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Brady Corporation Reports Fiscal 2013 Second Quarter Results And Announces Reorganization

Stocks in this article: BRC

Earnings (loss) per diluted Class A Common Share were $(0.17) in the second quarter of fiscal 2013 compared to $(1.72) in the same quarter last year. Non-GAAP Diluted Earnings per Class A Common Share* were $0.38 in the second quarter of fiscal 2013, compared to $0.49 in the second quarter of fiscal 2012.

Six Months Ended January 31, 2013 Financial Results:

Sales for the six-month period ended January 31, 2013, were down 1.3 percent to $661.8 million compared to $670.1 million in the same period last year. Organic sales were down 2.5 percent, the impact of foreign currency translation decreased sales by 1.0 percent, and acquisitions, net of divestitures added 2.2 percent.

Net income (loss) for the six months ended January 31, 2013 was $18.5 million compared to $(57.2) million in the same period of fiscal 2012. Non-GAAP net income* was $49.9 million for the six months ended January 31, 2013, compared to $58.5 million in the same period of fiscal 2012.

Earnings (loss) per diluted Class A Common Share were $0.36 for the six-month period ended January 31, 2013 compared to $(1.09) in the same period of fiscal 2012. Non-GAAP Diluted Earnings per Class A Common Share* were $0.97 for the six months ended January 31, 2013, compared to $1.12 in the same period in fiscal 2012.

Brady to Reorganize its Business:

Brady also reported that as part of its strategy to improve organic growth and profitability that it will be changing its organizational structure from geographically-based to an organization structured around three global business platforms: Identification Solutions, Workplace Safety and Die-Cut.

The Identification Solutions business will focus on innovative identification solutions for a broad range of applications including wire identification, product identification, safety and facility identification and healthcare identification. The Workplace Safety business will be expanding its multi-channel direct marketing model by providing a broader set of workplace safety products with an increased focus on e-business. The Die-Cut business will continue to provide precision solutions primarily to the global electronics industry. Mr. Matthew Williamson will lead the global Identification Solutions business. Mr. Williamson has been with Brady for 34 years and is currently serving as Vice President of the Company and President - Brady Americas. Mr. Scott Hoffman will lead the global Workplace Safety business. Mr. Hoffman has been with Brady for 27 years and is currently serving as Vice President – Corporate and Business Development of the Company. Mr. Stephen Millar will lead the Die-Cut business. Mr. Millar has been with Brady for 14 years and is currently serving as Vice President of the Company and President – Asia-Pacific. Peter Sephton, currently president of Brady’s EMEA region, will be retiring from Brady effective July 31, 2013. Mr. Sephton will remain in his current role as Vice President of Brady and President - Brady EMEA through April 30, 2013 when he will resign these positions and will then assist with the transition to the new global business platforms through his retirement on July 31, 2013.

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