Brady Corp. sales fall 2.6 percent
Brady Corporation said its sales for the fiscal 2012 second quarter were down 2.6 percent to $320.6 million compared to $329.0 million in the second quarter of fiscal 2011.
By segment, organic sales increased 2.9 percent in the Americas, declined 5.7 percent in Europe and declined 4.4 percent in the Asia-Pacific region.
The company reported a loss of $90.0 million for the quarter, compared with net income of $24.2 million in the same quarter last year. The loss stemmed from a write-down of $115.7 million in the value of several businesses that Brady acquired in Asia over the past several years.
“This month we began the process of splitting our Asia business into two dedicated teams - one team to focus on our die-cut business and the other team to focus on our MRO and identification businesses. This change should help increase our focus on both businesses as we work to accelerate the growth of our MRO business and improve growth and profitability of our die-cut business,” said Brady’s president and CEO Frank M. Jaehnert.
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.
