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Contact: Garry O. Ridge
WD-40 Company Reports Increase In Fourth Quarter Sales and Income Exceeds Guidance
SAN DIEGO, Oct. 14 /PRNewswire/ WD-40 Company (Nasdaq: WDFC) today reported net sales for the fourth quarter ended August 31, 2009 of $77.8 million, an increase of 1.1% from the fourth quarter last year. Year-to-date net sales were $292.0 million, down 7.9% from the same period last year.
Net income for the fourth quarter was $7.6 million, up 63.8% compared to the prior years quarter. Earnings per share in the fourth quarter were $0.46 compared to $0.28 during the same period last year. Year-to-date net income was $26.3 million, a decrease of 4.8% from last year. For the year, earnings per share were $1.58, compared to $1.64 for the same period last year. More detailed information will be available on WD-40 Companys 10-K that will be filed the week of October 19, 2009.
While we have seen tough times during the past year with lots of uncertainty, our tribe focused on reaching our target goals and delivered impressive results, said Garry Ridge, WD-40 Company President and CEO. During the year we made strategic decisions that should benefit us in the long-term. These include diverting R&D resources to our multi-purpose maintenance products and adjacent categories, exploring the opportunities for the WD-40 brand, developing our business through acquisitions and strategic partnerships, and continuing our efforts to expand geographically around the world.
During the year foreign currency exchange rates negatively affected net sales by $30.0 million and net income by $4.5 million.
In constant currency, we would have seen sales increases of 2% for the year and net income increases of 11% for the year, Ridge said.
The Companys constant currency disclosures represent the translation of the Companys current fiscal year revenues and expenses from the functional currencies of WD-40 Company subsidiaries to U.S. dollars utilizing the exchange rates in effect for the corresponding period of the prior fiscal year.
The following information was filed by Wd 40 Co (WDFC) on Wednesday, October 14, 2009 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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