Exhibit 99.1

 

WD-40 Company Reports FOURTH Quarter 2013 sales and EARNINGS

 

SAN DIEGO - October 17, 2013/PR Newswire/ ― WD-40 Company (Nasdaq: WDFC) today reported net sales for the quarter ended August 31,  2013 of $93.5 million, an increase of 10% from the fourth quarter last fiscal year. Year-to-date net sales were $368.5 million, up 8% from the prior fiscal year.

 

Net income for the fourth quarter was $8.1 million, a  decrease of 9% compared to the prior year fiscal quarter. Year-to-date net income was $39.8 million, an increase of 12% from the prior fiscal year.

 

Summary

 

Fourth quarter multi-purpose maintenance products sales, which include the WD-40®, 3-IN-ONE®,  and BLUE WORKS® brands were $81.6 million, up 16% from the prior year fiscal quarter, and $320.9 million year-to-date, up 12% from the prior fiscal year.  The multi-purpose maintenance products are considered a primary focus for the Company.  Homecare and cleaning products sales, which include all other brands, were $11.9 million for the fourth quarter, down 16%, and were $47.6 million year-to-date, down 15%, both as compared to the prior fiscal year periods.  The U.S. homecare and cleaning products are considered harvest brands providing healthy profit returns to the Company and are becoming a smaller part of the business as the multi-purpose maintenance products sales grow. 

 

Americas segment sales in the fourth quarter were $47.3 million, up 1% compared to the fourth quarter last fiscal year and were $180.5 million year-to-date,  up 2% compared to the prior fiscal year. The Europe, Middle East and Africa (“EMEA”) segment sales in the fourth quarter were $35.9 million, up 25% and were $136.0 million year-to-date, up 16%  compared to the same periods last fiscal year. Asia-Pacific segment sales in the fourth quarter were $10.3 million, up 10% and were $52.0 million year-to-date, up 7% compared to the same periods last fiscal year.

 

Diluted earnings per share were $0.53 in the fourth quarter, compared to $0.56 per share for the same quarter of the prior fiscal year. Year-to-date diluted earnings per share were $2.54 compared to $2.20 in the prior fiscal year.

 

"We have been celebrating our 60th anniversary and are pleased to report a record year for the company during this important milestone,” said Garry Ridge, WD-40 Company president and chief executive officer. “Our tribes continued focus on our key strategic initiatives and thinking big about our future has paid off in spades with great results across all trading blocs. We continue to see ourselves as a growth company, and our performance supports that.”

 

Net sales by segment as a percent of total net sales were as follows: for the Americas, 51% for the fourth quarter and 49% year-to-date; for EMEA,  38% for the fourth quarter and 37% year-to-date; and, for Asia-Pacific, 11% for the fourth quarter and 14% year-to-date.

 

“Our results throughout EMEA have continued to be strong and we expect that the sustainability of the economic recovery in that region will continue to provide positive results,” Ridge said.  “Our Asia Pacific business has grown steadily since 2009 and the preparations we have made in that region in the past year will support our continued growth.  We had a record year in China and continue to focus on long-term opportunities there, but we do know there will be some volatility along the way due to promotional timing, the fluctuations of building distribution, shifting economic growth patterns and varying industrial activities.”

 

Gross margin was 53.0% in the fourth quarter compared to 49.4% in the same quarter last fiscal year. Year-to-date, gross margin was 51.3%, compared to 49.2% in the prior fiscal year.

 

“We are pleased that our gross margin held up in the fourth quarter and are fortunate that many things fell in our corner this year," Ridge said. "During the year we saw favorable improvements in gross margin as a result of price increases, changes in our sales mix and foreign currency exchange rates, as well as lower input and other manufacturing costs stemming from our strategic initiatives.”

 


The following information was filed by Wd 40 Co (WDFC) on Thursday, October 17, 2013 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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