~ Global net sales of maintenance products grew 11 percent
compared to prior year fiscal period ~
~ Board of Directors approves new 75.0 million share buyback
plan to replace expiring plan ~
SAN DIEGO, July 10, 2018 /PRNewswire/ -- 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 third
fiscal quarter ended May 31,
2018.
Financial Highlights and Summary
- Total net sales for the third quarter were $107.0 million, an increase of 9 percent compared
to the prior year fiscal quarter. Year-to-date total net sales were
$305.9 million, an increase of 8
percent compared to the prior year fiscal period.
- Translation of the Company's foreign subsidiary results to U.S.
dollars had a favorable impact on sales for the current quarter and
year-to-date. On a constant currency basis, total net sales would
have been $102.6 million for the
third quarter and $295.8 million year
to date.
- Net income for the third quarter was $16.1 million, an increase of 12 percent compared
to the prior year fiscal quarter. Year-to-date net income was
$43.6 million, an increase of 13
percent from the prior year fiscal period.
- Diluted earnings per share were $1.15 in the third quarter, compared to
$1.02 per share for the prior year
fiscal quarter. Year-to-date diluted earnings per share were
$3.10 compared to $2.71 in the prior year fiscal period.
- Gross margin was 54.8 percent in the third quarter compared to
55.3 percent in the prior year fiscal quarter. Year-to-date gross
margin was 55.1 percent compared to 56.3 percent in the prior year
fiscal period.
- Selling, general and administrative expenses were up 9 percent
in the third quarter to $30.1 million
when compared to the prior year fiscal quarter. Year-to-date
selling, general and administrative expenses were up 6 percent to
$91.7 million compared to the prior
year fiscal period.
- Advertising and sales promotion expenses were up 2 percent in
the third quarter to $5.5 million
when compared to the prior year fiscal quarter. Year-to-date
advertising and sales promotion expenses were up 4 percent to
$15.8 million compared to the prior
year fiscal period.
"We had a solid quarter and are pleased that we achieved both
sales and earnings results which reflect new record highs for the
Company," said Garry Ridge, WD-40
Company's president and chief executive officer. "Our maintenance
products delivered solid sales increases in the third quarter
including 10 percent growth of WD-40 Multi-Use Product and 16
percent growth of WD-40 Specialist. Though fluctuating
foreign currency exchange rates favorably impacted our sales
results in the current quarter, we still saw a currency adjusted
sales growth rate of 5 percent period-over-period.
"Unfortunately we are continuing to see the impact of higher
commodity prices which have begun to deteriorate our gross margins
in all three of our operating segments. To combat this margin
pressure we have made some price increases to ensure our gross
margin remains in-line with our 55/30/25 business model.
"Finally, we continue to return capital to our investors through
regular dividends and share buybacks. Over the last 2 years
alone we have returned over $100
million in capital to our shareholders in this manner. In
order to continue returning capital to shareholders through share
buybacks, last month our Board of Directors approved a new
$75.0 million share buyback plan to
replace our expiring plan," concluded Ridge.
Net Sales by Segment (in thousands):
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
May 31,
|
|
Nine Months Ended
May 31,
|
|
2018
|
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
Americas
|
$
|
52,999
|
|
|
$
|
49,046
|
|
|
8%
|
|
$
|
144,129
|
|
$
|
136,964
|
|
|
5%
|
EMEA
|
|
39,571
|
|
|
|
34,386
|
|
|
15%
|
|
|
114,231
|
|
|
100,848
|
|
|
13%
|
Asia-Pacific
|
|
14,455
|
|
|
|
14,746
|
|
|
(2)%
|
|
|
47,518
|
|
|
46,133
|
|
|
3%
|
Total
|
$
|
107,025
|
|
|
$
|
98,178
|
|
|
9%
|
|
$
|
305,878
|
|
$
|
283,945
|
|
|
8%
|
|
|
|
|
|
|
|
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|
- Net sales by segment as a percent of total net sales for the
third quarter were as follows: for the Americas, 50 percent; for
EMEA, 37 percent; and for Asia-Pacific, 13 percent.
