{"links":{"self":"https://clientapi.gcs-web.com/data/33381f6d-8eaa-46ae-8c63-71b3672717c2/filings/15721/html"},"meta":{"executionDate":"2026-07-16T14:47:56","cmsDomain":"https://bradyid.gcs-web.com"},"data":"\n\nForm 8-K\n\n\n\n
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UNITED STATES
\nSECURITIES 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
\nPursuant 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): May 18, 2011
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BRADY CORPORATION\n
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(Exact name of registrant as specified in its charter)
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Wisconsin\n 1-14959\n 39-0971239
     
(State or other jurisdiction
\nof incorporation)\n		 (Commission File Number)\n (IRS Employer Identification No.)
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6555 West Good Hope Road
\nMilwaukee, Wisconsin\n		  
53223
   
(Address of principal executive offices)\n (Zip Code)
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Registrant’s telephone number, including area code: (414) 358-6600
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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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 (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (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 May 18, 2011, Brady Corporation (the “Corporation”) issued a press release announcing its\nfiscal 2011 third quarter financial results. A copy of the press release is being furnished to the\nSecurities and Exchange Commission as Exhibit 99.1 attached hereto and is incorporated herein by\nreference.\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 is filed as an Exhibit to this Report.\n
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Exhibit No. Description of Exhibit
    
 
 99.1  
Press Release of Brady Corporation, dated May 18, 2011, relating to third quarter fiscal 2011\nfinancial results.
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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 
   
