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OIL-DRI CORP. REPORTS RECORD SALES AND EARNINGS FOR SECOND QUARTER AND FIRST HALF

 CHICAGO, Feb. 22 /PRNewswire/ -- Oil-Dri Corporation of America (NASDAQ: OILC) today reported record sales of $35,101,000 for the three months ended Jan. 31, 1993, up 10 percent from the $32,062,000 reported in the same quarter last year. Income and income per share were a record $2,887,000 and $0.41, a 37 percent increase over the $2,110,000 or $0.30 per share earned a year ago.
 Sales and earnings for the six months were also a record. Sales were $68,527,000, an increase of 14 percent from sales of $60,351,000 reported in the same period of Fiscal 1992. Net income for the six months was $5,190,000 or $0.74 per share, up 28 percent from the $4,046,000 or $0.58 per share earned last year.
 Richard M. Jaffee, Oil-Dri's president and chief executive officer, had the following comments on the quarter: "The results of the period clearly demonstrate the earning power of the business when volumes and product mixes meet expectations. We are hopeful that this will continue in the balance of fiscal 1993.
 "The Consumer Products Division has continued to reap the benefits of our new product introductions. CAT'S PRIDE(R), LASTING PRIDE(TM) and LASTING PRIDE(TM) Plus scoopable litter sales to the grocery and mass merchandiser markets have been very strong and substantially ahead of last year.
 "The Agrisorbents and Specialty Products Groups both increased sales and earnings in the period. Sales to existing customers were very strong and we anticipate new business in the second half of the year. The introduction of PURE-FLOW Supreme has generated significant sales for the Specialty Group.
 "Improvement in margins in both the quarter and the half are the result of the company controlling sales and administration expenses and, in particular, the abatement of introductory costs associated with our new scoopable cat litters. The decrease in gross margins is primarily due to increased fuel costs in the quarter and the half.
 "Overall, we are pleased that the marketing programs introduced in the last 18 months have enabled us to overcome higher energy costs and generate substantial increases in profits during the first half of this year."
 Oil-Dri is a leader in developing, manufacturing and marketing sorbent products for the consumer, industrial, environmental, agricultural and specialty chemical markets.
 OIL-DRI CORPORATION OF AMERICA
 CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
 SECOND QUARTER ENDED JAN. 31
 1993 Pct. of Sales 1992 Pct. of Sales
 Net sales $35,100,879 100.0 $32,062,412 100.0
 Cost of sales 25,169,592 71.7 22,599,864 70.5
 Gross profit 9,931,347 28.3 9,462,548 29.7
 Operating Expenses 5,687,167 16.2 6,297,610 19.6
 Operating income 4,244,180 12.1 3,164,938 9.9
 Other income (expense) (386,889) -1.1 (370,494) -1.2
 Income before income
 taxes 3,857,291 11.0 2,794,444 8.7
 Income taxes 970,500 2.8 684,500 2.1
 Net income $ 2,886,791 8.2 $ 2,109,944 6.6
 Average number of
 shares outstanding 7,035,265 7,029,470
 SIX MONTHS ENDED JANUARY
 1993 Pct. of Sales 1992 Pct. of Sales
 Net sales $68,526,574 100.0 $60,350,635 100.0
 Cost of sales 49,092,109 71.6 42,445,097 70.3
 Gross profit 19,434,465 28.4 17,905,538 29.7
 Operating Expenses 11,744,101 17.1 11,915,106 19.7
 Operating income 7,690,364 11.2 5,990,432 9.9
 Other income (expense) (764,493) -1.1 (679,735) -1.1
 Income before income
 taxes 6,925,871 10.1 5,310,697 8.8
 Income taxes 1,735,500 2.5 1,265,000 2.1
 Net income $ 5,190,371 7.6 $ 4,045,697 6.7
 Average number of
 shares outstanding 7,025,506 7,029,436
 CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
 AS OF JAN. 31,
 1993 1992
 Current assets $41,864,332 $35,341,102
 Property, plant and equipment 50,735,933 49,266,988
 Other assets 7,272,435 7,055,766
 Total assets $99,872,700 $91,663,856
 Current liabilities $16,011,480 $10,667,216
 Long-term liabilities 18,263,582 20,485,503
 Deferred investment credits
 and income taxes 804,802 2,191,332
 Stockholders' equity 64,792,836 58,319,805
 Total liabilities and
 stockholders' equity $99,872,700 $91,663,856
 -0- 2/22/93
 /CONTACT: Kelly McGrail of Oil-Dri, 312-321-1515/
 (OILC)


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

PS -- NY051 -- 8955 02/22/93 12:12 EST
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Date:Feb 22, 1993
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