BRADY’S 2009 FORM 10-K IS AVAILABLE IN ITS ENTIRETY .
Y E A R S E N D E D J U LY 3 120082009% CHANGE 1,523,016 1,208,702-20.6% 207,684 120,373-42.0% 132,188 70,122-47.0%10.3%6.4%-37.9%Class A Nonvoting 2.41 1.33-44.8%Class B Voting 2.39 1.31-45.2%13.6%10.0%—8.7%5.8%—(Dollars in thousands except per share amounts)RESULTS OF OPERATIONSNet SalesOperating IncomeNet IncomeReturn On Invested Capital1Net Income Per Diluted Common ShareOperating Income MarginNet Income MarginDear Fellow Shareholders,OTHER INFORMATIONWorking Capital 390,524 286,955-26.5%Total Debt 478,574 391,350-18.2%Stockholders’ Investment 1,021,808 951,092-6.9%Research & Development 40,607 34,181-15.8% 225,554 126,645-43.9%Capital Expenditures 26,407 24,027-9.0%Depreciation & Amortization 60,587 54,851-9.5%Acquisition Spend 29,346 ,66452,866,116-3.7%Cash Flow from OperationsDividend YieldTrailing 12 Months P/E RatioCurrent RatioWeighted Avg. Shares Outstanding (Diluted)Return on invested capital is calculated by taking net income plus tax-effected interest expense divided bythe average of the last five quarters short-term and long-term debt plus total stockholders’ investment.1 Fiscal 2009 was a very challenging year. We were off to a very good start; the firstquarter was the best quarter in the history of the company in terms of profit. But wecould already see big black clouds forming on the horizon in what turned out to bethe worst recession since the Great Depression.None of us, nor any economist, politician or business leader knew at that time howbad things could get. To ensure the future of the company and preserve profitabilityand cash flow we decided to act quickly and drastically adjusted our cost structure.The most painful decision we had to make was to reduce our global workforce byapproximately 25 percent, freeze salaries and wages, and cancel bonuses for everyonein the company. In addition we significantly cut back discretionary spending, workedwith suppliers to reduce purchase prices, reduced capital expenditures and workingcapital, and stopped making acquisitions.Our fast and aggressive actions to reduce our cost structure not only preserved profitability, cash flow and a strong balance sheet, but also allowed us to invest in multipleareas to strengthen the company’s competitive position. In particular, we maintainedor stepped up our investments in new product development, e-commerce, the BradyBusiness Performance System (BBPS) and several new software systems to increaseproductivity. You can read more about these investments in the following pages.As a sign of confidence in our continued financial strength, we also decided toincrease our dividend. This marks the 24th consecutive year of dividend increases.WHEN PERFORMANCE MATTERS MOST Brady Corporation is an international manufacturer and marketer of complete solutions that identifyand protect premises, products and people.Founded in 1914, the company is the provider of choice to more than 500,000 customers in electronics,telecommunications, manufacturing, electrical, construction, education, medical and a variety of otherindustries.The Company markets and sells its products domestically and internationally through multiple channelsincluding distributors, direct sales, mail-order catalogs, retail and the Internet.Brady’s reputation for innovation, commitment to quality and service, and dedicated employees havemade it a world leader in its markets.Our first priority continues to be creating long-term shareholder value, and our visionto be the market leader in all our businesses remains unchanged. As we look tofiscal 2010, we are excited about our prospects, our financial strength, our brands,the quality of our products and the commitment of our employees. We look into thefuture with confidence as we anticipate the investments we have made in 2009, andwill continue to make in 2010, will position us well for the eventual economic recovery.I thank you for your support.Frank M. JaehnertPresident and CEOBRADY’S 2009 FORM 10-K IS AVAILABLE IN ITS