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UNITED STATES\n
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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): September 16, 2008
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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
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Wisconsin\n 39-0971239
(State of Incorporation)\n (IRS Employer Identification No.)
\n
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6555 West Good Hope Road
\nMilwaukee, Wisconsin 53223
\n(Address of Principal Executive Offices and Zip Code)
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(414) 358-6600
\n(Registrant’s Telephone Number)
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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)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act\n(17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act\n(17 CFR 240.13e-4(c))
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Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION\n
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     On September 17, 2008, Brady Corporation (the “Corporation”) issued a press release announcing\nits fiscal 2008 fourth quarter financial results. A copy of the press release is being furnished\nto the Securities and Exchange Commission as Exhibit 99.1 attached hereto and is incorporated\nherein by reference.\n
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Item 8.01 OTHER EVENTS\n
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     On September 17, 2008, the Corporation announced that its Board of Directors had increased the\nquarterly cash dividend on its Class A Common Stock from $0.15 to $0.17 per share. The dividend\nwill be paid on October 31, 2008, to shareholders of record as of the close of business on October\n10, 2008. A copy of the press release regarding the dividend is attached hereto as Exhibit 99.2\nand is incorporated herein by reference.\n
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Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS\n
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(d) Exhibits.\n
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The following are filed as Exhibits to this Report.\n
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Exhibit No. Description of Exhibit
 
  
99.1\n
 Press Release of Brady Corporation, dated September 17, 2008, relating to fourth quarter\nfiscal 2008 financial results.
 
  
99.2\n
 Press Release of Brady Corporation, dated September 17, 2008, relating to increase in\nquarterly dividend.
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SIGNATURE\n
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused\nthis report to be signed on its behalf by the undersigned hereunto duly authorized.\n
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 BRADY CORPORATION
\n 		 
Date: September 19, 2008 /s/ Thomas J. Felmer\n  
 Thomas J. Felmer  
 Senior Vice President &
\nChief Financial Officer 		 
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EXHIBIT INDEX\n
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EXHIBIT  
NUMBER DESCRIPTION
 
  
99.1\n
 Press Release of Brady Corporation, dated September 17, 2008, relating to fourth quarter\nfiscal 2008 financial results.
 
