Exhibit 99.1



WD-40 Company Reports Second Quarter 2017 Financial Results

~ Global net sales of maintenance products grew 4 percent compared to prior year fiscal period ~



SAN DIEGO – April 6, 2017 ― 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 second fiscal quarter ended February 28, 2017.



Financial Highlights and Summary

·

Total net sales for the second quarter were $96.5 million, an increase of 2 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $185.8 million, a decrease of 1 percent compared to the prior year fiscal period.  

·

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 would have been $102.9 million for the second quarter and $198.1 million year-to-date.  

·

Net income for the second quarter was $12.4 million, a decrease of 10 percent compared to the prior year fiscal quarter. Year-to-date net income was $24.1 million, a decrease of 6 percent from the prior year fiscal period.

·

Diluted earnings per share were $0.87 in the second quarter, compared to $0.94 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $1.69 compared to $1.77 in the prior year fiscal period.

·

Gross margin was 56.4 percent in the second quarter compared to 55.4 percent in the prior year fiscal quarter.  Year-to-date gross margin was 56.8 percent compared to 55.5 percent in the prior year fiscal period.

·

Selling, general and administrative expenses were up 4 percent in the second quarter to $29.8 million when compared to the prior year fiscal quarter.  Year-to-date selling, general and administrative expenses were up 4 percent to $58.8 million compared to the prior year fiscal period. 

·

Advertising and sales promotion expenses remained relatively constant at $5.0 million in the second quarter compared to the prior year fiscal quarter. Year-to-date advertising and sales promotion expenses were down 8 percent to  $9.9 million compared to the prior year fiscal period.    



“Fluctuating foreign currency exchange rates continue to obscure the true strength of our business and they negatively impacted both our top-line and bottom line results in the second quarter,” said Garry Ridge, WD-40 Company’s president and chief executive officer.  “Even with the impacts of foreign currency headwinds included, we had 4 percent growth in sales of our maintenance products, which continue to be our core strategic focus, and a 5 percent increase in operating income.  Our net income was negatively impacted as a result of fluctuations in some non-operating currency related items period over period, as well as an adjustment that we recorded to our income tax expense in the second quarter of this year.  As we look to the remainder of fiscal year 2017, we’ve updated our fiscal year guidance and we remain confident in our strategy and are staying the course."

1

 


The following information was filed by Wd 40 Co (WDFC) on Thursday, April 6, 2017 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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