ENTIRETY ELECTRONICALLY AT WWW.INVESTOR.BRADYCORP.COM.PRINTED COPIES MAY BE REQUESTED DIRECTLY THROUGH BRADY’S INVESTOR RELATIONS DEPARTMENT BY CALLING(414) 438-6918 OR VIA E-MAIL AT INVESTOR@BRADYCORP.COM.BRADY 2009 ANNUAL REPORTBRADY 2009 ANNUAL REPORT2Brady is headquartered in Milwaukee, Wisconsin and has operations in the Americas, Europe andAsia-Pacific.In financial terms, we ended the year with sales of 1.209 billion, down 314 millionfrom last year, with net income of 90 million excluding restructuring charges ( 70million including restructuring charges), down 42 million from last year, with strongcash flow from operations of 127 million.3
IN TOUGH TIMES, SOME PEOPLE SIT TIGHT.WE INVEST FOR THE FUTURE.IN GOOD TIMES AND BAD, WE IDENTIFYAND PROTECT PREMISES, PRODUCTS, AND PEOPLE.Brady products are not your average labels, signs and die-cut parts. These products perform no matter what –in extreme manufacturing temperatures, in chemicals and weather exposure, some even in electrical blackouts– providing critical information that protects premises, products and people, whenever and wherever it’s needed.And Brady sets the standard for precision, quality, durability and reliability.PRODUCTSBrady Facility ID and Safety products thathelp customers create and maintain saferwork environments and comply withregulatory standards, including signs,labels, lockout/tagout devices, pipe andvalve tags, and sorbents; Brady IDproducts for marking wires and cables,patch panels, outlets and faceplates; andBrady ID Systems including handheld andbenchtop printers, software and supplies.High-Performance Identification productsdesigned to withstand even the harshestenvironments, including bar-code labels,water-indicating labels, brand-protectionlabels, RFID labels and tags, and laboratoryidentification; labels and sleeves for wireidentification in aerospace, defense andmass transit applications; and precisiondie-cut parts including die-cut adhesives,gaskets, seals, EMR/RFI shields, dampers,back light, anti-splinter films, antennae,meshes, felt insulators, thermal management solutions, and application equipment.BRADY LEADERSHIP:Brady Celebrates10 Years on the NYSEINVESTMENT IN REDEFINING AQUISITION STRATEGYINVESTMENT IN EQUIPMENTBBPS:E-BUSINESS:INVESTMENT IN GLOBAL PROCESSESINVESTMENT IN REACHING MORE CUSTOMERSIn fiscal 2009, Brady took advantage of a slowdownin acquisition activity to prepare and plan for futuregrowth. The company engaged in comprehensiveresearch to identify the most attractive futureacquisitions by understanding global market trendswhere Brady’s core competencies could be bestleveraged. Brady also invested in capabilities andtalent that compliment the organization’s regionalapproach with a more global view and refreshedBrady’s acquisition strategy with a new, highlysystematic and disciplined process.Despite an unprecedented economic slowdown,Brady made capital investments of nearly 24 millionat its facilities around the world, including purchasinga new Flexo 6-color press for custom printing, whichexpanded capacity leading to new orders for specialtyproducts including anti-counterfeiting labels.PEOPLEPeople Identification products andaccessories that enhance securityincluding name badges, employeeID cards, time-expiring badges,lanyards, badge holders and reels,visitor management software, printersand hardware; and precision die-cutproducts including test strips, electrodes,drug delivery and wound care materialsthat help ensure accuracy andeffectiveness in research and medicalapplications.The Brady Business Performance System,introduced last year, incorporates a focus on strategy,an emphasis on building organizational effectiveness,and Lean principles for a systematic approach toeliminating waste throughout the company. Since itslaunch, BBPS has become the new way Brady works.Equally important was the global roll-out of StrategyDeployment, a comprehensive series of planning andimplementation events designed to achieve strategic,long-term breakthrough objectives that go