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WD-40 Company Reports Second Quarter 2020 Financial Results
~ Management takes decisive steps to ensure company has ample liquidity to navigate period of unprecedented macroeconomic uncertainty ~
SAN DIEGO – April 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 second fiscal quarter ended February 29, 2020.
Second Fiscal Quarter Financial Highlights
“Our total sales declined in the second quarter primarily due to a 31 percent decline in sales within the Asia-Pacific segment,” said Garry Ridge, WD-40 Company’s chairman and chief executive officer. “This decline was mainly driven by a significant decrease in maintenance product sales in China due to disruptions related to the COVID-19 outbreak and resulting health crisis. Though the impact in the second quarter was significant, we are pleased that things appear to be slowly returning to normal for our tribe members in China.”
“However, we currently find ourselves at the peak of uncertainty as it relates to this global health crisis and its effects on both our company and the global economy. To navigate these unprecedented times, we have three primary areas of focus for the company. First, the safety and wellbeing of our tribe members and their families is our top priority. Second, we need to stay connected with our customers and vendor partners to ensure we continue to meet market needs. Third, we need to maintain the infrastructure of our business operations. In support of this third area of focus, we have recently taken steps to strengthen our balance sheet.”
“We know we will probably face some challenges in the coming weeks and months as we continue to operate a global business through these volatile and uncertain times. But we are a strong tribe and an enduring company. We are confident that we are well positioned to navigate this storm as it unfolds from both a financial and operational perspective and emerge on the other side a stronger company,” concluded Ridge.
The following information was filed by Wd 40 Co (WDFC) on Thursday, April 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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