Date: May 20, 2011  
   
 /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  
Press Release of Brady Corporation, dated May 18, 2011, relating to third quarter\nfiscal 2011 financial results.
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\n\nExhibit 99.1\n\n\n\n
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EXHIBIT 99.1\n
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For More Information:
\nInvestor contact: Aaron Pearce 414-438-6895\n\n
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Media contact: Carole Herbstreit 414-438-6882\n
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Brady Corporation reports fiscal 2011 third quarter results\n
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MILWAUKEE (May 18, 2011)—Brady Corporation (NYSE: BRC), a world leader in identification\nsolutions, today reported financial results for its fiscal 2011 third quarter ended April 30, 2011.\n
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Third-quarter results:\n
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Net income in the fiscal 2011 third quarter was up 20.7 percent to $28.6 million compared to\n$23.7 million in the same quarter last year. Excluding $0.9 million of after-tax restructuring\ncharges in the third quarter of fiscal 2011 and $1.7 million of after-tax restructuring charges in\nthe same quarter last year, net income was up 16.1 percent to $29.5 million compared to $25.4\nmillion in the same quarter last year.\n
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Earnings per diluted Class A Common Share were up 20.0 percent to $0.54 in the third quarter\nof fiscal 2011 compared to $0.45 in the third quarter of fiscal 2010. Excluding after-tax\nrestructuring charges, earnings per diluted Class A Common Share increased 14.6 percent to $0.55 in\nthe third quarter of fiscal 2011 compared to $0.48 per share in the same quarter of fiscal 2010.\n
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Sales for the fiscal 2011 third quarter were up 4.9 percent to $337.9 million compared to\n$321.9 million in the third quarter of fiscal 2010. Organic sales growth was 1.0 percent,\nacquisitions net of divestitures contributed 0.4 percent to sales, and the impact of foreign\ncurrency translation increased sales by 3.5 percent. By segment, organic sales increased 2.7\npercent in the Americas and 3.6 percent in Europe, and decreased 5.1 percent in the Asia-Pacific\nregion.\n
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Nine-month results:\n
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Net income for the nine months ended April 30, 2011 was up 31.0 percent to $79.1 million\ncompared to $60.4 million in the same period in fiscal 2010. Excluding $5.0 million of after-tax\nrestructuring charges in the nine-month period ended April 30, 2011 and $6.9 million of after-tax\nrestructuring charges in the same period last year, net income was up 25.0 percent to $84.1 million\ncompared to $67.3 million in the same period last year.\n
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Earnings per diluted Class A Common Share were up 30.7 percent to $1.49 for the nine-month\nperiod ended April 30, 2011 compared to $1.14 in the same period of fiscal 2010. Excluding\nafter-tax restructuring charges, earnings per diluted Class A Common Share increased 24.4 percent\nto $1.58 for the nine-month period ended April 30, 2011 compared to $1.27 per share in the same\nperiod of fiscal 2010.\n
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Sales for the nine-month period ended April 30, 2011 were up 6.4 percent to $996.5 million\ncompared to $936.2 million in the same period last year. Organic sales growth was 4.1 percent,\nacquisitions net of divestitures contributed 1.4 percent to sales, and the impact of foreign\ncurrency translation increased sales by 0.9 percent. By segment, organic sales increased 5.3\npercent in the Americas, 5.6 percent in Europe and 0.4 percent in the Asia-Pacific region.\n
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Commentary and Guidance:\n
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“While organic sales were relatively flat, we saw a 20.7% increase in net income. Our focus\non process improvement and process standardization through the Brady Business Performance System is\nhaving a positive impact on our ability to turn organic sales growth into net income growth,” said\nFrank M. Jaehnert, Brady’s President and Chief Executive Officer.\n
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“Our strong cash generation remains a highlight for Brady with an ending cash balance of $374\nmillion at April 30, 2011. We remain focused on putting our cash to work through investment in\norganic growth opportunities as well as strategic acquisitions,” said Brady Chief Financial Officer\nThomas J. Felmer. “We are tightening our previously provided full-year guidance range for earnings\nper diluted Class A Common share to $2.20 to $2.30, from between $2.15 and $2.35 per diluted Class\nA Common share. This is exclusive of pre-tax restructuring charges of $8 to $10 million, or $0.11\nto $0.14 per share.”\n
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A webcast regarding fiscal 2011 third quarter results will be available at\nwww.investor.bradycorp.com beginning at 9:30 a.m. Central 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. Brady’s products help customers increase\nsafety, security, productivity and performance and include high-performance labels and signs,\nsafety devices, printing systems and software, and precision die-cut materials. Founded in 1914,\nthe company has millions of customers in electronics, telecommunications, manufacturing,\nelectrical, construction, education, medical and a variety of other industries. Brady is\nheadquartered in Milwaukee, Wisconsin and employs approximately 6,600 people at operations in the\nAmericas, Europe and Asia-Pacific. Brady’s fiscal 2010 sales were approximately $1.26 billion.\nBrady stock trades on the New York Stock Exchange under the symbol BRC. More information is\navailable on the Internet at www.bradycorp.com.\n
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Brady believes that certain statements in this news release are “forward-looking statements”\nwithin the meaning of the Private Securities Litigation Reform Act of 1995. All statements related\nto future, not past, events included in this news release, including, without limitation,\nstatements regarding Brady’s future financial position, business strategy, targets, projected\nsales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives\nof management for future operations are forward-looking statements. When used in this news release,\nwords such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,”\n“project” or “plan” or similar terminology are generally intended to identify forward-looking\nstatements. These forward-looking statements by their nature address matters that are, to different\ndegrees, uncertain and are subject to risks, assumptions and other factors, some of which are\nbeyond Brady’s control, that could cause actual results to differ materially from those expressed\nor implied by such forward-looking statements. For Brady, uncertainties arise from the length or\nseverity of the current worldwide economic downturn or timing or strength of a subsequent recovery;\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 develop and successfully market\nnew products; changes in the supply of, or price for, parts and components; increased price\npressure from suppliers and customers; fluctuations in currency rates versus the US dollar;\nunforeseen tax consequences; potential write-offs of Brady’s substantial intangible assets; Brady’s\nability to retain significant contracts and customers; risks associated with international\noperations; Brady’s ability to maintain compliance with its debt covenants; technology changes;\nbusiness interruptions due to implementing business systems; environmental, health and safety\ncompliance costs and liabilities; future competition; interruptions to sources of supply; Brady’s\nability to realize cost savings from operating initiatives; difficulties associated with exports;\nrisks associated with restructuring plans; risks associated with obtaining governmental approvals\nand\nmaintaining regulatory compliance; and numerous other matters of national, regional and global\nscale, including those of a political, economic, business, competitive and regulatory nature\ncontained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including,\nbut not limited to, those factors listed in the “Risk Factors” section located in Item 1A of Part I\nof Brady’s Form 10-K for the year ended July 31, 2010. These uncertainties may cause Brady’s actual\nfuture results to be materially different than those expressed in its forward-looking statements.\nBrady does not undertake to update its forward-looking statements.\n
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BRADY CORPORATION AND SUBSIDIARIES
\n\nCONDENSED CONSOLIDATED STATEMENTS OF INCOME\n\n
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(Dollars in Thousands)\n
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  (Unaudited) 
  Three Months Ended April 30,  Nine Months Ended April 30, 
          Percentage          Percentage 
  2011  2010  Change  2011  2010  Change 
Net sales
 $337,896  $321,887   4.9% $996,493  $936,202   6.4%
Cost of products sold
  170,258   161,690   5.3%  505,333   471,644   7.1%
 
