Wd 40 Co (WDFC) SEC Filing 10-Q Quarterly report for the period ending Thursday, November 30, 2017

Earnings Press Release
10-Q Quarterly Report
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Wd 40 Co
Ticker: WDFC CIK: 105132

Exhibit 99.1

WD-40 Company Reports First Quarter 2018 Financial Results

~ First quarter net sales of maintenance products grew 11 percent period-over-period ~

SAN DIEGO – January 9, 2018 ― 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 first fiscal quarter ended November 30, 2017.

Financial Highlights and Summary

Total net sales for the first quarter were $97.6 million, an increase of 9 percent compared to the prior year fiscal quarter.

Translation of the Company’s foreign subsidiary results from their functional currencies to U.S. dollars had a favorable impact on sales for the current quarter. On a constant currency basis total net sales for the first quarter would have been $96.2 million, an increase of 8 percent compared to the prior year fiscal quarter.

Net income for the first quarter was $12.6 million, an increase of 7 percent from the prior year fiscal quarter.

Diluted earnings per share were $0.90 compared to $0.82 in the prior year fiscal quarter.

Gross margin percentage was 55.5 percent compared to 57.2 percent in the prior year fiscal quarter.

Selling, general and administrative expenses were up 8 percent in the first quarter to $31.2 million when compared to the prior year fiscal quarter.

Advertising and sales promotion expenses were up 6 percent to $5.1 million compared to the prior year fiscal quarter.

"The tribe has delivered solid first quarter results, reflecting excellent execution of our first and second strategic initiatives and the fact that for the first time in a long-time, foreign currency exchange rates are not diluting our reported net sales results,” said Garry Ridge, WD-40 Company’s president and chief executive officer.

“Our flagship product, WD-40 Multi-Use Product grew 10 percent in the first quarter, and our WD-40 Specialist product line grew 29 percent compared to the prior year quarter.

“Overall we are off to a good start in 2018 and we believe our focus on executing against our strategic initiatives will continue to drive revenue growth, further strengthen our financial foundation, and enhance shareholder value,” Ridge concluded.

Net Sales by Segment (in thousands):



	Three Months Ended November 30,
	2017		2016		Change
Americas	$	46,163	$	42,840		8%
EMEA		35,028		30,257		16%
Asia-Pacific		16,406		16,151		2%
Total	$	97,597	$	89,248		9%

Net sales by segment as a percent of total net sales for the first quarter were as follows: for the Americas, 47 percent; for EMEA, 36 percent; and for Asia-Pacific, 17 percent.

The following information was filed by Wd 40 Co (WDFC) on Tuesday, January 9, 2018 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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