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UNITED STATES SECURITIES AND EXCHANGE COMMISSION\n

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Washington, D.C. 20549\n

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FORM 8-K\n

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CURRENT REPORT\n

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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n

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Date of Report (Date of earliest event reported): November 15, 2006\n\n

BRADY CORPORATION\n

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(Exact name of registrant as specified in its charter)

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Commission File Number 1-14959\n\n

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Wisconsin\n		39-0971239
(State of Incorporation)\n		(IRS Employer Identification No.)

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6555 West Good Hope Road
\nMilwaukee, Wisconsin 53223
\n(Address of Principal Executive Offices and Zip Code)\n\n

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(414) 358-6600
\n(Registrant’s Telephone Number)\n\n

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the\nfiling obligation of the registrant under any of the following provisions:\n

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o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)\n

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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)\n

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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))\n

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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))\n

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TABLE OF CONTENTS

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Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURE
EXHIBIT INDEX
2006 Omnibus Incentive Stock Plan
Incentive Compensation Plan for Elected Officers
Press Release
Press Release

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Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.\n

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On\nNovember 15, 2006, Brady Corporation (the “Corporation”) issued a press release announcing its fiscal 2007 first\nquarter financial results. A copy of the press release is being furnished to the Securities and\nExchange Commission as Exhibit 99.1 attached herewith and incorporated by reference.\n

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Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS\n

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(d) On\nNovember 16, 2006, the Corporation issued a press release announcing that Chan Galbato has\nbeen elected to its Board of Directors. There was no arrangement or understanding pursuant to which Mr. Galbato was elected as a director, and there are no related party\ntransactions between the Corporation and Mr. Galbato. Mr. Galbato has\nnot been appointed to a committee at this time. Mr. Galbato will be\neligible to participate in the Corporation’s equity incentive and other\nbenefit plans on a basis similar to other non-employee directors,\nalthough no equity awards had been made to Mr. Galbato at this time.\nA copy of the press release\nis being provided to the Securities and Exchange\nCommission as Exhibit 99.2 attached herewith and incorporated by reference.\n

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(e) On November 16, 2006, at the Corporation’s Annual Shareholders’ Meeting, the\nholders of the Corporation’s Class B Common Stock approved the Brady Corporation\n2006 Omnibus Incentive Stock Plan (the “2006 Omnibus Plan”). Under the terms of\nthe 2006 Omnibus Plan, pursuant to which 2,000,000 shares of the\nCorporation’s Class A Common Stock have been authorized for issuance, the\nCorporation may grant nonqualified stock options, incentive stock options,\nshares of restricted stock and restricted stock units to eligible employees of\nthe Corporation and its affiliates. The 2006 Omnibus Plan, which became\neffective upon shareholder approval, provides that after December 31, 2006, no\nfurther awards or grants shall be made under the Corporation’s 1997, 2003 or\n2004 Omnibus Incentive Stock Plans. The foregoing description of the 2006\nOmnibus Plan does not purport to be complete and is qualified in its entirety by\nreference to the full text of the 2006 Omnibus Plan, a copy of which is filed\nherewith as Exhibit 10.1 and is incorporated herein by reference.\n

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The holders of the Corporation’s Class B Common Stock also approved at the\nAnnual Shareholders’ Meeting held on November 16, 2006, the Brady Corporation\nIncentive Compensation Plan for Elected Corporate Officers (the “Incentive\nCompensation Plan”). Under the terms of the Incentive Compensation Plan, certain\nofficers of the Corporation are eligible to receive bonus awards that are\nintended to constitute “qualified performance-based compensation” under Section\n162(m) of the Internal Revenue Code. The foregoing description of the Incentive\nCompensation Plan does not purport to be complete and is qualified in its\nentirety by reference to the full text of the Incentive Compensation Plan, a\ncopy of which is filed herewith as Exhibit 10.2 and is incorporated herein by\nreference.\n

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Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.\n

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The\nfollowing are furnished as Exhibits to this Report.\n

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Exhibit No.		Description of Exhibit

10.1\n		Brady Corporation 2006 Omnibus\nIncentive Stock Plan

10.2\n		Brady Corporation Incentive\nCompensation Plan for Elected Corporate Officers

99.1\n		Press Release of Brady Corporation, dated November 15, 2006.

99.2\n		Press Release of Brady Corporation, dated November 16, 2006.

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EXHIBIT 10.1\n

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BRADY CORPORATION
\n2006 OMNIBUS INCENTIVE STOCK PLAN\n

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I. INTRODUCTION\n

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1.01 Purpose. This plan shall be known as the Brady Corporation 2006 Omnibus\nIncentive Stock Plan. The purpose of the Plan is to provide an incentive for employees of Brady\nCorporation and its Affiliates to improve corporate performance on a long-term basis, and to\nattract and retain employees by enabling employees to participate in the future successes of the\nCorporation, and by associating the long term interests of employees with those of the Corporation\nand its shareholders. It is intended that the Plan and its operation comply with the provisions of\nRule 16b-3 under the Securities Exchange Act of 1934 (or any successor rule). The Plan is intended\nto permit the grant of Nonqualified Stock Options, Incentive Stock Options, shares of Restricted\nStock and Restricted Stock Units. The proceeds received by the Corporation from the sale of\nCorporation Stock pursuant to the Plan shall be used for general corporate purposes.\n

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1.02 Effective Date. The effective date of the Plan shall be November 15, 2006,\nsubject to approval of the Plan by holders of a majority of the outstanding voting common stock of\nthe Corporation provided that such approval is given within 12 months of the effective date. Any\nAward granted prior to such shareholder approval shall be expressly conditioned upon shareholder\napproval of the Plan.\n

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1.03 Effect on Prior Plans. After December 31, 2006, no further awards or grants will\nbe made under the Brady Corporation 1997, 2003 or 2004 Omnibus Incentive Stock Plans.\n

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II. PLAN DEFINITIONS\n

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For Plan purposes, except where the context clearly indicates otherwise, the following terms\nshall have the meanings set forth below:\n

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	(a)		“Affiliates” means any “subsidiary corporation” or\n“parent corporation” as such terms are defined in Section 424 of the Code.

	(b)		“Agreement” means a written agreement (including any\namendment or supplement thereto) between the Corporation and a Participant\nspecifying the terms and conditions of an Award.

	(c)		“Award” shall mean the grant of any form of Stock\nOption, Restricted Stock or Restricted Stock Units.

	(d)		“Board” shall mean the Board of Directors of the\nCorporation.

	(e)		“Code” shall mean the Internal Revenue Code of 1986, as\namended from time to time.

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	(f)		“Committee” shall mean the Committee described in\nSection 4.01.

	(g)		“Corporation” shall mean Brady Corporation, a Wisconsin\ncorporation.

	(h)		“Corporation Stock” shall mean the Corporation’s Class\nA Non-Voting Common Stock, $.01 par value, and such other stock and securities\nas may be substituted therefor pursuant to Section 3.02.

	(i)		“Eligible Employee” shall mean any regular salaried\nemployee of the Corporation or an Affiliate, including an employee who is a\nmember of the Board, who satisfies the requirements of Section 5.01.

	(j)		“Exercise Period” shall mean the period of time\nprovided pursuant to Section 6.05 within which a Stock Option may be exercised.

	(k)		“Fair Market Value” on any date shall mean, with\nrespect to Corporation Stock, if the stock is then listed and traded on a\nregistered national securities exchange, or is quoted in the NASDAQ National\nMarket System, the average of the high and low sale prices recorded in\ncomposite transactions for such date or, if such date is not a business day or\nif no sales of Corporation Stock shall have been reported with respect to such\ndate, the next preceding business date with respect to which sales were\nreported. In the absence of reported sales or if the stock is not so listed or\nquoted, but is traded in the over-the-counter market, Fair Market Value shall\nbe the average of the closing bid and asked prices for such shares on the\nrelevant date.

	(l)		“Participant” means an Eligible Employee who has been\ngranted an Award under this Plan.

