{"links":{"self":"https://clientapi.gcs-web.com/data/33381f6d-8eaa-46ae-8c63-71b3672717c2/filings/13091/html"},"meta":{"executionDate":"2026-07-16T19:25:18","cmsDomain":"https://bradyid.gcs-web.com"},"data":"\n\nForm 11-K\n\n\n\n
\n\n\n
 
\n
 
\n\n\n\n\n\n\n
UNITED STATES SECURITIES AND EXCHANGE COMMISSION\n
\n\n
Washington, D.C. 20549\n
\n\n
FORM 11-K\n
\n\n
\n\n\n \n \n \n\n\n \n \n \n\n
   
þ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
\n
\n\n
For the fiscal year ended December 31, 2007\n
\n\n
OR\n
\n\n
\n\n\n \n \n \n\n\n \n \n \n\n
   
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
\n
\n\n
For the transition period from                      to                     \n
\n\n
Commission file number 1-14959 Brady Corporation
\n\n
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:\n
\n\n
BRADY MATCHED 401(k) PLAN\n
\n\n
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:\n
\n\n
BRADY CORPORATION
\n6555 WEST GOOD HOPE ROAD
\nPO BOX 571
\nMILWAUKEE WI 53202-0571
\n\n\n
 
\n
 
\n\n\n\n\n\n

 \n

\n\n\n

\n

 

\n\n

\n\n\n\n\n\n\n\n\n
Brady Corporation
\nBrady Matched 401(k) Plan\n\n
\n\n
Financial Statements as of and for the Years Ended December 31, 2007 and 2006, Supplemental\nSchedule as of December 31, 2007, and Reports of Independent Registered Public Accounting Firm
\n\n\n\n

 \n

\n\n\n

\n

 

\n\n

\n\n\n\n
\n\n
\n
\n\n
\n\n
BRADY CORPORATION
\nBRADY MATCHED 401(k) PLAN
\nTABLE OF CONTENTS\n\n
\n
\n\n\n\n \n \n \n \n \n\n\n \n \n \n\n\n\n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n
     
  Page
  1-2 
 
    
FINANCIAL STATEMENTS:
    
 
    
  3 
 
    
  4 
 
    
  5-10 
 
    
SUPPLEMENTAL SCHEDULE—
  11 
 
    
  12 
 
    
Consent of Clifton Gunderson LLP
    
 
    
Consent of Deloitte & Touche LLP
    
\n
\n\n
\n\n
\n\n
\n\n\n\n \n \n \n\n\n
NOTE: All other schedules required by Section 2520.103—10 of the\nDepartment of Labor’s Rules and Regulations for Reporting and\nDisclosure under the Employee Retirement Income Security Act of 1974\nhave been omitted because they are not applicable.
\n
\n

 \n

\n\n\n

\n

 

\n\n

\n\n\n
\n\n\n\n
\n
\n
\n\n
\n\n
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
\nTo the Plan Administrators of the Brady Corporation
\nBrady Matched 401(k) Plan:\n\n
\n\n
We have audited the accompanying statement of net assets available for benefits of Brady Matched\n401(k) Plan as of December 31, 2007, and the related statement of changes in net assets available\nfor benefits for the year then ended, and the supplemental schedule as of December 31, 2007. These\nfinancial statements are the responsibility of the Plan’s management. Our responsibility is to\nexpress an opinion on these financial statements based on our audit.\n
\n\n
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight\nBoard (United States). Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the financial statements are free of material misstatement. The\nPlan is not required to have, nor were we engaged to perform, an audit of its internal control over\nfinancial reporting. Our audit included consideration of internal control over financial reporting\nas a basis for designing audit procedures that are appropriate in the circumstances, but not for\nthe purpose of expressing an opinion on the effectiveness of the Plan’s internal control over\nfinancial reporting. Accordingly, we express no such opinion. An audit also includes examining, on\na test basis, evidence supporting the amounts and disclosures in the financial statements,\nassessing the accounting principles used and significant estimates made by management, as well as\nevaluating the overall financial statement presentation. We believe that our audit provides a\nreasonable basis for our opinion.\n
\n\n
In our opinion, the 2007 financial statements referred to above present fairly, in all material\nrespects, the net assets available for benefits of Brady Matched 401(k) Plan as of December 31,\n2007, and the changes in net assets available for benefits for the year then ended in conformity\nwith United States generally accepted accounting principles.\n
\n\n
Our audit was conducted for the purpose of forming an opinion on the basic financial statements\ntaken as a whole. The accompanying supplemental schedule is presented for purposes of additional\nanalysis and is not a required part of the basic financial statements but is supplementary\ninformation required by the Department of Labor’s Rules and Regulations for Reporting and\nDisclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is\nthe responsibility of the Plan’s management. The supplemental schedule has been subjected to the\nauditing procedures applied in the audit of the basic 2007 financial statements and, in our\nopinion, is presented fairly, in all material respects in relation to the basic 2007 financial\nstatements taken as a whole.\n
\n\n
/s/ Clifton Gunderson LLP\n\n
\n
Milwaukee, Wisconsin
\nJune 25, 2008\n\n
\n\n

