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FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended July 30, 2000
OR
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _____________ to _____________
Commission file number 0-7977
NORDSON CORPORATION |
(Exact name of registrant as specified in its charter) |
Ohio | 34-0590250 | |
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(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
28601 Clemens Road, Westlake, Ohio | 44145 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (440) 892-1580
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: Common Shares without par value as of July 30, 2000: 16,142,313
NORDSON CORPORATION
INDEX
Page Number | |||||||||
Part I Financial Information | |||||||||
Item 1. | Financial Statements (Unaudited) | ||||||||
Condensed Consolidated Statement of Income - Thirteen and Thirty-Nine Weeks ended July 30, 2000 and August 1, 1999 | 3 | ||||||||
Condensed Consolidated Balance Sheet - July 30, 2000 and October 31, 1999 | 4 | ||||||||
Condensed Consolidated Statement of Cash Flows Thirty-Nine Weeks ended July 30, 2000 and August 1, 1999 | 5 | ||||||||
Notes to Condensed Consolidated Financial Statements | 6 | ||||||||
Item 2. | Managements Discussion and Analysis of Financial Condition and Results of Operations | 10 | |||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 13 | |||||||
Part II Other Information | |||||||||
Item 6. | Exhibits and Reports on Form 8-K | 14 | |||||||
Signature | 15 | ||||||||
Exhibit Index | 16 |
Page 2
Part I Financial Information
NORDSON CORPORATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(Dollars and shares in thousands except for per share amounts)
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
July 30, 2000 | Aug. 1, 1999 | July 30, 2000 | Aug. 1, 1999 | ||||||||||||||
Sales | $ | 184,104 | $ | 174,411 | $ | 523,639 | $ | 506,230 | |||||||||
Cost of sales | 82,299 | 78,652 | 233,673 | 229,167 | |||||||||||||
Selling & administrative expenses | 75,615 | 74,450 | 226,674 | 222,604 | |||||||||||||
Restructuring and severance costs | 964 | | 7,722 | | |||||||||||||
Operating profit | 25,226 | 21,309 | 55,570 | 54,459 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense | (3,051 | ) | (2,505 | ) | (8,494 | ) | (7,351 | ) | |||||||||
Interest and investment income | 240 | 736 | 711 | 1,405 | |||||||||||||
Other net | 435 | 366 | 2,033 | 1,708 | |||||||||||||
Income before income taxes | 22,850 | 19,906 | 49,820 | 50,221 | |||||||||||||
Income taxes | 7,883 | 6,517 | 17,188 | 16,824 | |||||||||||||
Net income | $ | 14,967 | $ | 13,389 | $ | 32,632 | $ | 33,397 | |||||||||
Common Shares | 16,119 | 16,490 | 16,244 | 16,571 | |||||||||||||
Common share equivalents | 153 | 300 | 108 | 251 | |||||||||||||
Common shares and common share equivalents | 16,272 | 16,790 | 16,352 | 16,822 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | .93 | $ | .81 | $ | 2.01 | $ | 2.02 | |||||||||
Diluted | $ | .92 | $ | .80 | $ | 2.00 | $ | 1.99 | |||||||||
Dividends per common share | $ | .26 | $ | .24 | $ | .78 | $ | .72 | |||||||||
See accompanying notes.
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NORDSON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
July 30, 2000 | October 31, 1999 | ||||||||
(Unaudited) | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 20,903 | $ | 16,030 | |||||
Marketable securities | 30 | 30 | |||||||
Receivables | 170,391 | 170,519 | |||||||
Inventories | 134,983 | 119,504 | |||||||
Deferred income taxes | 27,635 | 28,563 | |||||||
Prepaid expenses | 8,393 | 6,670 | |||||||
Total current assets | 362,335 | 341,316 | |||||||
Property, plant and equipment net | 128,988 | 128,639 | |||||||
Intangible assets net | 96,471 | 101,388 | |||||||
Other assets | 20,719 | 20,447 | |||||||
$ | 608,513 | $ | 591,790 | ||||||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||||
Current liabilities: | |||||||||
Notes payable | $ | 139,174 | $ | 137,311 | |||||
Accounts payable | 31,960 | 35,849 | |||||||
Current portion of long-term debt | 7,550 | 7,822 | |||||||
Current obligations of capital leases | 3,717 | 3,914 | |||||||
Other current liabilities | 82,989 | 67,044 | |||||||
Total current liabilities | 265,390 | 251,940 | |||||||
Long-term debt | 63,971 | 65,975 | |||||||
Other liabilities | 51,407 | 52,477 | |||||||
Shareholders equity: | |||||||||
Common shares | 12,253 | 12,253 | |||||||
Capital in excess of stated value | 99,221 | 97,167 | |||||||
Accumulated other comprehensive loss | (9,424 | ) | (7,521 | ) | |||||
Retained earnings | 475,465 | 455,494 | |||||||
Common shares in treasury, at cost | (349,157 | ) | (335,656 | ) | |||||
Deferred stock-based compensation | (613 | ) | (339 | ) | |||||
Total shareholders equity | 227,745 | 221,398 | |||||||
$ | 608,513 | $ | 591,790 | ||||||
See accompanying notes.
