PR Newswire
SAN DIEGO, Oct. 19, 2017
SAN DIEGO, Oct. 19, 2017 /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 year ended August 31, 2017.
Financial Highlights and Summary
"Although stronger sales growth in fiscal year 2017 would have been a preferred result, I believe today's financial results demonstrate that our robust business model and global diversification can deliver record earnings - even in times of currency headwinds," said Garry Ridge, WD-40 Company's president and chief executive officer.
"Our WD-40 Specialist product line continued to perform well and delivered 20 percent annual revenue growth in fiscal year 2017. This innovative product line, together with our ability to grow sales of the blue and yellow can with the little red top, represents a tremendous long-term opportunity for our organization.
"As we embark into fiscal year 2018 we believe the bulk of the recent foreign currency exchange headwinds are behind us and, accordingly, think it is an appropriate time to review our long-term revenue targets. Our revised long-term revenue target is to drive consolidated net sales to approximately $700 million in revenue by the end of fiscal year 2025," continued Ridge.
Net Sales by Segment (in thousands):
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| Three Months Ended August 31, | | Fiscal Year Ended August 31, | ||||||||||||||
| 2017 | | 2016 | | % | | 2017 | | 2016 | | % | ||||||
Americas | $ | 47,965 | | $ | 51,565 | | | (7)% | | $ | 184,929 | | $ | 191,397 | | | (3)% |
EMEA | | 35,923 | | | 34,601 | | | 4% | | | 136,771 | | | 135,235 | | | 1% |
Asia-Pacific | | 12,673 | | | 10,986 | | | 15% | | | 58,806 | | | 54,038 | | | 9% |
Total | $ | 96,561 | | $ | 97,152 | | | (1)% | | $ | 380,506 | | $ | 380,670 | | | - |
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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, | ||||||||||||||
| 2017 | | 2016 | | % | | 2017 | | 2016 | | % | ||||||
Maintenance products | $ | 86,439 | | $ | 86,532 | | | - | | $ | 342,295 | | $ | 339,974 | | | 1% |
Homecare and cleaning products | | 10,122 | | | 10,620 | | | (5)% | | | 38,211 | | | 40,696 | | | (6)% |
Total | $ | 96,561 | | $ | 97,152 | | | (1)% | | $ | 380,506 | | $ | 380,670 | | | - |
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Dividend and Share Repurchase
As previously announced, WD-40 Company's board of directors declared on Tuesday, October 10, 2017 a quarterly dividend of $0.49 per share payable October 31, 2017 to stockholders of record at the close of business on October 20, 2017.
On June 21, 2016, the Company's Board of Directors approved a share buy-back plan. Under the plan, which became effective on September 1, 2016, the Company is authorized to acquire up to $75.0 million of its outstanding shares through August 31, 2018. The timing and amount of repurchases are based on terms and conditions as may be acceptable to the Company's Chief Executive Officer and Chief Financial Officer and in compliance with all laws and regulations applicable thereto. During the period from September 1, 2016 through August 31, 2017, the Company has repurchased 290,573 shares at a total cost of $31.1 million under this $75.0 million plan.
Fiscal Year 2018 Guidance
The Company issued the following guidance for fiscal year 2018:
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 the remainder of fiscal year 2018.
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 2017 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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