 \n

\n\n\n

\n

 

\n\n

\n\n
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
\nTo the Plan Administrators of the Brady Corporation
\nBrady Matched 401(k) Plan:\n\n
\n\n
We have audited the accompanying statement of net assets available for benefits\nof Brady Corporation Brady Matched 401(k) Plan (the “Plan”) as of December 31, 2006, and\nthe related statement of changes in net assets available for benefits for the year\nthen ended. These financial statements are the responsibility of the Plan’s management.\nOur responsibility is to express an opinion on these financial statements based on our audit.\n
\n\n
We conducted our audit in accordance with the standards of the Public Company\nAccounting Oversight Board (United States). Those standards require that we plan\nand perform the audit to obtain reasonable assurance about whether the financial statements\nare free of material misstatement. The Plan is not required to have, nor were we\nengaged to perform, an audit of its internal control over financial reporting.\nOur audit included consideration of internal control over financial reporting as a basis for\ndesigning audit procedures that are appropriate in the circumstances, but not for the purpose\nof expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting.\nAccordingly, we express no such opinion. An audit also includes examining, on a\ntest basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting\nprinciples used and significant estimates made by management, as well as evaluating the overall financial\nstatement presentation. We believe that our audit provides a reasonable basis for our opinion.\n
\n\n
In our opinion, such financial statements present fairly, in all material respects, the\nnet assets available for benefits of the Plan as of December 31, 2006, and the\nchanges in net assets available for benefits for the year then ended in\nconformity with accounting principles generally accepted in the United States of America.\n
\n\n
/s/ Deloitte & Touche LLP\n\n
\n\n
Milwaukee, Wisconsin
\nJune 22, 2007\n\n
\n\n

 \n

\n\n\n

\n

 

\n\n

\n\n
BRADY CORPORATION
\nBRADY MATCHED 401(k) PLAN\n\n
\n
\n\n
\n\n
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
\n\n\n\n
AS OF DECEMBER 31, 2007 AND 2006
\n\n\n
\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n
         
  2007  2006 
ASSETS:
        
Investments — at fair value
 $174,698,244  $156,098,981 
 
      
 
        
Cash
  4,576   106 
 
      
 
        
Receivables:
        
Company contributions
  715,096   660,310 
Interest Income
  1,252,100   645,567 
 
      
 
        
Total receivables
  1,967,196   1,305,877 
 
      
 
        
Total assets
  176,670,016   157,404,964 
 
      
 
        
LIABILITIES — Excess contributions payable
  —   181,161 
 
      
 
        
NET ASSETS AVAILABLE FOR BENEFITS\nAT FAIR VALUE
  176,670,016   157,223,803 
 
        
Adjustments from fair value to contract value for fully\nbenefit-responsive investment contracts
  (227,453)  118,501 
 
      
 
        
NET ASSETS AVAILABLE FOR BENEFITS
 $176,442,563  $157,342,304 
 
      
\n
\n\n\n
The accompanying notes are an integral part of the financial statements.\n
\n\n\n

- 3 -\n

\n\n\n

\n

 

\n\n

\n\n\n\n\n
BRADY CORPORATION
\nBRADY MATCHED 401(k) PLAN\n\n
\n
\n\n
\n\n
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
\n\n\n\n
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
\n\n\n
\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n
         
  2007  2006 
Contributions:
        
Participant
 $8,337,430  $7,460,555 
Company
  3,655,188   3,550,639 
 
      
 