	(m)		“Performance Goals” means the performance goals\nestablished by the Committee prior to the grant of any Award of Stock Options,\nRestricted Stock or Restricted Stock Units intended to qualify as\n“performance-based compensation” under Section 162(m) of the Code. Performance\nGoals may be established at the Company or business unit level and may be based\nupon the attainment of goals relating to one or more of the following business\ncriteria measured on an absolute basis or in terms of growth or reduction:\nrevenue, expenses, net income (pre-tax or after-tax and with adjustments as\nstipulated), earnings per share, return on equity, return on assets, return on\ntangible book value, operating income, earnings before depreciation, interest,\ntaxes and amortization (EBDITA), loss ratio, expense ratio, increase in stock\nprice, total shareholder return, economic value added and operating cash flow.\nThe Committee may establish other subjective or objective performance goals,\nincluding individual goals, which it deems appropriate.

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	(n)		“Person” means any individual or entity, and the heirs,\npersonal representatives, executors, administrators, legal representatives,\nsuccessors and assigns of such Person as the context may require.

	(o)		“Plan” shall mean the Brady Corporation 2006 Omnibus\nIncentive Stock Plan, as set forth herein, as it may be amended from time to\ntime.

	(p)		“Restricted Stock” means shares of Corporation Stock\ngranted to a Participant under Article VII.

	(q)		“Restricted Stock Unit” means an Award granted to a\nParticipant under Article VIII.

	(r)		“Stock Option” means an option to purchase a stated\nnumber of shares of Corporation Stock at the price set forth in an Agreement.\nA Stock Option may be either a Nonqualified Stock Option or an Incentive Stock\nOption.

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III. SHARES SUBJECT TO AWARD\n

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3.01 Available Shares. Subject to adjustments under Section 3.02, the total number of\nshares of Corporation Stock authorized for issuance shall not exceed two million (2,000,000)\nshares, provided that no individual Eligible Employee may be granted an Award or Awards under the\nPlan covering more than one hundred thousand (200,000) shares of Corporation Stock in any calendar\nyear (determined without regard to grants under any other plan or program). The shares authorized\nfor issuance under the Plan may consist, in whole or in part, of authorized but unissued\nCorporation Stock, or of treasury stock of the Corporation. Shares subject to and not issued under\nan Award that expires, terminates, is canceled or forfeited for any reason under the Plan shall\nagain become available for the granting of Awards.\n

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3.02 Changes in Corporation Stock. In the event of any change in the Corporation\nStock resulting from a reorganization, recapitalization, stock split, stock dividend, merger,\nconsolidation, rights offering or like transaction, the Committee shall, in its discretion,\nproportionately and appropriately adjust: (a) the aggregate number and kind of shares authorized\nfor issuance under the Plan and (b) in the case of previously granted Stock Options, the option\nprice and the number and kind of shares subject to the Stock Options, without any change in the\naggregate purchase prices to be paid for the Stock Options.\n

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IV. ADMINISTRATION\n

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4.01 Administration by the Committee. The Plan shall be administered by the\nCommittee. The Committee shall be a committee designated by the Board to administer the Plan and\nshall initially be the Compensation Committee of the Board. The Committee shall be constituted to\npermit the Plan to comply with the provisions of Rule 16b-3 under the Securities Exchange Act of\n1934 (or any successor rule) and Section 162(m) of the Code. A majority of the members of the\nCommittee shall constitute a quorum. The approval of such a quorum, expressed by a majority vote\nat a meeting held either in person or by conference telephone call, or the unanimous consent of all\nmembers in writing without a meeting, shall constitute the action of the Committee and shall be\nvalid and effective for all purposes of the Plan.\n

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4.02 Committee Powers. Subject to Section 10.06, the Committee is empowered to adopt,\namend and rescind such rules, regulations and procedures and take such other action as it shall\ndeem necessary or proper for the administration of the Plan and, in its discretion, may modify,\nextend or renew any Award theretofore granted. The Committee shall also have authority to\ninterpret the Plan, and the decision of the Committee on any questions concerning the\ninterpretation of the Plan shall be final and conclusive. The express grant in the Plan of any\nspecific power to the Committee shall not be construed as limiting any power or authority of the\nCommittee. The Committee shall not incur any liability for any action taken in good faith with\nrespect to the Plan or any Award.\n

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Subject to the provisions of the Plan, the Committee shall have full and final authority to:\n

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	(a)		designate the Eligible Employees to whom Awards shall be\ngranted;

	(b)		grant Awards in such form and amount as the Committee shall\ndetermine;

	(c)		impose such limitations, restrictions and conditions upon any\nsuch Award as the Committee shall deem appropriate, including conditions (in\naddition to those contained in this Plan) (i) on the exercisability of all or\nany portion of a Stock Option, (ii) on the transferability or forfeitability of\nRestricted Stock or (iii) requiring an Eligible Employee to retain all or a\nportion of the Corporation Stock for a period of time following the exercise of\na Stock Option, the vesting of Restricted Stock or the payment of Restricted\nStock Units;

	(d)		prescribe the form of Agreement with respect to each Award;

	(e)		waive in whole or in part any limitations, restrictions or\nconditions imposed upon any such Award as the Committee shall deem appropriate\n(including accelerating the time at which any Stock Option may be exercised or\nthe time at which Restricted Stock may become transferable or nonforfeitable);

	(f)		make adjustments in the terms and conditions of a Performance\nGoal in recognition of unusual or nonrecurring events affecting the Company or\nthe financial statements of the Company or of changes in applicable laws,\nregulations, or accounting principles, whenever the Committee determines that\nsuch adjustments are appropriate in order to prevent dilution or enlargement of\nthe benefits or potential benefits intended to be made available under the\nPlan, provided that no such adjustment shall be authorized to the extent that\nsuch adjustment would be inconsistent with the Plan’s or any Performance Award\nmeeting the requirements of Section 162(m) of the Code; and

	(g)		determine the extent to which leaves of absence for\ngovernmental or military service, illness, temporary disability and the like\nshall not be deemed interruptions of continuous employment.

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V. PARTICIPATION\n

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5.01 Eligibility. Any employee of the Corporation and its Affiliates (including\nofficers and employees who may be members of the Board) who, in the sole opinion of the Committee,\nhas contributed or can be expected to contribute to the profits, growth and success of the\nCorporation shall be eligible for Awards under the Plan. A member of the Committee or any person\nwho is expected to become a member within one year of any Award shall not be an Eligible Employee\nif his or her status as an Eligible Employee would prevent the Committee from being “disinterested”\nunder Rule 16b-3 under the Securities Exchange Act of 1934. From among all such Eligible\nEmployees, the Committee shall determine from time to time those Eligible Employees to whom Awards\nshall be granted. No Eligible Employee shall have any right whatsoever to receive an Award unless\nso determined by the Committee.\n

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5.02 No Employment Rights. The Plan shall not be construed as conferring any rights\nupon any person for a continuation of employment, nor shall it interfere with the rights of the\nCorporation or any Affiliates to terminate the employment of any person or to take any other action\naffecting such person.\n

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VI. STOCK OPTIONS\n

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6.01 Stock Options; General. Stock Options granted under the Plan shall be in the\nform of Nonqualified Stock Options (“NSOs”), Incentive Stock Options (“ISOs”) or a combination\nthereof. Each Stock Option granted under the Plan shall be evidenced by an Agreement which shall\ncontain the terms and conditions required by this Article VI, and such other terms and conditions,\nnot inconsistent herewith, as the Committee may deem appropriate in each case. A Stock Option\ngranted under the Plan shall not be treated as an Incentive Stock Option unless the Stock Option\nAgreement specifically designates the option as an Incentive Stock Option.\n

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6.02 Stock Option Holder’s Rights as a Shareholder. The holder of a Stock Option\nshall not have any rights as a shareholder with respect to the shares covered by a Stock Option\nuntil such shares have been delivered to him or her.\n