- Net sales in the Americas increased 8 percent in the third
quarter primarily due to higher sales of maintenance products,
which increased 12 percent compared to the prior year fiscal
period. This sales increase was primarily driven by the timing of
customer orders for WD-40® Multi-Use Product and higher
sales of WD-40 EZ-REACH™ Flexible Straw product in
the United States. The increase in
sales was also driven by higher sales of maintenance products in
Canada and Latin American driven
by successful promotional programs in the regions. In addition,
sales in the Americas were higher year over year due to certain
customers buying product in advance of a price increase, which went
into effect in June 2018.
- Net sales in EMEA increased 15 percent in the third quarter
primarily due to higher sales of maintenance products which
increased 16 percent compared to the prior year fiscal period. This
sales increase was also driven by changes in foreign currency
exchange rates which had a favorable impact on sales for EMEA from
period to period. On a constant currency basis EMEA sales for the
third quarter would have increased by $1.3
million or 4 percent compared to the prior year fiscal
period due primarily to a higher level of promotional
activities.
- Net sales in Asia-Pacific
decreased 2 percent in the third quarter primarily due to a 17
percent decrease in sales in the segment's distributor markets as a
result of the Company transitioning to new marketing distributors
in certain regions as well as the timing of customer orders period
over period. This lower level of sales was partially offset by a 17
percent increase in sales in China
and a 5 percent increase in sales in Australia. The sales growth in China was primarily attributable to a
successful promotional program in the region. The growth in
Australia was primarily due to
successful promotional activities and expanded distribution of the
WD-40 Specialist product line. Changes in foreign currency exchange
rates had a favorable impact on sales in Asia-Pacific from period to period. On a
constant currency basis Asia-Pacific sales for the third quarter would
have decreased $0.7 million or 5
percent compared to the prior year fiscal period.
Net Sales by Product Group (in thousands):
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|
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|
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|
|
|
|
|
|
Three Months Ended
May 31,
|
|
Nine Months Ended
May 31,
|
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
Maintenance
products
|
$
|
98,839
|
|
$
|
88,926
|
|
|
11%
|
|
$
|
279,188
|
|
$
|
255,856
|
|
|
9%
|
Homecare and cleaning
products
|
|
8,186
|
|
|
9,252
|
|
|
(12)%
|
|
|
26,690
|
|
|
28,089
|
|
|
(5)%
|
Total
|
$
|
107,025
|
|
$
|
98,178
|
|
|
9%
|
|
$
|
305,878
|
|
$
|
283,945
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
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|
- Net sales of maintenance products, which are considered the
primary growth focus for the Company, increased 11 percent in the
third quarter when compared to the prior year fiscal period. This
sales growth was primarily attributable to increased sales of WD-40
Multi-Use Product within the Americas and EMEA segments. This
growth was also attributable to increased sales of WD-40 Specialist
within the EMEA and Asia-Pacific
segments.
- Net sales of homecare and cleaning products decreased 12
percent in the third quarter when compared to the prior year fiscal
period. The homecare and cleaning products, particularly those in
the U.S., are considered harvest brands providing healthy profit
returns to the Company and are becoming a smaller part of the
business as net sales of multi-purpose maintenance products grow
per the execution of the Company's strategic initiatives.
Dividend and Share Repurchase
As previously
announced, WD-40 Company's Board of Directors declared on
Tuesday, June 19, 2018 a quarterly
dividend of $0.54 per share payable
on July 31, 2018 to stockholders of
record at the close of business on July 20,
2018.
On June 21, 2016, the Company's
Board of Directors approved a share buy-back plan. Under the plan,
which became effective on September 1,
2016, the Company is authorized to acquire up to
$75.0 million of its outstanding
shares through August 31, 2018.
During the period from September 1,
2016 through May 31, 2018, the
Company has repurchased 435,579 shares at a total cost
of $48.9 million under this $75.0
million plan.
On June 21, 2018 the Company's
Board of Directors approved a new share buy-back plan. Under the
plan, which will become effective on September 1, 2018, the Company is authorized to
acquire up to $75.0 million of its
outstanding shares through August 31,
2020.
The timing and the amount of any repurchases of common stock
under either plan will be determined by management based on its
evaluation of market conditions and other factors.
Updated Fiscal Year 2018 Guidance
The Company revised
its revenue, net income and diluted earnings per share guidance for
fiscal year 2018 to reflect recent changes in foreign currency
exchange rates:
- Net sales growth is projected to be between 6 and 8 percent
with net sales expected to be between $403 million and
$411 million.
