410 N. Michigan Ave. Chicago, Illinois 60611, U.S.A
For Immediate Release
Oil-Dri Announces Record High Fourth Quarter Earnings Per Share
and Strong Fiscal 2015 Results
CHICAGO-(October 9, 2015)-Oil-Dri Corporation of America (NYSE: ODC) today announced income for the fourth quarter of fiscal 2015 of $5,066,000, or $0.71 in diluted earnings per share, compared to net income of $466,000, or $0.07 in diluted earnings per share, in the prior year. Net sales in the quarter of $65,519,000 decreased by 1% compared to net sales of $66,045,000 in the prior year. Quarterly income was the highest ever, surpassing a record quarter in 2013 that was also positively impacted by an Alternative Minimum Tax (AMT) adjustment.
Net income for the fiscal year was $11,368,000, or $1.59 in diluted earnings per share, compared to net income of $8,356,000, or $1.17 in diluted earnings per share in the prior year, making 2015 the second best year in company history. Net sales in the 2015 fiscal year of $261,402,000 decreased 2% compared to net sales of $266,313,000 in the prior year.
In addition to benefiting from an improved gross profit margin, net income and earnings per share for both the quarter and the fiscal year were increased by the utilization of approximately $1,658,000 of domestic AMT attributes. This reduced the domestic AMT valuation allowance that had been established in prior years. As a result, the Company's federal income tax rate was 19.8% in fiscal 2015, compared to 26.3% in fiscal 2014. The tax rate is expected to return to historic levels in fiscal 2016.
Reagan B. Culbertson
Investor Relations Manager
Oil-Dri Corporation of America
(312) 706 3256
The following information was filed by Oildri Corp Of America (ODC) on Friday, October 9, 2015 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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Form Type: 10-K Annual Report Accession Number: 0000074046-15-000043 Submitted to the SEC: Fri Oct 09 2015 4:06:36 PM EST Accepted by the SEC: Fri Oct 09 2015 Period: Friday, July 31, 2015 Industry: Miscellaneous Manufacturing Industries