  
99.2\n
 Press Release of Brady Corporation, dated September 17, 2008, relating to increase in\nquarterly dividend.
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\n\nEXHIBIT 99.1\n\n\n\n\n
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Exhibit 99.1\n
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For More Information:
\nInvestor contact: Barbara Bolens 414-438-6940
\nMedia contact: Carole Herbstreit 414-438-6882\n\n
\n
Brady Corporation reports record sales, net income and cash flow for fiscal 2008 fourth quarter and\nyear\n
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MILWAUKEE (September 17, 2008)—Brady Corporation (NYSE:BRC) today reported record results for\nits fiscal 2008 fourth quarter and fiscal year ended July 31, 2008.\n
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     Sales in the fiscal 2008 fourth quarter rose 9 percent to $396.8 million compared to sales in\nthe fourth quarter of fiscal 2007 of $362.8 million. The increase was comprised of acquisition\ngrowth adding 3 percent and foreign currency translation contributing 6 percent to sales growth.\nOrganic growth was flat compared to the prior year’s quarter. Regionally, sales were up 16 percent\nin Europe and 20 percent in Asia/Pacific; sales in the Americas region were flat. The\nconsolidation of the Brady Americas and Direct Marketing/People ID Americas businesses under single\nleadership was finalized in the fourth quarter and as such, segment results are reported\naccordingly beginning this quarter.\n
\n\n
     Net income for the fiscal 2008 fourth quarter was up 33 percent to $34.8 million or $0.64 per\ndiluted Class A Common share, compared to $26.2 million or $0.48 per diluted Class A Common share\nin the fourth quarter of fiscal 2007, which included cost reduction charges of $5.4 million after\ntax in the quarter or $0.10 per share.\n
\n\n
     Brady’s fiscal 2008 net sales rose 12 percent to $1.523 billion compared to $1.363 billion in\nsales in fiscal 2007. Organic growth was flat; acquisitions and foreign currency translation each\nadded 6 percent to total sales results. Net income for fiscal 2008 rose 21 percent to $132.2\nmillion or $2.41 per diluted Class A Common share, compared to $109.4 million or $2.00 per share in\nfiscal 2007. Net income results for fiscal 2007 included cost reduction charges of $8.3 million\nafter tax or $0.15 per share.\n
\n\n
     “We are very pleased with our results in fiscal 2008, especially in light of the challenging\neconomic environment. Of particular note is Asia’s return to core growth in the fourth quarter\nwith total segment sales up 20 percent and profit up 40 percent following a deliberate re-focus on\nhigher margin products and the success of our cost-control efforts put in place last fiscal year,”\nsaid Brady President and CEO Frank M. Jaehnert.\n
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     “Cash flow from operations was a solid $73 million in the fourth quarter, up 30 percent from\nthe prior year fourth quarter; and $226 million for the year, up 66 percent from fiscal 2007,” said\nBrady Chief Financial Officer Thomas J. Felmer. “We see a challenging global economy in front of\nus this fiscal year and will continue to drive working capital improvements and look for\n
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ways to\nkeep our cost structure in line. As a result of the recent material changes in currency markets and\ncurrent economic conditions, we are revising our guidance for fiscal 2009 from sales of between\n$1.56 to $1.59 billion, to sales of between $1.52 and $1.55 billion; and from net income of between\n$145 and $152 million and earnings per diluted share of between $2.63 to $2.75, to net income of\nbetween $140 and $145 million and diluted earnings per share between $2.54 and $2.63. In keeping\nwith prior practice, this guidance does not assume any future acquisitions.”\n
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     A Webcast regarding fiscal 2008 results will be available at www.investor.bradycorp.com\nbeginning at 9:30 a.m. Central Daylight Time today.\n
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     Brady Corporation is an international manufacturer and marketer of complete solutions that\nidentify and protect premises, products and people. Its products include high-performance labels\nand signs, safety devices, printing systems and software, and precision die-cut materials. Founded\nin 1914, the company has more than 500,000 customers in electronics, telecommunications,\nmanufacturing, electrical, construction, education, medical and a variety of other industries.\nBrady is headquartered in Milwaukee and employs more than 7,800 people at operations in the\nAmericas, Europe and Asia/Pacific. More information is available on the Internet at\nwww.bradycorp.com.\n
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Brady believes that certain statements in this news release are “forward-looking statements” within\nthe meaning of the Private Securities Litigation Reform Act of 1995. All statements related to\nfuture, not past, events included in this news release, including, without limitation, statements\nregarding Brady’s future financial position, business strategy, targets, projected sales, costs,\nearnings, capital expenditures, debt levels and cash flows, and plans and objectives of management\nfor future operations are forward-looking statements. When used in this news release, words such as\n“may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or\n“plan” or similar terminology are generally intended to identify forward-looking statements. These\nforward-looking statements by their nature address matters that are, to different degrees,\nuncertain and are subject to risks, assumptions and other factors, some of which are beyond Brady’s\ncontrol, that could cause actual results to differ materially from those expressed or implied by\nsuch forward-looking statements. For Brady, uncertainties arise from future financial performance\nof major markets Brady serves, which include, without limitation, telecommunications,\nmanufacturing, electrical, construction, laboratory, education, governmental, public utility,\ncomputer, transportation; difficulties in making and integrating acquisitions; risks associated\nwith newly acquired businesses; Brady’s ability to retain significant contracts and customers;\nfuture competition; Brady’s ability to develop and successfully market new products; changes in the\nsupply of, or price for, parts and components; increased price pressure from suppliers and\ncustomers; interruptions to sources of supply; environmental, health and safety compliance costs\nand liabilities; Brady’s ability to realize cost savings from operating initiatives; Brady’s\nability to attract and retain key talent; difficulties associated with exports; risks associated\nwith international operations;\nfluctuations in currency rates versus the US dollar; technology changes; potential write-offs of\nBrady’s substantial intangible assets; risks associated with obtaining governmental approvals and\nmaintaining regulatory compliance for new and existing products; business interruptions due to\nimplementing business systems; and numerous other matters of national, regional and global scale,\nincluding those of a political, economic, business, competitive and regulatory nature contained\nfrom time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not\nlimited to, those factors listed in the “Risk Factors” section located in Item 1A of Part II of\nBrady’s Annual Report on Form 10-K for the period ended July 31, 2007. These uncertainties may\ncause Brady’s actual future results to be materially different than those expressed in its\nforward-looking statements. Brady does not undertake to update its forward-looking statements.\n
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BRADY CORPORATION AND SUBSIDIARIES
\nCONSOLIDATED STATEMENTS OF INCOME\n\n
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(Dollars in Thousands)\n
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  (Unaudited) 
  Three Months Ended July 31,  Twelve Months Ended July 31, 
          Percentage          Percentage 
  2008  2007  Change  2008  2007  Change 
Net sales
 $396,849  $362,765   9.4% $1,523,016  $1,362,631   11.8%
Cost of products sold
  204,920   189,161   8.3%  778,821   705,587   10.4%
 
