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Results fall more than 16%.
July 9, 2009
By: TOM BRANNA
Editor
Like many other companies in the household and personal products space, it hasn’t been smooth sailing for chemical specialties marketer WD-40 Company. Sales fell 16.2% to $68.8 million in the fiscal third quarter ended May 31. Net income fell 14.6% to $6.9 million. On the year, sales fell 10.8% to $214.3 million and net income tumbled 18.7% to $18.7 million. “Although we have certainly seen the impact of the overall weakness in the global economy and have had signicant negative impacts due to foreign currency exchange rates, we are pleased with our results given the environment and are confident about the future,” explained Garry O. Ridge, WD-40 Company president and chief executive officer. Third quarter multipurpose maintenace product sales, including WD-40 and 3-in-One brands, fell 14.1% to $52.6 million. Home care and cleaning product sales fell 22.3% during the period to $16.3 million. More info: www.wd40company.com
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