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6.03 Option Price. The price at which each share of Corporation Stock covered by a\nStock Option may be purchased shall be not less than 100% of the Fair Market Value of such stock on\nthe date on which the option is granted. The option price shall be subject to adjustment as\nprovided in Section 3.02 hereof.\n

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6.04 Date Stock Option Granted. For purposes of the Plan, a Stock Option shall be\nconsidered as having been granted on the date on which the Committee authorized the grant of the\nStock Option except where the Committee has designated a later date, in which event the later date\nshall constitute the date of grant of the Stock Option; provided, however, that notice of the grant\nof the Stock Option shall be given to the Participant within a reasonable time.\n

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6.05 Exercise Period. The Committee shall have the power to set the time or times\nwithin which each Option shall be exercisable, and to accelerate the time or times of exercise;\nprovided, however, that\n

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	(a)		no Stock Option granted under this Plan to any Person subject\nto the reporting requirements of Section 16(b) of the Securities and Exchange\nAct of 1934 may be exercised until at least six months from the later of (i)\nthe date of grant or (ii) shareholder approval of the Plan, and

	(b)		no Stock Option shall be exercisable after the expiration of\nten (10) years from the date the Stock Option is granted. Each Agreement with\nrespect to a Stock Option shall state the period or periods of time within\nwhich the Stock Option may be exercised by the Participant, in whole or in\npart.

Subject to the foregoing, unless the Agreement with respect to a Stock Option expressly provides\notherwise, a Stock Option shall be exercisable in accordance with the following schedule:\n

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Years After
Date of Grant			Percentage of Shares

Less than 1\n			0%
1 but less than 2\n			33-1/3%
2 but less than 3\n			66-2/3%
3 or more\n			100%

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6.06 Method of Exercise. Subject to Section 6.05, each Stock Option may be exercised\nin whole or in part from time to time as specified in the Agreements provided, however, that each\nParticipant may exercise a Stock Option in whole or in part by giving written notice of the\nexercise to the Corporation, specifying the number of shares to be purchased by payment in full of\nthe purchase price therefor. The purchase price may be paid (a) in cash, (b) by check, (c) with the\napproval of the Committee, or if the applicable Agreement so provides, by delivering shares of\nCorporation Stock (“Delivered Stock), or (d) with a combination of cash, check and Delivered Stock.\nFor purposes of the foregoing, Delivered Stock shall be valued at its Fair Market Value determined\nas of the business day immediately preceding the date of exercise of the Stock Option. No\nParticipant shall be under any obligation to exercise any Stock Option hereunder.\n

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6.07 Dissolution or Liquidation. Anything contained herein to the contrary\nnotwithstanding, on the effective date of any dissolution or liquidation of the Corporation, any\nunexercised Stock Options shall be deemed cancelled, and the holder of any such unexercised Stock\nOptions shall be entitled to receive payment under Section 10.04.\n

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6.08 Special Rules for Incentive Stock Options. For so long as Section 422 ( or any\nsuccessor provision) of the Code so provides:\n

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(a)

The aggregate Fair Market Value of Corporation Stock\n(determined as of the date the stock option is granted) with respect to which\nISOs are exercisable for the first time during a calendar year may not exceed\n$100,000. To the extent that the value of the stock subject to options\n

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			exceeds that amount, the excess shall be considered to be NSOs, with the\ndetermination to be made in the order the options are granted.

	(b)		Employees who own, directly or indirectly, within the meaning of Code\nSection 425(d), more than 10% of the voting power of all classes of stock of\nthe Corporation or any parent or subsidiary corporation shall not be eligible\nto receive an ISO hereunder unless the purchase price per share under such\noption is at least 110% of the Fair Market Value of the stock subject to the\noption and such option by its terms is not exercisable after the expiration of\nfive (5) years from the date such option is granted

	(c)		To obtain favorable ISO tax treatment, the option must be\nexercised while the Participant is an employee, or within three months after\nthe Participant’s termination as an employee; provided that, in the case of\ntermination on account of disability (as defined in Section 22(e)(3) of the\nCode), the exercise period may be extended to one year; and further provided\nthat the employment requirement is waived in the case of the participant’s\ndeath.

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VII. RESTRICTED STOCK\n

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7.01 Administration. Shares of Restricted Stock may be issued either alone or in\naddition to other Awards granted under the Plan. The Committee shall determine the Eligible\nEmployees to whom and the time or times at which grants of Restricted Stock will be made, the\nnumber of shares to be granted, the time or times within which such Awards may be subject to\nforfeiture or otherwise restricted and any other terms and conditions of the Awards. The\nrestrictions may be based upon specified Performance Goals, the Participant’s continued employment\nwith the Corporation or its Affiliates or such other factors or criteria as the Committee shall\ndetermine. Subject to Sections 7.02 and 7.03 hereof the provisions of Restricted Stock Awards need\nnot be the same with respect to each recipient.\n

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7.02 Certificates. Each individual receiving a Restricted Stock Award shall be issued\na certificate in respect of such shares of Restricted Stock which certificate shall be held in\ncustody by the Corporation until the restrictions thereon shall have lapsed. In addition, each\nindividual receiving a Restricted Stock Award shall, as a condition of any such Restricted Stock\nAward, have delivered to the Corporation a stock power, endorsed in blank, with respect to the\nCorporation Stock covered by such Award. Each certificate in respect of shares of Restricted Stock\nshall be registered in the name of the Participant to whom such Restricted Stock has been granted\nand shall bear an appropriate legend referring to the terms, conditions, and restrictions\napplicable to such Award, substantially in the following form:\n

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“The transferability of this certificate and the shares of stock represented hereby are\nsubject to the terms and conditions (including forfeiture) of the Brady Corporation 2006\nOmnibus Incentive Stock Plan and a Restricted Stock Agreement. Copies of such Plan and\nAgreement are on file at the offices of the Brady Corporation.”\n

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In addition each certificate in respect of shares of Restricted Stock may bear such legends and\nstatements as the Committee may deem advisable to assure compliance with the federal and state laws\nand regulations.\n

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7.03 Terms and Conditions. Shares of Restricted Stock shall be subject to the\nfollowing terms and conditions:\n

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	(a)		Until the applicable restrictions lapse, the Participant shall\nnot be permitted to sell, assign, transfer, exchange, pledge, hypothecate or\notherwise dispose of or encumber shares of Restricted Stock.

	(b)		Unless and until a forfeiture of the Restricted Stock, the\nParticipant shall have, with respect to the shares of Restricted Stock, all of\nthe rights of a shareholder of the Corporation, including the right to vote the\n shares (if applicable) and the right to receive any cash dividends. Unless\notherwise determined by the Committee, cash dividends shall be automatically\npaid in cash and dividends payable in Corporation Stock shall be paid in the\nform of additional Restricted Stock.

	(c)		Except to the extent otherwise provided in the applicable\nRestricted Stock Agreement and (d) below, all shares still subject to\nrestriction shall be forfeited by the Participant upon termination of a\nParticipant’s employment for any reason.

	(d)		In the event of hardship or other special circumstances of a\nParticipant whose employment is involuntarily terminated (other than for\ncause), the Committee may waive in whole or in part any or all remaining\nrestrictions with respect to such Participant’s shares of Restricted Stock.

	(e)		If and when the applicable restrictions lapse, unlegended\ncertificates for such shares shall be delivered to the Participant.

	(f)		Each Award shall be confirmed by, and be subject to the terms\nof, a Restricted Stock Agreement.

