Oil-Dri Corporation of America (NYSE: ODC), producer and marketer
of sorbent mineral products, today announced results for its fourth
quarter and fiscal year 2023.
|
Fourth Quarter |
Year to Date |
(in
thousands, except per share amounts) |
Ended July 31, |
Ended July 31, |
|
|
2023 |
|
2022 |
Change |
|
2023 |
|
2022 |
Change |
Consolidated Results |
|
|
|
|
|
|
Net Sales |
$ |
107,388 |
$ |
93,158 |
15% |
$ |
413,021 |
$ |
348,589 |
18% |
|
Net
Income Attributable to Oil-Dri |
$ |
11,919 |
$ |
5,196 |
129% |
$ |
29,551 |
$ |
5,674 |
421% |
|
Net
Income Attributable to Oil-Dri Excluding Nonrecurring Events† |
$ |
12,076 |
$ |
5,196 |
132% |
$ |
36,469 |
$ |
10,136 |
260% |
|
Diluted
EPS - Common |
$ |
1.67 |
$ |
0.77 |
117% |
$ |
4.13 |
$ |
0.81 |
410% |
|
Diluted
EPS - Common, Excluding Nonrecurring Events† |
$ |
1.69 |
$ |
0.77 |
119% |
$ |
5.10 |
$ |
1.46 |
249% |
|
Business to Business |
|
|
|
|
|
|
Net
Sales |
$ |
38,142 |
$ |
32,229 |
18% |
$ |
142,395 |
$ |
113,379 |
26% |
|
Segment
Operating Income |
$ |
11,779 |
$ |
7,207 |
63% |
$ |
36,573 |
$ |
24,344 |
50% |
|
Retail and Wholesale |
|
|
|
|
|
|
Net
Sales |
$ |
69,246 |
$ |
60,929 |
14% |
$ |
270,626 |
$ |
235,210 |
15% |
|
Segment
Operating Income |
$ |
9,119 |
$ |
5,450 |
67% |
$ |
36,119 |
$ |
6,252 |
478% |
|
Segment Operating Income Excluding Nonrecurring Events† |
N/A |
N/A |
N/A |
$ |
36,119 |
$ |
11,896 |
204% |
|
† Please refer to Reconciliation of Non-GAAP
Financial Measures below for a reconciliation of Non-GAAP items to
the comparable GAAP measures.
Daniel S. Jaffee, President and Chief Executive
Officer, stated, “I am extremely pleased with our fourth quarter
and fiscal year 2023 results as we set new records in consolidated
net sales, gross profit, and net income for both periods. These
achievements reflect the dedication of our teammates who worked
diligently to rebuild profitability and service our loyal customers
during a highly inflationary economic environment. During the
fourth quarter, we delivered a 220-basis point gain in gross
margins over the third quarter of fiscal 2023, as well as a
950-basis point increase over the fourth quarter last year. For the
full fiscal year 2023, gross margins grew by a remarkable 710 basis
points compared to fiscal 2022. While I am proud of our
improvement, I am mindful of the fact that even though we grew our
gross margins in fiscal 2023, there is still progress to be made to
return to our historical gross margin levels.
In addition to repairing our gross margins, we made significant
progress expanding the distribution of our lightweight cat litter,
fluids purification, agricultural, and animal health products. We
also recently launched Cat’s Pride Antibacterial Clumping Litter
which is the first and only EPA approved antibacterial cat litter
in the United States. As we enter fiscal 2024, we plan to continue
this strong momentum, invest in our infrastructure, and exceed our
customers’ expectations with our unique portfolio of value-added
clay products.”
Full Year ResultsConsolidated net sales for
fiscal year 2023 reached an all-time high of $413.0 million,
reflecting an 18% increase over the prior year. Record revenues
were achieved across all areas of our business. Within the Retail
& Wholesale (“R&W”) Products Group, pricing actions to
improve profitability drove most of the sales increase, while
higher prices coupled with increased volumes contributed to the
revenue gains within the Business to Business (“B2B”) Products
Group. Sales from domestic cat litter, fluids purification, and
agricultural products significantly contributed to the consolidated
top-line growth during the fiscal year with increases over the
prior year of 16%, 25% and 32%, respectively. In addition, the
Company experienced strong revenue gains over the prior year from
its animal health, industrial & sports, and co-packaging coarse
cat litter businesses.
