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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________
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FORM 8-K
__________
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CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (date of earliest event reported): April 6 ,   201 7
__________
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WD-40 COMPANY
(Exact Name of Registrant as specified in its charter )
__________
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﻿	 	 	 	 	
Delaware
(State or other jurisdiction of incorporation or organization)	 	000-06936
(Commission File Number)	 	95-1797918
(I.R.S. Employer
Identification Number)

﻿	 	 	 	 	
﻿	 	1061 Cudahy Place, San Diego, California 92110
(Address of principal executive offices, with zip code)

﻿	 	 	 	 	
﻿	 	(619) 275-1400
(Registrant’s telephone number, including area code)

﻿	 	 	 	 	
﻿	 	n/a
(Former name or former address, if changed since last report)

﻿	 	 	 	 	
__________
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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﻿	 	
☐	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 c ommunications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
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﻿
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﻿	 	 	
ITEM 2.02.	 	Results of Operations and Financial Condition	
﻿	 	 	
﻿	 	On April 6 , 201 7 , WD-40 Company issued a news release with respect to earnings for the quarter ended February 28 , 201 7 . The full text of the news release is attached hereto as Exhibit 99.1.	
﻿	 	 	
ITEM 9.01.	 	Financial Statements and Exhibits	
﻿	 	(d) Exhibits	
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﻿
﻿	 	 	
﻿	Exhibit No.	Description	
﻿	 	 	
﻿	99.1	News Release by WD-40 Company dated April 6 , 201 7 .	
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﻿

 
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
﻿
﻿	 	 	
﻿	 	WD-40 Company	
﻿	 	(Registrant)	
﻿
﻿
﻿	 	 	
Date: April 6, 2017	 	/s/ JAY W. REMBOLT	
﻿	 	Jay W. Rembolt	
﻿	 	Vice President, Finance	
﻿	 	Treasurer and Chief Financial Officer	
﻿

 

EXHIBIT 99.1
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WD-40 Company Reports Second Quarter 201 7 Financial Results
~ Global n et sales of maintenance products grew 4 percent compare d to prior year fiscal period ~
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SAN DIEGO – April 6 , 201 7 ― 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 second   fiscal quarter ended February 28 , 201 7 .
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Financial Highlights and Summary

	·		Total net sales for the second   quarter were $ 96.5 million, an increase of 2 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $ 185.8 million, a decrease of 1 percent compared to the prior year fiscal period.  	
	·		Translation of the Company’s foreign subsidiary results to U.S. dollars had an unfavorable impact on sales f or the current quarter and year-to- date.  On a constant currency basis total net sales would have been $ 102.9 million for the second quarter and $ 198.1 million year-to- date .  	
	·		Net income for the second quarter was $ 12.4 million, a decrease of 10 percent compared to the prior year fiscal quarter. Year-to-date net income was $ 24.1 million, a decrease of 6 percent from the prior year fiscal period.	
	·		Diluted earnings per share were $ 0.87 in the second quarter, compared to $ 0.94 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $ 1.69 compared to $ 1.77 in the prior year fiscal period.	
	·		Gross margin was 56.4 percent in the second quarter compared to 55.4 percent in the prior year fiscal quarter.  Year-to-date gross margin was 56.8 percent compared to 55.5 percent in the prior year fiscal period.	
	·		Selling, general and administrative expenses were up 4 percent in the second quarter to $ 29.8 million when compared to the prior year fiscal quarter .  Year-to-date selling, general and administrative expenses were up 4 percent to $58.8 million compared to the prior year fiscal period. 	
	·		Advertising and sales promotion expenses remained relatively constant at $ 5.0 million   in the second quarter compared to the prior year fiscal quarter. Year-to-date advertising and sales promotion expenses were   down 8 percent   to  $ 9.9 million compared to the prior year fiscal period.    	
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“Fluctuating foreign currency exchange rates continue to obscure the true strength of our business and they negatively impacted both our top-line and bottom line results in the second quarter,” said Garry Ridge, WD-40 Company’s president and chief executive officer.  “Even with the impacts of foreign currency headwinds included, we had 4 percent growth in sales of our maintenance products, which continue to be our core strategic focus, and a 5 percent increase in operating income.  Our net income was negatively impacted as a result of fluctuations in some non-operating currency related items period over period, as well as an adjustment that we recorded to our income tax expense in the second quarter of this year.  As we look to the remainder of fiscal year 2017, we’ve upda ted our fiscal year guidance and we remain confident in our strategy and are staying the course."