Page 4
NORDSON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Thirty-Nine Weeks Ended | |||||||||
July 30, | August 1, | ||||||||
2000 | 1999 | ||||||||
Cash flows from operating activities: | |||||||||
Net income | $ | 32,632 | $ | 33,397 | |||||
Depreciation and amortization | 23,125 | 22,893 | |||||||
Changes in operating assets and liabilities | (13,861 | ) | (1,908 | ) | |||||
Other net | 5,466 | 4,888 | |||||||
47,362 | 59,270 | ||||||||
Cash flows from investing activities: | |||||||||
Additions to property, plant and equipment | (17,305 | ) | (30,932 | ) | |||||
Acquisition of new businesses | | (24,921 | ) | ||||||
Proceeds from sale of property, plant and equipment | | 50 | |||||||
(17,305 | ) | (55,803 | ) | ||||||
Cash flows from financing activities: | |||||||||
Net proceeds from notes payable | 7,592 | 41,963 | |||||||
Net payment of long-term debt | (6,195 | ) | (633 | ) | |||||
Issuance of common shares | 3,872 | 5,762 | |||||||
Purchase of treasury shares | (15,839 | ) | (23,584 | ) | |||||
Dividends paid | (12,662 | ) | (11,955 | ) | |||||
(23,232 | ) | 11,553 | |||||||
Effect of exchange rate changes on cash | (1,952 | ) | (2,442 | ) | |||||
Increase in cash | 4,873 | 12,578 | |||||||
Cash and cash equivalents | |||||||||
Beginning of fiscal year | 16,030 | 6,820 | |||||||
End of period | $ | 20,903 | $ | 19,398 | |||||
See accompanying notes.
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NORDSON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
July 30, 2000
1. | Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the thirty-nine weeks ended July 30, 2000 are not necessarily indicative of the results that may be expected for the full fiscal year. For further information, refer to the consolidated financial statements and footnotes thereto included in the Companys annual report on Form 10-K for the year ended October 31, 1999. |
2. | Use of estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual amounts could differ from these estimates. |
3. | Inventories. Inventories consisted of the following (in thousands of dollars): |
July 30, 2000 | October 31, 1999 | |||||||
Finished goods | $ | 42,177 | $ | 38,731 | ||||
Work-in-process | 33,850 | 29,232 | ||||||
Raw materials and finished parts | 58,956 | 51,541 | ||||||
$ | 134,983 | $ | 119,504 | |||||
4. | Accounting Changes. In June 2000, the Financial Accounting Standards Board issued Statement No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities (FAS 138) which amends Statement No. 133, Accounting and Reporting Standards for Derivative Instruments and Hedging Activities (FAS 133). FAS 133 requires an entity to measure all derivatives at fair value and to recognize them on the balance sheet as an asset or liability, depending on the entitys rights or obligations under the applicable derivative contract. The Company must adopt FAS 138 for fiscal year 2001. This Statement is not expected to have a material effect on the financial statements of the Company. |
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In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin (SAB) No. 101, Revenue Recognition in Financial Statements which summarizes the staffs views regarding the application of generally accepted accounting principles to selected revenue recognition issues and is effective for the first quarter of the Companys fiscal year 2001. This Bulletin is not expected to have a material effect on the financial statements of the Company. |
5. | Common stock equivalents. Common stock equivalents consist of incremental common shares attributable to outstanding stock options, nonvested stock and deferred stock-based compensation. |
6. | Comprehensive income. Comprehensive income for the thirteen and thirty-nine weeks ended July 30, 2000 and August 1, 1999 is as follows: |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
July 30, 2000 | Aug. 1, 1999 | July 30, 2000 | Aug. 1, 1999 | |||||||||||||
(in thousands) | ||||||||||||||||
Net income | $ | 14,967 | $ | 13,389 | $ | 32,632 | $ | 33,397 | ||||||||
Foreign currency translation adjustments | (2,228 | ) | (3,448 | ) | (1,903 | ) | (5,509 | ) | ||||||||
Comprehensive income | $ | 12,739 | $ | 9,941 | $ | 30,729 | $ | 27,888 | ||||||||
Accumulated other comprehensive income (loss), consisting entirely of accumulated foreign currency translation adjustments as of July 30, 2000 and August 1, 1999 is as follows: |