Annual consolidated gross profit was a record $103.2 million, an
increase of 65% over the prior year, with margin expansion to 25%
in fiscal 2023 from 18% in fiscal 2022. Domestic cost of goods sold
per ton increased by 11% compared to last year driven by higher
freight and non-fuel manufacturing costs which include significant
investments in labor, repairs, and replacement of assets. Multiple
rounds of pricing actions taken throughout the year helped mitigate
these cost pressures.
Selling, general and administrative (“SG&A”) expenses were
$62.2 million for fiscal 2023 compared to $52.1 million last year.
This 19% increase is primarily driven by a higher bonus accrual
resulting from improved financial results compared to the Company’s
performance target under its annual incentive plan. In addition,
advertising costs increased in fiscal 2023 compared to fiscal 2022,
as prior year spending levels were tempered due to supply chain and
inflationary headwinds.
Included as a separate line item in the prior year’s results was
the one-time non-cash goodwill impairment charge of $5.6 million
for the Retail & Wholesale (“R&W”) Products Group.
Consolidated annual operating income reached $41.0 million,
reflecting a $36.2 million increase over the prior year. Excluding
the aforementioned one-time non-cash goodwill impairment charge of
$5.6 million, operating income for fiscal 2023 was approximately
$30.6 million greater than fiscal 2022.
Total other (expense) income, net was $(6.4) million for fiscal
year 2023 compared to total other (expense) income, net of $0.9
million in fiscal year 2022. In fiscal 2023, Oil-Dri settled the
outstanding obligations related to the termination of the Company’s
pension plan which totaled $4.7 million. In addition, the Company
recorded a reserve of $2.5 million for anticipated modification
costs that it expects to incur to address capacity issues at its
sole landfill located in Ochlocknee, Georgia.
Income tax expense was approximately $5.2 million in fiscal year
2023 compared to $0.1 million last year. This increase was driven
by higher taxable income.
Annual net income attributed to Oil-Dri hit a historic high of
$29.6 million in fiscal 2023, or a $23.9 million increase over the
prior year. Excluding the aforementioned nonrecurring charges in
both fiscal years, net income attributed to Oil-Dri for fiscal year
2023 was approximately $36.5 million, or a $26.3 million gain over
last year, reflecting the Company’s achievement in elevating its
bottom line.
Cash and cash equivalents as of July 31, 2023, totaled $31.8
million compared to $16.3 million in fiscal 2022. This strong
improvement was driven by higher earnings. Significant uses of cash
during the year include capital investments for manufacturing
infrastructure improvements and dividend payments.
Fourth Quarter Results
Consolidated ResultsConsolidated net sales in
the fourth quarter reached an all-time high of $107.4 million, a
15% increase over the prior year, marking the 5th consecutive
quarter of topline growth. Net sales increased for both the R&W
Products Group and B2B Products Group, primarily due to higher
prices across the Company’s product portfolio to offset
inflationary pressures.
Fourth quarter consolidated gross profit was a record $30.4
million, an increase of $12.9 million, or 74%, compared to the
fourth quarter of the prior year. Gross margins climbed to 28% in
fiscal 2023 from 19% in fiscal 2022 when the Company was challenged
with inflation, supply chain disruptions and logistical delays.
Domestic cost of goods sold per ton increased 7% in the fourth
quarter of fiscal 2023 compared to the prior year as a result of
higher per ton freight and non-fuel manufacturing costs related to
labor, repairs, and the replacement of assets.
Selling, general and administrative expenses were $18.0 million
during the fourth quarter of fiscal 2023 compared to $11.0 million
for the same period last year. This 61% increase reflects higher
advertising spending, an increase in the Company’s bonus accrual,
and the reclassification of certain trade spending charges from
SG&A to net sales.
Consolidated operating income was approximately $12.7 million
for the three months ended July 31, 2023, compared to $6.5 million
during the same period in fiscal 2022. Higher sales offset
increased cost of goods and SG&A expenditures.
Income tax expense was $1.3 million in the fourth quarter of
fiscal year 2023 and flat compared to the same period last year.
This was a result of higher taxable income offset by additional
depletion deductions and tax refunds from prior years.
Fourth quarter consolidated net income attributed to Oil-Dri was
the highest in the Company’s history reaching $11.9 million in
fiscal 2023 compared to $5.2 million in fiscal 2022, reflecting a
129% increase.
