ST. PAUL, MN- H.B. Fuller Co. has reported financial results for the 2011 fiscal year and the fourth quarter that ended December 3, 2011.   

Note that the 2011 fiscal year had 53 weeks of commercial activity while fiscal years 2010 and 2012 are each the normal 52 weeks in length. The fourth quarter of 2011 had 14 weeks, while the fourth quarters of 2010 and 2012 are each the normal 13 weeks in length. Year-over-year comparisons are provided on an as reported basis and also are presented to reflect the estimated result as if both periods contained the same number of weeks of commercial activity. 

Net income for the fourth quarter of 2011 was $26.4 million, or $0.53 per diluted share, versus $21.9 million, or $0.44 per diluted share, in last year's fourth quarter. Two events negatively impacted net income in the quarter. The pre-tax cost directly associated with the EIMEA transformation plan and the pending acquisition of the Industrial Adhesives business from the Forbo Group totaled $7.5 million, or $0.12 per diluted share. After adjusting for these special charges, net income for the fourth quarter of 2011 was $0.65 per diluted share. Therefore, adjusted diluted earnings per share in the fourth quarter of 2011 increased 48 percent compared to the results of the prior year. 

Net revenue for the fourth quarter of 2011 was $436.5 million, up 21.2 percent versus the fourth quarter of 2010, or up 13 percent when adjusted for the extra week. Higher average selling prices, favorable foreign currency translation and higher volume inclusive of an extra week positively impacted net revenue growth by 11.0, 2.6 and 7.6 percentage points, respectively. Organic revenue grew by 18.6 percent year-over-year. 

Net income for the 2011 fiscal year was $89.1 million, or $1.79 per diluted share, versus $70.9 million, or $1.43 per diluted share, in the 2010 fiscal year. The pre-tax cost associated with the EIMEA transformation plan and the pending acquisition of the Industrial Adhesives business from the Forbo Group totaled $7.5 million, or $0.11 per diluted share. 

Net revenue for the 2011 fiscal year was $1,557.6 million, up 14.9 percent versus the 2010 fiscal year, or up nearly 13 percent when adjusted for the extra week. Higher average selling prices, favorable foreign currency translation, acquisitions and higher volume inclusive of an extra week positively impacted net revenue growth by 9.7, 2.7, 0.8 and 1.7 percentage points, respectively. Organic revenue grew by 11.4 percent year-over-year. 

The Board of Directors of H.B. Fuller declared a regular quarterly cash dividend of $0.075 per share of common stock. The dividend is payable on February 23, 2012, to shareholders of record at the close of business on February 9, 2012.