1

 

Net Sales by Segment (in thousands):
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﻿	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
﻿	Three Months Ended	 	Six Months Ended	
﻿	February 28,	 	February 29,	 	 	 	 	February 28,	 	February 29,	 	 	 	
﻿	2017	 	2016	 	Change	 	2017	 	2016	 	Change	
Americas	$	45,078 	 	$	45,542 	 	 	(1)%	 	$	87,918 	 	$	89,954 	 	 	(2)%	
EMEA	 	36,205 	 	 	35,626 	 	 	2% 	 	 	66,462 	 	 	67,712 	 	 	(2)%	
Asia-Pacific	 	15,236 	 	 	13,382 	 	 	14% 	 	 	31,387 	 	 	29,406 	 	 	7% 	
Total	$	96,519 	 	$	94,550 	 	 	2% 	 	$	185,767 	 	$	187,072 	 	 	(1)%	
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﻿
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	·		Net sales by segment as a percent of total net sales for the second quarter were as follows: for the Americas, 47 percent; for EMEA, 3 7   percent ; and for Asia-Pacific, 16   percent.	
	·		Net sales in the Americas were down 1 percent in the second quarter primarily due to a 10 percent decrease in homecare and cleaning product sales. Sales of maintenance products increased slightly during the period primarily due to a 25 percent increase in sales of maintenance products in Canada driven by successful promotional programs and improving market and economic conditions, particularly in Western Canada.	
	·		Net sales in EMEA in creased 2 percent in the second quarter primarily due to a 10 percent increase in  s ales in the EMEA distributor markets compared to the prior year fiscal period primarily due to increased sales in Russia driven by improving market conditions in the region.     On a constant currency basis EMEA sales for the second quar ter would have increased by $7.0 million or 20 percent compared to the prior fiscal year period.	
	·		Net sales in Asia-Pacific increased 14 percent in the second quarter primarily due to a 21 percent increase in sales in the Asia-Pacif ic distributor markets and a 17 percent increase in sales in China.  The sales growth in the distributor markets was primarily attributable to the timing of customer orders for WD-40 Multi-Use Product and the growth in China was due to new distribution and increased promotional activities.  Changes in foreign currency exchange rates did not have a material impact on sales in the Asia-Pacific segment.	
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Net Sales by Product Group (in thousands):
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﻿	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
﻿	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
﻿	Three Months Ended	 	Six Months Ended	
﻿	February 28,	 	February 29,	 	 	 	 	February 28,	 	February 29,	 	 	 	
﻿	2017	 	2016	 	Change	 	2017	 	2016	 	Change	
Maintenance products	$	87,771 	 	$	84,641 	 	 	4% 	 	$	166,930 	 	$	166,882 	 	 	 -	
Homecare and cleaning products	 	8,748 	 	 	9,909 	 	 	(12)%	 	 	18,837 	 	 	20,190 	 	 	(7)%	
Total	$	96,519 	 	$	94,550 	 	 	2% 	 	$	185,767 	 	$	187,072 	 	 	(1)%	
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	·		Net sales of maintenance products, which are considered the primary growth focus for the Company, in creased 4 percent in the second fiscal quarter when compared to the prior fiscal year period.  This growth was driven primarily by increased sales of WD-40 Multi-Use Product within all three of the Company’s segments, but primarily in its Asia-Pacific segment.  This sales growth was also attributable to increased sales of WD-40 Specialist throughout most of the Company’s EMEA segment .  	
	·		Net sales of homecare and cleaning products decreased 12 percent in the second quarter when compared to the prior fiscal year 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. 	
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2