Product Group ReviewThe Business to Business
(“B2B”) Products Group’s fourth quarter revenues reached an
all-time high of $38.1 million, an 18% gain over the prior year.
This increase was primarily driven by higher prices, and to a
lesser extent from elevated volumes. Revenues from fluids
purification and agricultural items fueled this growth but were
partially offset by soft animal health product sales. Fluids
purification products generated a record $22.6 million in sales, or
a 35% gain over the prior year, as a result of higher prices to
rebuild margins and increased demand. Within North America, sales
of the Company’s renewable diesel, edible oil, and jet fuel
products increased by double digits. This was driven by the
establishment of several new renewable diesel facilities within the
U.S., new bleaching clay customers, and poor edible oil quality
requiring higher doses of Oil-Dri’s clay. Topline growth was also
achieved in the region including Europe, Middle East, and Africa
("EMEA") and in Latin America. Sales from agricultural products
were $9.8 million, or a 9% increase over last year as a result of
higher prices of Agsorb and Verge products. Amlan, the Company’s
animal health business, produced $5.7 million in sales during the
fourth quarter of fiscal 2023, reflecting a 12% decrease from last
year. Despite this decline, triple digit revenue gains were
achieved within North America where the Company has made
significant investments to grow the business. Sales improved within
this region through higher prices and increased distribution of its
Sorbiam products. However, these gains were offset by revenue
declines within Latin America and Asia due to timing of shipments.
Sales were also soft in China resulting from the transition to a
new distribution strategy. In the fourth quarter of fiscal 2023,
sales of Amlan’s products in Mexico decreased when compared to last
year. During this time, the Company completed its acquisition of
the remaining equity interest of Agromex Importaciones, S.A. de
C.V..
Operating income for the B2B Products Group was $11.8 million in
the fourth quarter of fiscal 2023 compared to $7.2 million in
fiscal 2022, reflecting a 63% increase. SG&A expenses were
relatively flat in the fourth quarter compared to the same period
of fiscal year 2022.
The Retail and Wholesale Products Group’s fourth quarter
revenues reached $69.2 million, a 14% increase over the prior year,
as a result of higher prices. The leading driver of this growth was
the 16% increase in domestic cat litter sales, excluding the
Company’s co-packaged coarse cat litter business. During fiscal
year 2023, Oil-Dri decided to eliminate certain non-strategic cat
litter products from its portfolio, and during the fourth quarter,
it ceased shipments of these items. As a result, total domestic cat
litter volumes declined in the fourth quarter from the prior year.
Excluding this non-strategic business, demand for domestic cat
litter products increased over last year as a result of organic
growth and expanded distribution. Revenues from combined domestic
branded and private label lightweight litter items rose 27% in the
fourth quarter of fiscal 2023 versus the prior year, exceeding the
lightweight litter segment sales growth of 11% for the 13-week
period ended July 29, 2023, according to third-party research data
for retail sales1. In addition, branded and private label coarse
items demonstrated significant sales gains within the quarter
versus last year. Net sales of co-packaged products rose by
approximately $1.0 million, or 26%, compared to the same period in
fiscal year 2022. Higher prices offset a modest decrease in volume.
Fourth quarter fiscal 2023 sales of cat litter products from
Oil-Dri’s subsidiary in Canada remained flat compared to the same
period last year. Domestic industrial and sports products sales
were $10.1 million, representing a 3% improvement over the prior
year as a result of pricing actions implemented in previous
quarters to relieve gross margin pressures.
Operating income for the R&W Products Group was $9.1 million
in the fourth quarter of fiscal year 2023 compared to $5.5 million
in the prior year, or a 67% gain. Higher sales offset inflation on
costs of goods and elevated SG&A spending. SG&A expenses
increased as a result of significant advertising spending targeted
for the last three months of fiscal year 2023. Oil-Dri expects
advertising expenses for the upcoming fiscal year 2024 to be higher
than fiscal year 2023 and equally spread over four quarters. These
advertising dollars will be spent to promote Cat’s Pride
lightweight litter, including the newly launched Cat’s Pride
Antibacterial Clumping Litter product. This new lightweight item is
the first and only antibacterial cat litter to receive EPA approval
in the United States, as it is proven to kill 99.9% of odor-causing
bacteria.
Oil-Dri will host its fourth quarter of fiscal 2023 earnings
discussion via webcast on Friday, October 13, 2023 at 10:00 a.m.
