SAN DIEGO — WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to developing and selling products that solve problems in workshops, factories and homes around the world, on Thursday reported financial results for its fiscal fourth quarter and fiscal year ended Aug. 31.
Total net sales for the fourth quarter were $97.6 million, an increase of 4 percent compared to the prior year fiscal quarter. Fiscal year total net sales were $383.0 million, an increase of 4 percent from the prior fiscal year.
Changes in foreign currency exchange rates had a favorable impact on sales for both the current quarter and year-to-date. On a constant currency basis total net sales were $93.9 million for the fourth quarter and $377.7 million for the full fiscal year.
Net income for the fourth quarter was $11.5 million, an increase of 42 percent compared to the prior year fiscal quarter. Fiscal year net income was $43.7 million, an increase of 10 percent from the prior fiscal year.
Diluted earnings per share were $0.77 in the fourth quarter, compared to $0.53 per share for the prior year fiscal quarter. Fiscal year diluted earnings per share were $2.87 compared to $2.54 in the prior fiscal year.
Gross margin was 52.7 percent in the fourth quarter compared to 53.0 percent in the prior year fiscal quarter. Fiscal year gross margin was 51.9 percent, compared to 51.3 percent in the prior fiscal year.
Selling, general and administrative expenses were down 4 percent in the fourth quarter to $28.3 million and were up 4 percent year-to-date to $108.6 million when compared to the prior fiscal year periods.
Advertising and sales promotion expenses were down 15 percent in the fourth quarter to $5.8 million compared to prior year fiscal quarter and were down 4 percent for the full fiscal year to $23.9 million compared to the prior fiscal year.