\n\n

VIII. RESTRICTED STOCK UNITS\n

\n\n\n

8.01 Administration. Restricted Stock Units may be issued either alone or in addition\nto other Awards granted under the Plan. The Committee shall determine the Eligible Employees to\nwhom and the time or times at which grants of Restricted Stock Units will be made, the number of\nunits to be granted, the time or times within which such Awards may be subject to forfeiture or\notherwise restricted and any other terms and conditions of the Awards. The restrictions may be\nbased upon specified Performance Goals, the Participant’s continued employment with the Corporation\nor its Affiliates or such other factors or criteria as the Committee shall determine. The\nprovisions of Restricted Stock Awards need not be the same with respect to each recipient.\n

\n\n

-8-\n

\n\n

8.02 Form and Timing of Payment of Restricted Stock Units. Timing of payment of\nearned Restricted Stock Units shall be determined by the Committee at its sole discretion. The\nCommittee, in its sole discretion, may pay earned Restricted Stock Units in the form of cash or in\nshares of Corporation Stock (or in a combination thereof), which have an aggregate Fair Market\nValue equal to the value of the earned Restricted Stock Units.\n

\n\n

IX. WITHHOLDING TAXES\n

\n\n\n

9.01 General Rule. Pursuant to applicable federal and state laws, the Corporation is\nor may be required to collect withholding taxes upon the exercise of a Stock Option or the lapse of\nstock restrictions. The Corporation may require, as a condition to the exercise of a Stock Option\nor the issuance of a stock certificate, that the Participant concurrently pay to the Corporation\n(either in cash or, at the request of Participant, but subject to such rules and regulations as the\nCommittee may adopt from time to time, in shares of Delivered Stock) the entire amount or a portion\nof any taxes which the Corporation is required to withhold by reason of such exercise or lapse of\nrestrictions, in such amount as the Committee or the Corporation in its discretion may determine.\nIf and to the extent that withholding of any federal, state or local tax is required in connection\nwith the exercise of an Option or the lapse of stock restrictions, the Participant may, subject to\nsuch rules and regulations as the Corporation may adopt from time to time, elect to have the\nCorporation hold back from the shares to be issued upon the exercise of the Stock Option or the\nlapse of stock restrictions, the number of shares of Corporation Stock having a Fair Market Value\nequal to such withholding obligation.\n

\n\n

9.02 Special Rule for Insiders. Any such request or election (to satisfy a\nwithholding obligation using shares) by an individual who is subject to the provisions of Section\n16 of the Securities Exchange Act of 1934 (an “Insider”) shall be made in accordance with the rules\nand regulations of the Securities and Exchange Commission promulgated thereunder.\n

\n\n

X. GENERAL\n

\n\n\n

10.01 Nontransferability. No Award granted under the Plan shall be transferable or\nassignable (or made subject to any pledge, lien, obligation or liability of a Participant) except\nby last will and testament or the laws of descent and distribution. Upon a transfer or assignment\npursuant to a Participant’s last will and testament or the laws of descent and distribution, any\nStock Option must be transferred in accordance therewith. During the Participant’s lifetime, Stock\nOptions shall be exercisable only by the Participant or by the Participant’s guardian or legal\nrepresentative. Notwithstanding the foregoing, NSOs may be transferred by a Participant to the\nParticipant’s spouse, children or grandchildren or to a trust for the benefit of such spouse,\nchildren or grandchildren; provided that the terms of any such transfer prohibit the resale of\nshares acquired upon exercise of the option at a time during which the transferor would not be\npermitted to sell such shares under the Corporation’s policy on trading by insiders.\n

\n\n

10.02 General Restriction. Each Award shall be subject to the requirement that if at\nany time the Board or the Committee shall determine, in its discretion, that the listing,\nregistration, or\n

\n\n

-9-\n

qualification of securities upon any securities exchange or under any state or federal law, or\nthe consent or approval of any government regulatory body, is necessary or desirable as a condition\nof, or in connection with, the granting of such Stock Option or the issue or purchase of securities\nthereunder, such Stock Option may not be exercised in whole or in part unless such listing,\nregistration, qualification, consent or approval shall have been effected or obtained free of any\nconditions not acceptable to the Board or the Committee. The Committee shall have the right to\nrely on an opinion of its counsel as to whether any such listing, registration, qualification,\nconsent or approval shall have been effected or obtained.\n

\n\n\n

10.03 Effect of Termination of Employment, Disability or Death. Except as otherwise\nprovided by the Committee upon any Award, all rights under any Stock Option granted to a\nParticipant shall terminate and any Restricted Stock or Restricted Stock Unit granted to a\nParticipant shall be forfeited on the date such Participant ceases to be employed by the\nCorporation or its subsidiaries, except that\n

\n\n

\n\n\n\n \n \n \n \n\n\n\n \n\n \n \n \n \n\n\n\n \n\n \n \n \n \n\n\n\n \n\n \n \n \n \n\n\n

	(a)		if the Participant’s employment is terminated by the death of\nthe Participant, any unexercised, unexpired Stock Options granted hereunder to\nthe Participant shall be 100% vested and fully exercisable, in whole or in\npart, at any time within one year after the date of death, by the Participant’s\npersonal representative or by the person to whom the Stock Options are\ntransferred under the Participant’s last will and testament or the applicable\nlaws of descent and distribution;

	(b)		if the Participant dies within 90 days after termination of\nemployment by the Corporation or its Affiliates, other than for cause, any\nunexercised, unexpired Stock Options granted hereunder to the Participant and\nexercisable as of the date of such termination of employment shall be\nexercisable, in whole or in part, at any time within one year after the date of\ndeath, by the Participant’s personal representative or by the person to whom\nthe Stock Options are transferred under the Participant’s last will and\ntestament or the applicable laws of descent and distribution;

	(c)		if the Participant’s employment is terminated as a result of\nthe disability of the Participant (a disability means that the Participant is\ndisabled as a result of sickness or injury, such that he or she is unable to\nsatisfactorily perform the material duties of his or her job, as determined by\nthe Board of Directors, on the basis of medical evidence satisfactory to it),\nany unexercised, unexpired Stock Options granted hereunder to the Participant\nshall become 100% vested and fully exercisable, in whole or in part, at any\ntime within one year after the date of disability;

	(d)		if the Participant’s employment is terminated as a result of\nthe Participant’s retirement (after age 55 with ten years of employment with\nthe Corporation or an Affiliate or after age 65), any unexercised, unexpired\nStock Options granted hereunder to the Participant and exercisable as of the\ndate of such retirement may be exercised by the Participant at any time within\none year after the date of retirement; and

-10-\n

\n\n\n

\n\n\n\n

\n\n

\n\n\n\n \n \n \n \n\n\n

(e)

if the Participant’s employment is terminated by the Company or\nan Affiliate for any reason other than the Participant’s death, disability or\nretirement of the Participant or for cause, any unexercised, unexpired Stock\nOptions granted hereunder and exercisable as of the date of such termination of\nemployment shall be exercisable in whole or in part at any time within 90 days\nafter such date of termination.

If a Participant’s employment is terminated for cause (as determined by the Committee in its sole\ndiscretion), all of the Participant’s unexercised Stock Options shall expire and all of the\nParticipant’s Restricted Stock and Restricted Stock Units shall be forfeited. Notwithstanding the\nforegoing, no Stock Option shall be exercisable after the date of expiration of its term.\n

\n\n\n

10.04 Merger, Consolidation or Reorganization. In the event of (a) the merger or\nconsolidation of the Corporation with or into another corporation or corporations in which the\nCorporation is not the surviving corporation, (b) the adoption of any plan for the dissolution of\nthe Corporation, or (c) the sale or exchange of all or substantially all the assets of the\nCorporation for cash or for shares of stock or other securities of another corporation, all\nthen-unexercised Stock Options shall become fully exercisable, and all restrictions imposed on any\nthen-Restricted Stock shall terminate (such that any Restricted Stock shall become fully\ntransferable) immediately prior to any such merger or consolidation in which the Corporation is not\nthe surviving corporation. Notwithstanding the foregoing, in the case of then-unexercised Stock\nOptions held by persons subject to the reporting requirements of Section 16(a) of the 1934 Act, the\nCommittee may elect to cancel any then-unexercised Stock Option. If any Stock Option is canceled,\nthe Corporation, or the corporation assuming the obligations of the Corporation hereunder, shall\npay the Participant an amount of cash or stock, as determined by the Committee, equal to the Fair\nMarket Value per share of the Corporation Stock immediately preceding such cancellation over the\noption price, multiplied by the number of shares subject to such cancelled Stock Option.\n

