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OIL-DRI CORPORATION ANNOUNCES YEAR END RESULTS AND FOURTH QUARTER UPTURN

 OIL-DRI CORPORATION ANNOUNCES YEAR END
 RESULTS AND FOURTH QUARTER UPTURN
 CHICAGO, Sept. 22 /PRNewswire/ -- OIL-DRI CORPORATION OF AMERICA (NASDAQ: OILC) today reported record sales of $118,750,000 for the year ended July 31, 1992, an increase of 16 percent over the $102,283,000 reported for Fiscal 1991. Net income for the year was $7,053,000, slightly above the $7,036,000 earned last year. Earnings per share were $1.00, the same as per share earnings a year ago.
 Fourth quarter sales were $29,458,000, a 23 percent increase over the $23,933,000 reported for the same period a year ago. Net income for the quarter was $1,725,000, up 32 percent from the $1,302,000 earned in the comparable period last year. Earnings per share were $0.24 versus the $0.18 earned in the fourth quarter of Fiscal 1991.
 Oil-Dri's President Richard M. Jaffee commented on the results of Fiscal 1992: "Major changes in the agricultural, consumer, and industrial markets presented Oil-Dri with an opportunity to diversify and expand product lines, build customer loyalty, and increase market share.
 "These activities generated significantly increased sales, but have also required introductory investments in product and package development, and marketing programs, which reduced earnings. These introductory expenses, a portion of which we anticipate will be non- recurring, totaled approximately $2 million for the year. We are confident that these expenditures will prove to be wise investments, increasing earnings in the year ahead. The company also accrued $100,000 at year-end to cover the debt loss resulting from the bankruptcy filing of Phar-Mor, Inc.
 "Sales accelerated rapidly in the fourth quarter and, in spite of the introductory expenses incurred, earnings were up considerably from the comparable quarter of the prior year.
 "Agricultural and consumer sales were particularly strong in the last three months of the year. Additionally, Favorite Products, Ltd. (our wholly owned subsidiary in Canada) increased sales at the end of the year as the Canadian economy seemed to begin a slow climb out of its slump. Foreign sales in Europe, Asia and Latin America were good in the quarter as well."
 Oil-Dri is a leader in developing, manufacturing and marketing sorbent products for consumer, industrial, environmental, agricultural and specialty markets. The company's headquarters are at 520 N. Michigan Avenue, Chicago, Ill. 60611.
 OIL-DRI CORPORATION OF AMERICA
 Consolidated Statement of Income
 (Audited)
 FOURTH QUARTER
 Period ended July 31 1992 1991 Percent
 change
 Net Sales $29,457,883 $23,933,473 +23pct
 Cost of Sales 21,545,895 17,090,973
 Operating Expenses 5,361,781 4,752,246
 Operating Income 2,550,207 2,090,254
 Other Income (Expense) (359,064) (296,525)
 Income Before Income Taxes 2,191,143 1,793,729 +22pct
 Income Taxes 466,544 491,502 -5pct
 Net Income $ 1,724,599 $ 1,302,227 +32pct
 Net Income Per Share $ 0.24 $ 0.18 +33pct
 Average Number of Shares
 Outstanding 7,015,297 7,064,038
 TWELVE MONTHS
 Period ended July 31 1992 1991 Percent
 change
 Net Sales $118,750,370 $102,283,183 +16pct
 Cost of Sales 85,116,335 74,370,331
 Operating Expenses 23,001,545 17,875,988
 Operating Income 10,632,490 10,036,864
 Other Income (Expense) (1,421,820) (864,968)
 Income Before Income Taxes 9,210,670 9,171,896
 Income Taxes 2,157,544 2,135,502 +1pct
 Net Income $ 7,053,126 $ 7,036,394
 Net Income Per Share $ 1.00 $ 1.00
 Average Number of Shares
 Outstanding 7,026,300 7,054,790
 Condensed Consolidated Statement of Financial Position
 (Audited)
 JULY 31
 1992 1991
 Current Assets $37,631,205 $35,195,272
 Property, Plant and Equipment 50,326,973 47,456,798
 Other Assets 7,059,395 6,741,603
 Total Assets $95,017,573 $89,393,673
 Current Liabilities $13,272,436 $10,432,217
 Long-Term Liabilities 19,896,389 20,974,028
 Deferred Investment Credits
 & Income Taxes 1,292,653 2,370,131
 Stockholders' Equity 60,556,095 55,617,297
 Total Liabilities and
 Stockholders' Equity $95,017,573 $89,393,673
 -0- 9/22/92
 /CONTACT: Kelly McGrail, 312-321-1515, for Oil-Dri/
 (OILC) CO: Oil-Dri Corporation of America ST: Illinois IN: HOU SU: ERN


LR -- NY065 -- 2235 09/22/92 13:50 EDT
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Date:Sep 22, 1992
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