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Contact: Garry O. Ridge
WD-40 COMPANY REPORTS RECORD YEAR IN SALES AND EARNINGS
SAN DIEGO, Oct. 15, 2010 /PRNewswire-FirstCall/ WD-40 Company (Nasdaq: WDFC) today reported net sales for the fourth quarter ended August 31, 2010 of $80.7 million, an increase of 4% from the fourth quarter of last fiscal year. Year-to-date net sales were $321.5 million, up 10% from last fiscal year. Fiscal year 2010 was a record year for sales and earnings for WD-40 Company.
Net income for the fourth quarter was $6.9 million, down 10% compared to the fourth quarter of last fiscal year. Diluted earnings per common share in the fourth quarter were $0.41 compared to $0.46 during the fourth quarter of last fiscal year. Year-to-date net income was $36.1 million, an increase of 37% from last fiscal year. Year-to-date diluted earnings per common share were $2.15, compared to $1.58 for last fiscal year.
This past year was the best in our company history, and while the gradual stabilization of the global economy has helped, our success is primarily due to our tribe members unwavering focus and exceptional execution of our key strategic initiatives, said Garry Ridge, WD-40 Company President and CEO. We were able to accomplish what was on our to do list, and that included a focus on both geographic expansion of our core brands and maximizing our position with multi-purpose maintenance products.
Net sales increased to $80.7 million for the fourth quarter, up 4% compared to the prior fiscal years fourth quarter. Year-to-date net sales increased to $321.5 million, up 10% from last fiscal year.
Fourth quarter multi-purpose maintenance product sales, which include the WD-40®, 3-IN-ONE® ,and BLUE WORKS brands, were $63.9 million, up 7% from the previous fiscal year, and $258.1 million for the full year, up 15% as compared to last fiscal year. Homecare and cleaning product sales, which include all of our other brands, were $16.8 million for the fourth quarter, down 7% from the fourth quarter of last fiscal year, and were $63.4 million year-to-date, down 5% from last fiscal year.
Americas segment fourth quarter sales were up 2% compared to the prior fiscal years fourth quarter and year-to-date were up 7% from the prior fiscal year. Europe segment sales for the fourth quarter were up 5% compared to the prior fiscal years fourth quarter and were up 13% year-to-date from the prior fiscal year. Asia/Pacific segment sales for the fourth quarter were up 9% compared to the prior fiscal years fourth quarter and were up 20% year-to-date compared to the prior fiscal year.
The following information was filed by Wd 40 Co (WDFC) on Friday, October 15, 2010 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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