beyondhistorical measures.Brady continued to invest inchanging the way customersinteract and access Brady onthe Web. By focusing on multichannel marketing including telemarketing and e-mailcampaigns, and search engine optimization, Brady isusing e-business to expand the customer base byproviding more buying options. Recent launchesinclude 48 design-your-own applications and 7successful SAP go-lives.PRODUCTIVITY IMPROVEMENTS:INVESTMENT IN SOFTWARE SYSTEMS AND PROGRAMSBrady invested in new software systems andimplemented new processes to improve productivity,enhance efficiency, and lower costs in areas likeaccounts receivable, human resources and salesmanagement. “Salesforce.com” for standardized andimproved sales pipeline management “Workday” for standardizing and automatinghuman resource transactions “Get Paid” for better managed accountsreceivable and faster ADYBRADY 2009 ANNUAL REPORT4Frank Jaehnert (center) rings the bell to open trading for the day at theNYSE. Joining Frank in the celebration are (left to right) Board MemberPatrick Allender; Board Member Bradley Richardson; Vice President,Treasurer and Director of Investor Relations Barb Bolens; Board SecretaryHoyt Stastney; Chief Financial Officer Tom Felmer; Board Member ConradGoodkind; Board Member Robert Buchanan; Frank Jaehnert; NYSEExecutive Vice President Scott Cutler; Board Member Elizabeth Pungello;Board Member Frank Jarc; Board Member Chan Galbato; Executive AssistantGail Hahn; Board Member Richard Bemis; and Board Member Frank Harris.CAPITAL EXPENDITURES:Mark Andy XP5000PREMISESDRIVING GROWTH:5
THE ECONOMY MAY HAVE SLOWED DOWN,BUT OUR NEW PRODUCT DEVELOPMENT ACCELERATED.WHILE OTHER COMPANIES WERE LOOKING FOR A WAY TOSURVIVE, WE STARTED WORKING ON WAYS TO SUSTAIN.Brady continued to invest in research and development ofproprietary products in fiscal 2009. The function has madesignificant progress in reducing new product developmentcycle time, expanding the pipeline of new products to belaunched in fiscal 2010 and beyond, and increasing globalcapacity to service customer needs and deliver cutting-edgeproducts.NEW PRODUCTS DEVELOPED IN FISCAL 2009 INCLUDE- an enhanced line of PermaSleeve wire markers thatare fully RoHS (Restriction of HazardousSubstances) compliant. RoHS regulationswere established both in the EuropeanUnion and in China to restrict certain heavymetals in electronic products in order toreduce groundwater contamination causedby disposed electronics in landfills.- BMP 21 portable printer for wire identification and generallabeling offering a broad selection of specialized labelingmaterials- a new version of Brady’s popularPowermark printer for the Chinesesafety and facility identification market- LabelMark Pro 5 softwarefor advanced OEM labeldesign & printingSTRATEGY FOR SUSTAINABILITYSustainability has been defined as meeting today’sneeds without compromising the ability to do so in thefuture. While it is often linked to environmental or “green”initiatives, it is really more than that. Good sustainabilityprograms not only benefit the environment and society,but also yield positive shareholder value, and are simplythe right thing to do. Brady introduced its framework forsustainability in fiscal 2009.SUSTAINABLE COMPANY: IMPROVING OUR ENVIRONMENTAL FOOTPRINTg Improving energy efficiency practices to reduce CO2 emissionsg Significant waste reduction in all business areasg Reducing power consumption with energy efficiency projects, and reducing paper consumption For example, in fiscal 2009, by replacing aging air-cooled chillers in one of Brady’s Milwaukee facilities,energy consumption was reduced by more than 1 million kilowatt hours, and 1,250 lbs. of refrigerant wasreplaced with a more environmentally-friendly coolantSUSTAINABLE CUSTOMERS: WORKING TO MEET THE NEEDS OF OUR CUSTOMERSg Supporting customers’ sustainability efforts with products and services designed for positive environmentalimpact, and that meet recognized standards for materials content and environmentally conscious designSUSTAINABLE