$NDSN
NORDSON CORP

2014 Q3 Form 10-Q Financial Statement

#000119312514331480 Filed on September 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $458.6M $403.0M
YoY Change 13.8% 6.08%
Cost Of Revenue $201.0M $177.9M
YoY Change 13.02% 13.54%
Gross Profit $257.5M $225.1M
YoY Change 14.41% 0.84%
Gross Profit Margin 56.16% 55.86%
Selling, General & Admin $143.1M $131.9M
YoY Change 8.49% 5.87%
% of Gross Profit 55.55% 58.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.60M $13.40M
YoY Change 8.96% 41.05%
% of Gross Profit 5.67% 5.95%
Operating Expenses $143.1M $131.9M
YoY Change 8.49% 5.87%
Operating Profit $114.5M $93.22M
YoY Change 22.78% -5.4%
Interest Expense $3.810M $3.353M
YoY Change 13.63% 19.92%
% of Operating Profit 3.33% 3.6%
Other Income/Expense, Net -$3.909M -$542.0K
YoY Change 621.22% -84.07%
Pretax Income $110.5M $92.67M
YoY Change 19.28% -2.59%
Income Tax $32.67M $27.25M
% Of Pretax Income 29.55% 29.4%
Net Earnings $77.88M $65.42M
YoY Change 19.04% -1.9%
Net Earnings / Revenue 16.98% 16.24%
Basic Earnings Per Share $1.23 $1.02
Diluted Earnings Per Share $1.21 $1.01
COMMON SHARES
Basic Shares Outstanding 63.48M shares 64.14M shares
Diluted Shares Outstanding 64.14M shares 64.85M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.20M $75.40M
YoY Change -29.44% 40.67%
Cash & Equivalents $53.22M $75.37M
Short-Term Investments $0.00
Other Short-Term Assets $58.00M $54.60M
YoY Change 6.23% 13.51%
Inventory $210.4M $183.9M
Prepaid Expenses $28.20M $22.98M
Receivables $358.2M $295.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $679.8M $608.9M
YoY Change 11.65% 4.57%
LONG-TERM ASSETS
Property, Plant & Equipment $209.3M $189.2M
YoY Change 10.63% 8.66%
Goodwill $937.1M $818.2M
YoY Change 14.54%
Intangibles $210.3M
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.15M $28.11M
YoY Change 17.91% 5.29%
Total Long-Term Assets $1.430B $1.246B
YoY Change 14.76% 2.97%
TOTAL ASSETS
Total Short-Term Assets $679.8M $608.9M
Total Long-Term Assets $1.430B $1.246B
Total Assets $2.109B $1.855B
YoY Change 13.74% 3.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.27M $60.56M
YoY Change 9.43% 5.14%
Accrued Expenses $112.2M $104.4M
YoY Change 7.52% -5.64%
Deferred Revenue
YoY Change
Short-Term Debt $9.400M $5.100M
YoY Change 84.31% -89.8%
Long-Term Debt Due $10.76M $5.668M
YoY Change 89.75% -90.57%
Total Short-Term Liabilities $260.1M $222.4M
YoY Change 16.93% -33.51%
LONG-TERM LIABILITIES
Long-Term Debt $612.4M $548.2M
YoY Change 11.7% -6.76%
Other Long-Term Liabilities $41.31M $32.36M
YoY Change 27.66% -85.8%
Total Long-Term Liabilities $653.7M $580.6M
YoY Change 12.59% -28.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $260.1M $222.4M
Total Long-Term Liabilities $653.7M $580.6M
Total Liabilities $913.7M $803.0M
YoY Change 13.79% -31.79%
SHAREHOLDERS EQUITY
Retained Earnings $1.503B $1.314B
YoY Change 14.33%
Common Stock $334.7M $311.4M
YoY Change 7.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $823.0M $730.4M
YoY Change 12.68%
Treasury Stock Shares
Shareholders Equity $958.8M $789.6M
YoY Change
Total Liabilities & Shareholders Equity $2.109B $1.855B
YoY Change 13.74% 3.49%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $77.88M $65.42M
YoY Change 19.04% -1.9%
Depreciation, Depletion And Amortization $14.60M $13.40M
YoY Change 8.96% 41.05%
Cash From Operating Activities $80.80M $92.00M
YoY Change -12.17% 17.05%
INVESTING ACTIVITIES
Capital Expenditures -$11.40M -$10.90M
YoY Change 4.59% 51.39%
Acquisitions
YoY Change
Other Investing Activities -$700.0K $3.700M
YoY Change -118.92% -100.91%
Cash From Investing Activities -$12.10M -$7.100M
YoY Change 70.42% -98.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -64.30M -71.10M
YoY Change -9.56% -121.53%
NET CHANGE
Cash From Operating Activities 80.80M 92.00M
Cash From Investing Activities -12.10M -7.100M
Cash From Financing Activities -64.30M -71.10M
Net Change In Cash 4.400M 13.80M
YoY Change -68.12% -592.86%
FREE CASH FLOW
Cash From Operating Activities $80.80M $92.00M
Capital Expenditures -$11.40M -$10.90M
Free Cash Flow $92.20M $102.9M
YoY Change -10.4% 19.93%

