oildrilogo_aa04.gif
410 N. Michigan Ave. Chicago, Illinois 60611, U.S.A

News Announcement
For Immediate Release
 
Exhibit 99.1

Oil-Dri Announces Fourth Quarter and All-Time Record Fiscal 2020 Results

CHICAGO-(October 13, 2020)-Oil-Dri Corporation of America (NYSE: ODC), producer and marketer of sorbent mineral products, today announced results for its fourth quarter and fiscal year 2020.
 
Fourth Quarter
Fiscal Year
 
Ended July 31
Ended July 31
 
2020
2019
Change
2020
2019
Change
Consolidated Results
 
 
 
 
 
 
Net Sales
$64,844,000
$70,117,000
(8)%
$283,227,000
$277,025,000
2%
Net Income Attributable to Oil-Dri
$5,886,000
$3,799,000
55%
$18,900,000
$12,611,000
50%
Earnings per Common Diluted Share
$0.83
$0.54
54%
$2.65
$1.80
47%
Business to Business
 
 
 
 
 
 
Net Sales
$26,628,000
$28,052,000
(5)%
$104,260,000
$105,877,000
(2)%
Segment Operating Income
$7,172,000
$9,630,000
(26)%
$31,218,000
$31,388,000
(1)%
Retail and Wholesale
 
 
 
 
 
 
Net Sales
$38,216,000
$42,065,000
(9)%
$178,967,000
$171,148,000
5%
Segment Operating Income
$479,000
$1,860,000
(74)%
$15,859,000
$8,683,000
83%


Daniel S. Jaffee, President and Chief Executive Officer, stated, “Fiscal year 2020 was one for the record books. We began the year with strong sales and margin improvement. In mid-March, COVID-19 descended upon us and put our people and infrastructure to the test. The value of our essential product portfolio, along with our hard-working teammates, our solid sales and operations planning (“S&OP”) process and enterprise resource planning (“ERP”) system, and an undisrupted supply chain allowed our business to thrive during these unprecedented times. In the midst of the coronavirus pandemic, all of our plants remained fully operational, and our results reflected our team’s successful efforts. In the fourth quarter, the initial increase in cat litter demand due to COVID-19 began to reverse as consumers unloaded their full pantries. Revenues from other products also reflect the slow recovery from the impact of the pandemic. However, we entered into a confidential license agreement in exchange for a one-time lump sum payment which helped the fourth quarter results. Overall, we experienced record net sales, a significant increase in gross profit, and record net income for the twelve-month period. We continue to focus on the health and safety of our teammates and me


The following information was filed by Oildri Corp Of America (ODC) on Tuesday, October 13, 2020 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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