Exhibit 99.1

 

News Release

Zep Inc.

 

 

 

1310 Seaboard Industrial Blvd., NW
Atlanta, GA 30318

www.zepinc.com

 

Zep Inc. Reports Solid Fourth Quarter, Record Results for Fiscal Year 2012

 

·                  Results Driven by Significant Advancements in Diversification Strategy

 

·                  Fourth Quarter EPS of $0.33, up 83% Over Prior Year

 

·                  Fourth Quarter EBITDA of $15.6 million, up 46% Over Prior Year

 

·                  Full Year Results Deliver Record Sales, EBITDA and EPS

 

ATLANTA, October 11, 2012 (BUSINESS WIRE) —

Zep Inc. (NYSE:ZEP), a leading producer and marketer of a wide range of cleaning and maintenance solutions, today reported financial results for the three- and twelve-month periods ended August 31, 2012.

 

·                  Revenue in the fourth fiscal quarter of 2012 was $171.7 million, a 1.2% decrease from the fourth quarter of fiscal year 2011.  In constant currency, revenue in the current quarter was essentially flat compared with the same year ago period.  For the 2012 fiscal year, revenue increased to a record $653.5 million, an increase of $7.6 million, or 1.2%, compared to revenue of $646.0 million reported for fiscal year 2011.  In constant currency, revenue grew 1.8% for fiscal year 2012.

 

·                  Net income reported for the fourth quarter of 2012 was $7.3 million, a 78.8% increase compared with net income of $4.1 million in the same period of fiscal year 2011.  Net income reported for fiscal year 2012 was a record $21.9 million, an increase of 25.9% compared with net income of $17.4 million reported for fiscal year 2011.

 

·                  Diluted earnings per share (EPS) reported for the fourth quarter of 2012 was $0.33, an 83.3% increase over reported EPS of $0.18 in the same period last year.  EPS reported for the 2012 fiscal year was a record $0.98, a 25.6% increase over EPS of $0.78 reported for fiscal year 2011.

 

·                  EBITDA (earnings before interest, taxes, depreciation and amortization expenses) for the fourth quarter of 2012 was $15.6 million, or 9.1% of sales, a 45.5% increase compared to the prior year period.  EBITDA for fiscal year 2012 was a record $53.7 million, or 8.2% of sales, an increase of 13.1% compared to $47.5 million in EBITDA reported for fiscal year 2011.

 

·                  Free cash flow (defined as net cash provided by operating activities less purchases of property, plant, and equipment and proceeds from sale of property, plant, and equipment) generated during the fourth quarter of 2012 was $1.6 million, compared with $21.4 million of cash generated in the same period last year.  Free cash flow generated during fiscal year 2012 was $4.3 million, compared with a record $29.0 million of cash generated for fiscal year 2011.

 

“We have made tremendous strides during the last two years to expand our market access through acquisitions,” said John K. Morgan, Chairman, President and Chief Executive Officer of Zep Inc.  “We are now in a much stronger position to capitalize on our disciplined multi-channel and brand approach, and to better serve our customers.”

 

Mr. Morgan continued, “We have expanded our business to channels that were not previously available to us.  Importantly, the investments we made in the market-facing capabilities of each of these channels resulted in organic growth for those platforms, and half of our top 20 customers are new customers of the Company within the past three years as a result of these investments.”

 


The following information was filed by Zep Inc. (ZEP) on Thursday, October 11, 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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