Clorox Reports Record First Quarter Results; Total shipments were up 15 percent, sales increased 14 percent, earnings per share climbed 13 percent.OAKLAND, Calif.--(BUSINESS WIRE)--Oct. 15, 1996--The Clorox Company (CLX (library, graphics) CLX - The Common Lisp library providing a low-level interface to the X Window System, equivalent to Xlib. Graphics toolkits can be built on top of CLX, e.g. McCLIM, Garnet, CLUE and CLIO. - NY, PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. ) said today that a 15 percent jump in worldwide first quarter shipments helped drive sales, earnings and earnings per share to record highs for the period. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the July-September period were $590.8 million, a 14 percent increase over the $518.5 million reported a year ago. Net earnings were up 11 percent to $65.5 million from $58.8 million a year ago. Earnings per share climbed 13 percent to $1.27 from $1.12. "The business enjoyed an especially strong first quarter," said Clorox Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Craig Sullivan Craig Sullivan, American Known for being an Exceptional EMS Director Currently operating a successful EMS in Boone NC]. born and raised in Ashe County NC. Currently living in Zionville NC with wife and 3 kids External links
A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon achieved healthy increases in unit volumes. The gains in the international business were particularly strong, evidence that our strategy for building that part of the business is working well. We're especially pleased with the overall company improvement in gross margins achieved in part through ongoing cost reduction initiatives." Total domestic shipments of the company's laundry Laundry can be:
Before industrialization and cleaning products were a first quarter record, driven mainly by higher volumes for most of the home cleaning brands. Growth in volumes reflects contributions by established brands and the positive impact of an ongoing, fast-paced new products program. Shipments for both cat litters Cat litter (often called kitty litter) is one of any of a number of materials used in litter boxes to absorb moisture from cat feces and urine, which reduces foul odors such as ammonia and renders them more tolerable within the home. and insecticides insecticides, chemical, biological, or other agents used to destroy insect pests; the term commonly refers to chemical agents only. Chemical Insecticides businesses were up strongly and were records for the quarter. The acquisition of the Black Flag line of aerosol aerosol (âr`əsōl,–sŏl): see colloid. aerosol System of tiny liquid or solid particles evenly distributed in a finely divided state through a gas, usually air. insecticides contributed incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. volumes to this part of the business and has given the company a meaningful presence in the aerosol segment of the market. Retail food products volumes were up for the quarter as the company's brands continued to respond positively to initiatives launched during the second half of fiscal 1996. However, first quarter shipments of the Kingsford line of charcoal charcoal, substance obtained by partial burning or carbonization (destructive distillation) of organic material. It is largely pure carbon. The entry of air during the carbonization process is controlled so that the organic material does not turn to ash, as in a briquets were adversely impacted by hurricanes and other bad weather in parts of the country. International volumes were up across the board in the company's operations in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Asia/Middle East. Volumes in Latin America, the largest part of the international business, were up sharply. The growth was fueled in part by new product roll outs, geographical expansion and acquisitions completed in fiscal 1996. During the just-ended quarter, the company acquired Limpido, the leading liquid bleach Noun 1. liquid bleach - a solution containing bleaching agents; used for laundry solution - a homogeneous mixture of two or more substances; frequently (but not necessarily) a liquid solution; "he used a solution of peroxide and water" brand in Colombia. With this acquisition, which complements the Clorox liquid bleach business in Colombia, the company 's share of the liquid bleach market there is now more than 60 percent. Clorox liquid bleach is manufactured by Tecnoclor, S.A., in which The Clorox Company increased its ownership from 49 percent to 60 percent during the quarter. "The acquisition of Limpido is strategically on target," Sullivan noted. "It gives us a greater presence in a key market and is a natural fit with a core category we've targeted for expansion in Latin America." Shipments of Brita water filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids products continued to be robust due to strong growth across all channels of trade and gains in distribution. Marketed in both the U.S. and Canada, Brita is the leading water filtration brand in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Clorox's growing Professional Products unit also shipped higher first quarter volumes for its lines of food, cleaning and disinfecting products. The division introduced its new PowerPack cleaning system, a unique two-bottle spray package that extends four successful retail brand equities to the institutional market as specially developed concentrates. Customer acceptance has been enthusiastic. Commenting on the outlook for the balance of the year, Sullivan said, "There is no doubt that we are pleased with our first quarter results. The overall business is healthy and we're on track for another year of solid volume and earnings growth." Statements of Consolidated Earnings and Consolidated Balance Sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. follow: -0-
THE CLOROX COMPANY
STATEMENTS OF CONSOLIDATED EARNINGS
(In thousands, except earnings per-share amounts.)
(Unaudited)
Three Months Ended
September 30
1996 1995
Net Sales $ 590,773 $ 518,486
Cost and Expenses
Cost of products sold 257,361 231,333
Selling, delivery and
administration 116,594 98,656
Advertising 88,974 72,482
Research and development 10,498 10,202
Interest expense 10,497 7,772
Other (income) expense, net (1,973) (567)
Total costs and expenses 481,951 419,878
Earnings before Income Taxes 108,822 98,608
Income Taxes 43,312 39,829
Net Earnings 65,510 58,779
Earnings per Common Share $ 1.27 $ 1.12
Weighted Average Shares Outstanding 51,546 52,354
THE CLOROX COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)
September
1996 1995
ASSETS
Current Assets
Cash and short-term investments $ 116,751 $ 127,846
Accounts receivable 275,203 218,338
Inventories 147,421 128,450
Deferred income taxes 11,139 11,575
Prepaid expenses 20,918 17,091
Total current assets 571,432 503,300
Property, Plant and Equipment - Net 557,454 533,187
Brands, Trademarks and Other Intangibles 717,770 604,575
Investments in Affiliates 99,668 97,228
Other Assets 278,863 119,053
Total $ 2,225,187 $ 1,857,343
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ 624,623 $ 426,329
Long-term Debt 355,575 253,418
Other Obligations 124,791 79,611
Deferred Income Taxes 144,289 141,058
Stockholders' Equity 975,909 956,927
Total $ 2,225,187 $ 1,857,343
CONTACT: The Clorox Company Fred Reicker, 510/271-7291 (W) (news media) 510/351-7548 (H) or Karen Rose, (W) 510/271-7385 (investment community) Ughetta Ugolini, (W) 510-271-2270 |
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