\n\n

10.05 Expiration and Termination of the Plan. This Plan shall remain in effect until\nall of the Awards made under the Plan have been exercised, the restrictions thereon have lapsed or\nthe Awards have expired, terminated, or been canceled or forfeited. Notwithstanding the foregoing,\nno Awards shall be granted under the Plan, after that date which is ten years after the Plan is\napproved by the Board; or such earlier date as the Board determines in its sole discretion.\n

\n\n

10.06 Amendments. The Board may from time to time amend, modify, suspend or terminate\nthe Plan; provided, however, that no such action shall (a) impair without the Participant’s consent\nany Award theretofore granted under the Plan or deprive any Participant of any shares of\nCorporation Stock which he may have acquired through or as a result of the Plan or (b) be made\nwithout shareholder approval where such approval would be required as a condition of compliance\nwith Rule 16b-3.\n

\n\n

10.07 Wisconsin Law. Except as otherwise required by applicable federal laws, the\nPlan shall be governed by, and construed in accordance with, the laws of the State of Wisconsin.\n

\n\n

10.08 Unfunded Plan. The Plan, insofar as it provides for Awards, shall be unfunded\nand the Corporation shall not be required to segregate any assets that may at any time be\n

\n\n

-11-\n

\n\n\n

EXHIBIT 10.2\n

\n\n

BRADY CORPORATION
\nINCENTIVE COMPENSATION PLAN
\nFOR ELECTED CORPORATE OFFICERS\n

\n\n\n

I. THE PLAN\n

\n\n\n

The name of this Plan is the Brady Corporation Incentive Compensation Plan for Elected\nCorporate Officers. The purpose of this Plan is to promote the interests of the shareholders and to\nprovide incentive to the President, Chief Executive Officer, Chief Financial Officer, Vice\nPresidents, Treasurer, and the officers elected by the Board of Directors (“elected corporate\nofficers”) of the Corporation for contributions to the profitability of the Corporation. It is\nseparate and distinct from the other Brady incentive plans currently in effect. It is intended that\nBonus Awards paid under this Plan constitute “qualified performance-based compensation” under\nSection 162(m) of the Internal Revenue Code.\n

\n\n

II. DEFINITIONS\n

\n\n\n

In this Plan, the following terms used will have the following definitions:\n

\n\n

A. “Board of Directors” means the Board of Directors of Brady Corporation.\n

\n\n

B. “Bonus Award” means an award, either paid currently or paid on a deferred basis, as\nthe result of the operation of this Plan.\n

\n\n

C. “Code” means the Internal Revenue Code of 1986, as amended and in effect from time\nto time.\n

\n\n

D. “Committee” means the committee provided for in Section III.\n

\n\n

E. “Corporation” means Brady Corporation.\n

\n\n

F. “Fiscal Year Salary” of any Participant means the base pay earned by such\nParticipant during the relevant fiscal year of the Corporation, exclusive of any incentive\ncompensation or supplemental payments by the Corporation.\n

\n\n

G. “Independent Auditors” means, with respect to any fiscal year, the independent\npublic accountants appointed by the Board of Directors to certify to the Board of Directors the\nfinancial statements of the Corporation.\n

\n\n

H. “Participant” means any elected corporate officer of the Corporation.\n

\n\n

I. “Performance Goals” means one or more of the following criteria, as determined by\nthe Committee: (i) corporate net income; (ii) earnings per share; (iii) sales; (iv) return on\nequity; (v) return on invested capital; (vi) return on assets; (vii) revenue growth; (viii)\nearnings before interest, taxes, depreciation and amortization; (vii) earnings before interest,\ntaxes and amortization; (ix) operating income; (x) pre- or after-tax income; (xi) cash flow; (xii)\ncash flow per share; (xiii) net earnings; (xiv) economic value added (or an equivalent metric);\n(xv) share price performance; (xvi) total shareholder return; (xvii) improvement in or attainment\nof expense levels; (xviii) improvement in or attainment of working capital levels; (xix) debt\nreduction; or (xx) strategic and leadership goals (provided, however, that strategic and leadership\ngoals must be (a) able to be objectively determined for each participant such that an award based\nin whole or part on strategic and leadership goals would not fail to qualify as “qualified\nperformance based compensation” under Treas. Reg. 1.162-27(e) promulgated under Section 162(m) of\nthe Code, or (b) such goals are used solely by the Committee for the purposes of exercising its\nnegative discretion pursuant to Section VI.B. hereof).\n

\n\n

J. “Plan” means the Brady Corporation Incentive Compensation Plan for Elected\nCorporate Officers.\n

\n\n

K. “Regulations” means the final, temporary and/or proposed Treasury Regulations\npromulgated under Section 162(m) of the Code and any other rulings or interpretative pronouncements\npromulgated by the Internal Revenue Service with respect to Section 162(m) of the Code, as in\neffect from time to time.\n

\n\n

III. COMMITTEE\n

\n\n

A. The Board of Directors has appointed and shall continue to appoint and keep in\nexistence a Compensation Committee composed of at least three members of the Corporation’s Board of\nDirectors, each of whom constitutes an “outside director” within the meaning of Section 162(m) of\nthe Code and the Regulations. This Committee shall be known as the “Committee” and shall have full\npower and authority to interpret and administer the Plan in accordance with its terms (provided\nthat, except as provided in Sections V.B. and VI.B. hereof, the Committee shall have no authority\nor discretion to establish the amount of any Bonus Award pursuant to this Plan in any amount other\nthan the “Planned Amount” (as hereinafter defined)). Determinations, interpretations or other\nactions made or taken by the Committee pursuant to the provisions hereof shall be final, binding\nand conclusive for all purposes and upon all persons. The Committee’s decisions need not be uniform\nand may be made selectively among Participants, whether or not they are similarly situated.\n

\n\n

B. The Board of Directors may, from time to time, remove members from the Committee or\nadd members thereto, and vacancies on the Committee, however caused, shall be filled by action of\nthe Board of Directors; provided, that no person shall be appointed to the Committee who does not\nqualify as an “outside director” (as defined in the preceding paragraph A).\n

\n\n

IV. ESTABLISHMENT OF PERFORMANCE GOALS\n

\n\n\n

A. Not later than the 90th day of each fiscal year of the Corporation, the Committee\nshall establish and adopt Performance Goals for such fiscal year. Such Performance Goals shall\ninclude: (a) a percent of Fiscal Year Salary that may be paid to a Participant as a Bonus Award\nunder this Plan and (b) the amount of such percent of Fiscal Year Salary that is to be paid to a\nParticipant as a Bonus Award under this Plan based on the relative or comparative achievement of\nthe Performance Goals.\n

\n\n

B. Following the 90th day of each fiscal year of the Corporation, the Performance\nGoals that have been established for the applicable fiscal year in accordance with the foregoing\nparagraph shall not be subject to modification or adjustment for any reason, except certain\nextraordinary events, as described in Paragraph VI.A.\n

\n\n

V. PLAN PARTICIPATION; PARTIAL YEAR PARTICIPATION\n

\n\n\n

A. Subject to Section VI.E. below, the persons entitled to participate in this Plan\nfor any fiscal year of the Corporation are those persons who, at any time during such fiscal year,\nheld a position as an elected corporate officer of the Corporation.\n

\n\n

B. If any person serves as an elected corporate officer, and therefore is eligible to\nbe a Participant, for less than 100% of any fiscal year, then any Bonus Award otherwise payable to\nsuch person hereunder for such fiscal year shall nonetheless be payable in full (subject to Section\nVI.E. below), unless the Committee in its discretion determines that the amount of such Bonus Award\nshould be reduced to reflect such officer’s service for less than the entire fiscal year, in which\nevent the Bonus Award payable to such Participant shall be reduced to the extent so determined by\nthe Committee. The amount of such reduction shall not be subject to the limitations on\ndiscretionary reductions imposed under Section VI.B. below.\n

