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OIL-DRI CORPORATION REPORTS SECOND QUARTER RESULTS; RECORD QUARTERLY SALES, 15 PERCENT INCREASE IN NET INCOME

          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
                                (unaudited)
                                              Second quarter ended
                                                    Jan. 31
                                          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
                                                  Jan. 31
                                          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
                              (unaudited)
                                                  As of Jan. 31
                                                1992         1991
    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
    -0-        2/20/92
    /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
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Date:Feb 20, 1992
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