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| News Release | Exhibit 99.1 | |
| News Announcement | For Immediate Release | |
| CONTACT | ||
| Ronda J. Williams, Investor Relations | ||
| Oil-Dri Corporation of America | ||
| 312/706-3232; ronda.williams@oildri.com | ||
| Oil-Dri Announces Fourth Quarter and Fiscal Year 2012 Results | ||
| CHICAGO – (October 11, 2012) – Oil-Dri Corporation of America (NYSE: ODC) today announced record net sales of $240,681,000 for the fiscal year ended July 31, 2012, a 6% increase compared with net sales of $226,755,000 for the previous fiscal year. Net income for the fiscal year was $6,098,000, or $0.85 per diluted share, a 33% decrease compared with net income of $9,051,000 or $1.26 per diluted share for the previous fiscal year. | ||
| Net sales for the fourth quarter were $61,116,000, a 6% increase compared with net sales of $57,731,000 in the same quarter one year ago. The Company reported a net loss for the quarter of $108,000, or ($0.02) per diluted share, compared with net income of $2,895,000, or $0.40 per diluted share, in the same quarter one year ago. | ||
| Fiscal Year Business Review | ||
| President and Chief Executive Officer Daniel S. Jaffee said, “This year’s results reflect one-time charges and new product spending that negatively impacted earnings. | ||
| “A one-time, pre-tax charge of $1,623,000 was taken in the fourth quarter following an announcement we made in the third quarter to relocate coarse clay production from our plant in Mounds, Illinois to our plants in Mississippi. $1,200,000 of these charges was for non-cash asset write-offs, and the balance was for severance and other employee related expenditures related to the relocation. We are continuing to assess the long-term economics of the Mounds plant. Mining and processing has become relatively more costly in Illinois than at other Oil-Dri plant locations. Oil-Dri is fortunate to operate five plants throughout the country and will continue to rationalize our production capacity to our best long-term advantage. | ||
The following information was filed by Oildri Corp Of America (ODC) on Thursday, October 11, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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