Exhibit 99.1

 

News Release

Zep Inc.

 

 

 

1310 Seaboard Industrial Blvd., NW

Atlanta, GA 30318

 

www.zepinc.com

 

Zep Inc. Reports Fiscal Second Quarter 2014 Results

 

Fiscal Second Quarter 2014 Highlights:

 

·                  Net sales of $157.8 million

 

·                  Adjusted EBITDA of $11.2 million

 

·                  Adjusted earnings per diluted share of $0.09, excluding $0.12 of integration and legal costs

 

·                  Adjusted cash earnings per diluted share of $0.18

 

Key Milestones:

 

·                  To date, third fiscal quarter order rates have rebounded following second fiscal quarter weather disruption

 

·                  Long-running California legal matter substantially resolved

 

·                  Completed three-year information technology upgrade

 

·                  On target to exceed $9 million of restructuring savings during fiscal 2014, achieved $2.3 million in second fiscal quarter

 

(ATLANTA — April 7, 2014) — Zep Inc. (NYSE: ZEP), a leading consumable chemical packaged goods company that manufactures a wide variety of high-performance maintenance and cleaning chemicals, today reported financial results for the three and six-month periods ended February 28, 2014.

 

“We achieved several milestones during the quarter including the settlement of substantially all of the 2010 California legal matters, a 3-year $10 million distraction; the completion and stabilization of our 3-year information technology upgrade, costing approximately $20 million in capital spending; and an agreement to sell some surplus real-estate,” said John K. Morgan, Chairman, President and Chief Executive Officer of Zep Inc.  “With these items behind us, we are well positioned to de-lever the balance sheet at an accelerated rate and to grow in our strategic end-markets.  Our March order rates were strong, and we now believe we will exceed our previous revenue expectations for the upcoming quarter.”

 

Net sales in the quarter were $157.8 million.  The 3.4% decline was slightly greater than our previously communicated range of flat to down 3% due to the effects of weather disruptions.  Growth in strategic North American end-markets, such as automotive and home improvement retailers, car wash, oil and gas, and in our European business, was more than offset by declines in certain Jan/San end markets and sales eliminated as a result of our continuing complexity reduction initiative, as expected.

 

Gross profit margin in the second quarter of fiscal 2014 was 46.9% or 50 basis points lower than the comparable quarter of fiscal 2013 due to increased raw material input costs, partially offset by improved sales channel mix.  As a result of restructuring benefits, selling, distribution and administrative expenses were $2.1 million lower than the comparable period of fiscal 2013, excluding the impacts of adjustments for the

 


The following information was filed by Zep Inc. (ZEP) on Monday, April 7, 2014 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Zep Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Zep Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account