Nordson 3rd-Quarter Net Rose 21.5 Percent Aug 28, 2003

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Nordson Corp''s fiscal third-quarter net income rose 21.5 percent and earnings per share increased 24 percent, helped by increased sales and lower severance and restructuring costs.

The maker of precision dispensing equipment reported net income for the period ended Aug. 3 rose to U.S. $8.7 million, or $0.26 a share, from $7.2 million, or $0.21 a share, in 2002. The current quarter included $157,000 of severance and restructuring costs, compared with $736,000 of such costs a year ago.

Third-quarter sales rose 4 percent to $166.3 million, as favorable foreign exchange rates offset a 4-percent decline in sales volume. The advanced technology division continued to show steady improvement, posting a 6-percent increase in sales volume, but sales by the company's core adhesive and finishing business continued to lag prior-year levels. Both divisions posted 6-percent sales volume declines.

Though the company expects improved demand over the next 12 months, it said its outlook remains cautious for the near term. (Dow Jones)

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