic sales growth in fiscal 2012. For fiscal 2012, we expect earnings per
diluted Class A Common Share of between $2.30 and $2.50, exclusive of after-tax restructuring
charges. This guidance is based on current exchange rates, a full-year tax rate in the mid-20
percent range, capital expenditures of approximately $25 million, and depreciation and amortization
of $45 million.
A webcast regarding Bradys fiscal 2011 fourth quarter financial results will be available
at www.investor.bradycorp.com beginning at 9:30 a.m. Central Time today.
Brady Corporation is an international manufacturer and marketer of complete solutions that
identify and protect premises, products and people. Bradys products help customers increase
safety, security, productivity and performance and include high-performance labels and signs,
safety devices, printing systems and software, and precision die-cut materials. Founded in 1914,
the company has millions of customers in electronics, telecommunications, manufacturing,
electrical, construction, education, medical and a variety of other industries. Brady is
headquartered in Milwaukee, Wisconsin and employs approximately 6,500 people at operations in the
Americas, Europe and Asia-Pacific. Bradys fiscal 2011 sales were approximately $1.34 billion.
Brady stock trades on the New York Stock Exchange under the symbol BRC. More information is
available on the Internet at www.bradycorp.com.
###
Brady believes that certain statements in this news release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. All statements related
to future, not past, events included in this news release, including, without limitation,
statements regarding Bradys 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 are forward-looking statements. When used in this news release,
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 Bradys control, that could cause actual results to differ materially from those expressed
or implied by such forward-looking statements. For Brady, uncertainties arise from 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, manufacturing, electrical, construction, laboratory, education, governmental,
public utility, computer, transportation; difficulties in making and integrating acquisitions;
risks associated with newly acquired businesses; Bradys ability to develop and successfully market
new products; changes in the supply of, or price for, parts and components; increased price
pressure from suppliers and customers; fluctuations in currency rates versus the US dollar;
unforeseen tax consequences; potential write-offs of Bradys substantial intangible assets; Bradys
ability to retain significant contracts and customers; risks associated with international
operations; Bradys ability to maintain compliance with its debt covenants; technology changes;
business interruptions due to implementing business systems; environmental, health and safety
compliance costs and liabilities; future competition; interruptions to sources of supply; Bradys
ability to realize cost savings from operating initiatives; difficulties associated with exports;
risks associated with restructuring plans; risks associated with obtaining governmental approvals
and maintaining regulatory compliance; 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 Bradys U.S. Securities and Exchange Commission filings, including,
but not limited to, those factors listed in the Risk Factors section located in Item 1A of Part I
