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OIL-DRI AMENDS FIRST QUARTER EARNINGS ANNOUNCEMENT: PRIOR YEAR FIGURES RESTATED

 CHICAGO, Nov. 24 /PRNewswire/ -- Oil-Dri Corporation Of America (NASDAQ-OILC) today indicated that its Nov. 22, 1993 release inadvertently did not reflect the company's fiscal 1993 adoption of FAS No. 109, "Accounting for Income Taxes" which increased net income for the quarter ended Oct. 31, 1992 to $2,401,000 or $0.34 per share. Net income for the quarter ended Oct. 31, 1993 was $2,575,000 or $0.37 per share, unchanged from that which was previously reported.
 Oil-Dri Corporation of America is the leader in developing, manufacturing and marketing sorbent products for consumer, industrial, environmental, agricultural and specialty markets.
 OIL-DRI CORPORATION OF AMERICA
 Consolidated Statement of Income
 (unaudited)
 Periods ended Oct. 31 Three Months
 1993 1992
 Net sales $33,554,070 $33,425,695
 Cost of Sales 23,824,916 23,922,577
 Operating Expenses 5,984,119 6,056,934
 Operating Income 3,745,035 3,446,184
 Interest Expense 389,325 441,698
 Other Income (Expense) 85,329 64,094
 Income Before Income Taxes 3,441,039 3,068,580
 Income Taxes 866,300 667,425
 Net Income $2,574,739 $2,401,155
 Average Shares Outstanding 7,027,506 7,016,455
 Net Income Per Share $0.37 $0.34
 Condensed Consolidated Balance Sheet
 (Unaudited)
 As of Oct. 31
 1993 1992
 Current Assets $40,112,482 $38,301,347
 Property, Plant and Equipment 54,681,057 50,572,186
 Other Assets 7,363,405 7,055,278
 Total Assets $102,156,944 $95,928,811
 Current Liabilities $14,279,517 $13,127,029
 Long-Term Liabilities 18,626,329 19,269,785
 Deferred Investment Credits &
 Income Taxes 1,209,486 2,042,975
 Stockholders' Equity 68,041,612 61,489,022
 Total Liabilities &
 Stockholders' Equity $102,156,944 $95,928,811
 Book Value Per Share Outstanding $9.75 $8.79
 Additions to Property, Plant
 & Equipment $2,528,594 $1,706,647
 Depreciation/Amortization
 Changes During Quarter $1,558,384 $1,432,060
 -0- 11/24/93
 /CONTACT: Kelly McGrail, 312-321-1515, for Oil Dri Corporation of America/
 (OILC)


CO: Oil-Dri Corporation of America ST: Illinois IN: ENV SU: ERN

TM -- NY082 -- 7830 11/24/93 20:16 EST
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Publication:PR Newswire
Date:Nov 24, 1993
Words:361
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