San Diego, CA
Sales: $317 million
Sales: $317 million. Net income: $27.6 million for the year ended Aug. 31, 2008.
Key Personnel: Garry O. Ridge, president and chief executive officer; Michael Freeman, division president, the Americas; Jay Rembolt, chief financial officer and treasurer; Graham P. Milner, executive vice president, global development.
Major Products: WD-40, 3-in-One Oil, Spot Shot Instant Carpet Stain Remover, 2000 Flushes, Lava Heavy-Duty Hand Cleaner, X-14 and Carpet Fresh.
New Products: WD-40 Trigger Pro and 3-in-One No-Rust Shield.
Comments: Sales rose less than 3% this year, while net income declined less than 3%. Sales growth may have slowed, but not global expansion.The good news is that, for the first time in company’s 55-year history, more than half (53%) of total revenues were generated outside of the U.S. The percentage of WD-40 product sales outside of the U.S. grew from 57% to 62% in 2008. Europe experienced 15% growth compared to the prior fiscal year, primarily due to sales from the new Smart Straw technology, expansion in developing markets, and growth in WD-40’s 3-in-One professional products. China sales increased 66%, a direct result of the company’s decision to develop direct sales activity in that region. Asia sales increased 24% compared to prior fiscal year, and WD-40 sales in Latin America and Canada grew 19% and 6%, respectively.
For the first six months of fiscal 2009, sales fell 8% to $145.4 million and net income declined nearly 3% to $11.7 million.
Looking ahead, WD-40 Company now expects fiscal year 2009 net sales to finish somewhere between $279-$292 million, while net income is projected to be in the $22.5-$25.8 million range.