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Nordson Corporation Announces Second Quarter Results

Published on 2007-05-29. Author : SpecialChem

WESTLAKE, Ohio, -- Nordson Corporation (Nasdaq: NDSN) announced sales, earnings and earnings per share for the second quarter, which ended April 30, 2007. Worldwide sales for the quarter reached a record $241.3 million, a 6 percent increase over the same period last year. The growth consisted of 7 percent from acquisitions and 3 percent from favorable currency effects; organic volume was down 4 percent.

On a diluted basis, earnings per share for the quarter were $.61, as compared with $.70 from continuing operations and $.64 including discontinued operations during the same period last year.

Second quarter sales volume was up 17 percent in the Advanced Technology Systems segment; excluding recent acquisitions, volume declined in the segment. In the Adhesive Dispensing Systems and Finishing and Coating Systems segments, volume was down 4 percent and 1 percent, respectively.

On a geographic basis, second quarter sales volume was up 23 percent in Japan and 5 percent in the Asia Pacific region, influenced by the impact of acquisitions. Volume grew 2 percent in Europe and was down 5 percent in the Americas and 2 percent in the United States.

Backlog, excluding acquisitions, at the end of the second quarter was approximately $108 million, up more than $14 million from the same period last year as well as from the end of the 2007 first quarter, in each case calculated at constant exchange rates.

For the first half of fiscal 2007, sales were a record $445.2 million, a 5 percent increase over the first half of 2006. Sales growth in the first half consisted of 5 percent from acquisitions and 3 percent from favorable currency effects; organic volume was down 3 percent. Year-to-date earnings per share on a diluted basis were $1.07, compared with $1.22 from continuing operations and $1.11 including discontinued operations during the same period last year.

"Although core volume in the second quarter was down, I am encouraged by the strong order rates we have been seeing recently in all of our segments," said Edward Campbell, chairman and chief executive officer. "In the 12-week period ending May 11, order volume is up 12 percent over the prior year, including the impact of acquisitions in the current year, and up 6 percent before the effect of acquisitions. In addition, I am pleased with the improving performance of the Finishing and Coating Systems segment, where operating profit margins for the quarter were 10 percent, as compared to 2 percent in last year's second quarter," Campbell said.

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.

A summary of sales, income and earnings is presented in the attached tables.

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 equipment used in the testing and inspection of electronic components as well as technology-based systems used for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has nearly 3,900 employees worldwide, and direct operations and sales support offices in 30 countries.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Nordson's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

Source: Nordson Corporation


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