COMMUNITIES: A DEDICATION TO BUILDING COMMUNITY PARTNERSHIPSg Investing in community organizations and programs with a focus on leadership development and educationg Continuing to provide safe workplaces globallyINVESTMENT IN RESEARCHAND DEVELOPMENT (as a % of sales)3.03.13.02.62.72.82.5FROM OLD NEWSPAPERS TO NEWECO-FRIENDLY PRODUCTS2.01.51.0‘05‘07‘08‘09Brady’s and SPC’s new Re-Form Eco-Friendly Sorbents,used by customers to contain leaks and absorb spills,are made from a minimum of 80 percent recycledcellulose including newsprint. Bradyemployees provide post-consumerwaste by donating old newspapersthat would otherwise end upin landfills.Brady employees volunteer to mentor students fromClarke Street School in Milwaukee where the BradyCorporation Foundation has pledged 500,000 tofund college educations upon high school graduationfor second-grade students.Brady has also donated more than 1 million in products, includingthe VariQuest Visual Learning Toolsto schools and community groupsthroughout the country.BRADY 2009 ANNUAL REPORTBRADY 2009 ANNUAL REPORT6‘06EXPANDING R&D CENTERS IN ASIA:Product growth opportunities continue in the Asia/Pacificregion and Brady will be there with enhanced Researchand Development support for innovation with a new BradyInnovation Center in Beijing, China, and a new materialsand systems engineering laboratory in Singapore to openin fiscal 2010. NURTURING TOMORROW’S LEADERS7
2009 REGIONAL REVIEWBRADY AMERICASBRADY EUROPESALESIN ARISON OF 25 YEAR CUMULATIVE TOTAL RETURN** 1000 invested on 7/31/84 in stock or index-including reinvestment of dividends. Fiscal year ending July 31.30,000.56 250.441190.10‘05 ‘06 ‘07 ‘08 ‘09 Effective October 10, 2009, Brady increased itsannual dividend by 3% to 0.70 per share.012760%1,0221000891951S&P SMALLCAP 600600‘05 ‘06 ‘07 ‘08 ‘09Cash flow in fiscal ‘09 was 181% ofnet income.053.151.6‘05 ‘06 ‘07 ‘08 ‘09Excluding pretax restructuring charges of 25.8 million, operating income in fiscal ‘09was 12.1% of sales.SELLING, GENERAL & ADMINISTRATIVEAS A % OF 497BRADY 2009 ANNUAL REPORT4000 1000 invested in BRC in 1984 was worth 26,400 on 7/31/09 when dividends are reinvested.Copyright 2009, Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved.10.0274684 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 0913.64800012.66AS A % OF SALES 1,20015.48GROSS MARGININ MILLIONS5,00011513650015.010100SHAREHOLDERS’ EQUITY10,000141215020,00015,00016%226200Dividend amounts restated for 100% stockdividend effective December 31, 2004.25,000AS A % OF SALESIN MILLIONS0.208.06OPERATING INCOMECASH FLOW FROM OPERATIONS.600.30RUSSELL 20005.8ANNUALLY PER SHARE0.40S&P 50010DIVIDEND HISTORY0.60BRADY12.7‘05 ‘06 ‘07 ‘08 ‘090REGIONAL SALES16.0‘05 ‘06 ‘07 ‘08 ‘09 Fiscal 2009 includes 20.2 million of after taxrestructuring charges.430‘0930%0 0.70‘08IN PERCENT5849‘05 ‘06 ‘07 ‘08 ‘09ACQUISITION 05-15%82404010084-10%60IN MILLIONS, PRE-TAX15010970600SEGMENT PROFIT 6060‘07‘09 1809060‘06‘08IN MILLIONS, PRE-TAX98‘05‘07SEGMENT PROFIT158 1012004.20%1201,3631000200100‘09IN MILLIONS, PRE-TAX3072501500SEGMENT PROFIT0417319336132 1301,523140035930010010090497200IN MILLIONSIN MILLIONS9.25.75%NET INCOMENET SALES 1600 35030010%NET INCOME IN FISCAL ‘09 DECLINED 47% TO 70 MILLION.NET SALES IN FISCAL ‘09 DECLINED 21% TO 1.209 BILLION.IN MILLIONSSALES 5002000BRADY ASIA-PACIFICIN MILLIONS610500IN PERCENTSALES 700600ORGANIC GROWTH20000‘05 ‘06 ‘07 ‘08 ‘09‘05 ‘06 ‘07 ‘08 ‘09Excluding restructuring charges in fiscal ‘09,SG&A was 30.7% of sales.‘05 ‘06 ‘07 ‘08 ‘091
