Sep. 11--Despite the global downturn, the Brady Corp. (BRC) on Friday said net income for the fiscal year ending July 31 was $70.1 million or $1.33 per share, compared with $132.2 million or $2.41 a share in fiscal 2008. That's nearly a 45% drop in the share price.

Net income for fiscal 2009 included after-tax restructuring charges of $20.2 million or 38 cents a share.

For the fiscal fourth quarter, the Milwaukee-based manufacturer of industrial labels and signs reported net income of $19.2 million or 37 cents per share, compared with $34.8 million or 64 cents a share. The results included after-tax restructuring charges of $3.4 million or 6 cents a share.

"After a strong first quarter, the global economic downturn caused a 27% drop in our sales over the balance of the year," said Frank M. Jaehnert, president and CEO. "Despite this, we earned $90 million in net income excluding restructuring charges and generated $127 million in cash flow from operations."

Jaehnert said the company reduced its workforce in the second quarter and began to position the company for future growth.

Jaehnert said the effects of the global recession will continue into fiscal 2010. He said the company expected fiscal year net income to be between $85 million and $95 million and earnings between $1.60 and $1.80 per share.

Fiscal 2009 sales were $1.20 billion, compared with $1.52 billion in sales in fiscal 2008.

On Thursday, the company announced that its annual dividend for shareholders would be raised to 70 cents from 68 cents.

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