Date of Report (Date of earliest event reported) | March 10, 2015 |
Oil-Dri Corporation of America |
(Exact name of registrant as specified in its charter) |
Delaware | 001-12622 | 36-2048898 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
410 North Michigan Avenue Suite 400 Chicago, Illinois | 60611-4213 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | (312) 321-1515 |
(Former name or former address, if changed since last report.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit | |||
Number | Description of Exhibits | ||
99.1 | Press Release of the Registrant dated January 31, 2015 (Quarterly Earnings) |
OIL-DRI CORPORATION OF AMERICA | |||
By: | /s/ Douglas A. Graham | ||
Douglas A. Graham | |||
Vice President and General Counsel |
Exhibit | |||
Number | Description of Exhibits | ||
99.1 | Press Release of the Registrant dated January 31, 2015 (Quarterly Earnings) |
Business to Business Products | Three Month Period November 1 – January 31 | Change | |
Fiscal 2015 | Fiscal 2014 | ||
Net Sales | $23,047,000 | $25,264,000 | -9% |
Segment Income | $7,443,000 | $7,993,000 | -7% |
Business to Business Products | Six-Month Period August 1 – January 31 | Change | |
Fiscal 2015 | Fiscal 2014 | ||
Net Sales | $46,695,000 | $49,179,000 | -5% |
Segment Income | $14,314,000 | $15,644,000 | -9% |
Retail and Wholesale Products | Three Month Period November 1 – January 31 | Change | |
Fiscal 2015 | Fiscal 2014 | ||
Net Sales | $41,596,000 | $44,041,000 | -6% |
Segment Income | $1,262,000 | $2,982,000 | -58% |
Retail and Wholesale Products | Six-Month Period August 1 – January 31 | Change | |
Fiscal 2015 | Fiscal 2014 | ||
Net Sales | $83,992,000 | $83,672,000 | 0.4% |
Segment Income | $2,148,000 | $4,257,000 | -50% |
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(in thousands, except for per share amounts) | |||||||||||
(unaudited) | |||||||||||
Second Quarter Ended January 31, | |||||||||||
2015 | % of Sales | 2014 | % of Sales | ||||||||
Net Sales | $ | 64,643 | 100.0 | % | $ | 69,305 | 100.0 | % | |||
Cost of Sales | (4,910 | ) | 76.4 | % | (52,412 | ) | 75.6 | % | |||
Gross Profit | 15,223 | 23.6 | % | 16,893 | 24.4 | % | |||||
Operating Expenses | (10,952 | ) | 17.0 | % | (11,159 | ) | 16.1 | % | |||
Operating Income | 4,281 | 6.6 | % | 5,734 | 8.3 | % | |||||
Interest Expense | (307 | ) | 0.5 | % | (385 | ) | 0.6 | % | |||
Other Income | (88 | ) | -0.1 | % | 181 | 0.3 | % | ||||
Income Before Income Taxes | 3,886 | 6.0 | % | 5,530 | 8.0 | % | |||||
Income Taxes | (1,089 | ) | 1.7 | % | (1,249 | ) | 1.8 | % | |||
Net Income | $ | 2,797 | 4.3 | % | $ | 4,281 | 6.2 | % | |||
Net Income Per Share: | |||||||||||
Basic Common | $ | 0.43 | $ | 0.65 | |||||||
Basic Class B Common | $ | 0.32 | $ | 0.49 | |||||||
Diluted | $ | 0.39 | $ | 0.60 | |||||||
Average Shares Outstanding: | |||||||||||
Basic Common | 4,953 | 4,979 | |||||||||
Basic Class B Common | 2,022 | 2,005 | |||||||||
Diluted | 7,030 | 7,007 | |||||||||
Six Months Ended January 31, | |||||||||||
2015 | % of Sales | 2014 | % of Sales | ||||||||
Net Sales | $ | 130,687 | 100.0 | % | $ | 132,851 | 100.0 | % | |||
Cost of Sales | (101,685 | ) | 77.8 | % | (99,458 | ) | 74.9 | % | |||
Gross Profit | 29,002 | 22.2 | % | 33,393 | 25.1 | % | |||||
Operating Expenses | (21,561 | ) | 16.5 | % | (23,317 | ) | 17.5 | % | |||
Operating Income | 7,441 | 5.7 | % | 10,076 | 7.6 | % | |||||
Interest Expense | (689 | ) | 0.5 | % | (809 | ) | 0.6 | % | |||
Other Income | (1 | ) | 0.0 | % | 156 | 0.1 | % | ||||
Income Before Income Taxes | 6,751 | 5.2 | % | 9,423 | 7.1 | % | |||||
Income Taxes | (1,834 | ) | 1.4 | % | (2,255 | ) | 1.7 | % | |||
Net Income | $ | 4,917 | 3.8 | % | $ | 7,168 | 5.4 | % | |||