- Gross margin percentage for the full year is expected to
be near 55 percent.
- Advertising and promotion investments are projected to be near
6 percent of net sales.
- Net income is projected to be between $56.3 million and $57.0 million.
- Diluted earnings per share is expected to be between
$4.05 and $4.10 based on an estimated 13.9
million weighted average shares outstanding.
This guidance does not include any future acquisitions or
divestitures and assumes that foreign currency exchange rates and
commodity prices will remain close to current levels for the
remainder of fiscal year 2018.
Webcast Information
As previously announced, WD-40
Company management will host a live webcast at approximately
5:00 p.m. ET / 2:00 p.m. PT today to discuss these results.
Other forward-looking and material information may also be
discussed during this call. Please visit
http://investor.wd40company.com for more information and to
view supporting materials.
About WD-40 Company
WD-40 Company is 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. The Company
markets its maintenance products and homecare and cleaning products
under the following well-known brands: WD-40®, 3-IN-ONE®, GT85®,
X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®,
1001®, Lava® and Solvol®.
Headquartered in San Diego,
WD-40 Company recorded net sales of $381
million in fiscal year 2017 and its products are currently
available in more than 176 countries and territories worldwide.
WD-40 Company is traded on the NASDAQ Global Select market under
the ticker symbol "WDFC." For additional information about WD-40
Company please visit http://www.wd40company.com.
Forward-Looking Statements
Except for the historical
information contained herein, this press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements reflect
the Company's current expectations with respect to currently
available operating, financial and economic
information. These forward-looking statements are
subject to certain risks, uncertainties and assumptions that could
cause actual results to differ materially from those anticipated in
or implied by the forward-looking statements.
Our forward-looking statements include, but are not limited
to, discussions about future financial and operating results,
including: growth expectations for certain products;
expected levels of promotional and advertising spending; plans for
and success of product innovation, the impact of new product
introductions on the growth of sales; anticipated results from
product line extension sales; the impact of the "Tax Cuts and Jobs
Act"; and forecasted foreign currency exchange rates
and commodity prices. Our forward-looking
statements are generally identified with words such as "believe,"
"expect," "intend," "plan," "could," "may," "aim," "anticipate,"
"estimate" and similar expressions.
The Company's expectations, beliefs and forecasts are expressed
in good faith and are believed by the Company to have a reasonable
basis, but there can be no assurance that the Company's
expectations, beliefs or forecasts will be achieved or
accomplished.
Actual events or results may differ materially from those
projected in forward-looking statements due to various factors,
including, but not limited to, those identified in Part
I―Item 1A, "Risk Factors," in the Company's Annual Report on
Form 10-K for the fiscal year ended August
31, 2017, and in the Company's Quarterly Report on Form 10-Q
for the period ended May 31, 2018 which the Company expects to
file with the SEC on July 10, 2018.
All forward-looking statements included in this press release
should be considered in the context of these risks. All
forward-looking statements speak only as of July 10, 2018, and
we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Investors and prospective investors are cautioned not
to place undue reliance on our forward-looking statements.
Table Notes and
General Definitions
|
(1)
|
The Company markets
maintenance products under the WD-40®, GT85® and
3-IN-ONE® brand names. Currently included in the WD-40 brand
are the WD-40 Multi-Use Product and the WD-40 Specialist® and WD-40
BIKE® product lines.
|
(2)
|
The Company markets
the following homecare and cleaning brands: X-14® mildew
stain remover and automatic toilet bowl cleaners, 2000 Flushes®
automatic toilet bowl cleaners, Carpet Fresh® and no
vac® rug and room deodorizers, Spot Shot® aerosol and liquid
carpet stain removers, 1001® household cleaners and rug and room
deodorizers and Lava® and Solvol® heavy-duty hand
cleaners.
|
(3)
|
The Americas segment
consists of the U.S., Canada and Latin America.
|
(4)
|
The EMEA segment
consists of countries in Europe, the Middle East, Africa and
India.
|
(5)
|
The Asia-Pacific
segment consists of Australia, China and other countries in the
Asia region.
|
(6)
|
Constant currency
represents the translation of the current quarter and year-to-date
results from the functional currencies of the Company's
subsidiaries to U.S. dollars using the exchange rate in effect for
the corresponding periods of the prior fiscal
year.
