Welcome!

Agile Computing Authors: Jeev Trika, Liz McMillan, Elizabeth White, ManageEngine IT Matters, Lori MacVittie

News Feed Item

Oil-Dri Announces Record Quarterly Earnings

CHICAGO, IL -- (Marketwire) -- 12/07/12 -- Oil-Dri Corporation of America (NYSE: ODC) today announced net sales of $61,417,000 for the first quarter ended October 31, 2012, a 3% increase compared with net sales of $59,582,000 in the same quarter one year ago. Net income for the first quarter was a record high of $4,452,000, or $0.64 per diluted share, a significant increase compared with net income of $1,075,000 or $0.15 per diluted share, for the same quarter one year ago.

First Quarter Business Review
President and Chief Executive Officer Daniel S. Jaffee said, "This quarter's results underscore the positive sales momentum of our high-value products into profitable markets from both business segments. Our continued focus on these products led to record profits and an expansion of gross margins from 23.8% to 28.1%. Our cash generation remained strong even as we continued to invest in our business.

"We are encouraged by the net sales and segment income growth from the Retail and Wholesale Products Group. Spending in support of Cat's Pride Fresh & Light cat litters was significantly reduced in this quarter as we refocused our promotional strategy. While we spent $2,600,000 less on total advertising for our branded products compared to the same period one year ago, sales momentum has been maintained. In addition, our Business-to-Business Products Group maintained net sales and income growth despite increased costs."

First Quarter Segment Review

---------------------------------------------------------------
Business to Business            First Quarter         % Change
---------------------------------------------------------------
                          Fiscal 2013   Fiscal 2012
---------------------------------------------------------------
Net Sales                  $21,782,000   $20,934,000         4%
---------------------------------------------------------------
Segment Income              $7,523,000    $7,440,000         1%
---------------------------------------------------------------

Net sales for the Company's Business-to-Business Products Group were up 4% from one year ago driven by a higher average net selling price and increased volume. Group income in the quarter was relatively flat. Net sales were up for animal health products, agricultural carriers, and co-packaged cat litters while fluids purification product sales were down. The Group benefited from incremental sales of its engineered Verge granular carrier used for the professional pesticide and agricultural markets.

---------------------------------------------------------------
Retail and Wholesale            First Quarter         % Change
---------------------------------------------------------------
                          Fiscal 2013   Fiscal 2012
---------------------------------------------------------------
Net Sales                  $39,635,000   $38,648,000         3%
---------------------------------------------------------------
Segment Income              $4,524,000  ($1,219,000)          -
---------------------------------------------------------------

Net sales for the Company's Retail and Wholesale Products Group for the first quarter were up 3%. Group income was up substantially due to an increase in branded sales and a reduction in advertising spending. Net sales for Cat's Pride Fresh & Light benefited from increased distribution and repeat sales. Net sales and volume were down slightly for Industrial and Automotive.

Financial Review
On October 16, 2012, Oil-Dri's Board of Directors declared quarterly cash dividends of $0.18 per share of outstanding Common Stock and $0.135 per share of outstanding Class B Stock. The dividends were payable November 30, 2012 to stockholders of record at the close of business on November 16, 2012.

On December 4, 2012, Oil-Dri's Board of Directors declared accelerated cash dividends of $0.36 per share of outstanding Common Stock and $0.27 per share of outstanding Class B Stock, which reflect dividends for the third and fourth quarters of fiscal 2013. The dividends will be payable on December 28, 2012 to stockholders of record at the close of business on December 14, 2012.

The Company has paid cash dividends continuously since 1974 and has increased dividends annually for the past 9 years.

At the end of the first quarter, the annualized dividend yield on the Company's Common Stock was 3.2%, based on the quarter's stock closing price of $22.40 per share and the latest cash quarterly dividend of $0.18.

Cash, cash equivalents and short-term investments at October 31, 2012, totaled $35,117,000. Capital expenditures for the first quarter totaled $2,157,000, which was $98,000 less than the quarter's depreciation and amortization of $2,255,000.

Net cash provided by operating activities was $4,424,000 in the first quarter compared to $377,000 for the same period one year ago due to the increase in income and improvements in working capital.

