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OIL-DRI REPORTS RECORD SALES AND EARNINGS

 CHICAGO, Nov. 24 ~PRNewswire~ -- Oil-Dri Corp. of America (NASDAQ: OILC) today reported record quarterly sales and earnings for the first three months ended Oct. 31, 1992.
 Sales were $33,426,000, an increase of 18 percent over sales of $28,288,000 reported in the first quarter a year ago.
 Net income for the quarter was $2,304,000, up 19 percent from the $1,936,000 earned in the comparable period of fiscal 1992. Income per share for the quarter was $0.33, a 19 percent increase over the $0.28 earned in the same quarter last year.
 Richard M. Jaffee, Oil-Dri's president, commented on the quarter, "We have begun to reap the benefits of the products and marketing programs introduced last year. Highlights include increased sales of scoopable cat litter, agricultural chemical carriers and specialty products.
 "Oil-Dri's CATS'PRIDE(R), LASTING PRIDE(TM) and SAULAR(R) scoopable cat litters had strong sales during the quarter. With introductory costs behind us, sales of those products are making a greater contribution to income.
 "Sales of AGSORB(R) carriers, PURE-FLO(R) bleaching clays and ULTRA- CLEAR(R) clarification aids were up substantially in the period. We anticipate further growth in domestic and foreign niche markets for these products.
 "On the down side, domestic sales of industrial products were disappointing. The current U.S. industrial economy has made shifting our product mix to higher value items difficult. Additionally, natural gas prices have risen steeply since the beginning of the fiscal year increasing manufacturing costs.
 "We are pleased with the successes of the first quarter and we are optimistic about the continued success of our plans for the remainder of the year."
 Oil-Dri is a leader is the developing, manufacturing and marketing of sorbent products and related services for consumer, industrial, environmental, agricultural and specialty markets.
 OIL-DRI CORP. OF AMERICA
 Consolidated Statement of Income
 (Unaudited)
 First Quarter
 Percent
 Period ended Oct. 31 1992 1991 Increase
 Net sales $33,425,695 $28,286,223 18
 Cost of sales 23,922,577 19,845,233
 Operating expenses 6,056,934 5,617,496
 Operating income 3,446,184 2,825,494
 Other income (expense) (377,604) (309,241)
 Income before income taxes 3,068,580 2,516,253 22
 Income taxes 765,000 580,500 32
 Net income $ 2,303,580 $ 1,935,753 19
 Net income per share $.33 $.28 19
 Average number of shares
 outstanding 7,016,455 7,029,316
 CONDENSED CONSOLIDATED BALANCE SHEET
 (Unaudited)
 Period ended Oct. 31, 1992 1991
 Current assets $38,301,347 $35,167,592
 Property, plant and equipment 50,572,186 48,255,515
 Other assets 7,055,278 6,818,651
 Total assets $95,928,811 $90,241,758
 Current liabilities $13,127,029 $10,666,229
 Long-term liabilities 19,269,785 20,532,836
 Deferred investment credits
 & income taxes 1,239,713 2,274,114
 Stockholders' equity 62,292,286 56,768,579
 Total liabilities and
 stockholders' equity $95,928,811 $90,241,758
 -0- 11~24~92
 ~CONTACT: Kelly McGrail of Oil-Dri, 312-321-1515~
 (OILC)


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

WB -- NY064 -- 1210 11~24~92 15:56 EST
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Date:Nov 24, 1992
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