                    
Gross margin
  167,638   160,197   4.6%  491,160   464,558   5.7%
 
                        
Operating expenses:
                        
Research and development
  10,550   10,709   -1.5%  32,226   30,950   4.1%
Selling, general and administrative
  115,006   111,227   3.4%  332,394   328,638   1.1%
Restructuring charge
  1,211   2,347   -48.4%  6,986   9,597   -27.2%
 
                    
Total operating expenses
  126,767   124,283   2.0%  371,606   369,185   0.7%
 
                        
Operating income
  40,871   35,914   13.8%  119,554   95,373   25.4%
 
                        
Other income and (expense):
                        
Investment and other income
  1,428   121   1080.2%  2,892   1,273   127.2%
Interest expense
  (5,103)  (5,147)  -0.9%  (16,640)  (15,472)  7.5%
 
                    
 
                        
Income before income taxes
  37,196   30,888   20.4%  105,806   81,174   30.3%
 
                        
Income taxes
  8,607   7,193   19.7%  26,737   20,810   28.5%
 
                    
 
                        
Net income
 $28,589  $23,695   20.7% $79,069  $60,364   31.0%
 
                    
 
                        
Per Class A Nonvoting Common Share:
                        
Basic net income
 $0.54  $0.45   20.0% $1.50  $1.15   30.4%
Diluted net income
 $0.54  $0.45   20.0% $1.49  $1.14   30.7%
Dividends
 $0.18  $0.175   2.9% $0.54  $0.525   2.9%
 
                        
Per Class B Voting Common Share:
                        
Basic net income
 $0.54  $0.45   20.0% $1.48  $1.13   31.0%
Diluted net income
 $0.54  $0.45   20.0% $1.47  $1.12   31.3%
Dividends
 $0.18  $0.175   2.9% $0.523  $0.508   3.0%
 
                        
Weighted average common shares\noutstanding (in thousands):
                        
Basic
  52,701   52,427       52,581   52,378     
Diluted
  53,337   52,873       53,067   52,971     
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BRADY CORPORATION AND SUBSIDIARIES
\n\nCONSOLIDATED BALANCE SHEETS\n\n
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(IN THOUSANDS)\n
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\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n\n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \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) 
  April 30, 2011  July 31, 2010 
 
        
ASSETS
        
 
        
Current assets:
        
Cash and cash equivalents
 $373,978  $314,840 
Accounts receivable — net
  235,634   221,621 
Inventories:
        
Finished products
  59,727   52,906 
Work-in-process
  14,741   13,146 
Raw materials and supplies
  28,034   28,620 
 
      
Total inventories
  102,502   94,672 
Prepaid expenses and other current assets
  39,614   37,839 
 
      
 
        
Total current assets
  751,728   668,972 
 
        
Other assets:
        
Goodwill
  799,395   768,600 
Other intangible assets, net
  96,386   103,546 
Deferred income taxes
  52,744   39,103 
Other
  19,633   20,808 
 
        
Property, plant and equipment:
        
Cost:
        
Land
  6,416   6,265 
Buildings and improvements
  103,060   101,138 
Machinery and equipment
  302,017   289,727 
Construction in progress
  13,601   9,873 
 
      
 
  425,094   407,003 
 
        
Less accumulated depreciation
  284,334   261,501 
 
      
 
        
Property, plant and equipment — net
  140,760   145,502 
 
      
 
        
Total
 $1,860,646  $1,746,531 
 
      
 
        
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
        
 
        