\n\n

VI. DETERMINATION AND PAYMENT OF BONUS AWARDS\n

\n\n\n

A. Subject to the following sentence of this Paragraph A and to Paragraphs B, C and E\nof this Section VI, the amount of the Bonus Award payable to a Participant for any fiscal year\nunder this Plan shall be an amount equal to the percentage of the specified percent of such\nParticipant’s Fiscal Year Salary for such fiscal year that corresponds to the relative or\ncomparative achievement of the Performance Goals for such fiscal year, as established by the\nCommittee in accordance with Section IV.A. In comparing actual performance against the Performance\nGoals, the Committee may exclude from or include in such comparison any extraordinary gains,\nlosses, charges, or credits which appear on the Corporation’s books and records as the Committee\ndeems appropriate, provided that such exclusion does not cause any Bonus Award to fail to\nconstitute “performance-based compensation” under Section 162(m) of the Code. An\n

\n\n

extraordinary item\nmay include, but shall not be limited to, an item in the Corporation’s financial statements\nreflecting a change in an accounting rule, tax law, or major legislation not taken into\nconsideration in the establishment of the Performance Goals. In addition, the impact of a material\ndislocation in the U.S. economy or a substantive change in the Corporation’s business plans also\nmay be deemed to be such an extraordinary item. The dollar amount of any Bonus Award determined\nunder this Paragraph A. is referred to herein as the “Planned Amount.”\n

\n\n\n

B. The Committee may in its discretion reduce the Bonus Award for any Participant or\nParticipants for any fiscal year to an amount less than the Planned Amount if the Committee, in its\ndiscretion, determines such reduction to be appropriate, taking into consideration such factors as\nthe Committee deems appropriate. In no event, however, shall any Bonus Award be reduced under this\nSection VI.B. to less than eighty percent (80%) of the Planned Amount. Discretionary reductions in\nBonus Awards under this Paragraph B. may be made in different amounts or percentages for different\nParticipants, and may be based on considerations unique to a particular Participant and/or\nconsiderations affecting the Corporation or all Participants generally. Under no circumstances\nshall the Committee have any discretion to increase any Bonus Award to an amount greater than the\nPlanned Amount.\n

\n\n

C. Notwithstanding the Performance Goals and the Planned Amounts, in no event shall\nany Bonus Award payable to any one Participant under this Plan for any fiscal year exceed\n$1,500,000.

\n\n

D. All Bonus Awards for any fiscal year shall be paid no later than thirty (30) days\nafter the Corporation files its Form 10-K with the Securities and Exchange Commission for such\nyear.\n

\n\n

E. No Bonus Award for a fiscal year shall be paid to a Participant whose employment\nwith the Corporation terminates (regardless of the reason for or circumstances of that termination)\nprior to the time that Bonus Awards for such year are paid.\n

\n\n

VII. SHAREHOLDER APPROVAL OF THE PLAN\n

\n\n\n

This Plan shall become effective only after it has been submitted to and approved by a\nseparate vote of the shareholders of voting shares of the Corporation, by the affirmative vote of a\nmajority of the votes cast thereon. Until such approval has been obtained, no Participant shall be\nentitled to be paid any Bonus Award hereunder. The particular Performance Goals established for any\nfiscal year need not be approved by the shareholders. Once such shareholder approval is obtained,\nno further shareholder approval shall be required in any subsequent fiscal year until and unless\nrequired by the Code or the Regulations. If any material term of the Plan is changed, such that\nreapproval by the shareholders is required under the Code or the Regulations, then no Bonus Awards\nshall be payable to any Participant hereunder until such reapproval has been duly obtained.\n

\n\n

VIII. SUCCESSORS AND ASSIGNS\n

\n\n\n

A. If the Corporation sells, assigns or transfers all or substantially all of its\nbusiness and assets to any person, excluding affiliates of the Corporation, or if the Corporation\nmerges into or consolidates or otherwise combines with any person which is a continuing or\nsuccessor entity, then the Corporation shall assign all of its right, title and interest in this\nPlan as of the date of such event to the person which is the acquiring or successor corporation,\nand such person(s) shall assume and perform from and after the date of such assignment all of the\nterms, conditions and provisions imposed by this Plan upon the Corporation.\n

\n\n

B. In the case of such an assignment and assumption, all further rights, as well as\nall other obligations of the Corporation under this Agreement, thenceforth shall cease and\nterminate and thereafter the expression “the Corporation” wherever used herein shall be deemed to\nmean such successor person(s).\n

\n\n

IX. PLAN AMENDMENTS, DISCONTINUANCE\n

\n\n\n

The Board of Directors may amend, suspend or discontinue this Plan at any time, provided\nthat the Performance Goals and the method by which the amount of Bonus Award is determined may not\nbe altered for any fiscal year after the Performance Goals for such year have been established\nexcept in accordance with Section IV.B. of the Plan; and provided further, that the Plan may not be\nsuspended or discontinued for any fiscal year after the Performance Goals have been established for\nsuch year.\n

\n\n\n

EXHIBIT 99.1\n

\n\n\n

For more information:
\nInvestor contact: Barbara Bolens 414-438-6940
\nMedia contact: Carole Herbstreit 414-438-6882\n\n

\n\n

For Immediate Release\n

\n\n\n

Brady Corporation reports record sales and earnings for fiscal 2007 first quarter\n

\n\n\n

MILWAUKEE (November 15, 2006)—Brady Corporation (NYSE:BRC) reports record sales and earnings for\nits fiscal 2007 first quarter ended October 31, 2006.\n

\n\n

Sales for the quarter rose 42.8 percent to $332.3 million compared to $232.6 million in the\nfirst quarter of fiscal 2006. Base business contributed 5.7 percent to sales growth, acquisitions\nadded 34.6 percent, and currency exchange added 2.5 percent.\n

\n\n

Net income increased 14.1 percent in the fiscal 2007 first quarter to $34.4 million compared\nto $30.2 million in the same quarter last year. Earnings per diluted Class A Common share were\n$0.63 in the first quarter of fiscal 2007, compared $0.60 per diluted share in the prior year’s\nquarter. Fiscal 2007 earnings per share results include the effect of issuance of an additional\n4.6 million shares through an equity offering in the fourth quarter of fiscal 2006.\n

\n\n

“We are very pleased with our first quarter results, especially given the comparison to last\nyear’s very strong first quarter and a high level of activity including the integration of recent\nacquisitions; business expansions in India, China, Japan, the Philippines, Slovakia, Turkey and\nMexico; continuing global implementation of SAP; and a continued ramp-up of new product\ndevelopment,” said Frank M. Jaehnert, Brady’s president and chief executive officer.\n

\n\n

“Our business so far in fiscal 2007 is tracking on plan with solid organic growth, and we are\nespecially pleased with the growth in operating income from $44.1 million to $51.9 million in the\nquarter. We are also seeing strong regional sales growth including acquisitions, with Europe up\n25.2 percent, Americas up 26.6 percent, and Asia/Pacific up 117.1 percent,” said David Mathieson,\nBrady’s chief financial officer. “As a result of our strong first quarter and the acquisition of\nPrecision Converters, Inc. in the first quarter, we are increasing our guidance for the fiscal\n2007. We now anticipate sales of between $1.25 and $1.275 billion, up from our previous guidance\nof $1.225 to $1.25 billion; net income between $122 and $126 million, up from $120 to $125 million;\nand earnings per share of $2.22 to $2.29, up from $2.18 to $2.27.”\n

\n\n

A webcast regarding fiscal 2007 first quarter results will be available at\nwww.investor.bradycorp.com beginning at 7:00 a.m. Central Standard Time Thursday, November 16,\nfollowed by Brady’s annual meeting of shareholders at 9:00 a.m. at Brady’s Corporate Headquarters\nin Milwaukee.\n

\n\n

Brady Corporation is an international manufacturer and marketer of complete solutions that\nidentify and protect premises, products and people. Its products help customers increase safety,\nsecurity, productivity and performance and\n