of Bradys Form 10-K for the year ended July 31, 2010. These uncertainties may cause Bradys 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.
BRADY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands)
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended Jul 31, | Twelve Months Ended Jul 31, | |||||||||||||||||||||||
Percentage | Percentage | |||||||||||||||||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||
Net sales |
$ | 343,104 | $ | 322,894 | 6.3 | % | $ | 1,339,597 | $ | 1,259,096 | 6.4 | % | ||||||||||||
Cost of products sold |
178,068 | 164,155 | 8.5 | % | 683,401 | 635,799 | 7.5 | % | ||||||||||||||||
Gross margin |
165,036 | 158,739 | 4.0 | % | 656,196 | 623,297 | 5.3 | % | ||||||||||||||||
Operating expenses: |
||||||||||||||||||||||||
Research and development |
10,775 | 11,671 | -7.7 | % | 43,001 | 42,621 | 0.9 | % | ||||||||||||||||
Selling, general and administrative |
109,421 | 107,268 | 2.0 | % | 441,815 | 435,906 | 1.4 | % | ||||||||||||||||
Restructuring charge |
2,202 | 5,717 | -61.5 | % | 9,188 | 15,314 | -40.0 | % | ||||||||||||||||
Total operating expenses |
122,398 | 124,656 | -1.8 | % | 494,004 | 493,841 | 0.0 | % | ||||||||||||||||
Operating income |
42,638 | 34,083 | 25.1 | % | 162,192 | 129,456 | 25.3 | % | ||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||
Investment and other income (expense) |
1,098 | (105 | ) | -1145.7 | % | 3,990 | 1,168 | 241.6 | % | |||||||||||||||
Interest expense |
(5,484 | ) | (5,750 | ) | -4.6 | % | (22,124 | ) | (21,222 | ) | 4.3 | % | ||||||||||||
Income before income taxes |
38,252 | 28,228 | 35.5 | % | 144,058 | 109,402 | 31.7 | % | ||||||||||||||||
Income taxes |
8,669 | 6,636 | 30.6 | % | 35,406 | 27,446 | 29.0 | % | ||||||||||||||||
Net income |
$ | 29,583 | $ | 21,592 | 37.0 | % | $ | 108,652 | $ | 81,956 | 32.6 | % | ||||||||||||
Per Class A Nonvoting Common Share: |
||||||||||||||||||||||||
Basic net income |
$ | 0.56 | $ | 0.41 | 36.6 | % | $ | 2.06 | $ | 1.56 | 32.1 | % | ||||||||||||
Diluted net income |
$ | 0.55 | $ | 0.41 | 34.1 | % | $ | 2.04 | $ | 1.55 | 31.6 | % | ||||||||||||
Dividends |
$ | 0.18 | $ | 0.175 | 2.9 | % | $ | 0.72 | $ | 0.70 | 2.9 | % | ||||||||||||
Per Class B Voting Common Share: |
||||||||||||||||||||||||
Basic net income |
$ | 0.56 | $ | 0.41 | 36.6 | % | $ | 2.04 | $ | 1.55 | 31.6 | % | ||||||||||||
Diluted net income |
$ | 0.55 | $ | 0.41 | 34.1 | % | $ | 2.03 | $ | 1.53 | 32.7 | % | ||||||||||||
Dividends |
$ | 0.18 | $ | 0.175 | 2.9 | % | $ | 0.70 | $ | 0.68 | 3.0 | % | ||||||||||||
Weighted average common shares
outstanding (in thousands): |
||||||||||||||||||||||||
Basic |
52,815 | 52,476 | 52,639 | 52,402 | ||||||||||||||||||||
Diluted |
53,333 | 52,872 | 53,133 | 52,946 |
BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(Unaudited) | ||||||||
July 31, 2011 | July 31, 2010 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 389,971 | $ | 314,840 | ||||
Accounts receivable, net |
228,483 | 221,621 | ||||||
Inventories: |
||||||||
Finished products |
62,152 | 52,906 | ||||||
Work-in-process |
14,550 | 13,146 | ||||||
Raw materials and supplies |
27,484 | 28,620 | ||||||
Total inventories |
104,186 | 94,672 | ||||||
Prepaid expenses and other current assets |
35,647 | 37,839 | ||||||
Total current assets |
758,287 | 668,972 | ||||||
Other assets: |
||||||||
Goodwill |
800,343 | 768,600 | ||||||
Other intangible assets, net |
