FORM 8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K\n

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of\n1934

Date of Report (Date of earliest event reported): November 14, 2012

BRADY CORPORATION

(Exact name of registrant as specified in its charter)

Commission\nFile Number 1-14959

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Wisconsin

39-0971239

(State of

Incorporation)

(IRS Employer

Identification No.)

6555 West Good Hope Road

Milwaukee, Wisconsin 53223

(Address of Principal Executive Offices and\nZip Code)

(414) 358-6600

(Registrant’s Telephone Number)

Check the appropriate box below\nif 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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¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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

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

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¨	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

On November 15, 2012, Brady Corporation (the “Corporation”) issued a press release announcing its fiscal 2013 first 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 herein by reference.

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Item 5.07

SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS

On November 14, 2012, at the Corporation’s Annual Shareholders’ Meeting, the holders of all of the 3,538,628 shares of the Corporation’s Class B Common Stock voted unanimously in favor\nof electing the following persons to serve as the Corporation’s directors until the next annual meeting of shareholders and until their successors have been elected:

Patrick W. Allender

Gary S. Balkema

Chan W. Galbato

Conrad G. Goodkind

Frank W. Harris

Frank M. Jaehnert

Elizabeth P. Pungello

Bradley C. Richardson

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Item 7.01

REGULATION FD DISCLOSURE

On\nNovember 15, 2012, the Corporation hosted a conference call related to its fiscal 2013 first quarter financial results. A copy of the slides referenced in the conference call, which is also posted on the Corporation’s website, is being\nfurnished to the Securities and Exchange Commission as Exhibit 99.2 attached hereto and is incorporated herein by reference.

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Item 9.01

FINANCIAL STATEMENTS AND EXHIBITS

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(d)

Exhibits.

The following are filed as Exhibits\nto this Report.

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Exhibit No.		Description of Exhibit

99.1		Press Release of Brady Corporation, dated November 15, 2012, relating to first quarter fiscal 2013 financial results.

99.2		Informational slides provided by Brady Corporation, dated November 15, 2012, relating to first quarter fiscal 2013 financial results.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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						BRADY CORPORATION

Date: November 15, 2012

						/s/ Thomas J. Felmer
						Thomas J. Felmer
						Senior Vice President & \n Chief Financial Officer

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EXHIBIT INDEX

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EXHIBIT NUMBER		DESCRIPTION

99.1		Press Release of Brady Corporation, dated November 15, 2012, relating to first quarter fiscal 2013 financial results.

99.2		Informational slides provided by Brady Corporation, dated November 15, 2012, relating to first quarter fiscal 2013 financial results.

\n\n

\nEX-99.1\n\n \n\n

EXHIBIT 99.1

For More Information:

Investor contact: Aaron Pearce 414-438-6895

Media contact: Carole Herbstreit 414-438-6882

For Immediate Release

Brady Corporation Reports Fiscal 2013 First Quarter Results

MILWAUKEE (November 15, 2012)—Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world leader in identification solutions, today reported its financial results for the fiscal\n2013 first quarter ended October 31, 2012.

Quarter Ended October 31, 2012 Financial Results:

Sales for the fiscal 2013 first quarter ended October 31, 2012, were down 3.4 percent to $337.6 million compared to $349.5 million in\nthe first quarter of fiscal 2012. Organic sales were down 1.9 percent, the impact of foreign currency translation decreased sales by 2.1 percent, and acquisitions, net of divestitures added 0.6 percent. By segment, organic sales decreased 0.7\npercent in the Americas, 3.2 percent in EMEA and 2.5 percent in the Asia-Pacific region.

Net income in the fiscal 2013 first\nquarter was down 16.9 percent to $27.2 million compared to $32.7 million in the same quarter last year. Excluding the losses in the first quarter of fiscal 2013 from the sales of Brady Medical, a medical die-cut business headquartered in Texas, and\nVaritronics, a business headquartered in Minnesota serving the education market, net income was down 7.1 percent to $30.4 million.

Earnings per diluted Class A Common Share were down 14.5 percent to $0.53 in the first quarter of fiscal 2013 compared to $0.62 in the same quarter last year. Diluted Earnings per Class A Common\nShare excluding losses on the sales of businesses were down 4.8 percent to $0.59 in the first quarter of fiscal 2013.