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|
|
WD-40
COMPANY
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited and in
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
May
31,
|
|
August
31,
|
|
|
2018
|
|
2017
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
123,338
|
|
$
|
37,082
|
|
Short-term
investments
|
|
234
|
|
|
80,166
|
|
Trade accounts
receivable, less allowance for doubtful accounts of $273 and $240 at May 31, 2018
and August 31, 2017,
respectively
|
|
|
|
|
|
|
|
70,665
|
|
|
64,259
|
|
Inventories
|
|
37,639
|
|
|
35,340
|
|
Other current
assets
|
|
4,940
|
|
|
8,007
|
|
Total current
assets
|
|
236,816
|
|
|
224,854
|
|
Property and equipment,
net
|
|
36,206
|
|
|
29,439
|
|
Goodwill
|
|
95,706
|
|
|
95,597
|
|
Other intangible
assets, net
|
|
14,306
|
|
|
16,244
|
|
Deferred tax assets,
net
|
|
489
|
|
|
495
|
|
Other assets
|
|
3,068
|
|
|
3,088
|
|
Total
assets
|
$
|
386,591
|
|
$
|
369,717
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
18,105
|
|
$
|
20,898
|
|
Accrued
liabilities
|
|
19,866
|
|
|
18,997
|
|
Accrued payroll and
related expenses
|
|
11,044
|
|
|
14,222
|
|
Short-term
borrowings
|
|
85,342
|
|
|
20,000
|
|
Income taxes
payable
|
|
1,105
|
|
|
1,306
|
|
Total current
liabilities
|
|
135,462
|
|
|
75,423
|
|
Long-term
borrowings
|
|
82,800
|
|
|
134,000
|
|
Deferred tax
liabilities, net
|
|
11,736
|
|
|
18,949
|
|
Other long-term
liabilities and income taxes payable
|
|
8,051
|
|
|
1,958
|
|
Total
liabilities
|
|
238,049
|
|
|
230,330
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Common stock ―
authorized 36,000,000 shares, $0.001 par value; 19,729,708 and 19,688,238 shares issued at May 31,
2018 and August 31, 2017,
respectively; and 13,880,647 and 13,984,183 shares
outstanding at May 31, 2018 and August
31, 2017, respectively
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
20
|
|
Additional paid-in
capital
|
|
152,953
|
|
|
150,692
|
|
Retained
earnings
|
|
337,169
|
|
|
315,764
|
|
Accumulated other
comprehensive loss
|
|
(24,802)
|
|
|
(28,075)
|
|
Common stock held in
treasury, at cost ― 5,849,061 and 5,704,055 shares at May 31, 2018 and August 31, 2017,
respectively
|
|
|
|
|
|
|
|
(316,798)
|
|
|
(299,014)
|
|
Total shareholders'
equity
|
|
148,542
|
|
|
139,387
|
|
Total liabilities and
shareholders' equity
|
$
|
386,591
|
|
$
|
369,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WD-40
COMPANY
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited and in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
May 31,
|
|
Nine Months Ended
May 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
107,025
|
|
$
|
98,178
|
|
$
|
305,878
|
|
$
|
283,945
|
|
Cost of products
sold
|
|
48,367
|
|
|
43,891
|
|
|
137,265
|
|
|
124,156
|
|
Gross
profit
|
|
58,658
|
|
|
54,287
|
|
|
168,613
|
|
|
159,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
30,082
|
|
|
27,558
|
|
|
91,736
|
|
|
86,391
|
|
Advertising and sales
promotion
|
|
5,501
|
|
|
5,398
|
|
|
15,828
|
|
|
15,251
|
|
Amortization of
definite-lived intangible assets
|
|
746
|
|
|
718
|
|
|
2,216
|
|
|
2,156
|
|
Total operating
expenses
|
|
36,329
|
|
|
33,674
|
|
|
109,780
|
|
|
103,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
22,329
|
|
|
20,613
|
|
|
58,833
|
|
|
55,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
107
|
|
|
