A real-time webcast of the conference call will be broadcast live over the Internet. Individuals wanting to listen and view slides can access the call at the Company’s website at www.graco.com/ir. Listeners should go to the website at least 15 minutes prior to the live conference call to install any necessary audio software.

For those unable to listen to the live event, a replay will be available soon after the conference call at Graco’s website, or by telephone beginning at approximately 2:00 p.m. ET on July 26, 2012, by dialing 800-406-7325, Conference ID #4548978, if calling within the U.S. or Canada. The dial-in number for international participants is 303-590-3030, with the same Conference ID #. The replay by telephone will be available through July 30, 2012.

Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com/ir.
 
 
GRACO INC. AND SUBSIDIARIES
Consolidated Statement of Earnings (Unaudited)
               
Thirteen Weeks Ended Twenty-six Weeks Ended
(in thousands, except per share amounts) June 29, July 1, June 29, July 1,
2012 2011 2012 2011
Net Sales $ 268,184 $ 234,663 $ 502,306 $ 452,342
Cost of products sold   128,654     102,217     230,597     195,499  
Gross Profit 139,530 132,446 271,709 256,843
Product development 12,502 10,354 24,140 20,285
Selling, marketing and distribution 42,547 39,582 80,573 77,065
General and administrative   32,006     24,255     56,552     44,169  
Operating Earnings 52,475 58,255 110,444 115,324
Interest expense 5,359 1,732 9,048 2,348
Other expense (income), net   (3,236 )   324     (2,937 )   324  
Earnings Before Income Taxes 50,352 56,199 104,333 112,652
Income taxes 16,000     18,100     34,600     37,300  
Net Earnings $ 34,352   $ 38,099   $ 69,733   $ 75,352  
Net Earnings per Common Share
Basic $ 0.57 $ 0.63 $ 1.16 $ 1.25
Diluted $ 0.56 $ 0.61 $ 1.13 $ 1.22
Weighted Average Number of Shares
Basic 60,484 60,721 60,268 60,496
Diluted 61,803 62,070 61,571 61,715
 
Segment Information (Unaudited)
 
Thirteen Weeks Ended Twenty-six Weeks Ended
June 29, July 1, June 29, July 1,
2012 2011 2012 2011
Net Sales
Industrial $ 158,220 $ 129,304 $ 292,323 $ 252,134
Contractor 82,106 80,702 154,092 150,907
Lubrication   27,858     24,657     55,891     49,301  
Total $ 268,184   $ 234,663   $ 502,306   $ 452,342  
Operating Earnings
Industrial $ 43,171 $ 45,339 $ 91,484 $ 90,364
Contractor 17,965 16,424 30,504 27,539
Lubrication 5,543 4,045 11,632 9,272
Unallocated corporate (expense)   (14,204 )   (7,553 )   (23,176 )   (11,851 )
Total $ 52,475   $ 58,255   $ 110,444   $ 115,324  
 

All figures are subject to audit and adjustment at the end of the fiscal year.

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