        
Total contributions
  11,992,618   11,011,194 
 
      
 
        
Investment income:
        
Net appreciation in fair value of investments
  11,541,692   11,072,633 
Dividends
  5,720,609   4,127,551 
Interest
  1,842,329   484,852 
 
      
 
        
Net investment income
  19,104,630   15,685,036 
 
      
 
        
Plan transfers in
  —   790,627 
 
      
 
        
Total additions
  31,097,248   27,486,857 
 
      
 
        
DEDUCTIONS:
        
Benefits paid to participants
  11,943,112   9,224,668 
Administrative expenses
  53,877   42,003 
 
      
 
        
Total deductions
  11,996,989   9,266,671 
 
      
 
        
INCREASE IN NET ASSETS
  19,100,259   18,220,186 
 
        
NET ASSETS AVAILABLE FOR BENEFITS:
        
Beginning of year
  157,342,304   139,122,118 
 
      
 
        
End of year
 $176,442,563  $157,342,304 
 
      
\n
\n\n\n
The accompanying notes are an integral part of the financial statements.\n
\n\n

- 4 -\n

\n\n\n

\n

 

\n\n

\n\n
BRADY CORPORATION
\nBRADY MATCHED 401(k) PLAN\n\n
\n
\n\n
\n\n
NOTES TO FINANCIAL STATEMENTS
\n\n\n\n
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
\n\n\n\n
NOTE 1 — DESCRIPTION OF THE PLAN\n
\n\n\n\n
The following description of the Brady Matched 401(k) Plan (the Plan) is provided for general\ninformation purposes only. Participants should refer to the Plan document for more complete\ninformation.\n
\n\n\n
General\n
\n\n\n
The Plan is a defined contribution plan, which provides retirement benefits to substantially all\nfull-time employees of Brady Corporation (the Company). The Plan does not provide benefits for\nemployees covered by a collective bargaining agreement, leased employees, co-op students,\non-call employees or interns. An employee may become a participant in the Plan on the first day\nof the month coinciding or following the employee’s initial employment date. The Plan is subject\nto the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).\n
\n\n\n
Contributions\n
\n\n\n
Each year, participants may contribute up to 25% of their annual base compensation subject to\nthe Internal Revenue Code (IRC) limitations. These voluntary contributions can be withdrawn in\nwhole or part in case of qualifying emergencies (as defined in the Plan), subject to certain\nrestrictions. The Company is required to contribute a 100% matching contribution of up to 4% of\nthe participants’ annual base compensation, subject to compensation limits of $225,000, adjusted\nfor inflation. Participants self-direct all participant and Company contributions.\n
\n\n\n
Participant Accounts\n
\n\n\n
Individual accounts are maintained for each Plan participant. Each participant’s account is\ncredited with the participant’s contribution, the Company’s matching contribution (net of\nparticipant forfeitures) and Plan earnings, and charged with withdrawals and an allocation of\nPlan losses and administrative expenses. The benefit to which a participant is entitled is the\nbenefit that can be provided from the participant’s vested account.\n
\n\n\n
Investments\n
\n\n\n
Investment options include twelve equity funds, one common collective trust fund, one bond fund,\ntwo money market funds, and Brady Corporation Class A Non-Voting Common Stock.\n
\n\n\n
Vesting\n
\n\n\n
The Plan provides for full vesting of participants’ contributions from the date they are made.\nThe Company’s contributions become vested on a straight line basis over a three-year period of\ncontinuous service. The participants’ share of the Company contribution becomes fully vested, in\nany event, upon normal retirement at age 65, termination due to permanent or total disability or\ndeath.\n
\n\n\n
Participants may withdraw their vested interests upon retirement, approved hardship withdrawal,\ndeath, disability, or other termination of employment. Withdrawals are made at the participant’s\noption in the form of a lump sum, installments, annuity, or in-kind in shares of Brady\nCorporation Class A non-voting common stock.\n
\n\n\n
Participant Loans\n
\n\n\n
Participants may borrow from their plan accounts a minimum of $1,000 and up to 50% of their\naccount balance with a maximum of $50,000. The loans are secured by the balance in the\nparticipant’s account and bear interest at the prime rate. As of December 31, 2007, the interest\nrates on outstanding loans range from 4.0% to 9.5%.\n
\n\n

- 5 -\n

\n\n\n

\n

 