89,961 | 103,546 | ||||||
Deferred income taxes |
53,755 | 39,103 | ||||||
Other |
19,244 | 20,808 | ||||||
Property, plant and equipment: |
||||||||
Cost: |
||||||||
Land |
6,406 | 6,265 | ||||||
Buildings and improvements |
104,644 | 101,138 | ||||||
Machinery and equipment |
305,557 | 289,727 | ||||||
Construction in progress |
11,226 | 9,873 | ||||||
427,833 | 407,003 | |||||||
Less accumulated depreciation |
287,918 | 261,501 | ||||||
Property, plant and equipment net |
139,915 | 145,502 | ||||||
Total |
$ | 1,861,505 | $ | 1,746,531 | ||||
LIABILITIES AND STOCKHOLDERS INVESTMENT |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 98,847 | $ | 96,702 | ||||
Wages and amounts withheld from employees |
69,798 | 67,285 | ||||||
Taxes, other than income taxes |
7,612 | 7,537 | ||||||
Accrued income taxes |
9,954 | 10,138 | ||||||
Other current liabilities |
54,406 | 50,862 | ||||||
Current maturities on long-term debt |
61,264 | 61,264 | ||||||
Total current liabilities |
301,881 | 293,788 | ||||||
Long-term obligations, less current maturities |
331,914 | 382,940 | ||||||
Other liabilities |
71,518 | 64,776 | ||||||
Total liabilities |
705,313 | 741,504 | ||||||
Stockholders investment: |
||||||||
Common stock: |
||||||||
Class A nonvoting common stock Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 49,284,252 and 48,875,716 shares, respectively |
513 | 513 | ||||||
Class B voting common stock Issued and outstanding, 3,538,628 shares |
35 | 35 | ||||||
Additional paid-in capital |
307,527 | 304,205 | ||||||
Income retained in the business |
789,100 | 718,512 | ||||||
Treasury stock 1,667,235 and 2,175,771 shares, respectively of Class A nonvoting common stock, at cost |
(50,017 | ) | (66,314 | ) | ||||
Accumulated other comprehensive income |
113,898 | 50,905 | ||||||
Other |
(4,864 | ) | (2,829 | ) | ||||
Total stockholders investment |
1,156,192 | 1,005,027 | ||||||
Total |
$ | 1,861,505 | $ | 1,746,531 | ||||
BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited) | ||||||||
Twelve Months Ended | ||||||||
July 31, | ||||||||
2011 | 2010 | |||||||
Operating activities: |
||||||||
Net income |
$ | 108,652 | $ | 81,956 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
48,827 | 53,022 | ||||||
Deferred income taxes |
(8,161 | ) | (6,834 | ) | ||||
Gain on the sale of business (pre-tax) |
(4,394 | ) | | |||||
Non-cash portion of restructuring charges |
2,155 | 2,260 | ||||||
Non-cash portion of stock-based compensation expense |
9,830 | 9,721 | ||||||
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures): |
||||||||
Accounts receivable |
7,680 | (29,479 | ) | |||||
Inventories |
(2,886 | ) | 426 | |||||
Prepaid expenses and other assets |
5,624 | (3,502 | ) | |||||
Accounts payable and accrued liabilities |
(3,365 | ) | 52,410 | |||||
Income taxes |
3,388 | 5,258 | ||||||
Net cash provided by operating activities |
167,350 | 165,238 | ||||||
Investing activities: |
||||||||
Acquisition of business, net of cash acquired |
(7,970 | ) | (30,431 | ) | ||||
Payments of contingent consideration |
(1,528 | ) | | |||||
Divestiture of business, net of cash retained in business |
12,980 | | ||||||
Purchases of property, plant and equipment |
(20,532 | ) | (26,296 | ) | ||||
Settlement of net investment hedges |
(5,542 | ) | 6,248 | |||||
Other |
(39 | ) | 1,798 | |||||
Net cash used in investing activities |
(22,631 | ) | (48,681 | ) | ||||
Financing activities: |
||||||||