Commentary and\nGuidance:

“I am pleased with our performance in the quarter as our business in the Americas and Asia-Pacific showed\nimproved results over last quarter. In Asia in particular we benefited from several new product wins in the mobile handset and tablet computer space,” said Brady’s President and Chief Executive Officer, Frank M. Jaehnert. “Europe\ncontinues to be impacted by a difficult economic environment, and we are shifting resources to higher growth opportunities in Central Europe, the Middle East, and Africa. In addition, we are continuing to prune our portfolio of businesses. As we\nlook to the remainder of fiscal 2013, we believe there is limited likelihood that the macro-economy will provide a tailwind. We therefore will continue on the path to create our own growth story by further investing in geographic expansion;\nexpanding globally in certain focus markets, such as aerospace and mass transit, chemical, oil and gas, and food and beverage processing; new product development; customer conversion; and expansion of our digital capabilities to provide the best\noverall buying experience for our customers.”

\n\n

“We anticipate approximately flat organic sales growth for the full fiscal year 2013,\nwith sales growth in the second half of the year driven by our initiatives,” said Brady’s Chief Financial Officer Thomas J. Felmer. “We are reiterating our full-year fiscal 2013 earnings per diluted Class A Common Share guidance\nof between $2.20 and $2.40, exclusive of after-tax restructuring charges and gains or losses on the sales of any businesses. This guidance is based on exchange rates as of October 31, 2012, and a full-year income tax rate in the mid-to-upper 20\npercent range.”

A webcast regarding Brady’s fiscal 2013 first quarter financial results will be available at\nwww.bradycorp.com beginning at 9:30 a.m. Central Time today.

Brady Corporation is an international manufacturer and\nmarketer of complete solutions that identify and protect premises, products and people. Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels and signs, safety devices,\nprinting systems and software, and precision die-cut materials. Founded in 1914, the company has millions of customers in electronics, telecommunications, manufacturing, electrical, construction, education, medical and a variety of other industries.\nBrady is headquartered in Milwaukee, Wisconsin and as of July 31, 2012 employed approximately 6,900 people at operations in the Americas, EMEA and Asia-Pacific. Brady’s fiscal 2012 sales were approximately $1.32 billion. Brady stock trades\non the New York Stock Exchange under the symbol BRC. More information is available on the Internet at www.bradycorp.com.

###

In this news release,\nstatements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company’s future financial position, business\nstrategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations. The use of words such as “may,” “will,” “expect,”\n“intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “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, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ\nmaterially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: the length or severity of the current worldwide economic downturn or timing or strength of a subsequent recovery; increased usage of\ne-commerce allowing for ease of price transparency; future financial performance of major markets Brady serves, which include, without limitation, telecommunications, hard disk drive, manufacturing, electrical, construction, laboratory, education,\ngovernmental, public utility, computer, and transportation; future competition; changes in the supply of, or price for, parts and components; increased price pressure from suppliers and customers; Brady’s ability to retain significant contracts\nand customers; fluctuations in currency rates versus the U.S. dollar; risks associated with international operations; difficulties associated with exports; risks associated with obtaining governmental approvals and maintaining regulatory compliance;\nBrady’s ability to develop and successfully market new products; difficulties in making and integrating acquisitions; risks associated with newly acquired businesses; risks associated with restructuring plans; environmental, health and safety\ncompliance costs and liabilities; technology changes and potential security violations to the Company’s information technology systems; Brady’s ability to maintain compliance with its debt covenants; increase in our level of debt;\npotential write-offs of Brady’s substantial intangible assets; unforeseen tax consequences; and numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive, and regulatory\nnature contained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K\nfor the year ended July 31, 2012.

These uncertainties may cause Brady’s actual future results to be materially different than those\nexpressed in its forward-looking statements. Brady does not undertake to update its forward-looking statements except as required by law.

