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WD-40 COMPANY REPORTS FOURTH QUARTER SALES AND EARNINGS
SAN DIEGO-October 15, 2012/PR Newswire/ WD-40 Company (Nasdaq: WDFC) today reported net sales for the fourth quarter ended August 31, 2012 of $84.9 million, a decrease of 6% from the fourth quarter last year. Year-to-date net sales were $342.8 million, up 2% from the prior fiscal year.
Net income for the fourth quarter was $9.0 million, a decrease of 12% compared to the prior year fiscal quarter. Year-to-date net income was $35.5 million, a decrease of 3% from the prior fiscal year.
Fourth quarter multi-purpose maintenance products sales, which include the WD-40® multi-use product, 3-IN-ONE®, BLUE WORKS® and the WD-40 Specialist® product lines were $70.6 million, down 5% from the prior year fiscal quarter, and $286.5 million year-to-date, up 3% from the prior fiscal year. The multi-purpose maintenance products are considered a primary focus for the Company. Homecare and cleaning products sales, which include all other brands, were $14.3 million for the fourth quarter, down 14% from the prior year fiscal quarter, and were $56.3 million year-to-date, down 2% compared to the prior fiscal year. The U.S. homecare and cleaning products are considered harvest brands providing healthy profit returns to the Company and are becoming a smaller part of the business as the multi-purpose maintenance products sales grow.
Americas segment sales in the fourth quarter were $46.8 million, up 1% compared to the fourth quarter of the prior fiscal year and were $177.4 million year-to-date, up 4% compared to the prior fiscal year. Europe segment sales in the fourth quarter were $28.7 million, down 17% from the prior year fiscal quarter, and were $116.9 million year-to-date, down 7% compared to the prior fiscal year. Asia-Pacific segment sales were $9.4 million in the fourth quarter, down 3% from the prior year fiscal quarter, and were $48.5 million year-to-date, up 18% compared to the prior fiscal year period.
Diluted earnings per share were $0.56 in the fourth quarter, compared to $0.61 per share for the same quarter of the prior fiscal year. Year-to-date diluted earnings per share were $2.20 compared to $2.14 in the prior fiscal year.
While we are disappointed in the results for the fiscal year, we are excited about the future of this Company and the foundation we are putting in place to build long-term, sustainable growth said Garry Ridge, WD-40 Company president and chief executive officer. This foundation will help us weather the storms of global economic volatility and turbulent business conditions in Europe as well as the fluctuations in oil prices and other input costs which will likely continue for the foreseeable future. We believe our continuing focus on our core strategic drivers will deliver the long-term results our shareholders are looking for.
Net sales by segment as a percent of total net sales were as follows: for the Americas, 55% for the fourth quarter and 52% year-to-date; for Europe, 34% for both the fourth quarter and year-to-date; and for Asia-Pacific, 11% for the fourth quarter and 14% year-to-date.
We saw some sales that we expected to come in during the fourth quarter slip into the first quarter of fiscal year 2013, particularly in Europe. Ridge said. We are starting to see some recovery in the markets that were weakest in the past year and remain confident that our ability to introduce and grow our core product in new markets and bring new products into mature markets will meet our expectations as we look ahead.
Foreign currency exchange rates negatively affected net sales by $1.7 million for the fourth quarter and $1.0 million year-to-date as compared to the prior fiscal year periods.
Gross margin was 49.4% in the fourth quarter compared to 48.2% in the same quarter of the prior fiscal year. Year-to-date, gross margin was 49.2%, compared to 50.0% in the prior fiscal year.
Selling, general and administrative expenses were up 1% in the fourth quarter to $21.6 million and were up 2% year-to-date to $88.9 million as compared to the same periods last fiscal year.
The following information was filed by Wd 40 Co (WDFC) on Monday, October 15, 2012 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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