\n\n

\n\n\n\n

include high-performance labels and signs, safety\ndevices, printing systems and software, and precision die-cut materials. Founded in 1914, the\ncompany has more than 500,000 customers in electronics, telecommunications, manufacturing,\nelectrical, construction, education, medical and a variety of other industries. Brady is\nheadquartered in Milwaukee and employs more than 8,000 people at operations in the Americas, Europe\nand Asia/Pacific. Brady’s fiscal 2006 sales were approximately $1.018 billion.\n

\n\n

Brady stock trades on the New York Stock Exchange under the symbol BRC. More information is\navailable on the Internet at www.bradycorp.com, which includes an on-line version of the 2006\nAnnual Report to Shareholders.\n

\n\n

Information by regional segment for the three months ended October 31, 2006 and 2005 is as follows:\n


													Corporate
													and
(in Thousands)	Americas		Europe	Asia		Subtotals	Eliminations		Total
SALES TO EXTERNAL CUSTOMERS
Three months ended:
October 31, 2006	$	146,943		$	92,365		$	92,951		$	332,259			—		$	332,259
October 31, 2005		116,059			73,762			42,814			232,635			—			232,635

SALES GROWTH INFORMATION
Three months ended October 31, 2006:
Base		2.6	%		6.8	%		11.9	%		5.7	%		—			5.7	%
Currency		0.8	%		5.3	%		2.5	%		2.5	%		—			2.5	%
Acquisitions		23.2	%		13.1	%		102.7	%		34.6	%		—			34.6	%
Total		26.6	%		25.2	%		117.1	%		42.8	%		—			42.8	%

SEGMENT PROFIT (LOSS)
Three months ended:
October 31, 2006	$	36,905		$	23,005		$	22,137		$	82,047			($2,197	)	$	79,850
October 31, 2005		32,194			20,778			13,010			65,982			(2,386	)		63,596
Percentage increase\n(decrease)		14.6	%		10.7	%		70.2	%		24.3	%		-7.9	%		25.6	%

\n\n\n

NET INCOME RECONCILIATION (in thousands)\n

\n\n


	Three months ended:
	October 31,		October 31,
	2006		2005
Total profit for reportable segments	$	82,047		$	65,982
Corporate and eliminations		(2,197	)		(2,386	)
Unallocated amounts:
Administrative costs		(27,909	)		(19,467	)

\n\n\n

\n\n


	Three months ended:
	October 31,		October 31,
	2006		2005
Investment and other income		638			392
Interest expense		(4,735	)		(1,989	)

Income before income taxes		47,844			42,532
Income taxes		(13,396	)		(12,334	)
	=
Net income	$	34,448		$	30,198

\n\n\n

Brady believes that certain statements in this news release are\n“forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of\n1995. All statements related to future, not past, events included in this news release, including,\nwithout limitation, statements regarding Brady’s future financial position, business strategy,\ntargets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and\nplans and objectives of management for future operations are forward-looking statements. When used\nin this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,”\n“believe,” “should,” “project” or “plan” or similar terminology are generally intended to identify\nforward-looking statements. These forward-looking statements by their nature address matters that\nare, to different degrees, uncertain and are subject to risks, assumptions and other factors, some\nof which are beyond Brady’s control, that could cause actual results to differ materially from\nthose expressed or implied by such forward-looking statements. For Brady, uncertainties arise from\nfuture financial performance of major markets Brady serves, which include, without limitation,\ntelecommunications, manufacturing, electrical, construction, laboratory, education, governmental,\npublic utility, computer, transportation; difficulties in making and integrating acquisitions;\nrisks associated with newly acquired businesses; Brady’s ability to retain significant contracts\nand customers; future competition; Brady’s ability to develop and successfully market new products;\nchanges in the supply of, or price for, parts and components; increased price pressure from\nsuppliers and customers; interruptions to sources of supply; environmental, health and safety\ncompliance costs and liabilities; Brady’s ability to realize cost savings from operating\ninitiatives; Brady’s ability to attract and retain key talent; difficulties associated with\nexports; risks associated with international operations; fluctuations in currency rates versus the\nUS dollar; technology changes; potential write-offs of Brady’s substantial intangible assets; risks\nassociated with obtaining governmental approvals and maintaining regulatory compliance for new and\nexisting products; business interruptions due to implementing business systems; and numerous other\nmatters of national, regional and global scale, including those of a political, economic, business,\ncompetitive and regulatory nature contained from time to time in Brady’s U.S. Securities and\nExchange Commission filings, including, but not limited to, those factors listed in the “Risk\nFactors” section located in Item 1A of Part II of Brady’s Quarterly Report on Form 10-K for the\nperiod ended July 31, 2006. These uncertainties may cause Brady’s actual future results to be\nmaterially different than those expressed in its forward-looking statements. Brady does not\nundertake to update its forward-looking statements.\n

\n\n

BRADY CORPORATION AND SUBSIDIARIES
\nCONDENSED CONSOLIDATED STATEMENTS OF INCOME\n\n

\n\n

(Dollars in Thousands)\n

\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n


	(Unaudited)
	Three Months Ended October 31,
								Percentage
	2006			2005			Change
Net sales	$	332,259			$	232,635			42.8	%
Cost of products sold		168,131				108,644			54.8	%

Gross margin		164,128				123,991			32.4	%

Operating expenses:
Research and development		8,532				6,534			30.6	%
Selling, general and administrative		103,655				73,328			41.4	%

Total operating expenses		112,187				79,862			40.5	%

Operating income		51,941				44,129			17.7	%

Other income and (expense):
Investment and other income		638				392			62.8	%
Interest expense		(4,735	)			(1,989	)		138.1	%


Income before income taxes		47,844				42,532			12.5	%

Income taxes		13,396				12,334			8.6	%


Net income	$	34,448			$	30,198			14.1	%


Per Class A Nonvoting Common Share:
Basic net income	$	0.64			$	0.61			4.9	%
Diluted net income	$	0.63			$	0.60			5.0	%
Dividends	$	0.14			$	0.13			7.7	%

Per Class B Voting Common Share:
Basic net income	$	0.63			$	0.60			5.0	%
Diluted net income	$	0.62			$	0.59			5.1	%
Dividends	$	0.12			$	0.11			9.1	%

Weighted average common shares outstanding (in thousands):
Basic		53,734				49,250
Diluted		54,605				50,206

\n\n\n

\n\n

BRADY CORPORATION AND SUBSIDIARIES
\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n

\n\n

(IN THOUSANDS)\n

\n\n

\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n


	(Unaudited)
	October 31, 2006			July 31, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	87,509			$	113,008
Short term investments		—				11,500
Accounts receivable, less allowance for losses ($6,934 and\n$6,390, respectively)		217,021				187,907
Inventories:
Finished products		67,321				59,365
Work-in-process		14,241				12,850
Raw materials and supplies		42,177				37,702

Total inventories		123,739				109,917
Prepaid expenses and other current assets		38,368				36,825


Total current assets		466,637				459,157

Other assets:
Goodwill		615,527				587,642
Other intangible assets, net		138,669				134,111
Deferred income taxes		34,455				34,135
Other		11,281				10,235


Total other assets		799,932				766,123

Property, plant and equipment:
Cost:
Land		6,554				6,548
Buildings and improvements		80,096				78,418
Machinery and equipment		210,703				198,426
Construction in progress		17,850				12,098

		315,203				295,490

Less accumulated depreciation		162,513				155,584


Net property, plant and equipment		152,690				139,906


Total	$	1,419,259			$	1,365,186


LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	94,301			$	78,585
Wages and amounts withheld from employees		39,098				61,778
Taxes, other than income taxes		6,636				6,231
Accrued income taxes		29,296				25,243
Other current liabilities		43,266				46,763
Short-term borrowings and current maturities on long-term debt		16				20


Total current liabilities		212,613				218,620

Long-term obligations, less current maturities		375,017				350,018

Other liabilities		52,178				50,502


Total liabilities		639,808				619,140

Stockholders’ investment:
Common stock:
Class A nonvoting common stock — Issued 50,481,743 and 50,481,743 shares,\nrespectively and outstanding 50,216,742 and 50,188,842 shares,\nrespectively		505				505