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BRADY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in Thousands, Except Per Share\nAmounts)


	(Unaudited)
	Three Months Ended October 31,
	2012			2011
Net sales	$	337,646			$	349,508
Cost of products sold		173,026				181,677

Gross margin		164,620				167,831

Operating expenses:
Research and development		8,485				9,809
Selling, general and administrative		108,261				108,932
Loss (gain) on sales of businesses		3,438				—

Total operating expenses		120,184				118,741

Operating income		44,436				49,090

Other income and (expense):
Investment and other income (expense)		397				(202	)
Interest expense		(4,163	)			(5,047	)

Income before income taxes		40,670				43,841

Income taxes		13,482				11,109

Net income	$	27,188			$	32,732

Per Class A Nonvoting Common Share:
Basic net income	$	0.53			$	0.62
Diluted net income	$	0.53			$	0.62
Dividends	$	0.19			$	0.185

Per Class B Voting Common Share:
Basic net income	$	0.52			$	0.60
Diluted net income	$	0.51			$	0.60
Dividends	$	0.173			$	0.168

Weighted average common shares outstanding (in thousands):
Basic		51,039				52,657
Diluted		51,312				52,954

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BRADY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

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	(Unaudited)
	October 31, 2012			July 31, 2012
ASSETS

Current assets:
Cash and cash equivalents	$	321,309			$	305,900
Accounts receivable—net		218,246				199,006
Inventories:
Finished products		67,992				64,740
Work-in-process		16,280				15,377
Raw materials and supplies		26,255				25,407

Total inventories		110,527				105,524
Prepaid expenses and other current assets		42,400				40,424

Total current assets		692,482				650,854

Other assets:
Goodwill		680,595				676,791
Other intangible assets		80,983				84,119
Deferred income taxes		46,627				45,356
Other		21,577				20,584

Property, plant and equipment:
Cost:
Land		8,892				8,651
Buildings and improvements		102,592				101,962
Machinery and equipment		296,561				292,130
Construction in progress		10,064				10,417

		418,109				413,160

Less accumulated depreciation		288,949				283,145

Property, plant and equipment—net		129,160				130,015

Total	$	1,651,424			$	1,607,719

LIABILITIES AND STOCKHOLDERS’ INVESTMENT

Current liabilities:
Accounts payable	$	105,348			$	86,646
Wages and amounts withheld from employees		40,529				54,629
Taxes, other than income taxes		8,211				9,307
Accrued income taxes		12,153				14,357
Other current liabilities		44,686				40,815
Current maturities on long-term debt		61,264				61,264

Total current liabilities		272,191				267,018

Long-term obligations, less current maturities		259,729				254,944

Other liabilities		78,538				76,404

Total liabilities		610,458				598,366

Stockholders’ investment:
Common stock:
Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively and outstanding 47,563,704 and\n47,630,926 shares, respectively		513				513
Class B voting common stock—Issued and outstanding, 3,538,628 shares		35				35
Additional paid-in capital		314,896				313,008
Earnings retained in the business		749,773				732,290
Treasury stock—3,387,783 and 3,245,561 shares, respectively of Class A nonvoting common stock, at cost		(93,535	)			(92,600	)
Accumulated other comprehensive income		72,178				59,411
Other		(2,894	)			(3,304	)

Total stockholders’ investment		1,040,966				1,009,353

Total	$	1,651,424			$	1,607,719

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BRADY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)


	(Unaudited)
	Three Months Ended
	October 31,
	2012			2011
Operating activities:
Net income	$	27,188			$	32,732
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		10,675				11,241
Deferred income taxes		(109	)			4,399
Non-cash portion of stock-based compensation expense		4,399				3,591
Loss (gain) on sales of businesses		3,138				—
Changes in operating assets and liabilities (net of effects of business acquisitions/divestitures):
Accounts receivable		(18,426	)			(7,798	)
Inventories		(8,141	)			(7,156	)
Prepaid expenses and other assets		(2,710	)			(7,384	)
Accounts payable and accrued liabilities		6,752				(21,814	)
Income taxes		(2,548	)			7,470

Net cash provided by operating activities		20,218				15,281
Investing activities:
Purchases of property, plant and equipment		(6,177	)			(5,817	)
Settlement of net investment hedges		—				(958	)
Sales of businesses, net of cash retained		10,178				—
Other		(70	)			(233	)

Net cash provided by (used in) investing activities		3,931				(7,008	)

Financing activities:
Payment of dividends		(9,704	)			(9,690	)
Proceeds from issuance of common stock		1,684				683
Purchase of treasury stock		(5,121	)			(12,309	)
Income tax benefit from the exercise of stock options and deferred compensation distribution, and other		400				456

Net cash used in financing activities		(12,741	)			(20,860	)

Effect of exchange rate changes on cash		4,001				(5,790	)