Thirty-Nine Weeks Ended | ||||||||
July 30, 2000 | August 1, 1999 | |||||||
Beginning balance | $ | (7,521 | ) | $ | (4,792 | ) | ||
Current-period change | (1,903 | ) | (5,509 | ) | ||||
Ending balance | $ | (9,424 | ) | $ | (10,301 | ) | ||
7. | Operating segments. During fiscal year 1999, the Company adopted Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise and Related Information (FAS 131). This statement requires the presentation of descriptive information about reportable segments that is consistent with the way management operates the Company. Previously reported information has been restated to conform to FAS No. 131 requirements. |
Page 7
The Company conducts business across four geographical areas: North America, Europe, Japan and Pacific South. The composition of segments and measure of segment profitability is consistent with that used by the Companys management. The primary measurement focus is operating profit, which equals sales less operating costs and expenses. Operating profit excludes interest income (expense), investment income (net) and other income (expense). Intersegment sales and transfers are based on the costs to manufacture plus a reasonable profit element. Items below the operating income line of the Condensed Consolidated Statement of Income are not presented by segment, since they are excluded from the measure of segment profitability reviewed by the Companys management.
End markets for Nordson products include food and beverage, metal furniture, appliances, electronic components, disposable nonwoven products and automotive components. Nordson sells its products primarily though a direct, geographically dispersed sales force.
The following table presents information about the Companys reportable segments:
North | Pacific | All | |||||||||||||||||||||||
(in thousands) | America | Europe | Japan | South | Other(a) | Total | |||||||||||||||||||
Thirteen weeks ended July 30, 2000 | |||||||||||||||||||||||||
Net external sales | $ | 89,266 | (b) | $ | 57,132 | $ | 18,237 | $ | 19,469 | $ | | $ | 184,104 | ||||||||||||
Intersegment sales | 27,776 | 5,373 | 136 | 59 | (33,344 | ) | 0 | ||||||||||||||||||
Operating profit | 17,104 | 10,332 | 4,952 | 3,877 | (11,039 | )(c) | 25,226 | ||||||||||||||||||
Thirteen weeks ended August 1, 1999 | |||||||||||||||||||||||||
Net external sales | $ | 76,076 | (b) | $ | 63,564 | $ | 15,685 | $ | 19,086 | $ | | $ | 174,411 | ||||||||||||
Intersegment sales | 27,512 | 4,265 | 99 | 91 | (31,967 | ) | 0 | ||||||||||||||||||
Operating profit | 11,550 | 10,634 | 3,444 | 3,069 | (7,388 | ) | 21,309 | ||||||||||||||||||
Thirty-nine weeks ended July 30, 2000 | |||||||||||||||||||||||||
Net external sales | $ | 247,222 | (b) | $ | 167,984 | $ | 53,400 | $ | 55,033 | $ | | $ | 523,639 | ||||||||||||
Intersegment sales | 80,402 | 13,382 | 905 | 126 | (94,815 | ) | 0 | ||||||||||||||||||
Operating profit | 40,695 | 27,246 | 14,128 | 10,267 | (36,766 | )(c) | 55,570 | ||||||||||||||||||
Thirty-nine weeks ended August 1, 1999 | |||||||||||||||||||||||||
Net external sales | $ | 229,232 | (b) | $ | 178,773 | $ | 48,597 | $ | 49,628 | $ | | $ | 506,230 | ||||||||||||
Intersegment sales | 78,946 | 14,319 | 275 | 243 | (93,783 | ) | 0 | ||||||||||||||||||
Operating profit | 33,394 | 25,583 | 12,461 | 5,068 | (22,047 | ) | 54,459 |
(a) | Represents items necessary to reconcile to the consolidated financial statements which generally include unallocated expenses and corporate eliminations. |
Page 8
(b) | Net external sales in the United States for the thirteen weeks and thirty-nine weeks ended July 30, 2000 and August 1, 1999 were $84.3 million and $78.9 million and $232.8 million and $222.7 million, respectively. | |
(c) | For the thirteen weeks and thirty-nine weeks ended July 30, 2000, this amount includes $1.0 million and $7.7 million of severance costs, respectively. |
A reconciliation of total segment operating income to total consolidated income before income taxes is as follows:
Thirteen-weeks ended | Thirty-nine weeks ended | ||||||||||||||||
(dollars in thousands) | July 30, 2000 | August 1, 1999 | July 30, 2000 | August 1, 1999 | |||||||||||||
Total operating income for Reported segments | $ | 25,226 | $ | 21,309 | $ | 55,570 | $ | 54,459 | |||||||||
Interest expense | (3,051 | ) | (2,505 | ) | (8,494 | ) | (7,351 | ) | |||||||||
Interest and investment Income | 240 | 736 | 711 | 1,405 | |||||||||||||
