Brady reports loss
Brady Corporation reported that sales for the fiscal 2012 fourth quarter were down 6.0 percent to $322.5 million compared to $343.1 million in the fourth quarter of fiscal 2011.
Net income in the quarter was down 60.6 percent to $11.7 million, or 22 cents per share, compared to $29.6 million, or 55 cents per share, in the same quarter last year.
Sales for the year were down 1.1 percent to $1.32 billion compared to $1.34 billion for 2011. Net loss for the year was $17.9 million compared to net income of $108.7 million in 2011.
“In the fourth quarter of fiscal 2012 we were pleased with our organic sales growth in the Americas and EMEA regions, despite a continued challenging economy. Our performance in Asia-Pacific was weaker than expected due to increased market competitiveness, particularly in the mobile handset industry," said Brady’s president and chief executive officer, Frank M. Jaehnert.
He added that the company recently sold its medical die-cut business in the U.S. and its paper-label business, Etimark in Germany. "Looking forward, we expect continued moderate organic growth in the Americas, a challenging economic environment in Europe, and improving results in Asia-Pacific due to our restructuring activities and some recent customer wins there,” he said.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
