WD-40 Company reported net sales for the quarter ended Nov. 30, 2003 of $52.5 million, a 2.3% increase over the first quarter of the previous fiscal year. Net income was $4.4 million for the quarter, up 0.8% compared to the prior-year period. “We had a solid quarter and are well poised to meet our goals for the year,” said Garry O. Ridge, president and chief executive officer, WD-40 Company.
For fiscal year 2004, which ends Aug. 31, WD-40 expects a net sales increase of 9.4% over fiscal 2003. Net income is projected to increase between 5% and 10% in 2004.
WD-40 expects sales to increase in the Americas by 9%, in Europe by 12% and in Asia by 12.2%.