FINANCIAL REVIEW(DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)Years ended July 31, 1999 through 20091999200020012002200322004220052006200720082009 479,025 550,664 545,944 516,962 554,866 671,219 816,447 1,018,436 1,362,631 1,523,016 8%11.8%-20.6%Cost of product 171492,681705,587778,821631,119Gross 746338,796449,103495,904397,180OPERATING DATANet SalesSales Growth %Gross Margin %Operating expenses:Research and developmentSelling, general and administrativeRestructuring charge - 9,239485,057536,511457,210Operating 56,516171,987207,684120,373% of 6%10.0%Investment and other income - ,800Interest 31)(22,934)(26,385)(24,901)Net other 99927,150 39,584 47,201 27,546 28,253 21,420 50,871 81,947 104,175 109,388 132,188 8%Class A Nonvoting 0.87 1.03 0.59 0.60 0.46 1.07 1.64 2.07 2.00 2.41 1.33Class B Voting 0.85 1.01 0.58 0.59 0.44 1.05 1.63 2.05 1.98 2.39 1.31Class A Common Stock 0.32 0.34 0.36 0.38 0.40 0.42 0.44 0.52 0.56 0.60 0.68Class B Common Stock 0.31 0.33 0.35 0.37 0.39 0.40 0.42 0.50 0.54 0.58 0.66 129,884 116,084 123,830 135,764 123,878 131,706 141,560 240,537 303,359 390,524 50,1471,365,1861,698,8571,850,5131,583,267Total operating expensesOther income and (expense):Income before income taxesIncome taxesNet income% of SalesNet income per Common Share (Diluted):1Cash dividends on:1Balance Sheet (at July 31)Working CapitalTotal AssetsLong-term Obligations, Less Current MaturitiesStockholders’ 951,092Restated for 100% stock dividend effective December 31, 2004.Certain 2003 and 2004 items have been reclassified to conform with 2005 presentation.2009 ANNUAL REPORT3
Management’s Discussion and Analysis ofFinancial Condition and Results of OperationsOverviewIn fiscal 2009, the Company posted sales of 1,208.7 millionand net income of 70.1 million, a decrease of 20.6% and47.0%, respectively, from fiscal 2008. Of the 20.6% decrease insales, organic sales declined 16.4%, the effects of fluctuationsin the exchange rates used to translate financial results intothe United States dollar reduced sales by 4.8%, partially offsetby a 0.6% increase from acquisitions. Regionally, sales in theAmericas, Europe, and Asia-Pacific decreased 19.9%, 26.1%,and 14.5%, respectively.Net income for fiscal 2009 declined 47.0% to 70.1 million or 1.33 per diluted share of Class A Common Stock, comparedto 132.2 million, or 2.41 per diluted share of Class ACommon Stock in fiscal 2008. Fiscal 2009 net income beforerestructuring related expenses was 90.3 million, or 1.71 perdiluted share of Class A Common Stock.In fiscal 2009, the Company generated 126.6 million ofcash from operations, a decrease of 98.9 million from theprior fiscal year. The decrease was the result of decreasednet income as discussed above and the increase in workingcapital. The increase in working capital was due to thedecrease in other current liabilities resulting from the cashpayment of the fiscal 2008 bonus and the elimination of thefiscal 2009 bonus accrual, offset by decreases in inventory andaccounts receivable.Results of OperationsYear Ended July 31, 2009, Compared to Year Ended July 31,2008The comparability of the operating results for the fiscal yearsended July 31, 2009 to July 31, 2008, has been impacted by theannualized impact of the following acquisitions completed infiscal 2008.Acquisitions:Transposafe Systems B.V. and HollandMounting Systems B.V. (collectively“Transposafe”)DAWG, Inc. (“DAWG”)42009 ANNUAL REPORTSegment Date CompletedEuropeNovember 2007AmericasMarch 2008Fiscal 2009 sales decreased 314.3 million, or 20.6% fromfiscal 2008. Organic sales, defined as sales in the Company’sexisting core businesses and regions (exclusive of acquisitionsowned less than one year and foreign currency translationeffects), were down 16.4% compared to fiscal 2008. Thedecrease in organic sales was primarily due to the effects ofthe economic downturn in fiscal 2009. The acquisitions listedabove increased sales by 9.0 million or 0.6% in fiscal 2009.Fluctuations in the exchange rates used to translate financialresults into the United States Dollar decreased sales by 73.2million or 4.8% for the year.Interest expense decreased to 24.9 million from 26.4 million for fiscal 2009 as compared to fiscal 2008. In fiscal 2009, theCompany repaid approximately 87.2 million of debt. As a result of the lower principle balance under the related debt agreement,the Company’s interest expense decreased as compared to the prior year.The gross margin as a percentage of sales decreased to 47.8%in fiscal 2009 from 48.9% in fiscal 2008. The decrease in grossmargin