 

Dividend and Share Repurchase  
As previously announced, WD-40 Company’s board of directors declared on Tuesday, March 21 , 201 7   a quarterly dividend of $0. 4 9 per share payable April 28 , 201 7 to stockholders of record at the close of business on April 14 , 201 7 .
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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. The timing and amount of repurchases are based on terms and conditions as may be acceptable to the Company’s Chief Executive Officer and Chief Financial Officer and in compliance with all laws and regulations applicable thereto. During the period from September 1, 2016 through February 28, 2017 , the Company has repurchased 1 74 , 337 shares at a total cost of $1 8 . 7  million under this $75.0 million plan .
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Updated Fiscal Year 2017 Guidance
The Company updated its guidance for fiscal year 2017 as follows:
	·		Net sales growth is projected to be between 2 and 4 percent with net sales expected to be between   $390 million and $395 million.	
	·		Gross margin percentage for the   full year is expected to be above 56   percent . 	
	·		Advertising and promotion investments are projected to be below 6.0 percent of net sales . 	
	·		Net income is projected to be between $51.3   million and $52.3   million.	
	·		Diluted earnings per share   is expected to be between $3.64 and $3.71   based on an estimated 14.1 million   weighted average shares outstanding.	
This guidance does not include any future acquisitions or divestitures and assumes that foreign currency exchange rates and crude oil prices will remain close to current levels for the remainder of fiscal year 2017.
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. 
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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®.  
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Headquartered in San Diego, WD-40 Co mpany recorded net sales of $381 million in fiscal year 2016 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 .
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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.