\n\n

\n\n
NOTE 1 — DESCRIPTION OF THE PLAN (continued)\n
\n\n\n\n
Payment of Benefits\n
\n\n\n
On termination of service due to death, disability, or retirement, a participant may elect to\nreceive either a lump-sum amount equal to the value of the participant’s vested interest in his\nor her account, or annual installments over a ten-year period. For termination of service for\nother reasons, a participant may receive the value of the vested interest in his or her account\nas a lump-sum distribution.\n
\n\n\n
Forfeited Accounts\n
\n\n\n
At December 31, 2007 and 2006, forfeited non-vested accounts totaled $89,070 and $59,903,\nrespectively. These amounts were used to reduce employer contribution receivables as of December\n31, 2007 and 2006.\n
\n\n
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES\n
\n\n\n\n
Basis of Accounting\n
\n\n\n
The accompanying financial statements have been prepared in accordance with accounting\nprinciples generally accepted in the United States of America.\n
\n\n\n
Adoption of New Accounting Guidance\n
\n\n\n
Investment contracts held by a defined-contribution plan are required to be reported at fair\nvalue as stated in Financial Accounting Standards Board Staff of net assets available for\nbenefits and changes therein. Actual results could differ from those estimates. Position, FSP\nAAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by\nCertain Investment Companies Subject to the AICPA Investment Company Guide and\nDefined-Contribution Health and Welfare and Pension Plans (the FSP). Contract value is the\namount participants would receive if they were to initiate permitted transactions under the\nterms of the Plan and, thus, is the relevant measurement attribute for that portion of the net\nassets available for benefits of a defined-contribution plan attributable to fully\nbenefit-responsive investment contracts. The statement of net assets available for benefits\npresents the fair value of the investment contracts as well as the adjustment of the fully\nbenefit-responsive investment contracts from fair value to contract value as required by the\nFSP. The statement of changes in net assets available for benefits are presented on a contract\nvalue basis.\n
\n\n\n
In September 2006, the Financial Accounting Standards Board issued Statement of Financial\nAccounting Standard (SFAS) No. 157, “Fair Value Measurements.” SFAS 157 provides enhanced\nguidance for using fair value to measure assets and liabilities. The standard applies whenever\nother standards require (or permit) assets or liabilities to be measured at fair value. The\nstandard does not expand the use of fair value in any new circumstances. Under the standard,\nfair value refers to the price that would be received to sell an asset, or paid to transfer a\nliability, in an orderly transaction between market participants in the market in which the\nreporting entity is engaged. SFAS 157 will be effective for the Plan on January 1, 2008,\nalthough early adoption is permitted. Plan Management is currently evaluating the financial\nstatement impact, if any, of adopting SFAS 157.\n
\n\n\n
Use of Estimates\n
\n\n\n
The preparation of financial statements in conformity with accounting principles generally\naccepted in the United States of America requires Plan management to make estimates and\nassumptions that affect the reported amounts\n
\n\n\n
Risks and Uncertainties\n
\n\n\n
The Plan utilizes various investment instruments, including mutual funds, common stock and a\ncommon collective trust fund. Investment securities, in general, are exposed to various risks,\nsuch as interest rate, credit, and overall market volatility. Due to the level of risk\nassociated with certain investment securities, it is reasonably possible that changes in the\nvalues of investment securities will occur in the near term and that such changes could\nmaterially affect the amounts reported in the financial statements.\n
\n\n

- 6 -\n

\n\n\n

\n

 

