Exhibit 99.1



WD-40 Company Reports First Quarter 2020 Financial Results

~ Management reiterates previously issued full fiscal year 2020 earnings guidance ~



SAN DIEGO  January 9, 2020 ― 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, 2019.



Financial Highlights and Summary

·

Total net sales for the first quarter were $98.6 million,  a decrease of 3 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 an unfavorable impact on sales for the first quarter.  On a constant currency basis, total net sales for the first quarter would have been  $100.8 million,  relatively constant compared to the prior year fiscal quarter.

·

Net income for the  first quarter was $12.2 million, a decrease of 8 percent  from the prior year fiscal quarter.

·

Diluted earnings per share were $0.88 compared to $0.95 in the prior year fiscal quarter.

·

Gross margin percentage was 54.3 percent compared to 55.1 percent in the prior year fiscal quarter.

·

Selling, general and administrative expenses were down $0.1 million in the first quarter to $32.6 million compared to the prior year fiscal quarter.  

·

Advertising and sales promotion expenses were down 6 percent to $5.6 million compared to the prior year fiscal quarter.



"If you follow us quarter to quarter, you may not like our results this quarter,” said Garry Ridge, WD-40 Company’s chairman and chief executive officer. Our business is one in which fluctuations in the performance of our markets from quarter to quarter are not unusual.  That’s why we don’t issue quarterly guidance and why we frequently caution investors not to follow us too closely quarter to quarter.”



“We are playing the infinite game  which is why it’s more important for investors to understand that our long-term strategic drivers are performing in-line with our expectations, than it is for them to be concerned about the performance of a particular market or segment in a finite period.” 



“Overall, we acknowledge that our first quarter does not reflect the revenue growth we would like to see in our business.  However, we expect a solid, steady year ahead as we continue to put our efforts behind the strategic initiatives we believe will help us achieve our ‘probably wrong and roughly right’ long-term revenue objectives,” Ridge concluded. 



Net Sales by Segment (in thousands):







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Three Months Ended November 30,



2019

 

2018

 

Change

Americas

$

46,736 

 

$

47,791 

 

 

(2)%

EMEA

 

39,245 

 

 

38,745 

 

 

1% 

Asia-Pacific

 

12,575 

 

 

14,746 

 

 

(15)%

Total

$

98,556 

 

$

101,282 

 

 

(3)%



 

 

 

 

 

 

 

 



·

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, 40 percent; for Asia-Pacific, 13 percent.

1

 


The following information was filed by Wd 40 Co (WDFC) on Thursday, January 9, 2020 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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