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OIL-DRI REPORTS RECORD EARNINGS, IMPROVED MARGINS

 CHICAGO, Nov. 22 /PRNewswire/ -- Oil-Dri Corporation of America (NASDAQ-NMS: OILC) today reported record earnings and improved operating margins despite slower sales growth in its first quarter ended Oct. 31, 1993.
 Sales for the three months were $33,554,000, up slightly from last year's $33,426,000. Net income was $2,575,000, an increase of 12 percent over last year's $2,304,000. Net income per share was $0.37 versus $0.33 earned in the same period a year ago.
 Commenting on the quarter, Richard M. Jaffee, Oil-Dri's president, stated: "Despite flat sales, earnings were increased. Improved productivity and cost reductions have boosted operating margins. Additionally, a sales mix of more value added products increased profitability on a per ton basis.
 "The big performer in the quarter has been our fluid filtration business. The Pure-Flo Product Group has increased sales in both foreign and domestic markets by more than 45 percent and the positive mix of higher value products has increased contribution to the bottom line.
 "The Industrial & Environmental Division increased the percentage of their sales represented by Oil-Dri Lite(TM) polypropylene sorbents. Industry's focus on waste minimization and disposal issues will help facilitate this switch to higher value Oil-Dri Lite(TM) products.
 "AGSORB Carrier sales were slowed during the quarter due to formulation rescheduling by some key agricultural chemical customers. In addition, fewer first quarter trade promotions on Cat's Pride(R) and Lasting Pride(TM) cat litters impacted sales growth in the Consumer Division. We anticipate that these scheduling changes will not reduce our projected annual volumes but instead shift them to later in the year.
 "We are pleased with the advances made in increasing earnings and operating margins and confident that unrealized volumes in the first quarter will be made up in the remainder of the year. Looking forward, our job will be to maintain margin improvements through continued cost management and aggressive marketing of our value added products."
 Oil-Dri Corporation of America is the leader in developing, manufacturing and marketing sorbent products and related services for consumer, industrial, environmental, agricultural and specialty markets.
 OIL-DRI CORPORATION OF AMERICA
 Consolidated Statement Of Income
 (unaudited)
 Three Months Ended Oct. 31, 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 866,300 765,000
 Net Income $ 2,574,739 $2,303,580
 Average Shares Outstanding 7,027,506 7,016,455
 Net Income Per Share $ 0.37 $ 0.33
 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 1,239,713
 Stockholders' Equity 68,041,612 62,292,284
 Total Liabilities & Stockholders'
 Equity $102,156,944 $ 95,928,811
 -0- 11/22/93
 /CONTACT: Kelly McGrail of Oil-Dri Corporation, 312-321-1515/
 (OILC)


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

MP -- NY084 -- 6954 11/22/93 16:25 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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