\n\n

\n\n
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)\n
\n\n\n\n
Investment Valuation and Income Recognition\n
\n\n\n
The Plan’s investments are stated at fair value. Shares of mutual funds are valued at quoted\nmarket prices, which represent the net asset value of shares held by the Plan at year end.\nCommon stock is valued at quoted market prices. The common collective trust fund with underlying\ninvestments in investment contracts is valued at fair market value of the underlying investments\nand then adjusted by the issuer to contract value. Participant loans are valued at the\noutstanding loan balances, which represents fair value.\n
\n\n\n
One of the investment options available in the Plan is the PNC Investment Contract Fund. The PNC\nInvestment Contract Fund is a common collective trust that invests in fully benefit responsive\nguaranteed investment contracts (GICs) and synthetic guaranteed investment contracts (SGICs).\nParticipants may ordinarily direct the withdrawal or transfer of all of a portion of their\ninvestment at contract value. Contract value represents contributions made to the fund, plus\nearnings, less participant withdrawals.\n
\n\n\n
Purchases and sales of securities are recorded on a trade-date basis. Interest income is\nrecorded on the accrual basis. Dividends are recorded on the ex-dividend date.\n
\n\n\n
Management fees and operating expenses charged to the Plan for investments in the mutual funds\nare deducted from income earned on a daily basis and are not separately reflected. Consequently,\nmanagement fees and operating expenses are reflected as a reduction of investment return for\nsuch investments.\n
\n\n\n
Administrative Expenses\n
\n\n\n
Administrative expenses of the Plan are paid by the Plan as provided in the Plan document.\n
\n\n\n
Payment of Benefits\n
\n\n\n
Benefit payments to participants are recorded upon distribution. There were no amounts allocated\nto accounts of persons who have elected to withdraw from the Plan but have not yet been paid as\nof December 31, 2007 and 2006.\n
\n\n\n
Excess Contributions Payable\n
\n\n\n
The Plan is required to return contributions received during the Plan year in excess of the IRC\nlimits to the contributing participants. There was no excess contributions for the year ended\nDecember 31, 2007, and there were excess contributions for the year ended December 31, 2006 in\nthe amount of $181,161.\n
\n\n

- 7 -\n

\n\n\n

\n

 

\n\n

\n\n
NOTE 3 — INVESTMENTS\n
\n\n\n\n
The value of individual investments held which exceeded 5% of the net assets available for\nbenefits at December 31, 2007 and 2006, was as follows:\n
\n
\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n
         
  2007 2006
Fidelity Diversified International Fund
 $13,936,242  $12,049,006 
Blackrock Money Market Portfolio*
  9,220,174   7,685,323 
Fidelity Advisors Intermediate Bond Fund
  9,592,730   8,657,681 
Vanguard Institutional Index Fund
  17,051,532   16,532,302 
PNC Investment Contract Fund*
  **19,536,534   18,475,932 
Fidelity Advisors Equity Growth Fund
  44,410,899   39,149,681 
MFS Emerging Markets Equity Fund
  11,235,879   8,529,192 
LSV Value Equity Fund
  9,662,284   10,188,848 
\n
\n\n\n\n
\n
 
\n
\n\n\n\n \n \n \n\n\n\n \n \n \n\n\n\n\n\n \n \n \n\n\n
* Party-in-interest
 
** This represents contract value which differs from fair value as noted in the\nsupplemental schedule.
\n\n\n\n\n
During the years ended December 31, 2007 and 2006, the Plan’s investments (including gains and\nlosses on investments bought and sold, as well as held during the year) appreciated\n(depreciated) in value as follows:\n
\n
\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n
         
  2007  2006 
Equity funds
 $10,933,221  $10,070,134 
Bond mutual fund
  (90,505)  22,637 
Common collective trust fund
  908,982   853,674 
Brady Corporation common stock
  (210,006)  126,188 
 
      
 
        
Net appreciation in fair value of investments
 $11,541,692  $11,072,633 
 
      
\n
\n\n\n
NOTE 4 — PLAN TERMINATION\n
\n\n\n\n
Although it has not expressed any intention to do so, the Company has the right under the Plan\nprovisions to discontinue its contributions at any time and to terminate the Plan subject to the\nprovisions set forth in ERISA. In the event that the Plan is terminated, participants would\nbecome 100 percent vested in unvested employer matching contributions in their accounts.\n
\n\n
NOTE 5 — FEDERAL INCOME TAX STATUS\n
\n\n\n\n
The Plan uses a prototype plan document sponsored by PNC Bank (PNC or the Trustee). PNC received\nan opinion letter from the Internal Revenue Service (IRS), dated November 19, 2001, which states\nthat the prototype document satisfies the applicable provisions of the IRC. The Plan itself has\nnot received a determination letter from the IRS. However, the Plan’s management believes that\nthe Plan is currently designed and being operated in compliance with the applicable requirements\nof the IRC. Therefore, no provision for income tax has been included in the Plan’s financial\nstatements.\n
\n\n\n\n\n

- 8 -\n

\n\n\n

\n

 