Other net | 435 | 366 | 2,033 | 1,708 | |||||||||||||
Income before income taxes | $ | 22,850 | $ | 19,906 | $ | 49,820 | $ | 50,221 | |||||||||
The Companys revenues are generated via the sale of products sold in the following categories:
Thirteen-weeks ended | Thirty-nine weeks ended | |||||||||||||||
(dollars in thousands) | July 30, 2000 | August 1, 1999 | July 30, 2000 | August 1, 1999 | ||||||||||||
Adhesive dispensing and nonwoven fibers | $ | 113,319 | $ | 104,896 | $ | 323,286 | $ | 317,209 | ||||||||
Coating and finishing | 36,882 | 39,180 | 102,878 | 111,393 | ||||||||||||
Advanced technology | 33,903 | 30,335 | 97,475 | 77,628 | ||||||||||||
Total | $ | 184,104 | $ | 174,411 | $ | 523,639 | $ | 506,230 | ||||||||
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ITEM 2.
MANAGEMENTS DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is managements discussion and analysis of certain significant factors affecting the Companys financial condition and results of operations for the periods included in the accompanying condensed consolidated financial statements.
RESULTS OF OPERATIONS
SALES
Sales for the third quarter of 2000 were a record $184.1 million, a 6% increase over sales of $174.4 million of the comparable period of 1999. Volume gains were 8%, with the effect of the stronger dollar on currency translations accounting for the difference. Sales on a year-to-date basis were $523.6 million, a 3% increase over the same period of 1999, with volume gains of 6% offset by currency effects.
Performance during the third quarter of 2000 was driven by continued strong sales volume growth in North America, with third-quarter sales volume up 17% over the same period of 1999. In the Companys Pacific South region, which covers the Pacific Rim, South Asia and Latin America, sales volume was up 4% over the third quarter of 1999. In Japan, sale volume increased 3% over the comparable period of 1999, with Japanese economic conditions showing early signs of recovery. Sales volume in Europe decreased 1% for the third quarter, traced primarily to the timing of engineered system installations.
Looking at third quarter performance from a product viewpoint, worldwide volume gains were driven by strong sales in the advanced technology group which includes electronics, plasma and ultra-violet curing. This group experienced a 12% volume growth rate over the third quarter of 1999. Sales of adhesive systems experienced volume growth of 10% over the comparable period of 1999, reflecting strong demand for nonwovens products.
OPERATING PROFIT
Operating profit, as a percentage of sales, excluding the effect of severance costs associated with the Companys Action 2000 Initiative, was 14.2% of sales for the third quarter of 2000, an improvement from the 12.2% for the third quarter of 1999. Year-to-date operating profit, as a percentage of sales, excluding the effect of severance costs, increased to 12.1% of sales for 2000 from 10.8% for the same period of 1999.
The gross margin rate increased for the third quarter of 2000 to 55.3% compared to 54.9% in 1999. Improved margins are mainly attributable to a product mix skewed to the Companys standard products. Gross margin for the first three quarters increased to 55.4% in 2000 from 54.7% in 1999.
Page 10
During the third quarter of fiscal 2000, severance payments in the amount of nearly $1.0 million were recognized as part of Action 2000 initiatives, bringing the year-to-date total to $7.7 million. Additional costs related to Action 2000 are estimated to be approximately $1.4 million and will be incurred over the remainder of fiscal year 2000.
On a year-to-date basis, selling and administrative expenses, excluding currency and severance costs, increased approximately 3.8% compared to the prior year. This increase is attributable to additional operating expenses incurred relative to the growth of the electronics line of business as well as the recognition of a full year of expenses related to 1999 acquisitions. Additionally, costs associated with the implementation of the Companys enterprise management system were incurred and depreciation expense on the system commenced in March 2000.
NET INCOME
For the third quarter and the year-to-date, net income, as a percentage of sales excluding severance costs, increased to 8.5% for 2000 from 7.7% in 1999, and to 7.2% for 2000 from 6.6% in 1999, respectively.
