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Nordson Corporation Third-Quarter Sales, Net Income and Earnings per Share Announced

Published on 2005-08-24. Author : SpecialChem

WESTLAKE, Ohio -- Nordson Corporation (Nasdaq:NDSN) announced record sales, net income and earnings per share for its third quarter, which ended July 31, 2005. Net income grew to $18.6 million, which increased $1.3 million from the $17.3 million earned in the prior year. Diluted earnings per share were $.50 compared with $.47 for the third quarter of 2004. Current period results include a favorable earnings per share effect of $.03 related to the recognition of foreign tax credits net of higher state income tax expense.

Worldwide sales for the third quarter reached $201.6 million, a 2 percent increase over sales of $197.9 million for the same period of 2004. The increase was attributable to favorable currency associated with a weaker U.S. dollar relative to the third quarter of 2004.

Third-quarter sales volume for the company's advanced technology segment was up 19 percent while volume in the finishing and adhesive dispensing segments was down 1 percent and 6 percent, respectively.

On a geographic basis, third-quarter volume was 22 percent higher in the Asia-Pacific region, up 8 percent in Japan, flat in the United States, and down 10 percent and 7 percent in the Americas and Europe, respectively.

Backlog at the end of the third quarter was approximately $107 million, up $30 million from the beginning of the fiscal year calculated at constant exchange rates.

For the first three quarters of 2005, sales were $599 million, a 6 percent increase over the same period of the prior year. Sales volume increased 3 percent with favorable currency effects accounting for the balance. Earnings per share on a diluted basis were $1.36 compared with $1.20 for the same period last year.

"We are pleased with the exceptional performance of our Advanced Technology segment, which experienced both strong sales growth and operating improvement," said Edward P. Campbell, Chairman and Chief Executive Officer. "The performance of this segment served to offset a decline in engineered system shipments within our Adhesive Dispensing segment," Campbell added.

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 technology-based systems for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has more than 3,600 employees worldwide, and direct operations and sales support offices in 30 countries.

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.

Source: Nordson Corporation


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