Central Time. Participation details are available on the Company’s
website’s Events page.
Non-GAAP Financial InformationIn addition to
the results reported in accordance with accounting principles
generally accepted in the United States (GAAP) included throughout
this press release, the Company has provided information regarding
"Segment Operating Income Excluding Nonrecurring Events ", “Net
Income Attributable to Oil-Dri excluding Nonrecurring Events”, and
“Diluted EPS- Common, excluding Nonrecurring Events” all of which
are non-GAAP financial measures. These financial measures exclude a
one-time non-cash goodwill impairment charge in fiscal year 2022,
as well as pension termination expenses and landfill modification
costs in fiscal year 2023. These non-GAAP financial measures are
intended to serve as a supplement to the results provided in
accordance with GAAP. Management believes that such information
provides an additional measurement and consistent historical
comparison of the Company's performance and further believes that
these non-GAAP financial measures are useful to both management and
investors in their analysis of the Company's financial position and
results of operations by excluding these nonrecurring events that
are not indicative of the Company's operating performance or that
may obscure trends useful in evaluating the Company's continuing
operating activities. The non-GAAP financial measures, as
determined and presented by the Company, may not be comparable to
related or similarly titled measures reported by other companies. A
reconciliation of the non-GAAP financial measures to the most
directly comparable GAAP measures is available in this news
release.
1 Based in part on data reported by
NielsenIQ through its Scantrack Service for the Cat Litter Category
in the 13-week period ended July 29, 2023, for the U.S. xAOC+Pet
Supers market. Copyright © 2023 NielsenIQ.
Oil-Dri Corporation of America is a leading
manufacturer and supplier of specialty sorbent products for the pet
care, animal health and nutrition, fluids purification,
agricultural ingredients, sports field, industrial and automotive
markets. Oil-Dri is vertically integrated which enables
the Company to efficiently oversee every step of the process from
research and development to supply chain to marketing and sales.
With over 80 years of experience, the Company continues to fulfill
its mission to Create Value from Sorbent Minerals.
“Oil-Dri”, “Agsorb”, “Verge”, “Cat’s Pride”,
“Sorbiam”, and “Amlan” are registered trademarks of Oil-Dri
Corporation of America.
Certain statements in this press release may
contain forward-looking statements that are based on our current
expectations, estimates, forecasts and projections about our future
performance, our business, our beliefs, and our management’s
assumptions. In addition, we, or others on our behalf, may make
forward-looking statements in other press releases or written
statements, or in our communications and discussions with investors
and analysts in the normal course of business through meetings,
webcasts, phone calls, and conference calls. Words such as
“expect,” “outlook,” “forecast,” “would,” “could,” “should,”
“project,” “intend,” “plan,” “continue,” “believe,” “seek,”
“estimate,” “anticipate,” “may,” “assume,” “potential,” and
variations of such words and similar expressions are intended to
identify such forward-looking statements, which are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Such statements are subject to certain risks,
uncertainties and assumptions that could cause actual results to
differ materially including, but not limited to, the dependence of
our future growth and financial performance on successful new
product introductions, intense competition in our markets,
volatility of our quarterly results, risks associated with
acquisitions, our dependence on a limited number of customers for a
large portion of our net sales and other risks, price fluctuations
and pressures, increases in costs, disruptions to our and our
counterparties’ businesses and operations and other uncertainties
and assumptions that are described in Item 1A (Risk Factors) of our
most recent Form 10-K and other reports we file with the Securities
and Exchange Commission. Should one or more of these or other risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, our actual results may vary materially from those
anticipated, intended, expected, believed, estimated, projected,
planned, or otherwise expressed in any forward-looking statements.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Except to the extent required by law, we do not have
any intention or obligation to update publicly any forward-looking
statements after the distribution of this press release, whether as
a result of new information, future events, changes in assumptions,
or otherwise.
