San Diego, CA
Sales: $307 million
Sales:$307 million. Net income: $37 million for the year ended Aug. 31, 2007.
Key Personnel:Garry O. Ridge, president and chief executive officer; Michael Freeman, division president, The Americas; Jay Rembolt, chief financial officer; Michael Irwin, executive vice president, strategic development; Graham P. Milner, executive vice president, global development and chief branding officer.
WD-40, 3-In-One Oil, Spot Shot Instant Carpet Stain Remover, 2000 Flushes, Lava Heavy-Duty Hand Cleaner, X-14 Bathroom Cleaner, Carpet Fresh.
New Products:Spot Shot Pet Clean Instant Carpet Stain & Odor Eliminator, WD-40 Smart Straw. To be launched: Two non-toxic and biodegradable products—Spot Shot Instant Carpet Stain & Odor Eliminator and Spot Shot Pet Clean.
Comments:Sales rose 7% to $307.8 million in 2007. Gross profit increased 8% to $148.8 million, while net income jumped 12% to $31.5 million.
In fiscal year 2007, sales in Europe and Asia-Pacific increased 22% to $96.4 million and 15% to $24.1 million, respectively. Sales in the Americas were essentially flat at $187 million. The U.S. accounts for approximately 52% of the company’s sales.
By product category, lubricant sales were up 14% to $216.3 million, household product sales dropped 5% to $85 million and hand cleaner sales decreased 3% to $6.4 million in 2007.
In April, WD-40 appointed Jay Rembolt as chief financial officer. Mr. Rembolt has more than 20 years of public accounting and financial experience and has served as the company's vice president, finance/controller since 2001. Prior to joining WD-40 Company in 1997, Rembolt served in a variety of positions, including consulting roles in the tax practice of the public accounting firm Price Waterhouse LLP, now known as PricewaterhouseCoopers LLP, from 1991 to 1997.
Michael Irwin, who has served as WD-40 Company as chief financial officer since 2001, now serves in a newly-created position of executive vice president, strategic development, and leads WD-40 Company’s merger and acquisition activities.
In packaging news, all 8-, 11- and 12-oz. cans of WD-40 are now available as WD-40 Smart Straw cans, which feature a permanently attached straw.