Class B voting common stock — Issued and outstanding, 3,538,628 shares		35				35
Additional paid-in capital		260,150				258,922
Income retained in the business		487,975				460,991
Treasury stock - 265,001 and 292,901 shares, respectively of Class A\nnonvoting common stock, at cost		(9,841	)			(10,865	)
Accumulated other comprehensive income		39,869				35,696
Other		758				762


Total stockholders’ investment		779,451				746,046


Total	$	1,419,259			$	1,365,186

\n\n\n

\n\n

BRADY CORPORATION AND SUBSIDIARIES
\nCONSOLIDATED STATEMENTS OF CASH FLOWS
\n(Dollars in Thousands)\n\n

\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n


	(Unaudited)
	Three Months Ended
	October 31
	2006			2005
Operating activities:
Net income	$	34,448			$	30,198
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		12,927				7,360
Deferred income taxes		(542	)			187
Loss on disposal of property, plant & equipment		204				33
Provision for losses on accounts receivable		692				366
Non-cash portion of stock-based compensation expense		1,559				924
Changes in operating assets and liabilities (net of effects of business acquisitions):
Accounts receivable		(21,811	)			(10,391	)
Inventories		(6,539	)			(8,613	)
Prepaid expenses and other assets		(4,818	)			468
Accounts payable and accrued liabilities		(17,138	)			(20,465	)
Income taxes		4,437				5,999
Other liabilities		1,443				1,990

Net cash provided by operating activities		4,862				8,056

Investing activities:
Acquisition of businesses, net of cash acquired		(45,173	)			(20,217	)
Purchases of short-term investments		—				(3,800	)
Sales of short-term investments		11,500				10,900
Purchases of property, plant and equipment		(14,544	)			(8,537	)
Proceeds from sale of property, plant and equipment		124				21
Other		(663	)			(1,126	)

Net cash used in investing activities		(48,756	)			(22,759	)

Financing activities:
Payment of dividends		(7,463	)			(5,938	)
Proceeds from issuance of common stock		531				374
Principal payments on debt		(23,226	)			(121,515	)
Proceeds from issuance of debt		48,220				131,630
Purchase of treasury stock		—				(9,416	)
Income tax benefit from the exercise of stock options		162				—

Net cash provided by (used in) financing activities		18,224				(4,865	)
Effect of exchange rate changes on cash		171				(274	)

Net increase in cash and cash equivalents		(25,499	)			(19,842	)
Cash and cash equivalents, beginning of period		113,008				72,970


Cash and cash equivalents, end of period		87,509				53,128


Supplemental disclosures:
Cash paid during the period for:
Interest, net of capitalized interest	$	5,368			$	(43	)
Income taxes, net of refunds		9,393				4,956
Acquisitions:
Fair value of assets acquired, net of cash	$	27,589			$	12,300
Liabilities assumed		(6,610	)			(6,390	)
Goodwill		24,194				14,307

Net cash paid for acquisitions	$	45,173			$	20,217

\n\n\n

\n\n

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
\n(in thousands)\n\n


	Fiscal 2006
	Q1		Q2	Q3		Q4	Total
EBITDA (1)
Net income	$	30,198									$	30,198
Interest expense		1,989										1,989
Income taxes		12,334										12,334
Depreciation and amortization		7,360										7,360


EBITDA (non-GAAP measure)	$	51,881		$	—		$	—	$	—	$	51,881

\n\n


	Fiscal 2007
	Q1		Q2			Q3		Q4	Total
EBITDA (1)
Net income	$	34,448									$	34,448
Interest expense		4,735										4,735
Income taxes		13,396										13,396
Depreciation and amortization		12,927										12,927


EBITDA (non-GAAP measure)	$	65,506		$	—		$	—	$	—	$	65,506

\n\n\n\n

\n\n\n\n \n \n \n\n\n\n \n \n \n\n\n


(1)		Brady is presenting EBITDA because it is used by many of our investors and lenders, and is\npresented as a convenience to them. EBITDA represents net income before interest expense, income\ntaxes and depreciation and amortization. EBITDA is not a calculation based on generally accepted\naccounting principles (GAAP). The amounts included in the EBITDA calculation, however, are derived\nfrom amounts included in the Condensed Consolidated Statements of Income data. EBITDA should not\nbe considered as an alternative to net income or operating income as an indicator of the company’s\noperating performance, or as an alternative to operating cash flows as a measure of liquidity. The\nEBITDA measure presented may not always be comparable to similarly titled measures reported by\nother companies due to differences in the components of the calculation.

\n\n\n\n

\n\n

EXHIBIT 99.2\n

\n\n\n

For more information:
\nMedia contact: Carole Herbstreit 414-438-6882 \n\n

\n\n

For Immediate Release \n

\n\n\n

Brady Corporation announces the election of Chan Galbato to its Board of Directors\n

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MILWAUKEE (November 16, 2006)—Chan Galbato was elected to the Brady Corporation (NYSE:BRC -\nNews) Board of Directors at the company’s Annual Shareholders’ Meeting today. Galbato, 43, is\npresident of the controls division of Invensys plc.\n

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Prior to his current position, Galbato served\nas president of services at Home Depot; president and chief executive officer of Armstrong Floor\nproducts; chief executive officer of Choice Parts; and chief executive officer of Coregis Insurance\nCompany, a GE Capital company.\n

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“We are very happy to welcome Chan Galbato to our board,” said\nRobert Buchanan, chair of Brady’s corporate governance committee. “He is a dynamic business leader\nwith a broad-range of international experiences, and a perspective from a variety of industries.”\n

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“Brady is a solid, growth-oriented company, and I’m looking forward to working with its outstanding\nmanagement team and the other directors on the board,” said Galbato.\n

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Galbato joins Richard Bemis,\npresident and CEO of Bemis Manufacturing; Robert Buchanan, non-executive chairman of Fox Valley\nCorporation; Mary Bush, president of Bush International, Inc.; Frank Harris, distinguished\nprofessor and director of the Maurice Morton Institute of Polymer Science and Biomedical\nEngineering at the University of Akron; consultant Frank Jarc; Peter Lettenberger, retired partner\nof the law firm Quarles & Brady; Gary Nei, chairman of Nei-Turner Media; Roger Pierce, consultant;\nElizabeth Pungello, Developmental Psychologist at the Frank Porter Graham Child Development\nInstitute at the University of North Carolina at Chapel Hill; and Brady President and Chief\nExecutive Officer Frank Jaehnert; who were all re-elected to the Brady Board of Directors today.\n

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Brady Corporation is an international manufacturer and marketer of complete solutions that identify\nand protect premises, products and people. Its products help customers increase safety, security,\nproductivity and performance and include high-performance labels and signs, safety devices,\nprinting systems and software, and precision die-cut materials. Founded in 1914, the company has\nmore than 500,000 customers in electronics, telecommunications, manufacturing, electrical,\nconstruction, education, medical and a variety of other industries. Brady is headquartered in\nMilwaukee and employs more than 8,000 people at operations in the Americas, Europe and\nAsia/Pacific. Brady’s fiscal 2006 sales were approximately $1.018 billion. Brady stock trades on\nthe New York Stock Exchange under the symbol BRC. More information is available on the Internet at\nwww.bradycorp.com.\n

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Table of Contents

Table of Contents

Table of Contents

Table of Contents


\n		BRADY CORPORATION

Date: November 20, 2006\n		/s/ David Mathieson\n \nDavid Mathieson\n
\n		Vice President &
\n		Chief Financial Officer


EXHIBIT
NUMBER		DESCRIPTION
10.1\n		Brady Corporation 2006 Omnibus\nIncentive Stock Plan

10.2\n		Brady Corporation Incentive\nCompensation Plan for Elected Officers

99.1\n		Press Release of Brady Corporation dated November 15, 2006.

99.2\n		Press Release of Brady Corporation dated November 16, 2006.