\n\n

\n\n\n\n\n
NOTE 6 — EXEMPT PARTY-IN-INTEREST TRANSACTIONS\n
\n\n\n\n
The Plan invests in Company common stock. In addition, certain plan investments represent shares\nof mutual funds and common collective trust funds managed by the Trustee. Fees paid by the Plan\nfor investment management services were included as a reduction of the return earned on each\nfund. These transactions are considered party-in-interest transactions. These transactions are\nnot, however, considered prohibited transactions under ERISA regulations.\n
\n\n\n
At December 31, 2007 and 2006, the Plan held 113,899 and 121,278 shares, respectively of common\nstock of Brady Corporation, with a cost basis of $2,869,435 and $2,768,438, respectively.\nDuring the years ended December 31, 2007 and 2006, the Plan recorded dividend income from the\ncommon stock of Brady Corporation of $70,972 and $65,699, respectively.\n
\n\n
NOTE 7 — PLAN TRANSFERS\n
\n\n\n\n
Effective January 1, 2006, the Plan received plan-to-plan transfers from two of the Company’s\nsubsidiaries, TruMed Technologies, Inc. and TISCOR, Inc. The plans, previously named the TruMed\nTechnologies Inc. 401(k) Profit Sharing Plan and Trust and the TISCOR, Inc. 401(k) Savings Plan,\ntransferred assets of $256,924 and $533,703, respectively, during January 2006.\n
\n\n
NOTE 8 — RECONCILIATION TO FORM 5500\n
\n\n\n\n
Net assets available for benefits in the accompanying financial statements are reported at\ncontract value, however, they are recorded at fair value in the Plan’s Form 5500.\n
\n\n\n
The following table reconciles net assets available for benefits per the financial statements to\nthe Plan’s Form 5500 as of December 31:\n
\n
\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n
         
  2007  2006 
Net assets available for benefits per financial statements
 $176,442,563  $157,342,304 
 
        
Adjustment from contract value to fair value for fully\nbenefit-responsive investment contracts
  227,453   (118,501)
 
      
 
        
Amounts reported per Form 5500
 $176,670,016  $157,223,803 
 
      
\n
\n\n\n\n
The following table reconciles the increase in net assets available for benefits per the\nfinancial statements to the Form 5500 for the years ended December 31:\n
\n
\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n
         
  2007  2006 
Amounts reported per financial statements
 $19,100,259  $18,220,186 
 
        
Adjustment from contract value to fair value for fully\nbenefit-responsive investment contracts at end of\nyear
  227,453   (118,501)
 
        
Adjustment from contract value to fair value for fully\nbenefit-responsive investment contracts at beginning\nof year
  118,501   — 
 
      
 
        
Amounts reported per Form 5500
 $19,446,213  $18,101,685 
 
      
\n
\n\n\n\n\n\n

- 9 -\n

\n\n\n

\n

 

\n\n

\n\n\n\n\n
NOTE 9 — SUBSEQUENT EVENT\n
\n\n\n\n
Effective January 1, 2008, for any new participant or existing employee who is not\nparticipating, the Plan will automatically withhold 3% of the employee’s pay, on a pre-tax\nbasis. The withheld funds will be deposited into an account under the employee’s name in the\nPlan, unless a waiver form was completed by the employee by December 14, 2007.\n
\n\n\n
Effective January 1, 2008, Brady Corporation will match 100% of the first 3% and 50% of the next\n2% that a participant contributes. Company contributions will be vested 100% after two years for\nall contributions made after January 1, 2008.\n
\n
This information is an integral part of the accompanying financial statements.\n
\n\n\n\n\n\n

- 10 -\n

\n\n\n

\n

 

\n\n

\n\n\n\n\n
SUPPLEMENTAL SCHEDULE\n
\n\n\n\n\n\n

- 11 -\n

\n\n\n

\n

 

\n\n

\n\n\n\n
\n\n\n\n \n \n \n\n\n\n\n \n \n \n\n\n \n \n \n\n\n
   
BRADY CORPORATION\n
 EIN #: 39-0178960
BRADY MATCHED 401(k) PLAN\n
 Plan #: 003
\n
\n\n
\n\n
\n\n
FORM 5500, SCHEDULE H, PART IV, LINE 4i—
\n\n\n\n
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
\n\n\n\n
AS OF DECEMBER 31, 2007
\n\n\n
\n\n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n\n\n\n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n \n\n\n \n \n \n \n\n\n
     
