oildrilogo_imagea13.gif
410 N. Michigan Ave. Chicago, Illinois 60611, U.S.A

News Announcement
For Immediate Release
 
Exhibit 99.1

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

CHICAGO-(June 8, 2018)-Oil-Dri Corporation of America (NYSE: ODC), producer and marketer of sorbent mineral products, announced today its third quarter and nine-month fiscal 2018 earnings.
 
 
Third Quarter
Year to Date
 
Ended April 30, 2018
Ended April 30, 2018
 
 
 
 
 
 
 
 
F18
F17
Change
F18
F17
Change
Consolidated Results
 
 
 
 
 
 
Net Sales
$64,847,000
$64,745,000
 N/A
$200,387,000
$196,531,000
2%
Net Income
$3,585,000
$3,211,000
12%
$5,539,000
$9,470,000
(42)%
Earnings per Diluted Share
$0.48
$0.44
9%
$0.75
$1.29
(42)%
Business to Business
 
 
 
 
 
 
Net Sales
$24,784,000
$24,159,000
3%
$79,226,000
$74,893,000
6%
Segment Operating Income
$7,556,000
$7,810,000
(3)%
$26,191,000
$25,033,000
5%
Retail and Wholesale
 
 
 
 
 
 
Net Sales
$40,063,000
$40,586,000
(1)%
$121,161,000
$121,638,000
 N/A
Segment Operating Income
$2,223,000
$1,516,000
47%
$7,010,000
$5,996,000
17%


Daniel S. Jaffee stated, “Our business diversity and strategy to develop and support value-added products continues to prove effective. Net sales were an all-time record for the nine-month period.

The consolidated net income detailed above was significantly impacted by the one-time tax expense adjustment made to reflect the effect on deferred income tax assets under the 2017 Tax Cut and Jobs Act. The adjustment reduced tax expense by $1,095,000 for the third quarter and increased tax expense by $3,996,000 for the nine-month period. The adjustment effectively increased diluted net income by $0.15 per share in the third quarter and reduced diluted net income by $0.54 per share year-to-date.

Business to Business product groups showed strong performance for the nine-month period and increased net sales over the same period in fiscal 2017. Year-to-date net sales of Agsorb and Verge agricultural products improved 13% as a result of increased usage as synthetic and biological active ingredient carriers. Similarly, net sales of our fluids

 
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, June 8, 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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