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Oil-Dri Announces Fourth Quarter and Fiscal Year-End Results
CHICAGO—(October 10, 2014)—Oil-Dri Corporation of America (NYSE: ODC) today announced net sales of $66,045,000 for the fourth quarter ended July 31, 2014, a 3.4% increase compared with net sales of $63,892,000in the same quarter one year ago. Net income for the quarter was $466,000 or $0.07 per diluted share, down from $4,737,000 or $0.67 per diluted share for the same quarter a year ago.
For the fiscal year, the Company reported net sales of $266,313,000, a 6.3% increase compared to net sales of $250,583,000 for fiscal 2013. Net income for the fiscal year was $8,356,000 or $1.17 per diluted share, down from net income of $14,586,000 or $2.07 per diluted share for fiscal 2013.
President and Chief Executive Officer Daniel S. Jaffee said, “We are very disappointed with the earnings for the fourth quarter and fiscal year 2014. Fiscal 2013’s exceptionally low income tax rate of 16.6% makes it difficult to compare year over year results, as this year’s tax rate of 26.3% returned to a more historic norm. Nonetheless, we are not pleased with the overall financial results of Fiscal 2014. While our sales increased, higher costs negatively impacted our bottom line. The decrease in net income was primarily due to increased costs for mining, materials, packaging, freight and advertising.
“However, there were many positive accomplishments this year and we believe they will benefit Oil-Dri in the years to come. Fiscal 2014 accomplishments include:
|·||Sales of Cat’s Pride Fresh & Light were up 33% year over year|
|·||We successfully integrated the tons gained from the acquisition of MFM|
|·||The design and development of our bleaching earth capacity expansion project at our Georgia facility is well underway|
|·||Amlan International has opened and is running a business in China,|
Amlan Trading (Shenzhen) Company, Ltd., in order to support the region’s growing animal health market
|·||Mark Lewry joined Oil-Dri as COO, overseeing the Business to Business products group and the supply chain, which includes Manufacturing, Logistics and Procurement|
The following information was filed by Oildri Corp Of America (ODC) on Friday, October 10, 2014 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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