PR Newswire
SAN DIEGO, Oct. 19, 2016
SAN DIEGO, Oct. 19, 2016 /PRNewswire/ -- WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its fourth quarter and fiscal ended August 31, 2016.
Financial Highlights and Summary
"We live in a world that is volatile, uncertain, complex and full of ambiguity. Despite all the events taking place in the world today the tribe delivered a solid end to fiscal year 2016," said Garry Ridge, WD-40 Company's president and chief executive officer. "During the full fiscal year we generated a significant amount of our sales in currencies other than the U.S. dollar, therefore foreign currency exchange headwinds had a significant impact our reported results. On a constant currency basis net sales for the full fiscal year were about $396 million, up 5 percent compared to last fiscal year. The tribe has never been more aligned and focused. We are clear about our purpose. We know why and how we do what we do, and our strategic initiatives focus us on how we use our time, talent, treasure and technology to achieve our long-term goals," concluded Ridge.
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Net Sales by Segment (in thousands): | | | | ||||||||||||||
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| Three Months Ended August 31, | | Fiscal Year Ended August 31, | ||||||||||||||
| 2016 | | 2015 | | % | | 2016 | | 2015 | | % | ||||||
Americas | $ | 51,565 | | $ | 48,125 | | | 7% | | $ | 191,397 | | $ | 187,344 | | | 2% |
EMEA | | 34,601 | | | 33,242 | | | 4% | | | 135,235 | | | 136,847 | | | (1)% |
Asia-Pacific | | 10,986 | | | 10,614 | | | 4% | | | 54,038 | | | 53,959 | | | - |
Total | $ | 97,152 | | $ | 91,981 | | | 6% | | $ | 380,670 | | $ | 378,150 | | | 1% |
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Net Sales by Product Group (in thousands): | | | | | |||||||||||||
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| Three Months Ended August 31, | | Fiscal Year Ended August 31, | ||||||||||||||
| 2016 | | 2015 | | % | | 2016 | | 2015 | | % | ||||||
Maintenance products | $ | 86,532 | | $ | 80,301 | | | 8% | | $ | 339,974 | | $ | 333,306 | | | 2% |
Homecare and cleaning products | | 10,620 | | | 11,680 | | | (9)% | | | 40,696 | | | 44,844 | | | (9)% |
Total | $ | 97,152 | | $ | 91,981 | | | 6% | | $ | 380,670 | | $ | 378,150 | | | 1% |
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Dividend and Share Repurchase
As previously announced, WD-40 Company's board of directors declared on Tuesday, October 11, 2016 a quarterly dividend of $0.42 per share payable October 31, 2016 to stockholders of record at the close of business on October 21, 2016.
On October 14, 2014 the board of directors approved a share repurchase plan. The plan became effective at the beginning of the fourth quarter of fiscal year 2015. Under the plan, the Company was authorized to acquire up to $75.0 million of its outstanding shares through August 31, 2016. During the period from March 1, 2015 through August 31, 2016, the Company repurchased 503,127 shares at a total cost of $47.8 million under this $75.0 million plan.
On June 21, 2016 the board of directors approved a new share repurchase plan. This new plan became effective as of September 1, 2016. Under the new plan, the Company is authorized to acquire up to $75.0 million of its outstanding shares through August 31, 2018. The timing and the amount of any repurchases of common stock under either plan will be determined by management based on its evaluation of market conditions and other factors.
Fiscal Year 2017 Guidance
The Company's guidance for fiscal year 2017 is as follows:
The net sales projections for fiscal year 2017 reflect the recent and significant deterioration of the British pound sterling. The foreign currency exchange rate for the British pound sterling against the U.S. dollar has recently declined by approximately 15 percent from the average exchange rates in fiscal year 2016. This guidance does not include any future acquisitions or divestitures and assumes that foreign currency exchange rates and crude oil prices will remain close to current levels for fiscal year 2017. In addition, this guidance does not assume any significant impact in other income from future balance sheet remeasurements as the Company experienced in fiscal year 2016.
Webcast Information
As previously announced, WD-40 Company management will host a live webcast at approximately 5:00 p.m. ET / 2:00 p.m. PT today to discuss these results. Other forward-looking and material information may also be discussed during this call. Please visit http://investor.wd40company.com for more information and to view supporting materials.
About WD-40 Company
WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. The Company markets its maintenance products and homecare and cleaning products under the following well-known brands: WD-40®, 3-IN-ONE®, GT85®, X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, 1001®, Lava® and Solvol®.
Headquartered in San Diego, WD-40 Company recorded net sales of $381 million in fiscal year 2016 and its products are currently available in more than 176 countries and territories worldwide. WD-40 Company is traded on the NASDAQ Global Select market under the ticker symbol "WDFC." For additional information about WD-40 Company please visit http://www.wd40company.com.
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