Nordson announces record Q3 sales, net income as EPS increases 81%

Nordson Corporation (Nasdaq: NDSN) announced record sales, net income and earnings per share for its third quarter, which ended August 1, 2004. Net income grew to $17.3 million, which nearly doubles the $8.7 million earned in the prior year. Diluted earnings per share were $.47 compared with $.26 for the third quarter of 2003, an increase of 81 percent.

Worldwide sales for the third quarter reached a record $198 million, a 19 percent increase over sales of $166 million for the same period of 2003. Volume gains were 16 percent, with the remainder of the increase traced to currency effects associated with a weaker U.S. dollar.

Third-quarter sales volume for the company's advanced technology segment grew 26 percent, the finishing segment increased 14 percent, and the adhesive dispensing segment climbed 13 percent.

On a geographic basis, third-quarter volume was up 9 percent in the United States, 46 percent in the Americas, 13 percent in Europe, 7 percent in Japan and 40 percent in the Asia-Pacific region.

Backlog at the end of the third quarter was approximately $115 million, up $48 million from the beginning of the fiscal year calculated at constant exchange rates.

For the first three quarters of 2004, sales were $565 million, an 18 percent increase over the same period of the prior year. Sales volume increased 12 percent with favorable currency effects accounting for the balance. Earnings per share on a diluted basis were $1.20, also a record, compared with $.65 for the same period last year.

"The acceleration of business activity in our adhesive and finishing businesses, combined with the continued strength in our advanced technology sectors resulted in double-digit sales growth across all segments in the third quarter. These factors, combined with expanding margins, produced an exceptional bottom-line for the period," said Edward P. Campbell, chairman and chief executive officer. "We are encouraged by this trend and look forward to the fourth quarter being another period of record revenue and excellent bottom-line results," he added.

Nordson broadcast its third-quarter conference call on the investor relations page of the company's Web site, www.nordson.com , on Wednesday, August 25, 2004, at 2:00 p.m. EDT.  A replay will be available for 14 days.