Exhibit 99.1



WD-40 Company Reports Third Quarter 2017 Financial Results

~ Global net sales of maintenance products grew 3 percent compared to prior year fiscal period ~



SAN DIEGO – July 10, 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 third fiscal quarter ended May 31, 2017.



Financial Highlights and Summary

·

Total net sales for the third quarter were $98.2 million, an increase of 2 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $283.9 million, an increase of $0.4 million 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 third quarter and $301.0 million year-to-date.  

·

Net income for the third quarter was $14.4 million, an increase of 14 percent compared to the prior year fiscal quarter. Year-to-date net income was $38.6 million, an increase of $0.2 million from the prior year fiscal period.

·

Diluted earnings per share were $1.02 in the third quarter, compared to $0.88 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $2.71 compared to $2.65 in the prior year fiscal period.

·

Gross margin was 55.3 percent in the third quarter compared to 56.8 percent in the prior year fiscal quarter.  Year-to-date gross margin was 56.3 percent compared to 55.9 percent in the prior year fiscal period.

·

Selling, general and administrative expenses were down 6 percent in the third quarter to $27.6 million when compared to the prior year fiscal quarter.  Year-to-date selling, general and administrative expenses were up 1 percent to $86.4 million compared to the prior year fiscal period. 

·

Advertising and sales promotion expenses were down 13 percent in the third quarter to $5.4 million when compared to the prior year fiscal quarter.  Year-to-date advertising and sales promotion expenses were down 10 percent to  $15.3 million compared to the prior year fiscal period.    



"We had a solid quarter and are pleased that we achieved both sales and earnings results which reflect new record highs for the Company,” said Garry Ridge, WD-40 Company’s president and chief executive officer.  “Fluctuating foreign currency exchange rates continue to obscure our sales results but if you remove their impact our consolidated sales would have increased by about 4 percent over the prior year fiscal third quarter. Overall, while we continue to see fluctuations in certain markets quarter to quarter, our long-term growth plans remain stable,” continued Ridge.

1

 


The following information was filed by Wd 40 Co (WDFC) on Monday, July 10, 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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