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1310 Seaboard Industrial Blvd., NW
Atlanta, GA 30318
Zep Inc. Reports Improved Fourth Quarter and Fiscal Year Results
Accretive Acquisitions Continue with Third Acquisition in Nine Months;
Three-Year Restructuring Substantially Complete
Q4 revenue of $161.4 million increased 20.2% over the prior year period; FY10 revenue of $568.5 million increased 13.5% over prior year
Q4 adjusted net income increased 12.5% over the prior year period; FY10 adjusted net income increased 91.7% over prior year
Q4 adjusted diluted EPS totaled $0.33 a $0.03 increase over the prior year period; FY10 adjusted diluted EPS totaled $0.98 a $0.46 increase over prior year
Annual operating cash flow totaled $34.0 million, an 11.8% increase from prior year
Completed acquisition of Waterbury Companies, Inc. and Niagara National, LLC assets in Q1 of FY11; Q4 FY10 acquisition costs totaled $2.2 million
Successful fourth quarter $320 million recapitalization to support growth strategies
Amrep integration nearly complete; Q4 FY10 restructuring charges totaled $6.3 million
Atlanta, GA, October 11, 2010 Zep Inc. (NYSE:ZEP), a leading producer, marketer, and service provider of a wide range of cleaning and maintenance solutions, today announced financial results for the fourth fiscal quarter and fiscal year ended August 31, 2010. Revenue for the fourth quarter increased 20.2% to $161.4 million, compared with $134.3 million in the same period of the prior year, while revenue for fiscal 2010 increased 13.5% to $568.5 million from $501.0 million in fiscal 2009. Fourth quarter fiscal 2010 adjusted net income was $7.4 million, or $0.33 per share on a fully diluted basis, compared with $6.6 million, or $0.30 per share on a fully diluted basis, in the fourth quarter of fiscal 2009. Fiscal 2010 adjusted net income was $21.8 million, or $0.98 per share on a fully diluted basis, compared with $11.3 million, or $0.52 per share on a fully diluted basis, in fiscal 2009. Adjusted net income for the fourth quarter of fiscal 2010 increased by 12.5% and fully diluted adjusted earnings per share increased by 10.0% compared with the fourth quarter of fiscal 2009. Adjusted net income for fiscal 2010 increased by 91.7% and fully diluted adjusted earnings per share increased by 88.5% compared with fiscal 2009.
The following information was filed by Zep Inc. (ZEP) on Tuesday, October 12, 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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