Looking Forward
Jaffee continued, "We are pleased with the growing distribution and sales of our Cat's Pride Fresh & Light. We anticipate increased advertising and promotional spending for Cat's Pride Fresh & Light and other branded products for the remainder of the fiscal year. Our overall advertising expenses for fiscal 2013 will be more than historical norms but less than fiscal 2012. Many of the expenditures in fiscal 2012 associated with the launch of Fresh & Light were one-time in nature and will not recur in fiscal 2013. Examples of these one-time expenditures include slotting allowances and TV commercial production. We expect to see continued positive results from the Business-to-Business Products Group.

"We are paying close attention to the contract discussions between the longshoremen's union and the East and Gulf Coasts port employers as a strike would negatively impact our ability to supply our export customers. We are communicating with our international customers about this potential strike and evaluating production and logistics alternatives."

The Company will offer a live webcast of the first quarter earnings teleconference on Monday, December 10, 2012 from 10:00 a.m. to 10:30 a.m., Chicago Time. To listen to the call via the web, please visit www.streetevents.com or www.oildri.com. An archived recording of the call and written transcripts of all teleconferences are posted on the Oil-Dri website.

Cat's Pride, Fresh & Light and Verge are all registered trademarks of Oil-Dri Corporation of America.

Oil-Dri Corporation of America is a leading supplier of specialty sorbent products for agricultural, horticultural, fluids purification, specialty markets, industrial and automotive, and is the world's largest manufacturer of cat litter.

Certain statements in this press release may contain forward-looking statements that are based on our current expectations, estimates, forecasts and projections about our future performance, our business, our beliefs, and our management's assumptions. In addition, we, or others on our behalf, may make forward-looking statements in other press releases or written statements, or in our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls, and conference calls. Words such as "expect," "outlook," "forecast," "would", "could," "should," "project," "intend," "plan," "continue," "believe," "seek," "estimate," "anticipate," "believe", "may," "assume," variations of such words and similar expressions are intended to identify such forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially including, but not limited to, the dependence of our future growth and financial performance on successful new product introductions, intense competition in our markets, volatility of our quarterly results, risks associated with acquisitions, our dependence on a limited number of customers for a large portion of our net sales and other risks, uncertainties and assumptions that are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, intended, expected, believed, estimated, projected or planned. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except to the extent required by law, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.



O I L - D R I C O R P O R A T I O N O F A M E R I C A

Consolidated Statements of Income
(in thousands, except for per share amounts)
(unaudited)

                                       Three Months Ended October 31,
                                 ------------------------------------------
                                               % of                  % of
                                    2012      Sales       2011      Sales
                                 ---------  ---------  ---------  ---------
Net Sales                        $  61,417      100.0% $  59,582      100.0%
Cost of Sales                      (44,186)      71.9%   (45,379)      76.2%
                                 ---------  ---------  ---------  ---------
Gross Profit                        17,231       28.1%    14,203       23.8%
Operating Expenses                 (10,820)      17.6%   (12,407)      20.8%
Capacity Rationalization Charges       (12)       0.0%        --        0.0%
                                 ---------  ---------  ---------  ---------

Operating Income                     6,399       10.4%     1,796        3.0%
Interest Expense                      (481)       0.8%      (524)       0.9%
Other Income                           139        0.2%       201        0.3%
                                 ---------  ---------  ---------  ---------

Income Before Income Taxes           6,057        9.9%     1,473        2.5%
Income Taxes                        (1,605)       2.6%      (398)       0.7%
                                 ---------  ---------  ---------  ---------
Net Income                       $   4,452        7.2% $   1,075        1.8%
                                 =========  =========  =========  =========


Net Income Per Share:
           Basic Common          $    0.69             $    0.16
           Basic Class B Common  $    0.52             $    0.12
           Diluted               $    0.64             $    0.15

Average Shares Outstanding:
           Basic Common              4,879                 5,114
           Basic Class B Common      1,943                 1,920
           Diluted                   6,879                 7,100



