Exhibit 99.1

 

WD-40 Company Reports Fourth  Quarter and Fiscal Year 2015 Financial Results

~ Company reports diluted earnings per common share of $3.04 for fiscal year 2015 ~

~  Impacts of changing foreign currency exchange rates significantly reduced Company’s net sales in fiscal year 2015 ~

 

SAN DIEGO  October 15, 2015 ― WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its fiscal fourth quarter and fiscal year ended August 31, 2015.

 

Financial Highlights and Summary

·

Total net sales for the fourth quarter were  $92.0 million, a decrease of 6 percent compared to the prior year fiscal quarter. Total net sales for the full fiscal year were $378.2 million, a decrease of 1 percent from the prior fiscal year.  

·

Translation of the Company’s foreign subsidiary results to U.S. dollars had an unfavorable impact on sales for the current quarter and year to date. On a constant currency basis, total net sales were $96.2 million for the fourth quarter and $389.1 million for the full fiscal year.

·

Net income for the  fourth quarter was $11.7 million, an increase of 2 percent compared to the prior year fiscal quarter. Net income for the full fiscal year was $44.8 million, an increase of 2 percent from the prior fiscal year.  

·

Diluted earnings per share were $0.80 in the fourth quarter, compared to $0.77 per share for the prior year fiscal quarter. Diluted earnings per share for the full fiscal year were $3.04 compared to $2.87 in the prior fiscal year.

·

Gross margin was 54.3 percent in the fourth quarter compared to 52.7 percent in the prior year fiscal quarter. Gross margin for the full fiscal year was 52.9 percent, compared to 51.9 percent in the prior fiscal year. 

·

Selling, general and administrative expenses were down 3 percent in the fourth quarter to $27.4 million when compared to the prior year fiscal quarter. Selling, general and administrative expenses remained relatively constant at $108.9 million and $108.6 million for fiscal years 2015 and 2014, respectively

·

Advertising and sales promotion expenses were up 2 percent in the fourth quarter to $6.0 million compared to the prior year fiscal quarter and were down 4 percent for the full fiscal year to $22.9 million compared to the prior fiscal year

 

Fiscal year 2015 was a year of solid operating performance that was obscured by the impacts of political events, economic instability, a strong U.S. dollar and a particularly weak euro against the pound sterling,” said Garry Ridge, WD-40 Company’s president and chief executive officer.  We have built a global company and approximately 40 percent of our sales are currently generated in currencies other than the U.S. dollar. With this comes risk.  If you take both translation and transaction exposure into consideration, changes in foreign currency exchange rates reduced our total net sales by approximately $16 million for fiscal year 2015.

 

Despite the challenged macroeconomic environment we made solid progress against our strategic initiatives and in local currencies delivered growth in all but a few of our markets around the world. We are very excited that we launched our newest product, WD-40 EZ-REACH™, in the U.S. during our fourth quarter and initial point of sale results have been encouraging

 

Equally exciting, our WD-40 Specialist® product line celebrated its fourth birthday in August of 2015 by achieving a global growth rate of 24 percent for the full fiscal year,” concluded Ridge. 

 

1

 


The following information was filed by Wd 40 Co (WDFC) on Thursday, October 15, 2015 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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