Current liabilities:
        
Accounts payable
 $90,621  $96,702 
Wages and amounts withheld from employees
  67,316   67,285 
Taxes, other than income taxes
  9,061   7,537 
Accrued income taxes
  17,399   10,138 
Other current liabilities
  65,300   50,862 
Current maturities on long-term debt
  61,264   61,264 
 
      
 
        
Total current liabilities
  310,961   293,788 
 
        
Long-term obligations, less current maturities
  351,789   382,940 
 
        
Other liabilities
  65,741   64,776 
 
      
 
        
Total liabilities
  728,491   741,504 
 
        
Stockholders’ investment:
        
Common stock:
        
Class A nonvoting common stock — Issued 51,261,487 and 51,261,487\nshares, respectively and outstanding 49,226,952 and 48,875,716\nshares, respectively
  513   513 
Class B voting common stock — Issued and outstanding, 3,538,628 shares
  35   35 
Additional paid-in capital
  308,908   304,205 
Income retained in the business
  769,081   718,512 
Treasury stock - 1,724,535 and 2,175,771 shares, respectively of Class A\nnonvoting common stock, at cost
  (51,959)  (66,314)
Accumulated other comprehensive income
  109,840   50,905 
Other
  (4,263)  (2,829)
 
      
 
        
Total stockholders’ investment
  1,132,155   1,005,027 
 
      
 
        
Total
 $1,860,646  $1,746,531 
 
      
\n
\n\n\n

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 \n

\n\n\n

\n

 

\n\n

\n\n\n
BRADY CORPORATION AND SUBSIDIARIES
\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\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
         
  (Unaudited) 
  Nine Months Ended 
  April 30, 
  2011  2010 
Operating activities:
        
Net income
 $79,069  $60,364 
Adjustments to reconcile net income to net cash provided by operating activities:
        
Depreciation and amortization
  37,522   40,276 
Non-cash portion of restructuring charges
  2,155   1,455 
Non-cash portion of stock-based compensation expense
  9,396   7,574 
Gain on the sale of business
  (4,394)  — 
Deferred income taxes
  (9,018)  (4,582)
Changes in operating assets and liabilities
\n\n(net of effects of business acquisitions/divestitures):
        
Accounts receivable
  211   (17,192)
Inventories
  (1,491)  3,887 
Prepaid expenses and other assets
  772   (5,273)
Accounts payable and accrued liabilities
  (8,355)  31,493 
Income taxes
  4,579   152 
 
      
Net cash provided by operating activities
  110,446   118,154 
 
        
Investing activities:
        
Acquisition of business, net of cash acquired
  (7,970)  (30,431)
Payments of contingent consideration
  (979)  — 
Divestiture of business, net of cash retained in business
  12,979   — 
Purchases of property, plant and equipment
  (13,671)  (20,927)
Other
  (379)  1,197 
 
      
Net cash used in investing activities
  (10,020)  (50,161)
 
        
Financing activities:
        
Payment of dividends
  (28,500)  (27,560)
Proceeds from issuance of common stock
  7,154   3,494 
Principal payments on debt
  (42,514)  (26,143)
Income tax benefit from the exercise of stock options and deferred\ncompensation distribution
  1,075   182 
 
      
Net cash used in financing activities
  (62,785)  (50,027)
 
        
Effect of exchange rate changes on cash
  21,497   984 
 
        
Net increase in cash and cash equivalents
  59,138   18,950 
Cash and cash equivalents, beginning of period
  314,840   188,156 
 
      
 
        
Cash and cash equivalents, end of period
 $373,978  $207,106 
 
      
 
        
Supplemental disclosures:
        
Cash paid during the period for:
        
Interest, net of capitalized interest
 $16,349  $18,217 
Income taxes, net of refunds
  26,695   18,296 
Acquisitions:
        
Fair value of assets acquired, net of cash
 $4,624  $15,366 
Liabilities assumed
  (1,446)  (5,201)
Goodwill
  4,792   20,266 
 
      
Net cash paid for acquisitions
 $7,970  $30,431 
 
      
\n
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 \n

\n\n\n

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\n\n

\n\n\n
Information by regional segment for the three and nine months ended April 30, 2011 and 2010 is\nas 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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \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    
          Asia-  Total  and    
(in thousands) Americas  Europe  Pacific  Region  Eliminations  Total 
SALES TO EXTERNAL CUSTOMERS
                        