O I L - D R I C O R P O R A T I O N O F A M E R I C A

Consolidated Balance Sheets
(in thousands, except for per share amounts)
(unaudited)

                                                          As of October 31,
                                                         -------------------
                                                            2012      2011
                                                         --------- ---------

Current Assets
        Cash and Cash Equivalents                        $  27,177 $  21,000
        Investment in Short-term Securities                  7,940     8,390
        Accounts Receivable, net                            31,381    31,294
        Inventories                                         20,998    22,263
        Prepaid Expenses                                     8,501     8,932
                                                         --------- ---------
                        Total Current Assets                95,997    91,879
                                                         --------- ---------
Property, Plant and Equipment                               64,412    67,285
Other Assets                                                14,299    13,354
                                                         --------- ---------
Total Assets                                             $ 174,708 $ 172,518
                                                         ========= =========

Current Liabilities
        Current Maturities of Notes Payable              $   5,000 $   3,800
        Accounts Payable                                     6,551     6,621
        Dividends Payable                                    1,156     1,132
        Accrued Expenses                                    15,953    15,921
                                                         --------- ---------
                        Total Current Liabilities           28,660    27,474
                                                         --------- ---------
Long-Term Liabilities
        Notes Payable                                       22,400    27,400
        Other Noncurrent Liabilities                        34,610    22,264
                                                         --------- ---------
                        Total Long-Term Liabilities         57,010    49,664
                                                         --------- ---------
Stockholders' Equity                                        89,038    95,380
                                                         --------- ---------
Total Liabilities and Stockholders' Equity               $ 174,708 $ 172,518
                                                         ========= =========

Book Value Per Share Outstanding                         $   13.05 $   13.56

Acquisitions of
        Property, Plant
        and Equipment                     First Quarter  $   2,157 $   1,611
                                          Year to Date   $   2,157 $   1,611
        Depreciation and
         Amortization                     First Quarter
         Charges                                         $   2,255 $   2,345
                                          Year to Date   $   2,255 $   2,345



O I L - D R I C O R P O R A T I O N O F A M E R I C A
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

                                                       For the Three Months
                                                               Ended
                                                         OCTOBER 31, 2012
                                                       --------------------
CASH FLOWS FROM OPERATING ACTIVITIES                      2012       2011
                                                       ---------  ---------

Net Income                                             $   4,452  $   1,075

Adjustments to reconcile net income to net cash
 provided by operating activities:
  Depreciation and Amortization                            2,255      2,345
  Capacity Rationalization Plan Charges                       12         --
  (Increase) in Accounts Receivable                       (1,187)    (2,102)
  (Increase) in Inventories                               (1,325)    (3,033)
  Increase in Accounts Payable                                17        449
  (Decrease) Increase in Accrued Expenses                 (1,530)       539
  Increase in Pension and Postretirements benefits           674        500
  Other                                                    1,056        604
                                                       ---------  ---------
    Total Adjustments                                        (28)      (698)
                                                       ---------  ---------
  Net Cash Provided by Operating Activities                4,424        377
                                                       ---------  ---------

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital Expenditures                                    (2,157)    (1,611)
  Net Dispositions of Investment Securities                1,225      7,435
  Other                                                        4         10
                                                       ---------  ---------
  Net Cash (Used in) Provided by Investing Activities       (928)     5,834
                                                       ---------  ---------

CASH FLOWS FROM FINANCING ACTIVITIES
  Principal Payments on Long-Term Debt                    (2,300)    (2,100)
  Dividends Paid                                          (1,155)    (1,130)
  Purchase of Treasury Stock                                  (9)         0
  Other                                                       73        109
                                                       ---------  ---------
  Net Cash (Used in) Financing Activities                 (3,391)    (3,121)
                                                       ---------  ---------

Effect of exchange rate changes on cash and cash
 equivalents                                                 (21)        25

Net Increase in Cash and Cash Equivalents                     84      3,115
Cash and Cash Equivalents, Beginning of Year              27,093     17,885
                                                       ---------  ---------
Cash and Cash Equivalents, October 31                  $  27,177  $  21,000
                                                       =========  =========

Add to Digg Bookmark with del.icio.us Add to Newsvine

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...