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NORDSON CORP
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <table style="FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>2.</b></font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>Recently issued accounting standards</b></font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-LEFT: 62px; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">In July 2013, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued an Accounting Standards Update (ASU) which requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry forward that would apply in settlement of uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carry forwards that would be utilized, rather than only against carry forwards that are created by the unrecognized tax benefits. The new guidance is effective prospectively to all existing unrecognized tax benefits, but entities can choose to apply it retrospectively. The guidance will be effective for us in our first quarter of 2015, with early adoption permitted. We do not believe the adoption of this ASU will have a material effect on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-LEFT: 62px; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">In May 2014, the FASB issued a new standard regarding revenue recognition. Under this standard, a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. It will be effective for us beginning in 2018, with early adoption not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the impact this standard will have on our consolidated financial statements.</font></p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <u>Use of estimates</u>. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual amounts could differ from these estimates.</p> </div>
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Product Warranty Accrual Warranties Issued
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44754000
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us-gaap Payments For Proceeds From Investments
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0
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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717000 shares
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EffectiveIncomeTaxRateContinuingOperations
0.294 pure
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WeightedAverageNumberOfDilutedSharesOutstanding
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-5133000
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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EffectOfExchangeRateOnCashAndCashEquivalents
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10917000
us-gaap Selling General And Administrative Expense
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CostOfGoodsAndServicesSold
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4127000
us-gaap Other Noncash Expense
OtherNoncashExpense
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6744000
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18790000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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10848000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
75153000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-2072000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-142430000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
-2813000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5870000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
278000
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-28512000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-5180000
us-gaap Costs And Expenses
CostsAndExpenses
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us-gaap Proceeds From Repayments Of Other Long Term Debt
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Share Based Compensation
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ndsn Change In Fair Value Of Balance Sheet Positions Denominated In Foreign Currencies
ChangeInFairValueOfBalanceSheetPositionsDenominatedInForeignCurrencies
2448000
ndsn Deferred Compensation Arrangement With Individual Employee Contribution Percentage Of Long Term Incentive Compensation Maximum
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ndsn Deferred Compensation Arrangement With Individual Employee Contribution Percentage Maximum
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CY2013Q3 ndsn Change In Fair Value Of Balance Sheet Positions Denominated In Foreign Currencies
ChangeInFairValueOfBalanceSheetPositionsDenominatedInForeignCurrencies
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CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.21
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2014Q3 us-gaap Gain Loss On Foreign Currency Derivatives Recorded In Earnings Net
GainLossOnForeignCurrencyDerivativesRecordedInEarningsNet
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CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
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OperatingIncomeLoss
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CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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InterestExpense
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CostOfGoodsAndServicesSold
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CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6150000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2014Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
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CY2014Q3 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-550000
CY2014Q3 ndsn Change In Fair Value Of Balance Sheet Positions Denominated In Foreign Currencies
ChangeInFairValueOfBalanceSheetPositionsDenominatedInForeignCurrencies
267000

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