Payment of dividends |
(38,064 | ) | (36,786 | ) | ||||
Proceeds from issuance of common stock |
8,193 | 3,717 | ||||||
Principal payments on debt |
(61,264 | ) | (44,893 | ) | ||||
Proceeds from issuance of debt |
| 94,915 | ||||||
Purchase of treasury stock |
| (2,537 | ) | |||||
Income tax benefit from the exercise of stock options and deferred
compensation distribution, and other |
(439 | ) | 859 | |||||
Net cash (used in) provided by financing activities |
(91,574 | ) | 15,275 | |||||
Effect of exchange rate changes on cash |
21,986 | (5,148 | ) | |||||
Net increase in cash and cash equivalents |
75,131 | 126,684 | ||||||
Cash and cash equivalents, beginning of period |
314,840 | 188,156 | ||||||
Cash and cash equivalents, end of period |
$ | 389,971 | $ | 314,840 | ||||
Supplemental disclosures: |
||||||||
Cash paid during the period for: |
||||||||
Interest, net of capitalized interest |
$ | 21,298 | $ | 21,626 | ||||
Income taxes, net of refunds |
35,851 | 30,870 | ||||||
Acquisitions: |
||||||||
Fair value of assets acquired, net of cash |
$ | 4,624 | $ | 15,366 | ||||
Liabilities assumed |
(1,446 | ) | (5,201 | ) | ||||
Goodwill |
4,792 | 20,266 | ||||||
Net cash paid for acquisitions |
$ | 7,970 | $ | 30,431 | ||||
Information by regional segment for the three and twelve months ended July 31, 2011 and 2010
is as follows:
Corporate and | ||||||||||||||||||||||||
(in thousands) | Americas | Europe | Asia-Pacific | Total Region | Eliminations | Total Company | ||||||||||||||||||
SALES TO EXTERNAL CUSTOMERS |
||||||||||||||||||||||||
Three months ended: |
||||||||||||||||||||||||
July 31, 2011 |
$ | 146,212 | $ | 102,970 | $ | 93,922 | $ | 343,104 | $ | | $ | 343,104 | ||||||||||||
July 31, 2010 |
$ | 148,929 | $ | 91,020 | $ | 82,945 | $ | 322,894 | $ | | $ | 322,894 | ||||||||||||
July 31, 2009 |
$ | 124,867 | $ | 86,567 | $ | 75,769 | $ | 287,203 | $ | | $ | 287,203 | ||||||||||||
Twelve months ended: |
||||||||||||||||||||||||
July 31, 2011 |
$ | 577,428 | $ | 404,955 | $ | 357,214 | $ | 1,339,597 | $ | | $ | 1,339,597 | ||||||||||||
July 31, 2010 |
$ | 551,185 | $ | 380,121 | $ | 327,790 | $ | 1,259,096 | $ | | $ | 1,259,096 | ||||||||||||
July 31, 2009 |
$ | 534,440 | $ | 367,156 | $ | 307,106 | $ | 1,208,702 | $ | | $ | 1,208,702 | ||||||||||||
SALES GROWTH INFORMATION |
||||||||||||||||||||||||
Three months ended July 31, 2011: |
||||||||||||||||||||||||
Base |
-2.7 | % | 2.0 | % | 0.4 | % | -0.6 | % | | -0.6 | % | |||||||||||||
Currency |
1.6 | % | 12.8 | % | 10.5 | % | 7.1 | % | | 7.1 | % | |||||||||||||
Acquisitions/Divestitures |
-0.7 | % | -1.6 | % | 2.3 | % | -0.2 | % | | -0.2 | % | |||||||||||||
Total |
-1.8 | % | 13.2 | % | 13.2 | % | 6.3 | % | | 6.3 | % | |||||||||||||
Twelve months ended July 31, 2011: |
||||||||||||||||||||||||
Base |
3.2 | % | 4.7 | % | 0.4 | % | 2.9 | % | | 2.9 | % | |||||||||||||
Currency |
1.1 | % | 0.6 | % | 6.9 | % | 2.5 | % | | 2.5 | % | |||||||||||||
Acquisitions/Divestitures |
0.5 | % | 1.2 | % | 1.7 | % | 1.0 | % | | 1.0 | % | |||||||||||||
Total |
4.8 | % | 6.5 | % | 9.0 | % | 6.4 | % | | 6.4 | % | |||||||||||||
SEGMENT PROFIT (LOSS) |
||||||||||||||||||||||||
Three months ended: |
||||||||||||||||||||||||
July 31, 2011 |
$ | 36,850 | $ | 29,882 | $ | 11,775 | $ | 78,507 | $ | (3,655 | ) | 74,852 | ||||||||||||
July 31, 2010 |
$ | 34,964 | $ | 25,035 | $ | 13,516 | $ | 73,515 | $ | (3,970 | ) | 69,545 | ||||||||||||
Percentage increase
