oildrilogo_imagea12.gif
410 N. Michigan Ave. Chicago, Illinois 60611, U.S.A

News Announcement
For Immediate Release
 
Exhibit 99.1

Oil-Dri Announces Second Quarter and Year to Date Fiscal 2018 Results

CHICAGO-(March 9, 2018)-Oil-Dri Corporation of America (NYSE: ODC), producer and marketer of sorbent mineral products, announced today its second quarter and six-month earnings of fiscal 2018.
 
 
Second Quarter
Year to Date
 
Ended January 31, 2018
Ended January 31, 2018
 
 
 
 
 
 
 
 
F18
F17
Change
F18
F17
Change
Consolidated Results
 
 
 
 
 
 
Net Sales
$68,894,000
$65,174,000
6%
$135,540,000
$131,786,000
3%
Net Income
$(1,096,000)
$4,250,000
N/A
$1,954,000
$6,259,000
-69%
Earnings per Diluted Share
$(0.15)
$0.58
N/A
$0.26
$0.86
-70%
Business to Business
 
 
 
 
 
 
Net Sales
$27,355,000
$23,261,000
18%
$54,442,000
$50,734,000
7%
Segment Operating Income
$9,759,000
$7,815,000
25%
$18,635,000
$17,223,000
8%
Retail and Wholesale
 
 
 
 
 
 
Net Sales
$41,539,000
$41,913,000
-1%
$81,098,000
$81,052,000
Flat
Segment Operating Income
$2,422,000
$4,987,000
-51%
$4,787,000
$4,480,000
7%


Daniel S. Jaffee stated, “With the recent passing of my father, the Board of Directors has appointed me as Chairman. I am humbled and honored to assume the role and to continue growing Oil-Dri in my father and grandfather’s legacy.

With respect to financial results, our strategy to focus on value-added products continued to demonstrate success. Year to date sales were an all-time record for the first six months of a fiscal year.

The reduction in net income detailed above was significantly impacted by a one-time $5,091,000 tax expense adjustment to reflect the impact on deferred income tax assets under the 2017 Tax Cut and Jobs Act. The tax expense adjustment effectively reduced diluted net income per share by $0.69 for the first six months of fiscal 2018.


 
Reagan B. Culbertson
Investor Relations Manager
Oil-Dri Corporation of America
InvestorRelations@oildri.com
(312) 321-1515



The following information was filed by Oildri Corp Of America (ODC) on Friday, March 9, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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