Brady Corporation Increases F’04 Guidance Due to Solid Core Sales Growth in Its Fiscal Third Quarter, and Provides Preliminary F’05 Guidance
MILWAUKEE–(BUSINESS WIRE)–April 14, 2004
Brady Corporation (NYSE:BRC), a world leader in identification products announced today that due to solid sales growth in its core business, it is increasing guidance for fiscal 2004 to $640 to $660 million in sales with net income of $43 to $45 million after previously announced restructuring charges of $3 million pretax.
“We are beginning to see solid base growth in the Americas and Europe on top of continued strength in Asia Pacific and are hopeful that these trends continue,” said Brady President and Chief Executive Officer Frank M. Jaehnert.
“Our third quarter, ending April 30, is traditionally the strongest of the year and we expect net income of around $15 million in the quarter,” said David Mathieson, Brady vice president and chief financial officer. “We are also taking this opportunity to provide preliminary fiscal 2005 guidance of $670 to $690 million in sales and $50 to $52 million in net income. This guidance assumes that the economy continues to recover and we have stable exchange rates. Our estimates for fiscal 2004 and 2005 do not include our recently announced agreement to acquire Emed Co. which is expected to close in the fourth quarter ending July 31.”
Brady will announce its third quarter results on May 18.
Brady is an international manufacturer and marketer of identification and materials solutions, with products including labels, signs precision die-cut materials, printing systems, software, and label-application and data-collection systems for electronics, telecommunications, manufacturing, electrical and a variety of other markets. Founded in 1914, Brady is headquartered in Milwaukee and employs about 3,500 people in operations in the United States, Europe, Asia/pacific, Latin America and Canada. More information is available on the Internet at www.bradycorp.com.
This news release contains forward-looking information, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking information in this release involves risks and uncertainties, including, but not limited to, domestic and international economic conditions and growth rates; fluctuations in currency exchange rates for international currencies versus the U.S. Dollar; the successful implementation of a new enterprise-resource-planning system; the ability of the company to acquire, integrate and achieve anticipated synergies from new businesses; the ability of the company to adjust its cost structure to changes in levels of sales and product mix in a timely manner; variations in the economic or political conditions in the countries in which the company does business; technology changes; and the continued availability of sources of supply. Brady cautions that forward-looking statements are not guarantees, since there are inherent difficulties in predicting future results, and that actual results could differ materially from those expressed or implied in forward-looking statements.
COPYRIGHT 2004 Business Wire
COPYRIGHT 2004 Gale Group