as a percentage of sales was primarily due to the salesdecline, partially offset by the result of cost reduction actionstaken during fiscal 2008 and fiscal 2009.Year Ended July 31, 2008, Compared to Year Ended July 31, 2007Research and development expenses decreased to 34.2million in fiscal 2009 from 40.6 million in fiscal 2008, andincreased slightly as a percentage of sales in fiscal 2009 to2.8% compared to 2.7% in fiscal 2008, reflecting the reduceddiscretionary spending and the Company’s continuedcommitment to investing in new product development.Selling, general, and administrative (“SG&A”) expensesdecreased to 397.2 million in fiscal 2009 as comparedto 495.9 million in fiscal 2008. The decrease in SG&Aexpenses was primarily related to the savings resulting fromrestructuring activities that took place during fiscal 2009,a decline in discretionary spending, and reduced incentivecompensation expense compared to the prior year. As apercentage of sales, SG&A increased to 32.9% in fiscal 2009from 32.6% in fiscal 2008.Restructuring charges were 25.8 million during fiscal 2009.Additionally, 1.6 million of income tax expense was alsoincurred related to the anticipated repayment of certain taxholidays due to site consolidation actions. In response to theglobal economic downturn, the Company implemented a planto reduce its cost structure. During fiscal 2009, the Companyincurred costs related to the reduction of its workforce andfacility consolidations. Restructuring costs related primarilyto employee separation costs, consisting of severance pay,outplacement services, medical, and other related benefits forapproximately 25 percent of the Company’s workforce.Other income decreased 3.1 million in fiscal 2009 to 1.8million from 4.9 million in the prior year. The incomerecorded in fiscal 2009 and fiscal 2008 was primarily due tointerest income earned on cash and marketable securitiesinvestments. The 1.8 million of other income recorded infiscal 2009 consisted of 2.5 million of interest income and 0.9 million in foreign exchange gains, partially offset bythe 1.6 million loss of securities held in executive deferredcompensation plans. The decrease in interest income in fiscal2009 was the result of both lower interest rates and decreasedcash generated from the operating activities and loweraverage cash balances.The Company’s effective tax rate was 27.9% for fiscal 2009 as compared to 29.0% for fiscal 2008. The decreased tax rate in fiscal2009 was primarily due to decreased profits in higher tax countries.Net income for the fiscal year ended July 31, 2009, decreased 47% to 70.1 million, compared to 132.2 million for the fiscal yearended July 31, 2008, as a result of the factors noted above. Net income as a percentage of sales decreased to 5.8% from 8.7% forthe fiscal year ended July 31, 2009 compared the same period in the prior year. Diluted net income per share decreased 44.8% to 1.33 per share for fiscal 2009 compared to 2.41 per share for the fiscal year ended July 31, 2008. Fiscal 2009 net income beforerestructuring related expenses was 90.3 million, or 1.71 per diluted share of Class A Common Stock.The comparability of the operating results for the fiscal years ended July 31, 2008 to July 31, 2007, has been impacted by thefollowing acquisitions completed in fiscal 2008, as well as the annualized impact of the acquisitions completed in fiscal 2007.Acquisitions:Transposafe Systems B.V. and Holland Mounting Systems B.V. (collectively“Transposafe”)DAWG, Inc. (“DAWG”)SegmentDate CompletedEuropeNovember 2007AmericasMarch 2008Fiscal 2008 sales increased 160.4 million, or 11.8% from fiscal2007. Organic sales, defined as sales in the Company’s existingcore businesses and regions (exclusive of acquisitions ownedless than one year and foreign currency effects), were flatcompared to fiscal 2007. The acquisitions listed above and theannualized impact of the fiscal 2007 acquisitions increasedsales by 78.7 million or 5.8% in fiscal 2008 compared to fiscal2007. Fluctuations in the exchange