Brady Corporation sales fall 1.9%
Brady Corporation reported sales for the fiscal 2012 third quarter were down 1.9 percent to $331.6 million.
Sales increased 1.9 percent in the Americas, decreased 1.2 percent in the Asia-Pacific region, and decreased 3.3 percent in Europe.
Net income in the fiscal 2012 third quarter was $27.7 million compared to $28.6 million in the same quarter last year.
“During the quarter, our revenues were below our internal expectation, but profitability was maintained through reductions in selling, general, and administrative expenses, including reduced incentive compensation,” said Brady’s president and chief executive officer, Frank M. Jaehnert. “After quarter-end, we completed two acquisitions for a purchase price of approximately $36 million. These two acquisitions, Pervaco AS in Norway and Runelandhs Försäljnings AB in Sweden expand our presence in the Scandanavian region, which is an under-penetrated market for Brady. We also announced the acquisition of Grafo Wiremarkers Africa (Pty) Ltd in South Africa during the third quarter, which is our first acquisition on the African continent.”
Sales for the nine-month period ended April 30 were up 0.5 percent to $1.002 billion compared to $0.996 billion in the same period last year. For the period, the company reported a loss of $29.6 million compared to income of $79.1 million in the same period in fiscal 2011.
INDUSTRIAL SUPPLY MAGAZINE
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