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EX - 99.1 2 wdfc - 20210107xex99 1.htm EX - 99.1 WD - 40 Company Reports First Quarter 2021 Financial Results ~ First quarter consolidated net sales grew by 26 percent compared to prior year fiscal quarter ~ ~ First quarter diluted EPS of $ 1.72 compared to $ 0.88 in the prior year fiscal quarter ~ SAN DIEGO - January 7 , 2021 WD - 40 Company ( NASDAQ : WDFC ) , a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops , factories and homes around the world , today reported financial results for its first fiscal quarter ended November 30 , 2020 . Financial Highlights and Summary Total net sales for the first quarter were $ 124.6 million , an increase of 26 percent compared to the prior year fiscal quarter . Translation of the Company's foreign subsidiary results from their functional currencies to U.S. dollars had a favorable impact on sales for the first quarter . On a constant currency basis , total net sales would have been $ 121.8 million for the first quarter . Net income for the first quarter was $ 23.6 million , an increase of 94 percent from the prior year fiscal quarter . Diluted earnings per share were $ 1.72 compared to $ 0.88 in the prior year fiscal quarter . Gross margin percentage was 56.4 percent compared to 54.3 percent in the prior year fiscal quarter . Selling , general and administrative expenses were up 10 percent in the first quarter to $ 36.0 million compared to the prior year fiscal quarter . Advertising and sales promotion expenses were down 1 percent to $ 5.5 million compared to the prior year fiscal quarter . " We offer a variety of maintenance and cleaning products that have been in very high demand during these highly unusual times , " said Garry Ridge , WD - 40 Company's chairman and chief executive officer . " Our sales increased 26 percent compared to the first quarter of last year due primarily to increased demand for our products linked to renovation trends associated with the pandemic . We call this phenomenon ' isolation renovation ' and we are experiencing it in nearly all of our direct markets around the world . " " This tremendous result is due to our tribe's hard work and dedication to delivering product to meet these increased consumer demands . I want to thank the tribe for working hard to ensure that customer orders can be fulfilled , production lines at our third - party manufacturers are functioning , and customers and end - users can get the products they need . " " We are off to a very strong start in fiscal year 2021. However , due to the fluidity with which the pandemic continues to evolve , it is very difficult for us to estimate how the pandemic might impact our sales results for the remainder of the fiscal year . If there is a shift in spending patterns or a global economic downturn in the wake of the pandemic it could adversely impact our financial results , " Ridge concluded . Net Sales by Segment ( in thousands ) : Americas EMEA EXHIBIT 99.1 Asia - Pacific Total 1 $ $ 2020 Three Months Ended November 30 , 2019 54,188 $ 54,749 15,622 124,559 $ 46,736 39,245 12,575 98.556 Change 16 % 40 % 24 % 26 %