Net income for the third quarter of 2000 was $15.0 million or $.92 per share on a diluted basis compared with $13.4 million or $.80 per share on a diluted basis in 1999. Net income for the first three quarters of 2000 was $32.6 million or $2.01 per share on a diluted basis compared with $33.4 million or $2.02 per share on a diluted basis for 1999. Excluding the effect of severance costs associated with the Companys Action 2000 Initiative, net income for the third quarter was $15.6 million or $.96 per share on a diluted basis, and for the year-to-date, net income was $37.7 million or $2.31 per share on a diluted basis.
FOREIGN CURRENCY EFFECTS
In the aggregate, average exchange rates for the first three quarters of 2000 used to translate international sales and operating results into U.S. dollars compared unfavorably with average exchange rates during the comparable 1999 period. It is not possible to precisely measure the impact on operating results arising from foreign currency exchange rate changes, because of changes in selling prices, sales volume, product mix and cost structures in each country in which the Company operates. However, if transactions for the first three quarters of 2000 were translated at exchange rates in effect during 1999, sales would have been approximately $3,964,000 higher while third-party costs and expenses would have been $3,602,000 higher. If transactions for year-to-date 2000 were translated at exchange rates in effect during 1999, sales would have been approximately $10,582,000 higher and third-party costs and expenses would have been $8,625,000 higher.
Page 11
FINANCIAL CONDITION
During the first three quarters of 2000, net assets increased $6,347,000. This increase is primarily attributable to earnings of $32,632,000 offset by net repurchases of Nordson stock amounting to $15,839,000, the payment of $12,662,000 in dividends, and a reduction of $1,903,000 from translating foreign net assets at the end of the third quarter when the U.S. dollar was generally stronger against other currencies than at the prior year end.
Working capital, as of the end of the third quarter of 2000, increased $7,569,000 over the prior year-end. This change consisted primarily of increases in cash and inventories offset by increases in customer advance payments. Inventories increased in anticipation of demand for Nordson products and customer advance payments increased as a result of increased customer orders, reflective of the record backlog for the first three quarters of 2000. All balances reflect the effects of translating amounts denominated in generally weaker foreign currencies into U.S. dollars.
Cash and cash equivalents increased $4,873,000 during the first three quarters of 2000. Sources of cash included $47,362,000 from operations and $7,592,000 of net proceeds from notes payable. Uses for cash included repurchases of treasury shares, outlays for capital expenditures, repayment of debt and dividends. Available lines of credit continue to be more than adequate to meet cash requirements for operations over the next year.
OUTLOOK
The pace of business at Nordson continues to accelerate with increased order volume and the resultant record backlog of customer orders is a positive indicator for the remainder of the year. Encouraged by this progress, Nordson remains committed to improving profitability and will continue to streamline operations. Delivering on Nordsons commitment to customers will continue to be a key focus during this period of accelerated demand.
Nordson implemented an enterprise management system at the end of February, 2000. This system is expected to improve the Companys competitiveness by providing common streamlined processes which produce more timely information on Nordson products, customers and market segments, reducing manufacturing times, lowering purchasing costs and improving inventory turnover. Although a minor period of system downtime was incurred shortly after conversion, the Company has not experienced any significant operational difficulties since the systems implementation at the end of February, 2000.
Page 12
SAFE HARBOR STATEMENTS
UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
The statements in the paragraphs titled Operating Profit and Outlook that refer to anticipated trends, events or occurrences in, or expectations for, the future (generally indicated by the use of phrases such as Nordson expects or Nordson believes or words of similar import or by references to risks) are forward-looking statements intended to qualify for the protection afforded by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and involve risks and uncertainties. Consequently, the Companys actual results could differ materially from the expectations expressed in the forward-looking statements. Factors that could cause the Companys actual results to differ materially from expected results include deferral of orders, customer-requested delays in system installations, currency exchange rate fluctuations, a sales mix different from assumptions and significant changes in local business conditions in geographic regions in which the Company conducts business.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information regarding the Companys financial instruments that are sensitive to changes in interest rates and foreign currency exchange rates was disclosed in Form 10-K filed by the Company on January 28, 2000. The information disclosed has not changed materially in the interim period since October 31, 1999.
Page 13
Part II Other Information
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) | Exhibits Exhibit 27 Financial Data Schedule | |
(b) | There were no reports on Form 8-K filed for the quarter ended July 30, 2000. |
Page 14
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: | September 12, 2000 | Nordson Corporation | ||
/s/ Nicholas D. Pellecchia Vice President, Finance and Controller (Principal Financial Officer and Chief Accounting Officer) |
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NORDSON CORPORATION
EXHIBIT INDEX
Page Number | ||||||
Exhibit 27 | Financial Data Schedule | 17 |
Page 16
|