Net Income Per Share: | |||||||||||
Basic Common | $ | 0.75 | $ | 1.09 | |||||||
Basic Class B Common | $ | 0.56 | $ | 0.82 | |||||||
Diluted | $ | 0.69 | $ | 1.01 | |||||||
Average Shares Outstanding: | |||||||||||
Basic Common | 4,951 | 4,967 | |||||||||
Basic Class B Common | 2,016 | 1,999 | |||||||||
Diluted | 7,023 | 6,991 |
CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except for per share amounts) | ||||||||
(unaudited) | ||||||||
As of January 31, | ||||||||
2015 | 2014 | |||||||
Current Assets | ||||||||
Cash and Cash Equivalents | $ | 12,763 | $ | 12,082 | ||||
Restricted Cash | -- | 500 | ||||||
Short-term Investments | 940 | 7,100 | ||||||
Accounts Receivable, Net | 32,255 | 37,022 | ||||||
Inventories | 23,661 | 22,734 | ||||||
Prepaid Expenses | 7,409 | 9,915 | ||||||
Total Current Assets | 77,028 | 89,353 | ||||||
Property, Plant and Equipment, Net | 79,702 | 68,959 | ||||||
Other Assets | 27,584 | 25,548 | ||||||
Total Assets | $ | 184,314 | $ | 183,860 | ||||
Current Liabilities | ||||||||
Current Maturities of Notes Payable | $ | 3,483 | $ | 3,500 | ||||
Accounts Payable | 6,191 | 7,699 | ||||||
Dividends Payable | 1,313 | 1,242 | ||||||
Accrued Expenses | 16,733 | 16,686 | ||||||
Total Current Liabilities | 27,720 | 29,127 | ||||||
Noncurrent Liabilities | ||||||||
Notes Payable | 15,417 | 18,900 | ||||||
Other Noncurrent Liabilities | 34,250 | 27,775 | ||||||
Total Noncurrent Liabilities | 49,667 | 46,675 | ||||||
Stockholders' Equity | 106,927 | 108,058 | ||||||
Total Liabilities and Stockholders' Equity | $ | 184,314 | $ | 183,860 | ||||
Book Value Per Share Outstanding | $ | 15.33 | $ | 15.47 | ||||
Acquisitions of | ||||||||
Property, Plant and Equipment | Second Quarter | $ | 4,203 | $ | 3,400 | |||
Year To Date | $ | 9,920 | $ | 6,782 | ||||
Depreciation and Amortization Charges | Second Quarter | $ | 3,016 | $ | 2,629 | |||
Year To Date | $ | 5,936 | $ | 4,860 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(in thousands) | ||||||
(unaudited) | ||||||
For the Six Months Ended | ||||||
January 31, | ||||||
2015 | 2014 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net Income | $ | 4,917 | $ | 7,168 | ||
Adjustments to reconcile net income to net cash | ||||||
provided by operating activities, net of acquisition: | ||||||
Depreciation and Amortization | 5,936 | 4,860 | ||||
Increase in Accounts Receivable | (1,431) | (5,919) | ||||
Decrease (Increase) in Inventories | 822 | (1,347) | ||||
(Decrease) Increase in Accounts Payable | (1,232) | 381 | ||||
Decrease in Accrued Expenses | (867) | (3,558) | ||||
Increase in Pension and Postretirement Benefits | 519 | 528 | ||||
Other | 1,943 | 287 | ||||
Total Adjustments | 5,690 | (4,768) | ||||
Net Cash Provided by Operating Activities | 10,607 | 2,400 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Capital Expenditures | (9,920) | (6,782) | ||||
Acquisition of Business | -- | (12,505) | ||||
Restricted Cash | 129 | (500) | ||||
Net Dispositions of Investment Securities | 1,701 | 11,361 | ||||
Other | 123 | 16 | ||||
Net Cash Used in Investing Activities | (7,967) | (8,410) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Principal Payments on Long-Term Debt | (3,500) | (3,500) | ||||
Dividends Paid | (2,623) | (2,478) | ||||
Other | 31 | 59 | ||||
Net Cash Used in Financing Activities | (6,092) | (5,919) | ||||
Effect of exchange rate changes on cash and cash equivalents | (15) | (24) | ||||
Net Decrease in Cash and Cash Equivalents | (3,467) | (11,953) | ||||
Cash and Cash Equivalents, Beginning of Period | 16,230 | 24,035 | ||||
Cash and Cash Equivalents, End of Period | $ | 12,763 | $ | 12,082 |
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