Net increase (decrease) in cash and cash equivalents		15,409				(18,377	)
Cash and cash equivalents, beginning of period		305,900				389,971

Cash and cash equivalents, end of period	$	321,309			$	371,594

Supplemental disclosures:
Cash paid during the period for:
Interest, net of capitalized interest	$	4,953			$	6,082
Income taxes, net of refunds		12,199				5,825

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Information by regional segment for the three months ended October 31, 2012 and 2011 is as follows:\n


(in thousands)	Americas			EMEA			Asia-Pacific		Total Region		Corporate and Eliminations			Total
SALES TO EXTERNAL CUSTOMERS
Three months ended:
October 31, 2012	$	148,692			$	93,233		$	95,721		$	337,646				—		$	337,646
October 31, 2011	$	153,863			$	97,356		$	98,289		$	349,508				—		$	349,508

SALES GROWTH INFORMATION
Three months ended October 31, 2012:
Base		-0.7	%			-3.2	%		-2.5	%		-1.9	%			—			-1.9	%
Currency		-1.1	%			-5.7	%		-0.1	%		-2.1	%			—			-2.1	%
Acquisitions/Divestitures		-1.6	%			4.7	%		0.0	%		0.6	%			—			0.6	%

Total		-3.4	%			-4.2	%		-2.6	%		-3.4	%			—			-3.4	%

Three months ended October 31, 2011:
Base		5.7	%			3.7	%		-0.2	%		3.5	%			—			3.5	%
Currency		0.4	%			3.7	%		5.5	%		2.7	%			—			2.7	%
Acquisitions/Divestitures		-0.7	%			-1.6	%		2.1	%		-0.2	%			—			-0.2	%

Total		5.4	%			5.8	%		7.4	%		6.0	%			—			6.0	%

SEGMENT PROFIT (LOSS)
Three months ended:
October 31, 2012	$	44,633			$	23,567		$	12,055		$	80,255			$	(1,973	)	$	78,282
October 31, 2011	$	43,230			$	26,299		$	13,304		$	82,833			$	(3,263	)	$	79,570
Percentage increase (decrease)		3.2	%			-10.4	%		-9.4	%		-3.1	%						-1.6	%

NET INCOME RECONCILIATION (in thousands)


	Three months ended:
	October 31, 2012			October 31, 2011
Total profit for reportable segments	$	80,255			$	82,833
Corporate and eliminations		(1,973	)			(3,263	)
Unallocated amounts:
Administrative costs		(30,408	)			(30,480	)
Loss (gain) on sales of businesses		(3,438	)			—
Investment and other income (expense)		397				(202	)
Interest expense		(4,163	)			(5,047	)

Income before income taxes		40,670				43,841
Income taxes		(13,482	)			(11,109	)

Net income	$	27,188			$	32,732

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NON-GAAP MEASURES

(Dollars in Thousands, Except Per Share Amounts)

In accordance with the U.S. Securities and\nExchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure.

EBITDA:

Brady is presenting EBITDA\nbecause it is used by many of our investors and lenders, and is presented as a convenience to them. EBITDA represents net income before interest expense, income taxes, depreciation and amortization. EBITDA is not a calculation based on generally\naccepted accounting principles (\"GAAP\"). The amounts included in the EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Income data. EBITDA should not be considered as an alternative to net\nincome or operating income as an indicator of the Company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. The EBITDA measure presented may not always be comparable to similarly titled measures\nreported by other companies due to differences in the components of the calculation.


	Fiscal 2013
	Q1		Q2			Q3		Q4	Total
EBITDA:
Net income	$	27,188		$	—		$	—	$	—	$	27,188
Interest expense		4,163			—			—		—		4,163
Income taxes		13,482			—			—		—		13,482
Depreciation and amortization		10,675			—			—		—		10,675

EBITDA (non-GAAP measure)	$	55,508		$	—		$	—	$	—	$	55,508


	Fiscal 2012
	Q1		Q2			Q3		Q4	Total
EBITDA:
Net income (loss)	$	32,732		$	(89,954	)	$	27,652	$	11,659	$	(17,911	)
Interest expense		5,047			4,933			4,735		4,375		19,090
Income taxes		11,109			8,635			9,676		11,241		40,661
Depreciation and amortization		11,241			10,935			10,745		11,066		43,987
Impairment charge		—			115,688			—		—		115,688

