OIL-DRI CORPORATION REPORTS SECOND QUARTER RESULTS;
RECORD QUARTERLY SALES, 15 PERCENT INCREASE IN NET INCOME
CHICAGO, Feb. 20 /PRNewswire/ -- Oil-Dri Corporation of America (NASDAQ: OILC), today reported record quarterly sales of $32,062,000 for the three months ended Jan. 31, 1992. This represents an 18 percent increase over sales of $27,214,000 reported for the second quarter a year ago. Sales for the six months were $60,351,000, up 12 percent over the $54,108,000 reported in the comparable period of fiscal 1991.
Net income for the quarter was $2,110,000 or $0.30 per share, an increase of 15 percent over the $1,833,000 or $0.26 per share of last year. Net income for the first half was $4,046,000 or $0.58 per share, a 2 percent increase over the $3,987,000 or $0.57 per share earned in the same period last year.
Oil-Dri President and Chief Executive Officer Richard M. Jaffee analyzed the results of the period: "The major contributors were the Consumer, Agricultural and Transportation Divisions. Each of these groups increased sales significantly while effectively managing costs."
"LASTING PRIDE(TM) Scoopable, introduced to the mass merchandisers last year, is the top selling scoopable litter in this segment. CAT'S PRIDE(R) Scoopable, brought to the grocery market in August, has had considerable growth in market share and distribution. The outlook for both products is very positive, although they are likely to experience increased competition for shelf space. The challenge for the Consumer Division will be to maintain growth while managing advertising and promotional costs.
"The Agricultural Division had a record quarter. Volumes were up considerably due to increased recognition of product quality, greater market share and new business. Oil-Dri has been awarded the prestigious Monsanto Agricultural Company's Supplier Quality Award for the second consecutive year. Quality improving plant modifications in Ripley, Miss., and production expansion at the Ochlocknee, Ga., facility were completed in the period.
"Oil-Dri Transportation Company has performed its service function extraordinarily well while reducing costs and improving efficiency. New equipment has been added to maintain service and just-in-time delivery schedules.
"The Canadian and Industrial businesses continue to struggle against recessionary environments; however, they have made some progress. Distribution of SAULAR(R) Scoopable, our new Canadian clumping cat litter brand, has been expanded, and the Oil-Dri Industrial and Environmental Division published their new "Sorbent Sourcebook" and began telepoint marketing of Oil-Dri Lite(TM) Sorbents."
Oil-Dri Corporation is a leader in the development, manufacturing and marketing of sorbent products and related services for the consumer, agricultural, industrial, environmental and specialty markets. The company is headquartered at 520 North Michigan Avenue, Chicago, Ill. 60611.
OIL-DRI CORPORATION OF AMERICA
Consolidated Statement of Income
Second quarter ended
1992 1991 PERCENT
Net Sales $32,062,412 $27,214,050 17.8
Cost of Sales 22,599,864 20,080,404
Operating Expenses 6,297,610 4,534,707
Operating Income 3,164,938 2,598,939
Other Income (Expense) (370,494) (206,870)
Income Before Income Taxes 2,794,444 2,392,069
Income Taxes 684,500 559,000
Net Income $ 2,109,944 $ 1,833,069 15.1
Net Income Per Share $ .30 $ .26 15.4
Average Number of Shares
Outstanding 7,029,470 7,041,670
Six months ended
1992 1991 Percent
Net Sales $60,350,635 $54,107,831 11.5
Cost of Sales 42,445,097 39,452,829
Operating Expenses 11,915,106 9,098,698
Operating Income 5,990,432 5,556,304
Other Income (Expense) (679,735) (343,535)
Income Before Income Taxes 5,310,697 5,212,769
Income Taxes 1,265,000 1,226,000
Net Income $ 4,045,697 $ 3,986,769 1.5
Net Income Per Share $ .58 $ .57 1.8
Average Number of Shares
Outstanding 7,029,436 7,044,873
Condensed Consolidated Balance Sheet
As of Jan. 31
Current Assets $35,341,102 $28,838,000
Property, Plant and Equipment 49,266,988 43,765,842
Other Assets 7,055,766 6,632,868
Total Assets $91,663,856 $79,236,710
Current Liabilities $10,667,216 $11,392,440
Long-Term Liabilities 20,485,503 12,095,685
Deferred Investment Credits & Income
Taxes 2,191,332 2,421,843
Stockholders' Equity 58,319,805 53,326,742
Total Liabilities and Stockholders'
Equity $91,663,856 $79,236,710
/CONTACT: Kelly McGrail of Oil-Dri Corporation of America, 312-321-1515/
(OILC) CO: Oil-Dri Corporation of America ST: Illinois IN: SU: ERN SH -- NY069 -- 1012 02/20/92 14:30 EST