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Contact: Garry O. Ridge
WD-40 COMPANY REPORTS FOURTH QUARTER SALES AND EARNINGS
SAN DIEGO-October 17, 2011/PR Newswire/ WD-40 Company (Nasdaq: WDFC) today reported net sales for the fourth quarter ended August 31, 2011 of $90.7 million, an increase of 12% from the fourth quarter last year. Year-to-date net sales were $336.4 million, up 5% from the prior fiscal year, and were a record for the company.
Net income for the fourth quarter was $10.2 million, an increase of 48% compared to the prior year fiscal quarter. Year-to-date net income was $36.4 million, an increase of 1% from the prior fiscal year, and was also a record for the company.
Fourth quarter multi-purpose maintenance products sales, which include WD-40®, 3-IN-ONE®, and BLUE WORKS®, were $74.1 million, up 16% from the prior year fiscal quarter, and $278.8 million year-to-date, up 8% from the prior fiscal year. Homecare and cleaning products sales, which include all other brands, were $16.6 million for the fourth quarter, down 1% from the prior year fiscal quarter, and were $57.6 million year-to-date, down 9% compared to the prior fiscal year.
Americas segment sales in the fourth quarter were $46.4 million, up 2% compared to the fourth quarter of the prior fiscal year and were $169.9 million year-to-date, down 6% compared to the prior fiscal year. Europe segment sales in the fourth quarter were $34.7 million, up 26% from the prior year fiscal quarter, and were $125.4 million year-to-date, up 14% compared to the prior fiscal year. Asia-Pacific segment sales were $9.6 million in the fourth quarter, up 25% from the prior year fiscal quarter, and were $41.1 million year-to-date, up 31% compared to the prior fiscal year period.
Diluted earnings per share were $0.61 in the fourth quarter, compared to $0.41 per share for the same quarter of the prior fiscal year. Year-to-date diluted earnings per share were $2.14 compared to $2.15 in the prior fiscal year.
While we are happy with the big year we had and our record sales and net income, the year was not without its own pains with the pressure of rising commodity prices, reduction of gross margin and flat earnings. said Garry Ridge, WD-40 Company president and chief executive officer.
Net sales by segment as a percent of total net sales were as follows: for the Americas, 51% for both the fourth quarter and year-to-date; for Europe, 38% for the fourth quarter and 37% year-to-date; and, for Asia-Pacific, 11% for the fourth quarter and 12% year-to-date. During the fourth quarter 59% of total sales came from outside the United States.
Foreign currency exchange rates positively affected net sales by $3.8 million for the fourth quarter and $5.6 million year-to-date as compared to the prior fiscal year periods.
Gross margin was 48.2% in the fourth quarter compared to 50.7% in the same quarter of the prior fiscal year. Year-to-date, gross margin was 50.0%, compared to 51.4% in the prior fiscal year.
We were able to keep the gross margin within our target of 50% or above for the year due to a variety of elements, some of which offset each other, including petroleum-based materials costs, aerosol can costs, other raw materials and manufacturing costs, sales mix changes and selective price increases, Ridge said.
Advertising and sales promotion expenses were up 13% in the fourth quarter to $6.6 million compared to the same period last fiscal year and were up 14% year-to-date to $25.1 million compared to last fiscal year.
The following information was filed by Wd 40 Co (WDFC) on Monday, October 17, 2011 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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