EBITDA (non-GAAP measure)	$	60,129		$	50,237		$	52,808	$	38,341	$	201,515

Diluted Earnings Per Share Excluding Losses on the Sales of Businesses:

This is a measure of the Company’s diluted net earnings per share excluding current year losses on the sales of businesses. We do not view these\nitems to be part of our sustainable results. We believe this earnings per share measure provides an important perspective of underlying business trends and results and provides a more comparable measure of year-on-year earnings per share growth. The\ntable below provides a reconciliation of diluted earnings per share to diluted earnings per share excluding losses on the sales of businesses:

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	Three Months Ended October 31,
	2012		2011
Diluted Earnings per Share	$	0.53		$	0.62
Loss on the sale of Brady Medical		0.05			—
Loss on the sale of Varitronics		0.01			—

Diluted Earnings per Share Excluding Losses on the Sales of Businesses	$	0.59		$	0.62

All reconciling items are presented net of tax. Tax effects are calculated consistent with the nature of the underlying\ntransaction.

Net Income Excluding Losses on the Sales of Businesses:

This is a measure of the Company’s net income excluding current year losses on the sales of businesses. We do not view these items to be part of our sustainable results. We believe this net income\nmeasure provides an important perspective of underlying business trends and results and provides a more comparable measure of year-on-year net income growth. The table below provides a reconciliation of net income to net income excluding the losses\non the sales of businesses:

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	Three Months Ended October 31,
	2012		2011
Net Income	$	27,188		$	32,732
Loss on the sale of Brady Medical		2,577			—
Loss on the sale of Varitronics		638			—

Net Income Excluding Losses on the Sales of Businesses	$	30,403		$	32,732

All reconciling items are presented net of tax. Tax effects are calculated consistent\nwith the nature of the underlying transaction.

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\nEX-99.2\n\n \n

Exhibit 99.2

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F'13 - Q1 Financial Results November 15, 2012 November 15, 2012 BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS

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FORWARD-LOOKING STATEMENTS BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 2 In this presentation, statements that are not reported financial results or other historic information\nare \"forward-looking statements.\" These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash\nflows, and plans and objectives of management for future operations. The use of words such as \"may,\" \"will,\" \"expect,\" \"intend,\" \"estimate,\" \"anticipate,\" \"believe,\" \"should,\" \"project\" or \"plan\" or similar terminology are generally intended to\nidentify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady's control, that\ncould cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: the length or severity of the current worldwide economic downturn or timing or strength of a\nsubsequent recovery; increased usage of e-commerce allowing for ease of price transparency; future financial performance of major markets Brady serves, which include, without limitation, telecommunications, hard disk drive, manufacturing,\nelectrical, construction, laboratory, education, governmental, public utility, computer, and transportation; future competition; changes in the supply of, or price for, parts and components; increased price pressure from suppliers and customers;\nBrady's ability to retain significant contracts and customers; fluctuations in currency rates versus the U.S. dollar; risks associated with international operations; difficulties associated with exports; risks associated with obtaining governmental\napprovals and maintaining regulatory compliance; Brady's ability to develop and successfully market new products; difficulties in making and integrating acquisitions; risks associated with newly acquired businesses; risks associated with\nrestructuring plans; environmental, health and safety compliance costs and liabilities; technology changes and potential security violations to the Company's information technology systems; Brady's ability to maintain compliance with its debt\ncovenants; increase in our level of debt; potential write-offs of Brady's substantial intangible assets; unforeseen tax consequences; and numerous other matters of national, regional and global scale, including those of a political, economic,\nbusiness, competitive, and regulatory nature contained from time to time in Brady's U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the \"Risk Factors\" section within Item 1A of Part I of\nBrady's Form 10-K for the year ended July 31, 2012. These uncertainties may cause Brady's actual future results to be materially different than those expressed in its forward- looking statements. Brady does not undertake to update its\nforward-looking statements except as required by law.

