Cat's Pride is a registered trademark 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)
Second Quarter Ended January 31,
----------------------------------
% of % of
2011 Sales 2010 Sales
--------- ----- --------- -----
Net Sales $ 57,201 100.0% $ 54,734 100.0%
Cost of Sales (44,709) 78.2% (42,064) 76.9%
--------- ----- --------- -----
Gross Profit 12,492 21.8% 12,670 23.1%
Operating Expenses (9,438) 16.5% (9,187) 16.8%
--------- ----- --------- -----
Operating Income 3,054 5.3% 3,483 6.4%
Interest Expense (534) 0.9% (341) 0.6%
Other Income 34 0.1% 79 0.1%
--------- ----- --------- -----
Income Before Income Taxes 2,554 4.5% 3,221 5.9%
Income Taxes (777) 1.4% (959) 1.8%
--------- ----- --------- -----
Net Income $ 1,777 3.1% $ 2,262 4.1%
========= ===== ========= =====
Net Income Per Share:
Basic Common $ 0.27 $ 0.34
Basic Class B Common $ 0.20 $ 0.26
Diluted $ 0.25 $ 0.31
Average Shares Outstanding:
Basic Common 5,079 5,206
Basic Class B Common 1,908 1,890
Diluted 7,097 7,269
Six Months Ended January 31,
----------------------------------
% of % of
2011 Sales 2010 Sales
--------- ----- --------- -----
Net Sales $ 113,486 100.0% $ 108,138 100.0%
Cost of Sales (87,786) 77.4% (83,145) 76.9%
--------- ----- --------- -----
Gross Profit 25,700 22.6% 24,993 23.1%
Operating Expenses (18,824) 16.6% (18,158) 16.8%
--------- ----- --------- -----
Operating Income 6,876 6.1% 6,835 6.3%
Interest Expense (945) 0.8% (715) 0.7%
Other Income 103 0.1% 156 0.1%
--------- ----- --------- -----
Income Before Income Taxes 6,034 5.3% 6,276 5.8%
Income Taxes (1,738) 1.5% (1,820) 1.7%
--------- ----- --------- -----
Net Income $ 4,296 3.8% $ 4,456 4.1%
========= ===== ========= =====
Net Income Per Share:
Basic Common $ 0.65 $ 0.67
Basic Class B Common $ 0.49 $ 0.50
Diluted $ 0.60 $ 0.61
Average Shares Outstanding:
Basic Common 5,082 5,200
Basic Class B Common 1,902 1,885
Diluted 7,112 7,259
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 January 31,
-------------------
2011 2010
--------- ---------
Current Assets
Cash and Cash Equivalents $ 19,282 $ 20,864
Investment in Short-term Securities 21,375 5,999
Accounts Receivable, net 26,976 27,210
Inventories 17,254 16,985
Prepaid Expenses 8,765 6,975
--------- ---------
Total Current Assets 93,652 78,033
--------- ---------
Property, Plant and Equipment 63,045 60,370
Other Assets 15,364 15,463
--------- ---------
Total Assets $ 172,061 $ 153,866
========= =========
Current Liabilities
Current Maturities of Notes Payable $ 4,100 $ 4,500
Accounts Payable 7,687 5,450
Dividends Payable 1,059 997
Accrued Expenses 14,503 15,053
--------- ---------
Total Current Liabilities 27,349 26,000
--------- ---------
Long-Term Liabilities
Notes Payable 31,200 16,800
Other Noncurrent Liabilities 21,638 18,819
--------- ---------
Total Long-Term Liabilities 52,838 35,619
--------- ---------
Stockholders' Equity 91,874 92,247
--------- ---------
Total Liabilities and Stockholders' Equity $ 172,061 $ 153,866
========= =========
Book Value Per Share Outstanding $ 13.15 $ 13.02
Acquisitions of
Property, Plant and Equipment
Second Quarter $ 3,135 $ 3,491
Year to Date $ 4,773 $ 4,818
Depreciation and Amortization Charges
Second Quarter $ 2,128 $ 1,822
Year to Date $ 4,182 $ 3,711
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 Six
Months Ended
January 31,
------------------
CASH FLOWS FROM OPERATING ACTIVITIES 2011 2010
-------- --------
Net Income $ 4,296 $ 4,456
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and Amortization 4,182 3,711
Decrease in Accounts Receivable 167 1,842
(Increase) Decrease in Inventories (1,231) 810
Increase in Accounts Payable 1,468 285
(Decrease) Increase in Accrued Expenses (2,263) 783
Other 637 1,876
-------- --------
Total Adjustments 2,960 9,307
-------- --------
Net Cash Provided by Operating Activities 7,256 13,763
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditures (4,773) (4,818)
Net (Purchases) Dispositions of Investment
Securities (15,525) 2,005
Other 131 337
-------- --------
Net Cash Used in Investing Activities (20,167) (2,476)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal Payments on Long-Term Debt (1,500) (200)
Dividends Paid (2,103) (1,991)
Purchase of Treasury Stock (2,194) (538)
Proceeds from Issuance of Long-Term Debt 18,500 --
Other 814 463
-------- --------
Net Cash Provided by (Used in) Financing Activities 13,517 (2,266)
-------- --------
Effect of exchange rate changes on cash and cash
equivalents (86) 4
Net Increase in Cash and Cash Equivalents 520 9,025
Cash and Cash Equivalents, Beginning of Year 18,762 11,839
-------- --------
Cash and Cash Equivalents, January 31 $ 19,282 $ 20,864
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