                    
Gross margin
  191,929   173,604   10.6%  744,195   657,044   13.3%
 
                        
Operating expenses:
                        
Research and development
  11,284   9,601   17.5%  40,607   35,954   12.9%
Selling, general and administrative
  126,325   122,984   2.7%  495,904   449,103   10.4%
 
                    
Total operating expenses
  137,609   132,585   3.8%  536,511   485,057   10.6%
 
                        
Operating income
  54,320   41,019   32.4%  207,684   171,987   20.8%
 
                        
Other income and (expense):
                        
Investment and other income
  1,581   1,958   -19.3%  4,888   2,875   70.0%
Interest expense
  (5,956)  (6,527)  -8.7%  (26,385)  (22,934)  15.0%
 
                    
 
                        
Income before income taxes
  49,945   36,450   37.0%  186,187   151,928   22.5%
 
                        
Income taxes
  15,170   10,206   48.6%  53,999   42,540   26.9%
 
                    
 
                        
Net income
 $34,775  $26,244   32.5% $132,188  $109,388   20.8%
 
                    
 
                        
Per Class A Nonvoting Common Share:
                        
Basic net income
 $0.65  $0.49   32.7% $2.45  $2.03   20.5%
Diluted net income
 $0.64  $0.48   33.3% $2.41  $2.00   20.5%
Dividends
 $0.15  $0.14   7.1% $0.60  $0.56   7.1%
 
                        
Per Class B Voting Common Share:
                        
Basic net income
 $0.65  $0.49   32.7% $2.43  $2.01   20.9%
Diluted net income
 $0.64  $0.48   33.3% $2.39  $1.98   20.7%
Dividends
 $0.15  $0.14   7.1% $0.58  $0.54   7.4%
 
                        
Weighted average common shares\noutstanding (in Thousands):
                        
Basic
  53,790   54,047       54,168   53,907     
Diluted
  54,514   54,854       54,873   54,741     
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     Information by regional segment for the three and twelve months ended July 31, 2008 and 2007 is as\nfollows:\n
\n
\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n
                         
                  Corporate and  
(in thousands) Americas Europe Asia-Pacific Subtotals Eliminations Total
SALES TO EXTERNAL CUSTOMERS
                        
Three months ended:
                        
July 31, 2008
 $169,303  $131,765  $95,781  $396,849   —  $396,849 
July 31, 2007
  169,063   114,037   79,665   362,765   —   362,765 
 
                        
Twelve months ended:
                        
July 31, 2008
 $667,106  $496,715  $359,195  $1,523,016   —  $1,523,016 
July 31, 2007
  609,855   416,514   336,262   1,362,631   —   1,362,631 
 
                        
SALES GROWTH INFORMATION
                        
Three months ended July 31, 2008:
                        
Base
  -2.2%  -3.1%  11.5%  0.6%  —   0.6%
Currency
  1.7%  10.9%  8.7%  6.1%  —   6.1%
Acquisitions
  0.6%  7.8%  0.0%  2.7%  —   2.7%
Total
  0.1%  15.6%  20.2%  9.4%  —   9.4%
 
                        
Twelve months ended July 31, 2008:
                        
Base
  0.9%  -0.4%  -1.1%  0.0%  —   0.0%
Currency
  2.0%  10.6%  7.6%  6.0%  —   6.0%
Acquisitions
  6.5%  9.1%  0.3%  5.8%  —   5.8%
Total
  9.4%  19.3%  6.8%  11.8%  —   11.8%
 
                        
SEGMENT PROFIT (LOSS)
                        
Three months ended:
                        
July 31, 2008
 $41,212  $38,214  $15,129  $94,555   ($2,648) $91,907 
July 31, 2007
  39,659   32,573   10,844   83,076   (2,989)  80,087 
Percentage increase (decrease)
  3.9%  17.3%  39.5%  13.8%  -11.4%  14.8%
 
                        
Twelve months ended:
                        
July 31, 2008
 $157,523  $135,426  $58,234  $351,183  $(9,048) $342,135 
July 31, 2007
  144,583   107,552   57,236   309,371   (10,485)  298,886 
Percentage increase (decrease)
  8.9%  25.9%  1.7%  13.5%  -13.7%  14.5%
\n
\n\n\n
NET INCOME RECONCILIATION (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
                 
  Three months ended: Twelve months ended:
  July 31, July 31, July 31, July 31,
  2008 2007 2008 2007
Total profit for reportable segments
 $94,555  $83,076  $351,183  $309,371 
 