(decrease) |
5.4 | % | 19.4 | % | -12.9 | % | 6.8 | % | 7.6 | % | ||||||||||||||
Twelve months ended: |
||||||||||||||||||||||||
July 31, 2011 |
$ | 145,516 | $ | 112,047 | $ | 50,105 | $ | 307,668 | $ | (15,742 | ) | $ | 291,926 | |||||||||||
July 31, 2010 |
$ | 125,169 | $ | 103,316 | $ | 52,105 | $ | 280,590 | $ | (14,131 | ) | $ | 266,459 | |||||||||||
Percentage increase
(decrease) |
16.3 | % | 8.5 | % | -3.8 | % | 9.7 | % | 9.6 | % |
NET INCOME RECONCILIATION (in thousands)
Three months ended: | Twelve months ended: | |||||||||||||||
July 31, 2011 | July 31, 2010 | July 31, 2011 | July 31, 2010 | |||||||||||||
Total profit for reportable segments |
$ | 78,507 | $ | 73,515 | $ | 307,668 | $ | 280,590 | ||||||||
Corporate and eliminations |
(3,655 | ) | (3,970 | ) | (15,742 | ) | (14,131 | ) | ||||||||
Unallocated amounts: |
||||||||||||||||
Administrative costs |
(30,012 | ) | (29,745 | ) | (120,546 | ) | (121,689 | ) | ||||||||
Restructuring costs |
(2,202 | ) | (5,717 | ) | (9,188 | ) | (15,314 | ) | ||||||||
Investment and other income (expense) |
1,098 | (105 | ) | 3,990 | 1,168 | |||||||||||
Interest expense |
(5,484 | ) | (5,750 | ) | (22,124 | ) | (21,222 | ) | ||||||||
Income before income taxes |
38,252 | 28,228 | 144,058 | 109,402 | ||||||||||||
Income taxes |
(8,669 | ) | (6,636 | ) | (35,406 | ) | (27,446 | ) | ||||||||
Net income |
$ | 29,583 | $ | 21,592 | $ | 108,652 | $ | 81,956 | ||||||||
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in thousands)
(in thousands)
Fiscal 2011 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
EBITDA (1) |
||||||||||||||||||||
Net income |
$ | 26,281 | $ | 24,199 | $ | 28,589 | $ | 29,583 | $ | 108,652 | ||||||||||
Interest expense |
5,687 | 5,850 | 5,103 | 5,484 | 22,124 | |||||||||||||||
Income taxes |
9,925 | 8,205 | 8,607 | 8,669 | 35,406 | |||||||||||||||
Depreciation and amortization |
12,594 | 12,908 | 12,020 | 11,305 | 48,827 | |||||||||||||||
EBITDA (non-GAAP measure) |
$ | 54,487 | $ | 51,162 | $ | 54,319 | $ | 55,041 | $ | 215,009 | ||||||||||
Fiscal 2010 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
EBITDA (1) |
||||||||||||||||||||
Net income |
$ | 21,668 | $ | 15,001 | $ | 23,695 | $ | 21,592 | $ | 81,956 | ||||||||||
Interest expense |
5,162 | 5,163 | 5,147 | 5,750 | 21,222 | |||||||||||||||
Income taxes |
8,775 | 4,842 | 7,193 | 6,636 | 27,446 | |||||||||||||||
Depreciation and amortization |
13,817 | 13,549 | 12,910 | 12,746 | 53,022 | |||||||||||||||
EBITDA (non-GAAP measure) |
$ | 49,422 | $ | 38,555 | $ | 48,945 | $ | 46,724 | $ | 183,646 | ||||||||||
(1) | Brady is presenting EBITDA because it is used by many of our
investors and lenders, and is presented as a convenience to them.
EBITDA represents net income before interest expense, income
taxes and depreciation and amortization. EBITDA is not a
calculation based on generally accepted accounting principles
(GAAP). The amounts included in the EBITDA calculation, however,
are derived from amounts included in the Condensed Consolidated
Statements of Income data. EBITDA should not be considered as an
alternative to net income or operating income as an indicator of
the companys operating performance, or as an alternative to
operating cash flows as a measure of liquidity. The EBITDA
measure presented may not always be comparable to similarly
titled measures reported by other companies due to differences in
the components of the calculation. |