rates used to translatefinancial results into the United States dollar resulted in a salesincrease of 81.7 million or 6.0% for the year.Investment and other income increased 2.0 million in fiscal2008 to 4.9 million from 2.9 million in the prior year. Theincome recorded in fiscal 2008 and fiscal 2007 was primarilydue to interest income earned on cash and marketablesecurities investments. The 4.9 million of investment andother income recorded in fiscal 2008 consisted of 5.9 millionof interest income, partially offset by 1.0 million in foreignexchange losses. The increase in interest income in fiscal 2008was the result of both increased net income and workingcapital initiatives that have increased cash balances.The gross margin as a percentage of sales increased to 48.9%in fiscal 2008 from 48.2% in fiscal 2007. The increase in grossmargin as a percentage of sales was primarily the result of costreduction actions taken during fiscal 2007 and fiscal 2008.Interest expense increased to 26.4 million from 22.9 millionfor fiscal 2008 as compared to fiscal 2007. The increase ininterest expense was mainly due to interest on the 150million private placement of senior notes that the Companycompleted in the third quarter of fiscal 2007.Research and development expenses increased to 40.6 millionin fiscal 2008 from 36.0 million in fiscal 2007, and increasedslightly as a percentage of sales in fiscal 2008 to 2.7% comparedto 2.6% in fiscal 2007, reflecting the Company’s continuedcommitment to investing in new product development.Selling, general, and administrative (“SG&A”) expensesincreased to 495.9 million in fiscal 2008 as compared to 449.1 million in fiscal 2007. The increase in SG&A expenseswas primarily the result of the effect of currencies andacquisitions made during fiscal 2007 and fiscal 2008. As apercentage of sales, SG&A decreased to 32.6% in fiscal 2008from 33.0% in fiscal 2007.The Company’s effective tax rate was 29.0% for fiscal 2008 ascompared to 28.0% for fiscal 2007. The increased tax rate infiscal 2008 was primarily due to increased profits in highertax countries.Net income for the fiscal year ended July 31, 2008, increased20.8% to 132.2 million, compared to 109.4 million for thefiscal year ended July 31, 2007, as a result of the factors notedabove. Diluted net income per share increased 20.5% to 2.41per share for fiscal 2008 compared to 2.00 per share for thefiscal year ended July 31, 2007.5
Business Segment Operating ResultsThe Company is organized and managed on a geographic basis by region. Each of these regions, Americas, Europe and AsiaPacific, has a President that reports directly to the Company’s chief operating decision maker, its Chief Executive Officer. Eachregion has its own distinct operations, is managed locally by its own management team, maintains its own financial reports andis evaluated based on regional segment profit. In applying the criteria set forth in Statement of Financial Accounting Standards(“SFAS”) No. 131 “Disclosures about Segments of an Enterprise and Related Information,” the Company has determined that theseregions comprise its reportable segments based on the information used by the Chief Executive Officer to allocate resources andassess performance. Segment results are as follows:Americas(Dollars in thousands)EuropeAsia-PacificTotal RegionsCorporate andEliminationsTotalCompanySALES TO EXTERNALCUSTOMERSYears ended:July 31, 2009 . . . . . . . . . . . . . . . . 534,440 367,156 307,106 1,208,702 — 1,208,702July 31, 2008 . . . . . . . . . . . . . . . .667,106496,715359,1951,523,016—1,523,016July 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(18.5) %(18.1) %(10.3) %(16.4) %—(16.4) %Currency. . . . . . . . . . . . . . . . . . . .(1.7) %(9.4) %(4.2) %(4.8) %—(4.8) %Acquisitions. . . . . . . . . . . . . . . . .0.3 %1.4 %0.0 %0.6 %—(0.6) %Total. . . . . . . . . . . . . . . . . . . . .(19.9) %(26.1) %(14.5) %(20.6) %—(20.6) %Organic. . . . . . . . . . . . . . . . . . . . .0.9 %(0.4) %(1.1) %0.0 %—0.0 %Currency. . . . . . . . . . . . . .