112
|
|
|
371
|
|
|
392
|
|
Interest
expense
|
|
(1,205)
|
|
|
(693)
|
|
|
(3,048)
|
|
|
(1,822)
|
|
Other income (expense),
net
|
|
66
|
|
|
254
|
|
|
(87)
|
|
|
527
|
|
Income before income
taxes
|
|
21,297
|
|
|
20,286
|
|
|
56,069
|
|
|
55,088
|
|
Provision for income
taxes
|
|
5,167
|
|
|
5,842
|
|
|
12,491
|
|
|
16,526
|
|
Net income
|
$
|
16,130
|
|
$
|
14,444
|
|
$
|
43,578
|
|
$
|
38,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.15
|
|
$
|
1.02
|
|
$
|
3.10
|
|
$
|
2.71
|
|
Diluted
|
$
|
1.15
|
|
$
|
1.02
|
|
$
|
3.10
|
|
$
|
2.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
13,905
|
|
|
14,056
|
|
|
13,949
|
|
|
14,115
|
|
Diluted
|
|
13,937
|
|
|
14,088
|
|
|
13,981
|
|
|
14,151
|
|
Dividends declared
per common share
|
$
|
0.54
|
|
$
|
0.49
|
|
$
|
1.57
|
|
$
|
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WD-40
COMPANY
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
May 31,
|
|
|
2018
|
|
2017
|
|
Operating
activities:
|
|
|
|
|
|
|
Net income
|
$
|
43,578
|
|
$
|
38,562
|
|
Adjustments to
reconcile net income to net cash provided by
|
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
5,849
|
|
|
5,005
|
|
Net gains on sales and
disposals of property and equipment
|
|
(154)
|
|
|
(109)
|
|
Deferred income
taxes
|
|
(7,025)
|
|
|
(101)
|
|
Stock-based
compensation
|
|
3,674
|
|
|
3,543
|
|
Unrealized foreign
currency exchange (gains) losses, net
|
|
(200)
|
|
|
872
|
|
Provision for bad
debts
|
|
48
|
|
|
(141)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
Trade accounts
receivable
|
|
(6,285)
|
|
|
(1,915)
|
|
Inventories
|
|
(2,108)
|
|
|
(4,926)
|
|
Other
assets
|
|
3,137
|
|
|
1,660
|
|
Accounts payable and
accrued liabilities
|
|
(1,630)
|
|
|
(125)
|
|
Accrued payroll and
related expenses
|
|
(3,328)
|
|
|
(7,937)
|
|
Other long-term
liabilities and income taxes payable
|
|
6,030
|
|
|
456
|
|
Net cash provided by
operating activities
|
|
41,586
|
|
|
34,844
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(10,678)
|
|
|
(15,410)
|
|
Proceeds from sales of
property and equipment
|
|
345
|
|
|
403
|
|
Purchase of intangible
assets
|
|
(175)
|
|
|
-
|
|
Purchases of
short-term investments
|
|
(84,540)
|
|
|
(26,815)
|
|
Maturities of
short-term investments
|
|
168,651
|
|
|
4,517
|
|
Net cash provided by
(used in) investing activities
|
|
73,603
|
|
|
(37,305)
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
Treasury stock
purchases
|
|
(17,784)
|
|
|
(26,227)
|
|
Dividends
paid
|
|
(22,045)
|
|
|
(19,896)
|
|
Proceeds from issuance
of common stock
|
|
215
|
|
|
548
|
|
Proceeds from issuance
of long-term senior notes
|
|
20,000
|
|
|
-
|
|
Repayments of
long-term senior notes
|
|
(400)
|
|
|
-
|
|
Net (repayments)
proceeds from revolving credit facility
|
|
(5,458)
|
|
|
32,000
|
|
Shares withheld to
cover taxes upon conversions of equity awards
|
|
(1,817)
|
|
|
(1,692)
|
|
Net cash used
in financing activities
|
|
(27,289)
|
|
|
(15,267)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(1,644)
|
|
|
(958)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
86,256
|
|
|
(18,686)
|
|
Cash and cash
equivalents at beginning of period
|
|
37,082
|
|
|
50,891
|
|
Cash and cash
equivalents at end of period
|
$
|
123,338
|
|
$
|
32,205
|
|
|
|
|
|
|
|
|
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SOURCE WD-40 Company