Corporate and eliminations
  (2,648)  (2,989)  ($9,048)  (10,485)
Unallocated amounts:
                
Administrative costs
  (37,587)  (39,068)  (134,451)  (126,899)
Investment and other income
  1,581   1,958   4,888   2,875 
Interest expense
  (5,956)  (6,527)  (26,385)  (22,934)
Income before income taxes
  49,945   36,450   186,187   151,928 
Income taxes
  (15,170)  (10,206)  (53,999)  (42,540)
Net income
 $34,775  $26,244  $132,188  $109,388 
\n
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\n\n

\n\n\n
BRADY CORPORATION AND SUBSIDIARIES
\nCONSOLIDATED 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\n\n \n \n \n \n \n \n \n\n\n
         
  (Unaudited) 
  July 31, 2008  July 31, 2007 
ASSETS
        
Current assets:
        
Cash and cash equivalents
 $258,355  $142,846 
Short term investments
  —   19,200 
Accounts receivable, less allowance for losses ($10,059 and\n$9,109, respectively)
  262,461   239,569 
Inventories:
        
Finished products
  75,665   80,486 
Work-in-process
  21,187   21,309 
Raw materials and supplies
  37,767   37,983 
 
      
Total inventories
  134,619   139,778 
Prepaid expenses and other current assets
  43,650   42,020 
 
      
 
        
Total current assets
  699,085   583,413 
 
        
Other assets:
        
Goodwill
  789,107   737,450 
Other intangible assets, net
  144,791   149,761 
Deferred income taxes
  25,943   32,508 
Other
  21,381   21,111 
 
      
 
        
Total other assets
  981,222   940,830 
 
        
Property, plant and equipment:
        
Cost:
        
Land
  6,490   6,332 
Buildings and improvements
  98,646   90,688 
Machinery and equipment
  282,232   248,356 
Construction in progress
  6,040   18,107 
 
      
 
        
 
  393,408   363,483 
Less accumulated depreciation
  223,202   188,869 
 
      
 
        
Net property, plant and equipment
  170,206   174,614 
 
      
 
        
Total
 $1,850,513  $1,698,857 
 
      
 
        
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
        
 
        
Current liabilities:
        
Accounts payable
 $118,209  $91,596 
Wages and amounts withheld from employees
  82,354   73,622 
Taxes, other than income taxes
  10,234   8,461 
Accrued income taxes
  21,523   24,677 
Other current liabilities
  54,810   60,254 
Current maturities on long-term debt
  21,431   21,444 
 
      
 
        
Total current liabilities
  308,561   280,054 
 
        
Long-term obligations, less current maturities
  457,143   478,575 
 
        
Other liabilities
  63,001   49,216 
 
      
 
        
Total liabilities
  828,705   807,845 
 
        
Stockholders’ investment:
        
Common stock:
        
Class A nonvoting common stock — Issued 51,261,487 and 50,586,524\nshares, respectively and outstanding 50,005,296 and 50,586,524\nshares, respsectively
  513   506 
 
        
Class B voting common stock — Issued and outstanding, 3,538,628 shares
  35   35 
Additional paid-in capital
  292,769   266,203 
Income retained in the business
  639,059   540,238 
Treasury stock — 1,046,191 and 0 shares, respectively of Class A\nnonvoting common stock, at cost
  (33,234)  0 
Accumulated other comprehensive income
  128,161   83,376 
Other
  (5,495)  654 
 
      
 
        
Total stockholders’ investment
  1,021,808   891,012 
 
      
 
        
Total
 $1,850,513  $1,698,857 
 
      
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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\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \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) 
  Twelve Months Ended 
  July 31, 
  2008  2007  2006 
Operating activities:
            
Net income
 $132,188  $109,388  $104,175 
Adjustments to reconcile net income to net cash provided by operating activities:
            
Depreciation and amortization
  60,587   53,856   35,144 
Gain on foreign currency contract
      —   (1,516)
Deferred income taxes
  (1,501)  70   (1,843)
Loss (gain) on disposal of property, plant & equipment
  1,672   13   124 
Non-cash portion of stock-based compensation expense
  10,228   6,907   5,568 
Changes in operating assets and liabilities (net of effects of business acquisitions):
            
Accounts receivable
  (3,704)  (17,021)  (12,468)
Inventories
  16,224   (12,323)  (16,961)
Prepaid expenses and other assets
  (629)  (13,307)  (2,163)
Accounts payable and accrued liabilities
  18,641   8,058   10,421 
Income taxes
  (8,492)  (6,821)  58 
Other liabilities
  340   7,198   (5,643)
 
