WD-40 Posts Record Year


WD-40s net income for its fiscal year ending Aug. 31 reached $36.1 million, up 37.3 percent from the 2009 total. For the fourth quarter ending Aug. 31, net income totaled $6.9 million, down 10 percent from the year-earlier period.

The lubricants WD-40, 3-in-One and Blue Works saw sales of $63.9 million in the fourth quarter, up 7 percent from the year-ago period. WD-40s global sales for 2010 climbed to $258.1 million, a 15 percent increase from 2009s total. Blue Works products, introduced in December 2009, include several industrial lubricants and a white lithium grease. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.

The companys net sales hit $80.7 million for the quarter, up 4 percent from 2009s fourth quarter. WD-40 said net sales reached $321.5 million for the full year, up 10 percent from the previous fiscal year.

“This past year was the best in our company history,” said Garry Ridge, WD-40 Co. President and CEO. “We were able to accomplish what was on our to-do list, and that included a focus on both geographic expansion of our core brands and maximizing our position with multi-purpose maintenance products.”

Earnings per share was 41 cents in the fourth quarter, compared to 46 cents in 2009s fourth quarter. For fiscal year 2010, WD-40s earnings per share reached $2.15, up more than 36 percent from the previous fiscal year.

Total sales by segment for the 2010 fiscal year included 56 percent from the Americas, 34 percent from Europe and 10 percent from Asia/Pacific. Americas segment sales in the fourth quarter rose 2 percent compared to 2009s fourth quarter. Fiscal year 2010 sales in the Americas sales rose 7 percent, compared to 2009.

“During the quarter, while we experienced steady growth in the United States, 54 percent of our global sales were outside of the country,” Ridge said. “The stable platform for growth that we have put in place across the globe and our continued focus on and execution of geographic expansion have proven to be very important to the company.”

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