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H.B. Fuller Reports Increased Revenues

January 19, 2011
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H.B. Fuller Co. has reported financial results for the fourth quarter and fiscal year that ended November 27, 2010. Net income for the fourth quarter of 2010 was $21.9 million, or $0.44 per diluted share, compared to $24.6 million, or $0.50 per diluted share, in the previous year’s fourth quarter. Net revenue for the fourth quarter of 2010 was $360.2 million, up 5.5% vs. the fourth quarter of 2009. Higher average selling prices, higher volume, and acquisitions positively impacted net revenue growth by 4.8, 0.8, and 1.5 percentage points, respectively. Organic sales grew by 5.6% year-over-year. Gross profit margin was down 290 basis points vs. the fourth quarter of 2009, primarily due to the cumulative effect of escalating raw material costs over the past year.

On a sequential basis, net revenue increased more than 6% relative to the third quarter. Gross profit margin was essentially flat quarter-to-quarter. However, the fire at the company’s Mindelo, Portugal, facility caused one-time additional costs that reduced gross profit margin by 25 basis points.

On an adjusted (comparable) basis, diluted EPS increased 1?% in 2010 relative to the prior year. Net income for fiscal year 2010 was $70.9 million, or $1.43 per diluted share, compared to $83.7 million, or $1.70 per diluted share, in 2009. This year’s net income included charges related to the exit of the polysulfide-based insulating glass product line in Europe. The combined non-recurring charges reduced net income by $8.4 million, or $0.17 per diluted share. Excluding these items, net income for the full year would have been $79.3 million, or $1.60 per diluted share, vs. the reported results of $1.43 per diluted share.

Net revenue for fiscal year 2010 was $1.356 billion, up 9.8% vs. fiscal year 2009. Higher volume, higher average selling prices, favorable foreign currency translation and acquisitions positively impacted net revenue growth by 7.4, 1.2, 0.1 and 1.1 percentage points, respectively. Consequently, organic sales improved by 8.6% year-over-year in 2010.

“Our focus in 2011 will be on accelerating the execution of our current business strategy and leveraging key investments made over the last two years,” said Jim Owens, president and CEO. “The growth momentum that started in 2010 should carry over to 2011.”

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