Business
WD-40 Company Reports Fourth Quarter and Fiscal Year 2020 Financial Results
~ Consolidated net sales grew 5 percent in the fourth quarter compared to prior year fiscal quarter SAN DIEGO, Oct. 20, 2020 /PRNewswire/ -- WD-40 Company
About this update from Wd-40 Company
[{"type":"text","content":"~ Consolidated net sales grew 5 percent in the fourth quarter compared to prior year fiscal quarter\n\n\nSAN DIEGO, Oct. 20, 2020 /PRNewswire/ -- WD-40 Company (NASDAQ: WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its fourth quarter and fiscal year ended August 31, 2020.\n\n \n \n \n \n \n \n\n \nFinancial Highlights and Summary\nTotal net sales for the fourth quarter were $111.6 million, an increase of 5 percent compared to the prior year fiscal quarter. For the full fiscal year, total net sales were $408.5 million, a decrease of 4 percent compared to the prior fiscal year. Translation of the Company's foreign subsidiary results to U.S. dollars had an unfavorable impact on sales for the current quarter and full fiscal year. On a constant currency basis, total net sales would have been $112.3 million for the fourth quarter and $413.4 million for the full fiscal year. Net income for the fourth quarter was $19.7 million, an increase of 129 percent compared to the prior year fiscal quarter. For the full fiscal year, net income was $60.7 million, an increase of 9 percent from the prior fiscal year. Net income in fiscal year 2019 was unfavorably impacted by a reserve for an uncertain tax position of $8.7 million that was recorded during the fourth quarter of fiscal year 2019. Diluted earnings per share were $1.42 in the fourth quarter, compared to $0.63 per share for the prior year fiscal quarter. For the full fiscal year, diluted earnings per share were $4.40 compared to $4.02 in the prior fiscal year. Gross margin was 56.3 percent in the fourth quarter compared to 54.6 percent in the prior year fiscal quarter. For the full fiscal year, gross margin was 54.6 percent compared to 54.9 percent in the prior fiscal year. Selling, general and administrative expenses were up 10 percent in the fourth quarter to $31.6 million when compared to the prior year fiscal quarter. Selling, general and administrative expenses for the full fiscal year were down 2 percent to $122.0 million compared to the prior fiscal year. Advertising and sales promotion expenses were up 9 percent in the fourth quarter to $6.4 million when compared to the prior year fiscal quarter. Adv...