WD-40s net income for its fiscal year ending Aug. 31 totaled $35.5 million, down 2.6 percent from its fiscal 2011 results. For the three months ending Aug. 31, net income reached $9 million, down 12 percent from the year-earlier period.
Its lubricants WD-40, WD-40 Specialist, 3-in-One and Blue Works saw sales of $70.6 million in the fourth quarter, down 5 percent from the year-ago period. The products global sales for 2012 climbed to $286.5 million, up 3 percent from the total for fiscal year 2011.
San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.
The companys net sales amounted to $84.9 million for the quarter, down 6.5 percent from the year earlier quarter. WD-40 said net sales reached $342.8 million for the full year, up 1.9 percent from the previous fiscal year.
While we are disappointed in the results for the fiscal year, we are excited about the future of this company, and the foundation we are putting in place to build long-term, sustainable growth, said Garry Ridge, WD-40 Co. president and CEO. This foundation will help us weather the storms of global economic volatility and turbulent business conditions in Europe as well as the fluctuations in oil prices and other input costs which will likely continue for the foreseeable future.
Diluted earnings per share was 56 cents in the fourth quarter, compared to 61 cents in 2011s fourth quarter. For fiscal year 2012, WD-40s earnings per share reached $2.22, up 3.7 percent from the previous fiscal year.
Total sales by segment for the 2012 fiscal year included 52 percent from the Americas, 34 percent from Europe and 14 percent from Asia-Pacific. Americas segment sales in the fourth quarter rose 1 percent to $46.8 million, compared to 2011s fourth quarter. Fiscal year 2012 sales in the Americas rose 4 percent to $177.4 million, compared to 2011.
We saw some sales that we expected to come in during the fourth quarter slip into the first quarter of fiscal year 2013, particularly in Europe, Ridge said. We are starting to see some recovery in the markets that were weakest in the past year and remain confident that our ability to introduce and grow our core product in new markets and bring new products into mature markets will meet our expectations as we look ahead.