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OIL-DRI REPORTS RECORD SALES FOR FIRST QUARTER OF FISCAL 1992

 OIL-DRI REPORTS RECORD SALES FOR FIRST QUARTER OF FISCAL 1992
 CHICAGO, Nov. 22 /PRNewswire/ -- Oil-Dri Corp. of America (NASDAQ: OILC) today reported record sales of $28,288,000 for the three months ended Oct. 31, 1991. This is a 5 percent increase over the $26,894,000 reported for the comparable period of fiscal 1991.
 Net income for the first quarter was $1,936,000 or $.28 per share, off 10 percent from the $2,154,000 or $.31 earned in the same three months a year ago.
 Richard M. Jaffee, president of Oil-Dri, had the following comments on the quarter: "In spite of the stagnant economic environment, we have continued to increase sales. Earnings for the quarter were significantly improved over the fourth quarter of fiscal 1991, but off from what was a very strong first quarter a year ago. We have been successful in improving gross margins, however, new product introductions have generated increased sales and marketing costs.
 "Lasting Pride(TM) Scoopable Cat Litter increased distribution and market share during the quarter. Lasting Pride, one of Oil-Dri's new clumping cat litters, was developed for the mass merchandising market.
 "Cat's Pride(R) Scoopable was introduced to the grocery market in August. Early response and shipments of the product have been very encouraging. Print and television advertising, and extensive couponing are supporting this new product introduction. This is the most aggressive marketing program the company has ever undertaken.
 "Lasting Pride and Cat's Pride Scoopable were developed in response to the remarkable success of clumping cat litters. In less than one year, scoopable litters have gained approximately 15 percent of cat litter sales and it has been projected that they may exceed 30 percent.
 "Sales of Oil-Dri's specialty products were increased domestically in the quarter, while export sales were negatively impacted by reduced consumption of palm oil.
 "The agricultural products division has maintained consistent volume shipments vs. last year and we anticipate increased activity in the second and third quarters.
 "While still cautious about the general economy, we are optimistic about increasing sales. We anticipate that we can continue to control costs and improve productivity at the manufacturing level, however, increased sales, marketing and advertising expenses make earnings more difficult to predict."
 Oil-Dri is a leader in developing, manufacturing and marketing sorbent products and related services for consumer, agricultural, industrial, environmental and specialty markets. The corporation is headquartered at 520 N. Michigan Ave., Chicago, Ill., 60611.
 OIL-DRI CORP. OF AMERICA
 Consolidated Statement of Income (Unaudited)
 First quarter ended Oct. 31, 1991 1990 Percent
 Net sales $28,288,223 $26,893,781 5
 Cost of sales 19,845,233 19,372,425
 Operating expenses 5,617,496 4,563,991
 Operating income 2,825,494 2,957,365
 Other income (expense) (309,241) (136,665)
 Income before income taxes 2,516,253 2,820,700
 Income taxes 580,500 667,000
 Net income 1,935,753 2,153,700 -10
 Net income per share $.28 $.31
 Average number of shares
 outstanding 7,029,316 7,049,180
 Consolidated Balance Sheet (Unaudited)
 As of Oct. 31, 1991 1990
 Current assets $35,167,592 $27,921,534
 Property, plant and equip. 48,255,515 43,161,709
 Other assets 6,818,651 6,475,607
 Total assets 90,241,758 77,558,850
 Current liabilities 10,666,229 11,388,817
 Long-term liabilities 20,532,836 12,093,288
 Deferred Investment credits
 & income taxes 2,274,114 2,315,801
 Stockholders' equity 56,768,579 51,760,944
 Total liabilities and
 stockholders' equity 90,241,758 77,558,850
 -0- 11/22/91
 /CONTACT: Kelly McGrail of Oil-Dri, 312-321-1515/
 (OILC) CO: Oil-Dri Corp. of America ST: Illinois IN: SU: ERN


CK -- NY056 -- 6431 11/22/91 13:53 EST
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Publication:PR Newswire
Date:Nov 22, 1991
Words:625
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