Contact:Leslie A. GarberManager of Investor
RelationsOil-Dri Corporation of
AmericaInvestorRelations@oildri.com (312) 321-1515
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
(in thousands, except per
share amounts) |
|
|
|
|
Fourth Quarter Ended July 31, |
|
|
|
2023 |
|
|
% of Sales |
|
|
2022 |
|
|
% of Sales |
Net Sales |
|
$ |
107,388 |
|
|
100.0 |
% |
|
$ |
93,158 |
|
|
100.0 |
% |
Cost of Goods
Sold |
|
|
(76,954 |
) |
|
(71.7)% |
|
|
(75,677 |
) |
|
(81.2)% |
Gross
Profit |
|
|
30,434 |
|
|
28.3 |
% |
|
|
17,481 |
|
|
18.8 |
% |
Selling, General and
Administrative Expenses |
|
|
(17,725 |
) |
|
(16.5)% |
|
|
(10,996 |
) |
|
(11.8)% |
Operating
Income |
|
|
12,709 |
|
|
11.8 |
% |
|
|
6,485 |
|
|
7.0 |
% |
Gain on Pension
Termination |
|
|
206 |
|
|
0.2 |
% |
|
|
— |
|
|
— |
% |
Other Income
(Expense), Net |
|
|
306 |
|
|
0.3 |
% |
|
|
(4 |
) |
|
— |
% |
Total Other Income
(Expense), Net |
|
|
512 |
|
|
0.5 |
% |
|
|
(4 |
) |
|
— |
% |
Income Before Income
Taxes |
|
|
13,221 |
|
|
12.3 |
% |
|
|
6,481 |
|
|
7.0 |
% |
Income Taxes
Expense |
|
|
(1,302 |
) |
|
(1.2)% |
|
|
(1,292 |
) |
|
(1.4)% |
Net
Income |
|
|
11,919 |
|
|
11.1 |
% |
|
|
5,189 |
|
|
5.6 |
% |
Net Loss Attributable
to Noncontrolling Interest |
|
|
— |
|
|
— |
% |
|
|
(7 |
) |
|
— |
% |
Net Income
attributable to Oil-Dri |
|
$ |
11,919 |
|
|
11.1 |
% |
|
$ |
5,196 |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
Net Income Per
Share: |
Basic
Common |
$ |
1.80 |
|
|
|
|
$ |
0.79 |
|
|
|
|
Basic Class
B |
$ |
1.35 |
|
|
|
|
$ |
0.59 |
|
|
|
|
Diluted
Common |
$ |
1.67 |
|
|
|
|
$ |
0.77 |
|
|
|
|
Diluted Class
B |
$ |
1.35 |
|
|
|
|
$ |
0.59 |
|
|
|
Avg Shares
Outstanding: |
Basic
Common |
|
4,831 |
|
|
|
|
|
4,824 |
|
|
|
|
Basic Class
B |
|
1,964 |
|
|
|
|
|
1,939 |
|
|
|
|
Diluted
Common |
|
6,795 |
|
|
|
|
|
4,923 |
|
|
|
|
Diluted Class
B |
|
1,964 |
|
|
|
|
|
1,959 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
(in thousands, except per
share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended July 31, |
|
|
|
2023 |
|
|
% of Sales |
|
|
2022 |
|
|
% of Sales |
Net Sales |
|
$ |
413,021 |
|
|
100.0 |
% |
|
$ |
348,589 |
|
|
100.0 |
% |
Cost of Goods
Sold |
|
|
(309,794 |
) |
|
(75.0)% |
|
|
(286,074 |
) |
|
(82.1)% |
Gross
Profit |
|
|
103,227 |
|
|
25.0 |
% |
|
|
62,515 |
|
|
17.9 |
% |
Selling, General and
Administrative Expenses |
|
|
(62,187 |
) |
|
(15.1)% |
|
|
(52,050 |
) |
|
(14.9)% |
Loss on Impairment of
Goodwill |
|
|
— |
|
|
— |
% |
|
|
(5,644 |
) |
|
(1.6)% |
Operating
Income |
|
|
41,040 |
|
|
9.9 |
% |
|
|
4,821 |
|
|
1.4 |
% |
Loss on Pension
Termination |
|
|
(4,652 |
) |
|
(1.1)% |
|
|
— |
|
|
— |
% |
Other (Expense)
Income, Net |
|
|
(1,710 |
) |
|
(0.4)% |
|
|
888 |
|
|
0.3 |
% |
Total Other (Expense)
Income, Net |
|
|
(6,362 |
) |
|
(1.5)% |
|
|
888 |
|
|
0.3 |
% |
Income Before Income
Taxes |
|
|
34,678 |
|
|
8.4 |
% |
|
|
5,709 |
|
|
1.6 |
% |
Income Taxes
Expense |
|
|
(5,195 |
) |
|
(1.3)% |
|
|
(97 |
) |