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Q1 F'13 - FINANCIAL SUMMARY Net income down 16.9% to $27.2M vs. $32.7M in Q1 of F'12. Net Income, excluding the losses on the sales of Brady Medical and Varitronics** was\ndown 7.1% to $30.4M vs. $32.7M in Q1 of F'12. Diluted EPS down 14.5% to $0.53 in Q1 of F'13 vs. $0.62 in Q1 of F'12. Diluted EPS, excluding the losses on the sales of Brady Medical and Varitronics** was down 4.8% to $0.59 vs. $0.62 in Q1 of F'12.\nSales down 3.4% to $337.6M vs. $349.5M in Q1 of F'12. Organic sales down 1.9%, Fx decreased sales by 2.1%, and acquisitions, net of divestitures increased sales by 0.6%. Gross Profit Margin of 48.8% is up from 48.0% in Q1 F'12. SG&A expense of\n$108.3M or 32.1% of sales vs. $108.9M or 31.2% in Q1 of F'12. October 31, 2012 cash balance of $321M and debt balance of $321M. BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 3 ** Net Income, excluding the losses on the sales of Brady Medical and\nVaritronics and Diluted EPS, excluding the losses on the sales of Brady Medical and Varitronics are non-GAAP measures. See slides #17 and #18.

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F'13 GUIDANCE UNCHANGED BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 4 Diluted EPS $2.20 to $2.40 (Excluding after-tax restructuring charges and gains and losses on the sales of\nbusinesses) Guidance Assumptions: Full-year income tax rate in the mid-to-upper 20% range. Diluted share count consistent with that as of October 31, 2012. Foreign currency exchange rates as of October 31, 2012. Full-year depreciation and\namortization expense of approximately $45 million. Full-year capital expenditures of approximately $35 million. Free cash flow of approximately 100% - 120% of net income. In accordance with our normal practice, our guidance does not assume any\nacquisitions or dispositions. Brady Corporation's practice is to only change or reconfirm guidance in a public forum.

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SALES OVERVIEW Organic Sales 2% 10% 1% (0.6%) 3.5% (1.8%) (0.5%) (2.6%) (1.9%) BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 5 Q1 F'13 Sales Down 3.4%. (1.9%) Organic Sales\nDecline. 0.6% Growth from acquisitions, net of divestitures (2.1%) Decline due to currency translation. Americas - Growth in North American ID Solutions offset by weaknesses in Brazil. EMEA - Internal initiatives partially offsetting macro\nheadwinds. Asia - Mobile handset die-cut has improved, while the hard disk drive market and Australia have slowed. Q1 F'13 TOTAL COMPANY SALES: Q1 F'13 SALES COMMENTARY: SALES (Millions of USD)

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GROSS PROFIT MARGIN AND SG&A BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 6 GROSS PROFIT & GPM% (Millions of USD) SG&A & SG&A as % of SALES (Millions of\nUSD) GPM of 48.8% is up 80 bps from Q1 of F'12. Increased GPM driven by mix, productivity improvements, and strategic sourcing benefits. GROSS PROFIT MARGIN DRIVERS: SG&A down in absolute dollars from $108.9M in Q1 of F'12 to $108.3M in Q1 of\nF'13. SG&A up 90 basis points from 31.2% of sales in Q1 of F'12 to 32.1% of sales in Q1 of F'13. SG&A EXPENSE DRIVERS:

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NET INCOME* AND DILUTED EPS* Q1 F'13 diluted EPS down 14.5% to $0.53. Q1 F'13 diluted EPS, excluding the losses on the sales of Brady Medical and Varitronics was down 4.8% to\n$0.59. Improvements in Asia driving a rebound in net income when compared to Q4 of F'12. Benefits from restructuring being redeployed into initiatives to drive future organic growth and profit improvements. BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 7\nNET INCOME* (Millions of USD) DILUTED EPS (Class A Shares)* Q1 F'13 NET INCOME & DILUTED EPS: NET INCOME & DILUTED EPS DRIVERS: * Excludes $115.7M of non-cash impairment charges in Q2 of F'12.

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CASH GENERATION BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 8 Cash Flow from Operating Activities = $20.2M. Returned $9.7M to our shareholders in dividends. Acquired 188,167\nshares for $5.1M in Q1 of F'13. CASH BALANCE WALK (Millions of USD) CASH GENERATION - Q1 F'13:

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DEBT & EBITDA BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS NET DEBT / TTM EBITDA* October 31, 2012 Cash = $321M. October 31, 2012 Debt = $321M. STRONG BALANCE SHEET: 9 DEBT\n& TTM EBITDA* (Millions of USD) * See slide #16 for the calculation of EBITDA.