brady’s 2009 form 10-k is available in its entirety electronically at www.investor.bradycorp.com. printed copies may be requested directly through brady’s
Patrick M. Brady CIH, CSP BNSF Railway Company General Director, Hazardous 2500 Lou Menk Drive Materials Safety AOB -3 Fort Worth, TX 76131 817-352-3652 Patrick.Brady@bnsf.com June 22, 2020 Mr. Chad Hawkins Hazmat Rail Program Coordinator Office of the State Fire Marshall 3565 Trelstad Ave. SE Salem, OR 97317 503934-8212 Office 503-373-1825 Fax
Mr. & Mrs. Don Boyce Ed Bradley Felicia Brady James L. Brady Mr. & Mrs. Patrick E. Brady . Carolyn T. Daw James J. Daw Jr. Anonymous Mr. & Mrs. Sidney de Picciotto . CPA Virginia S.
ren Magneten hatte der Motor aber keine grosse Leistung, aber er funktio-nierte, so dass das Konzept grund-sätzlich bewiesen war. Exklusiv aus der Haft: Mike Brady von Perendev über die Gründe seiner Inhaftierung Mike Brady mit einem Modell seines Magnetmotors in seiner Werkstatt in Südafrika (2002), mit Sterling D. Allen (und Bradys .
Red Kayak Study Guide page 3 Chapters Sixteen–Nineteen 1. Why does Brady cry? 2. What is Mrs. DiAngelo’s reaction to the cleaned-out boathouse? 3. What “cruel thing” does Brady say to Digger? Why does he say it? 4. Why is there a police car at Digger’s house? 5. What ceremony does Digger miss? 6. For what does J.T. thank Brady? 7.
4. Choose the print driver you want to delete, then click Remove and Yes to confirm the deletion. 5. Repeat Steps 2-4 to delete all Brady print drivers. 6. When all of the print drivers are deleted, reboot your computer. To install new Brady print drivers: A standard Windows setup wizard gu
Brady Bunch Quarterback Who Came to Dinner, The William Johnston 4 Brady Bunch Showdown at the P.T.A. Corral William Johnston 4 Brady Bunch Treasure of Mystery Island, The Jack Matcha 4 Bridget Loves Bernie Bridget Loves Bernie Paul Fairman 4 Buck Rogers In the 25th Century Addison E. Steel
Manual del usuario para los siguientes productos: Exención de responsabilidad Este manual es propiedad de Brady Worldwide, Inc. (en adelante, "Brady") y puede ser revisado oportunamente sin aviso previo. Brady renuncia a todo acuerdo para proporcionarle tales revisiones, si hubiere. Este manual está protegido con todos los derechos .
Human Factors and Usability Engineering – Guidance on the regulation of Medical Devices Including Drug-device Combination Products in Great Britain Version 2.0 January 2021 . Human Factors and Usability Engineering – Guidance for Medical Devices Including Drug-device Combination Products MHRA September 2017 v1.0 Page 2 of 35 Contents 1 Introduction and context . 4 2 The regulatory .