|
— |
% |
Net
Income |
|
|
29,483 |
|
|
7.1 |
% |
|
|
5,612 |
|
|
1.6 |
% |
Net Loss Attributable
to Noncontrolling Interest |
|
|
(68 |
) |
|
— |
% |
|
|
(62 |
) |
|
— |
% |
Net Income
Attributable to Oil-Dri |
|
$ |
29,551 |
|
|
7.2 |
% |
|
$ |
5,674 |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
Net Income Per
Share: |
Basic
Common |
$ |
4.45 |
|
|
|
|
$ |
0.83 |
|
|
|
|
Basic Class
B |
$ |
3.35 |
|
|
|
|
$ |
0.63 |
|
|
|
|
Diluted
Common |
$ |
4.13 |
|
|
|
|
$ |
0.81 |
|
|
|
|
Diluted Class
B |
$ |
3.35 |
|
|
|
|
$ |
0.62 |
|
|
|
Avg Shares
Outstanding: |
Basic
Common |
|
4,825 |
|
|
|
|
|
4,987 |
|
|
|
|
Basic Class
B |
|
1,959 |
|
|
|
|
|
1,934 |
|
|
|
|
Diluted
Common |
|
6,784 |
|
|
|
|
|
5,099 |
|
|
|
|
Diluted Class
B |
|
1,959 |
|
|
|
|
|
1,962 |
|
|
|
CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
(in thousands, except per
share amounts) |
|
|
|
|
|
|
As of July 31, |
|
|
|
2023 |
|
|
2022 |
Current
Assets |
|
|
|
|
Cash and Cash Equivalents |
|
$ |
31,754 |
|
$ |
16,298 |
Accounts Receivable, Net |
|
|
59,287 |
|
|
51,683 |
Inventories |
|
|
42,612 |
|
|
40,466 |
Prepaid Expenses and Other Assets |
|
|
2,854 |
|
|
3,664 |
Total Current Assets |
|
|
136,507 |
|
|
112,111 |
Property, Plant and
Equipment, Net |
|
|
120,872 |
|
|
110,436 |
Other Noncurrent
Assets |
|
|
28,856 |
|
|
27,064 |
Total
Assets |
|
$ |
286,235 |
|
$ |
249,611 |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
Current Maturities of Notes Payable |
|
$ |
1,000 |
|
$ |
1,000 |
Accounts Payable |
|
|
17,101 |
|
|
13,401 |
Dividends Payable |
|
|
1,927 |
|
|
1,851 |
Other Current Liabilities |
|
|
38,740 |
|
|
32,263 |
Total Current Liabilities |
|
|
58,768 |
|
|
48,515 |
Noncurrent
Liabilities |
|
|
|
|
Notes Payable |
|
|
30,827 |
|
|
31,798 |
Other Noncurrent Liabilities |
|
|
19,564 |
|
|
18,949 |
Total Noncurrent Liabilities |
|
|
50,391 |
|
|
50,747 |
Stockholders'
Equity |
|
|
177,076 |
|
|
150,349 |
Total Liabilities and
Stockholders' Equity |
|
$ |
286,235 |
|
$ |
249,611 |
|
|
|
|
|
Book Value Per Share
Outstanding |
|
$ |
26.10 |
|
$ |
21.72 |
|
|
|
|
|
Acquisitions
of: |
|
|
|
|
Property, Plant and
Equipment |
|
|
|
|
Fourth Quarter |
|
$ |
6,924 |
|
$ |
6,819 |
Year To Date |
|
$ |
24,368 |
|
$ |
22,010 |
Depreciation and
Amortization Charges |
|
|
|
|
Fourth Quarter |
|
$ |
4,180 |
|
$ |
3,440 |
Year To Date |
|
$ |
15,528 |
|
$ |
13,474 |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
|
|
(in thousands) |
|
|
|
|
For the Twelve Months Ended |
|
July 31, |
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
Net
Income |
$ |
29,483 |
|
|
$ |
5,612 |
|
Adjustments to
reconcile net income to net cash |
|
|
|
provided by operating
activities: |
|
|
|
Depreciation and Amortization |
|
15,528 |
|
|
|
13,474 |
|
Loss on Impairment of Goodwill |
|
— |
|
|
|
5,644 |
|
Loss on Pension Termination |
|
4,652 |
|
|
|
— |
|
Increase in Accounts Receivable |
|
(7,899 |
) |
|
|
(10,654 |
) |
Increase in Inventories |
|
(2,204 |