Three months ended:
                        
April 30, 2011
 $149,217  $105,894  $82,785  $337,896   —  $337,896 
April 30, 2010
 $144,413  $98,152  $79,322  $321,887   —  $321,887 
 
                        
Nine months ended:
                        
April 30, 2011
 $431,216  $301,985  $263,292  $996,493   —  $996,493 
April 30, 2010
 $402,255  $289,101  $244,846  $936,202   —  $936,202 
 
                        
SALES GROWTH INFORMATION
                        
Three months ended April 30, 2011:
                        
Base
  2.7%  3.6%  -5.1%  1.0%  —   1.0%
Currency
  1.3%  4.0%  7.0%  3.5%  —   3.5%
Acquisitions/Divestitures
  -0.7%  0.3%  2.5%  0.4%  —   0.4%
 
                  
Total
  3.3%  7.9%  4.4%  4.9%  —   4.9%
 
                        
Nine months ended April 30, 2011:
                        
Base
  5.3%  5.6%  0.4%  4.1%  —   4.1%
Currency
  0.9%  -3.2%  5.6%  0.9%  —   0.9%
Acquisitions/Divestitures
  1.0%  2.1%  1.5%  1.4%  —   1.4%
 
                  
Total
  7.2%  4.5%  7.5%  6.4%  —   6.4%
 
                        
SEGMENT PROFIT
                        
Three months ended:
                        
April 30, 2011
 $38,292  $28,938  $9,976  $77,206  $(3,561) $73,645 
April 30, 2010
 $33,858  $27,472  $12,775  $74,105  $(3,558) $70,547 
Percentage increase (decrease)
  13.1%  5.3%  -21.9%  4.2%      4.4%
 
                        
Nine months ended:
                        
April 30, 2011
 $108,666  $82,165  $38,330  $229,161  $(12,087) $217,074 
April 30, 2010
 $90,205  $78,281  $38,589  $207,075  $(10,161) $196,914 
Percentage increase (decrease)
  20.5%  5.0%  -0.7%  10.7%      10.2%
\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 \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \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:  Nine months ended: 
  April 30,  April 30,  April 30,  April 30, 
  2011  2010  2011  2010 
Total profit for reportable segments
 $77,206  $74,105  $229,161  $207,075 
Corporate and eliminations
  (3,561) $(3,558) $(12,087)  (10,161)
Unallocated amounts:
                
Administrative costs
  (31,563)  (32,286)  (90,534)  (91,944)
Restructuring charge
  (1,211)  (2,347)  (6,986)  (9,597)
Investment and other income
  1,428   121   2,892   1,273 
Interest expense
  (5,103)  (5,147)  (16,640)  (15,472)
 
            
Income before income taxes
  37,196   30,888   105,806   81,174 
Income taxes
  (8,607)  (7,193)  (26,737)  (20,810)
 
            
Net income
 $28,589  $23,695  $79,069  $60,364 
 
            
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RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
\n(in thousands)\n\n
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  Fiscal 2011 
  Q1  Q2  Q3  Q4  Total 
EBITDA (1)
                    
Net income
 $26,281  $24,199  $28,589      $79,069 
Interest expense
  5,687   5,850   5,103       16,640 
Income taxes
  9,925   8,205   8,607       26,737 
Depreciation and amortization
  12,594   12,908   12,020       37,522 
 
                
 
                    
EBITDA (non-GAAP measure)
 $54,487  $51,162  $54,319  $—  $159,968 
 
               
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  Fiscal 2010 
  Q1  Q2  Q3  Q4  Total 
EBITDA (1)
                    
Net income
 $21,668  $15,001  $23,695  $21,592  $81,956 
Interest expense
  5,162   5,163   5,147   5,750   21,222 
Income taxes
  8,775   4,842   7,193   6,636   27,446 
Depreciation and amortization
  13,817   13,549   12,910   12,746   53,022 
 
               
 
                    
EBITDA (non-GAAP measure)
 $49,422  $38,555  $48,945  $46,724  $183,646 
 
               
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(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.
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