  Fair 
Description Value 
EQUITY FUNDS:
    
MFS Emerging Markets Equity Fund
 $11,235,879 
Fidelity Advisors Equity Growth Fund
  44,410,899 
Fidelity Diversified International Fund
  13,936,242 
PIMCO Commodity Real Return
  1,188,937 
PNC Small Cap Growth Equity Portfolio*
  7,366,946 
American Century Small Cap Value Fund
  5,141,348 
LSV Value Equity Fund
  9,662,284 
T. Rowe Price Retirement 2010
  4,016,184 
T. Rowe Price Retirement 2020
  8,095,776 
T. Rowe Price Retirement 2030
  4,715,072 
T. Rowe Price Retirement 2040
  2,838,021 
Vanguard Institutional Index Fund
  17,051,532 
 
   
 
    
 
  129,659,120 
 
   
 
    
COMMON COLLECTIVE TRUST FUND —
    
PNC Investment Contract Fund*
  19,763,987 
 
   
 
    
BOND FUND —
    
Fidelity Advisors Intermediate Bond Fund
  9,592,730 
 
   
 
    
MONEY MARKET FUNDS:
    
Blackrock Money Market Portfolio*
  9,220,174 
Brady Stock Liquidity Fund*
  1,163 
 
   
 
    
 
  9,221,337 
 
   
 
    
COMMON STOCK —
    
Brady Corporation Class A Non-voting*
  3,996,723 
 
   
 
    
PARTICIPANT LOANS — (At prime, due through November 28, 2036*)
  2,464,347 
 
   
 
    
TOTAL ASSETS (HELD AT END OF YEAR)
 $174,698,244 
 
   
\n
\n\n\n\n
\n
 
\n
\n\n\n\n \n \n \n\n\n\n \n \n \n\n\n
* Party-in-interest.
\n\n\n\n\n\n\n

- 12 -\n

\n\n\n

\n

 

\n\n

\n\n\n\n
\n\n
\n\n
EXHIBIT INDEX\n
\n\n
\n\n\n\n \n \n \n\n\n \n \n \n\n\n\n\n\n \n \n \n\n\n \n\n\n\n \n \n \n\n\n
   
Exhibit No. Description
23\n
 Consent of Clifton Gunderson LLP
 
24\n
 Consent of Deloitte & Touche LLP
\n
\n\n\n

 \n

\n\n\n

\n

 

\n\n

\n\n
\n\n
\n\n
SIGNATURES\n
\n\n\n
     The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees\n(or other persons who administer the employee benefit plan) have duly caused this annual report to\nbe signed on its behalf by the undersigned hereunto duly authorized.\n
\n\n\n\n \n \n \n \n \n\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n\n
     
 BRADY CORPORATION
\nBRADY MATCHED 401(k) PLAN		 
Date: June 27, 2008 /s/ GARY VOSE\n  
 Gary Vose  
 Plan Administrative Committee Member  
\n\n

 \n

\n\n\n\n
\n\nExhibit 23\n\n\n\n\n
\n\n\n\n\n \n \n \n \n \n\n\n
     
\n\n
EXHIBIT-23\n
\n\n\n\n
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n
\n\n
We consent to the incorporation by reference in Registration Statement No. 333-44505 on Form S-8 of\nour report dated June 25, 2008, appearing in this Annual Report on Form 11-K of Brady Matched\n401(k) Plan for the year ended December 31, 2007.\n
\n\n
/s/ Clifton Gunderson LLP
\nMilwaukee, Wisconsin
\nJune 27, 2008\n\n
\n\n

 \n

\n\n\n\n
\n\nExhibit 24\n\n\n\n\n
\n\n
EXHIBIT-24\n
\n\n\n
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n
\n\n
We consent to the incorporation by reference in Registration Statement No. 333-44505 on Form S-8 of\nour report dated June 22, 2007, appearing in this Annual Report\non Form 11-K of Brady Corporation\nBrady Matched 401(k) Plan for the year ended December 31,2007.\n
\n\n
/s/ Deloitte & Touche LLP\n\n
\n
Milwaukee, Wisconsin
\n\nJune 27, 2008\n
\n\n\n

 \n

\n\n\n\n\n\n","error":null}