         
Net cash provided by operating activities
  225,554   136,018   114,896 
 
            
Investing activities:
            
Acquisition of businesses, net of cash acquired
  (29,346)  (159,475)  (351,331)
Payments of contingent consideration
  (5,798)  (10,906)  — 
Purchases of short-term investments
  (10,350)  (68,100)  (150,900)
Sales of short-term investments
  29,550   60,400   146,500 
Purchases of property, plant and equipment
  (26,407)  (51,940)  (39,410)
Net settlement of foreign currency contract
          1,516 
Proceeds from sale of property, plant and equipment
  880   2,166   546 
Other
  2,263   (9,184)  (2,203)
 
         
Net cash used in investing activities
  (39,208)  (237,039)  (395,282)
 
            
Financing activities:
            
Payment of dividends
  (32,464)  (30,141)  (26,064)
Proceeds from issuance of common stock
  14,500   6,829   166,664 
Principal payments on debt
  (39,443)  (110,870)  (417,601)
Proceeds from issuance of debt
  18,000   259,300   615,730 
Purchase of treasury stock
  (42,175)  —   (24,683)
Excess income tax benefit from the exercise of stock options
  4,638   4,303   4,912 
 
         
Net (used in) provided by financing activities
  (76,944)  129,421   318,958 
Effect of exchange rate changes on cash
  6,107   1,438   1,466 
 
            
Net increase (decrease) in cash and cash equivalents
  115,509   29,838   40,038 
Cash and cash equivalents, beginning of period
  142,846   113,008   72,970 
 
         
 
            
Cash and cash equivalents, end of period
  258,355   142,846   113,008 
 
         
 
            
Supplemental disclosures:
            
Cash paid during the period for:
            
Interest, net of capitalized interest
 $26,308  $19,842  $8,991 
Income taxes, net of refunds
  51,834   49,233   37,661 
Acquisitions:
            
Fair value of assets acquired, net of cash
 $21,508  $87,398  $167,900 
Liabilities assumed
  (9,038)  (33,248)  (63,667)
Goodwill
  16,876   105,325   247,098 
 
         
Net cash paid for acquisitions
 $29,346  $159,475  $351,331 
 
         
\n
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\n\n

\n\n\n
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
\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
                     
  Fiscal 2007 
  Q1  Q2  Q3  Q4  Total 
EBITDA (1)
                    
Net income
 $34,448  $19,709  $28,987  $26,244  $109,388 
Interest expense
  4,735   5,244   6,428   6,527   22,934 
Income taxes
  13,396   7,665   11,273   10,206   42,540 
Depreciation and amortization
  12,927   13,169   14,307   13,453   53,856 
   
 
                    
EBITDA (non-GAAP measure)
 $65,506  $45,787  $60,995  $56,430  $228,718 
\n
\n\n
\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n
                     
  Fiscal 2008 
  Q1  Q2  Q3  Q4  Total 
EBITDA (1)
                    
Net income
 $36,370  $26,690  $34,353  $34,775  $132,188 
Interest expense
  6,720   6,747   6,962   5,956   26,385 
Income taxes
  15,366   11,276   12,187   15,170   53,999 
Depreciation and amortization
  14,168   15,501   16,013   14,905   60,587 
   
 
                    
EBITDA (non-GAAP measure)
 $72,624  $60,214  $69,515  $70,806  $273,159 
\n
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\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

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\n\nEXHIBIT 99.2\n\n\n\n\n
\n\n\n\n\n\n\n
Exhibit 99.2\n
\n\n\n
For More Information Contact:
\nBarbara Bolens (414) 438-6940\n\n
\n\n
For Immediate Release\n
\n\n
Brady Corporation increases quarterly dividend to shareholders 13 percent\n
\n\n
MILWAUKEE (September 17, 2008)—Brady Corporation’s (NYSE: BRC) Board of Directors has announced an\nincrease in its quarterly dividend to shareholders of the company’s Class A Common Stock by 13\npercent, from $0.15 to $0.17 per share. This represents the 23rd consecutive annual increase in\ndividends. The dividend will be paid on October 31, 2008, to shareholders of record at the close\nof business on October 10, 2008.\n
\n\n\n
     “We continue to be focused on creating value for our shareholders, and this year’s dividend\nincrease is a result of our higher levels of profitability and strong cash flow,” said Brady CFO\nThomas J. Felmer.\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 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 7,800 people at operations in the Americas, Europe\nand Asia/Pacific. Brady’s fiscal 2008 sales were approximately $1.523 billion.\n
\n\n
     More information is available on the Internet at www.bradycorp.com\n
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