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Q1 F'13 - NEW PRODUCT LAUNCHES BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 10 Global Lock Out Procedure Field Application - Mobile software tool that provides on-line access to\nprocedures and signage to improve the efficiency and field engineer productivity to meet or exceed OSHA requirements.

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AMERICAS - Q1 F'13 SUMMARY Q1 F'12 Q1 F'13 Change Sales $ 153.9 $ 148.7 - 3.4% Segment Profit 43.2 44.6 + 3.2% Segment Profit % 28.1% 30.0% + 1.9 pts BRADY - FISCAL 2013 Q1\nFINANCIAL RESULTS 11 SALES & SEGMENT PROFIT % (Millions of USD) Q1 F'13 vs. Q1 F'12 PERFORMANCE Revenues down (3.4%): Organic = (0.7%) Fx = (1.1%) Dispositions = (1.6%) Growth in North American ID Solutions offset by softness in Brazil and\nDirect Marketing. Segment profit up 3.2%. Increased gross profit margin and selling cost containment. Q1 F'13 SUMMARY: Low single-digit organic growth driven by initiatives, particularly focused on growing market share. Flat Q2 as North American ID\nSolutions growth is offset by soft demand in Brazil and Direct Marketing. OUTLOOK:

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EMEA - Q1 F'13 SUMMARY Q1F'12 Q1 F'13 Change Sales $97.4 $ 93.2 - 4.2% Segment Profit 26.3 23.6 - 10.3% Segment Profit % 27.0% 25.3% - 1.7 pts BRADY - FISCAL 2013 Q1\nFINANCIAL RESULTS 12 SALES & SEGMENT PROFIT % (Millions of USD) Q1 F'13 vs. Q1 F'12 PERFORMANCE Revenues down (4.2%): Organic = (3.2%) Fx = (5.7%) Acquisitions, net of divestitures = 4.7% Growth in Central Europe, Middle East, and Africa as\nwell as growth from initiatives partially offsetting macro-economic weakness in continental Europe. Segment profit down 10.3% due primarily to currency and reduced organic sales. Q1 F'13 SUMMARY: Economic headwinds continue and are expected\nthroughout F'13. Reduced organic sales in Q2, with improvements in the second half of the fiscal year driven by growth initiatives and continued shifting of resources to higher growth opportunities. OUTLOOK:

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ASIA-PACIFIC - Q1 F'13 SUMMARY Q1 F'12 Q1 F'13 Change Sales $ 98.3 $ 95.7 - 2.6% Segment Profit 13.3 12.1 - 9.0% Segment Profit % 13.5% 12.6% - 0.9 pts BRADY - FISCAL 2013 Q1\nFINANCIAL RESULTS 13 SALES & SEGMENT PROFIT % (Millions of USD) Q1 F'13 vs. Q1 F'12 PERFORMANCE Revenues down (2.6%): Organic = (2.5%) Fx = (0.1%) Mobile handset die-cut business returned to growth. Hard disk drive die-cut business demand down.\nAustralia organic sales decline. Investing in Asian identification solutions business for future growth. Segment profit down 9.0%, reflecting declines in our hard disk drive business and Australia. Q1 F'13 SUMMARY: Challenging Q2 due to weaknesses\nin Australia and the hard disk drive business in Thailand. Increasing organic sales growth in Q4 driven by easier comparables to F'12. OUTLOOK:

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INVESTOR RELATIONS Brady Contact: Aaron Pearce Investor Relations 414-438-6895 Aaron_Pearce@Bradycorp.com See our web site at www.investor.bradycorp.com BRADY - FISCAL 2013\nQ1 FINANCIAL RESULTS 14

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INCOME STATEMENTS BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 15 COMPARABLE INCOME STATEMENT (Millions of USD)

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EBITDA RECONCILIATION BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 16 EBITDA (Millions of USD)

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Diluted EPS, Excluding Losses on the Sales of Businesses BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 17 Reconciliation of Diluted EPS, Excluding Losses on the Sales of Brady\nMedical and Varitronics:

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Net Income, Excluding Losses on the Sales of Businesses BRADY - FISCAL 2013 Q1 FINANCIAL RESULTS 18 Reconciliation of Net income, Excluding Losses on the Sales of Brady\nMedical and Varitronics ('000s of USD):

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