) |
|
|
(13,087 |
) |
Increase in Accounts Payable |
|
3,241 |
|
|
|
5,002 |
|
Increase in Accrued Expenses |
|
6,455 |
|
|
|
4,702 |
|
Decrease in Pension and Postretirement
Benefits |
|
(1,085 |
) |
|
|
(1,938 |
) |
Other |
|
1,593 |
|
|
|
262 |
|
Total Adjustments |
|
20,281 |
|
|
|
3,405 |
|
Net Cash Provided by
Operating Activities |
|
49,764 |
|
|
|
9,017 |
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
Capital Expenditures |
|
(24,368 |
) |
|
|
(22,010 |
) |
Other |
|
(199 |
) |
|
|
21 |
|
Net Cash Used in
Investing Activities |
|
(24,567 |
) |
|
|
(21,989 |
) |
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
Proceeds from Issuance of Notes Payable |
|
— |
|
|
|
25,000 |
|
Payment of Debt Issuance costs |
|
(7 |
) |
|
|
(114 |
) |
Principal Payments on Notes Payable |
|
(1,000 |
) |
|
|
(1,000 |
) |
Dividends Paid |
|
(7,433 |
) |
|
|
(7,377 |
) |
Purchases of Treasury Stock |
|
(1,078 |
) |
|
|
(11,806 |
) |
Net Cash (Used In)
Provided By Financing Activities |
|
(9,518 |
) |
|
|
4,703 |
|
|
|
|
|
Effect of exchange
rate changes on Cash and Cash Equivalents |
|
(223 |
) |
|
|
(24 |
) |
|
|
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents |
|
15,456 |
|
|
|
(8,293 |
) |
Cash and Cash
Equivalents, Beginning of Period |
|
16,298 |
|
|
|
24,591 |
|
Cash and Cash
Equivalents, End of Period |
$ |
31,754 |
|
|
$ |
16,298 |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Year to Date |
|
Ended July 31, |
|
Ended July 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
RETAIL AND
WHOLESALE |
|
|
|
|
|
|
|
GAAP: Segment
Operating Income |
$ |
9,119 |
|
$ |
5,450 |
|
$ |
36,119 |
|
$ |
6,252 |
Goodwill
Impairment |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
5,644 |
Non-GAAP: Segment
Operating Income excluding Nonrecurring Events |
$ |
9,119 |
|
$ |
5,450 |
|
$ |
36,119 |
|
$ |
11,896 |
|
|
|
|
|
|
|
|
CONSOLIDATED
RESULTS |
|
|
|
|
|
|
|
GAAP: Net Income
Attributable to Oil-Dri |
$ |
11,919 |
|
$ |
5,196 |
|
$ |
29,551 |
|
$ |
5,674 |
Plus: Nonrecurring
Events, Net of Tax |
|
|
|
|
|
|
|
Goodwill Impairment |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
4,462 |
Landfill Modification |
$ |
— |
|
$ |
— |
|
$ |
1,977 |
|
$ |
— |
Pension Termination |
$ |
157 |
|
$ |
— |
|
$ |
4,941 |
|
$ |
— |
Total Nonrecurring
Events, Net of Tax |
$ |
157 |
|
$ |
— |
|
$ |
6,918 |
|
$ |
4,462 |
Non-GAAP: Net Income
Attributable to Oil-Dri excluding Nonrecurring Events |
$ |
12,076 |
|
$ |
5,196 |
|
$ |
36,469 |
|
$ |
10,136 |
|
|
|
|
|
|
|
|
GAAP: Diluted EPS -
Common |
$ |
1.67 |
|
$ |
0.77 |
|
$ |
4.13 |
|
$ |
0.81 |
Plus: Nonrecurring
Events, Net of Tax |
$ |
0.02 |
|
$ |
— |
|
$ |
0.97 |
|
$ |
0.65 |
Non-GAAP: Diluted EPS
- Common, excluding Nonrecurring Events |
$ |
1.69 |
|
$ |
0.77 |
|
$ |
5.10 |
|
$ |
1.46 |
|
|
|
|
|
|
|
|
Oil Dri Corp of America (NYSE:ODC)
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Oil Dri Corp of America (NYSE:ODC)
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