410 N. Michigan Ave. Chicago, Illinois 60611, U.S.A
For Immediate Release
Oil-Dri Announces Fourth Quarter and Fiscal Year 2016 Results
CHICAGO-(October 7, 2016)-Oil-Dri Corporation of America (NYSE: ODC) today announced net income for the fourth quarter of fiscal 2016 of $5,261,000 or $0.72 of earnings per diluted share. This compared to net income of $5,066,000, or $0.71 of earnings per diluted share in the same quarter of the prior year. Net sales of $64,916,000 in the quarter decreased by 1% compared to net sales of $65,519,000 in the same quarter of the prior year.
Net income for the fiscal year of $13,613,000 or $1.87 of earnings per diluted share was an 18% increase compared to net income of $11,368,000 or $1.59 of earnings per diluted share in the prior year. Net sales in fiscal 2016 were $262,313,000, which was higher than the net sales of $261,402,000 reported in fiscal 2015.
Net income and earnings per share for both the quarter and the fiscal year benefited from an improved gross profit margin and a lower effective tax rate. The effective tax rate of 5.2% in fiscal year 2016, compared to 19.8% in fiscal year 2015, was driven by the release of the valuation allowance that had been historically accumulated and associated with approximately $1,680,000 of domestic Alternative Minimum Tax (“AMT”) credits.
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 7, 2016 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: 0000074046-16-000094 Submitted to the SEC: Fri Oct 07 2016 4:06:43 PM EST Accepted by the SEC: Fri Oct 07 2016 Period: Sunday, July 31, 2016 Industry: Miscellaneous Manufacturing Industries