Exhibit 99.1



WD-40 Company Reports Fourth Quarter and Fiscal Year 2019 Financial Results

~  Fourth quarter consolidated net sales grew  4 percent in reported currency and 6 percent on a constant currency basis period-over-period ~



SAN DIEGO – October 17, 2019 ― 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 fourth quarter and fiscal year ended August 31, 2019.



Financial Highlights and Summary

·

Total net sales for the fourth quarter were $106.7 million, an increase of 4 percent compared to the prior year fiscal quarter. For the full fiscal year, total net sales were $423.4 million, also an increase of 4 percent compared to 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 full fiscal year.  On a constant currency basis, total net sales would have been $109.2 million for the fourth quarter and $433.8 million for the full fiscal year.  

·

Net income for the fourth quarter was $8.6 million, a decrease of 60 percent compared to the prior year fiscal quarter. For the full fiscal year, net income was $55.9 million, a decrease of 14 percent from the prior fiscal year.

·

Diluted earnings per share were $0.63 in the fourth quarter, compared to $1.54 per share for the prior year fiscal quarter. For the full fiscal year, diluted earnings per share were $4.02 compared to $4.64 in the prior fiscal year.

·

Gross margin was 54.6 percent in the fourth quarter compared to 55.2 percent in the prior year fiscal quarter.  For the full fiscal year, gross margin was 54.9 percent compared to 55.1 percent in the prior fiscal year.

·

Selling, general and administrative expenses were down 3 percent in the fourth quarter to $28.7 million when compared to the prior year fiscal quarterSelling, general and administrative expenses for the full fiscal year were up 2 percent to $123.9 million compared to the prior fiscal year

·

Advertising and sales promotion expenses were down 9 percent in the fourth quarter to $5.9 million when compared to the prior year fiscal quarter.  Advertising and sales promotion expenses for the full fiscal year were up 4 percent to  $23.3 million compared to the prior fiscal year.    



“In the fourth quarter, net income and diluted earnings per share were negatively impacted by an $8.7 million reserve for an uncertain tax position that we recorded, and previously disclosed, during the fourth quarter,” said Jay Rembolt, WD-40 Company’s chief financial officer.  Because of this adjustment, our net income is significantly lower on a year-over-year basis in both the quarter and the full fiscal year. The good news is that this a one-time charge and the high tax rate we recorded is not expected to carry into fiscal year 2020.  We expect the provision for income tax to be between 20 and 22 percent in fiscal year 2020,” concluded Rembolt.   

WD-40 Company’s chief executive officer, Garry Ridge added, “We are pleased that we achieved sales results in fiscal year 2019 which reflect another solid year for the Company. Our maintenance products delivered solid sales increases in the full fiscal year including 4 percent growth of WD-40 Multi-Use Product and 13 percent growth of WD-40 Specialist.  I’d like to thank the tribe for their contributions during fiscal year 2019. The tribe has never been more aligned and focused. We are clear about our purpose and we know what we need to do to achieve our long-term goals.”  

1

 


The following information was filed by Wd 40 Co (WDFC) on Thursday, October 17, 2019 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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