MSA Announces Record Fourth Quarter and Full Year Sales
Net Sales Increase 15 Percent for the Year
Net sales for the fourth quarter of 2008 were
"I am pleased to report the highest fourth quarter and full year sales in
MSA's history," said
Sales in the company's North American segment increased
Sales in the company's European segment were
Sales in
Net income in MSA's North American segment improved
Net income in the European segment was
Net income in the International segment was
For full year 2008, sales increased
Net income for the full year increased
"During 2008, we saw meaningful sales growth in each of our three geographic segments and we achieved new performance benchmarks for the company," Mr. Lambert commented. "However, the global economic recession has deepened in recent months and MSA is not immune to its effects. These are uncertain economic times, to be sure, requiring our global teams to closely monitor the markets we serve and continuously adjust our response to meet market realities. We have recently intensified our efforts to reduce costs across MSA and we have taken actions to reduce staff and better align our factory workforce with customer demand. While I am pleased that we saw strength in our core business throughout most of 2008, we must continue to be diligent in our efforts to reduce costs and manage our business in ways that allow us to weather the current downturn and seize opportunity when recovery occurs," Mr. Lambert concluded.
About MSA:
Established in 1914, MSA is a global leader in the development,
manufacture and supply of sophisticated safety products that protect people's
health and safety. Sophisticated safety products typically integrate any
combination of electronics, mechanical systems and advanced materials to
protect users against hazardous or life-threatening situations. The company's
comprehensive line of products is used by workers around the world in the fire
service, homeland security, construction and other industries, as well as the
military. Principal products include self-contained breathing apparatus, gas
masks, gas detection instruments, head protection, respirators and thermal
imaging cameras. The company also provides a broad range of consumer and
contractor safety products through retail channels. These products are
marketed and sold under the MSA Safety Works brand. MSA has annual sales of
approximately
Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press
release may be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements, including
without limitation all projections and anticipated levels of future
performance, involve risks, uncertainties and other factors that may cause our
actual results to differ materially from those discussed herein. Actual
results can be affected by any number of factors, many of which are outside of
management's control. Among the factors that could cause such differences are
global economic conditions, spending patterns of government agencies,
competitive pressures, product liability claims, the success of new product
introductions, currency exchange rate fluctuations, the identification and
successful integration of acquisitions and the risks of doing business in
foreign countries. These risks, uncertainties and other factors are detailed
from time-to-time in our filings with the
Mine Safety Appliances Company
Consolidated Condensed Statement of Income (Unaudited)
(In thousands, except earnings per share)
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
Net sales $288,835 $267,539 $1,134,282 $990,252
Other income 1,427 4,683 5,261 17,396
290,262 272,222 1,139,543 1,007,648
Cost of products sold 182,911 166,723 701,679 616,203
Selling, general and
administrative 67,650 63,427 270,584 241,138
Research and development 8,981 9,922 35,020 30,196
Restructuring and other
charges 660 940 3,936 4,142
Interest 1,841 3,035 8,923 9,913
Currency exchange losses
(gains) 3,804 1,127 6,943 (132)
265,847 245,174 1,027,085 901,460
Income before income taxes 24,415 27,048 112,458 106,188
Provision for income taxes 7,917 9,591 42,036 38,600
Net income 16,498 17,457 70,422 67,588
Basic earnings per share $.46 $.49 $1.98 $1.89
Diluted earnings per share $.46 $.48 $1.96 $1.86
Dividends per common share $.24 $.22 $.94 $.84
Basic shares outstanding 35,620 35,470 35,593 35,651
Diluted shares outstanding 35,825 36,081 35,949 36,240
Mine Safety Appliances Company
Consolidated Condensed Balance Sheet (Unaudited)
(In thousands)
December 31, December 31,
2008 2007
Current assets
Cash and cash equivalents $50,894 $74,981
Trade receivables, net 198,622 205,737
Inventories 159,428 155,332
Other current assets 68,831 61,000
Total current assets 477,775 497,050
Property, net 141,409 130,445
Prepaid pension cost 78,037 212,304
Goodwill 83,211 87,011
Other non-current assets 95,378 89,496
Total 875,810 1,016,306
Current liabilities
Notes payable and current portion of
long-term debt $60,849 $54,676
Accounts payable 50,126 50,648
Other current liabilities 108,712 103,865
Total current liabilities 219,687 209,189
Long-term debt 94,082 103,726
Pensions and other employee benefits 120,494 126,790
Deferred tax liabilities 36,491 100,934
Other non-current liabilities 9,931 13,129
Minority interests 1,359 1,007
Shareholders' equity 393,766 461,531
Total 875,810 1,016,306
Mine Safety Appliances Company
Segment Information (Unaudited)
(In thousands)
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
Net sales
North America $160,134 $130,686 $596,277 $515,142
Europe 70,534 70,381 280,588 238,294
International 58,167 66,472 257,417 236,816
Total 288,835 267,539 1,134,282 990,252
Net income
North America $15,056 $13,174 $51,889 $48,104
Europe 1,214 2,764 7,255 6,829
International 2,098 2,932 14,794 14,444
Reconciling (1,870) (1,413) (3,516) (1,789)
Total 16,498 17,457 70,422 67,588
SOURCE MSA
CONTACT:+1-412-967-3357
for MSA
Web Site: http://www.msanet.com