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Our forward-looking statements   include, but are not limited to,   discussions about future financial and operating results, including:    growth expectations for maintenance 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; 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, 2016, and in the Company’s Quarterly Report on Form 10-Q for the period ended   February 28, 2017 which the Company expects to file with the SEC on   April 6, 2017 .
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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   April 6, 2017 , 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.
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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)	 	
﻿	 	 	 	 	 	 	
﻿	February 28,	 	August 31,	 	
﻿	2017	 	2016	 	
Assets	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	
Cash and cash equivalents	$	33,572 	 	$	50,891 	 	
Short-term investments	 	67,720 	 	 	57,633 	 	
Trade accounts receivable, less allowance for doubtful	 	 	 	 	 	 	
accounts of $268 and $394 at February 28, 2017	 	 	 	 	 	 	
and August 31, 2016, respectively	 	66,086 	 	 	64,680 	 	
Inventories	 	37,980 	 	 	31,793 	 	
Other current assets	 	6,187 	 	 	4,475 	 	
Total current assets	 	211,545 	 	 	209,472 	 	
Property and equipment, net	 	22,293 	 	 	11,545 	 	
Goodwill	 	95,439 	 	 	95,649 	 	
Other intangible assets, net	 	17,550 	 	 	19,191 	 	
Deferred tax assets, net	 	621 	 	 	621 	 	
Other assets	 	2,806 	 	 	3,190 	 	
Total assets	$	350,254 	 	$	339,668 	 	
﻿	 	 	 	 	 	 	
Liabilities and Shareholders' Equity	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	
Accounts payable	$	21,832 	 	$	18,690 	 	
Accrued liabilities	 	16,848 	 	 	15,757 	 	
Accrued payroll and related expenses	 	10,548 	 	 	20,866 	 	
Revolving credit facility, current	 	14,233 	 	 	 -	 	
Income taxes payable	 	3,119 	 	 	3,381 	 	
Total current liabilities	 	66,580 	 	 	58,694 	 	
Revolving credit facility	 	134,000 	 	 	122,000 	 	
Deferred tax liabilities, net	 	17,442 	 	 	16,365 	 	
Other long-term liabilities	 	2,668 	 	 	2,214 	 	
Total liabilities	 	220,690 	 	 	199,273 	 	
﻿	 	 	 	 	 	 	
Commitments and Contingencies	 	 	 	 	 	 	
﻿	 	 	 	 	 	 	
Shareholders' equity:	 	 	 	 	 	 	
Common stock ― authorized 36,000,000 shares, $0.001 par value;	 	 	 	 	 	 	
19,676,623 and 19,621,820 shares issued at February 28, 2017 and	 	 	 	 	 	 	
August 31, 2016, respectively; and 14,088,804 and 14,208,338 shares	 	 	 	 	 	 	
outstanding at February 28, 2017 and August 31, 2016, respectively	 	20 	 	 	20 	 	
Additional paid-in capital	 	148,498 	 	 	145,936 	 	
Retained earnings	 	300,797 	 	 	289,642 	 	
Accumulated other comprehensive income (loss)	 	(33,128)	 	 	(27,298)	 	
Common stock held in treasury, at cost ― 5,587,819 and 5,413,482	 	 	 	 	 	 	
shares at February 28, 2017 and August 31, 2016, respectively	 	(286,623)	 	 	(267,905)	 	
Total shareholders' equity	 	129,564 	 	 	140,395 	 	
Total liabilities and shareholders' equity	$	350,254 	 	$	339,668 	 	
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WD-40 COMPANY	 	
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	 	
(Unaudited and in thousands, except per share amounts)	 	
﻿	 	 	 	 	 	 	 	 	 	 	 	 	
﻿	Three Months Ended	 	Six Months Ended	 	
﻿	 	February 28,	 	 	February 29,	 	 	February 28,	 	 	February 29,	 	
﻿	 	2017	 	 	2016	 	 	2017	 	 	2016	 	
﻿	 	 	 	 	 	 	 	 	 	 	 	 	
Net sales	$	96,519 	 	$	94,550 	 	$	185,767 	 	$	187,072 	 	
Cost of products sold	 	42,057 	 	 	42,188 	 	 	80,265 	 	 	83,302 	 	
Gross profit	 	54,462 	 	 	52,362 	 	 	105,502 	 	 	103,770 	 	
﻿	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Selling, general and administrative	 	29,842 	 	 	28,692 	 	 	58,833 	 	 	56,540 	 	
Advertising and sales promotion	 	5,041 	 	 	5,017 	 	 	9,853 	 	 	10,677 	 	
Amortization of definite-lived intangible assets	 	717 	 	 	747 	 	 	1,438 	 	 	1,502 	 	
Total operating expenses	 	35,600 	 	 	34,456 	 	 	70,124 	 	 	68,719 	 	
﻿	 	 	 	 	 	 	 	 	 	 	 	 	
Income from operations	 	18,862 	 	 	17,906 	 	 	35,378 	 	 	35,051 	 	
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Other income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	
Interest income	 	133 	 	 	183 	 	 	280 	 	 	331 	 	
Interest expense	 	(598)	 	 	(417)	 	 	(1,129)	 	 	(789)	 	
Other income	 	9 	 	 	1,320 	 	 	273 	 	 	1,269 	 	
Income before income taxes	 	18,406 	 	 	18,992 	 	 	34,802 	 	 	35,862 	 	
Provision for income taxes	 	6,046 	 	 	5,323 	 	 	10,684 	 	 	10,131 	 	
Net income	$	12,360 	 	$	13,669 	 	$	24,118 	 	$	25,731 	 	
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Earnings per common share:	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	$	0.87 	 	$	0.95 	 	$	1.69 	 	$	1.78 	 	
Diluted	$	0.87 	 	$	0.94 	 	$	1.69 	 	$	1.77 	 	
﻿	 	 	 	 	 	 	 	 	 	 	 	 	
Shares used in per share calculations:	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	14,111 	 	 	14,386 	 	 	14,146 	 	 	14,395 	 	
Diluted	 	14,143 	 	 	14,429 	 	 	14,182 	 	 	14,445 	 	
Dividends declared per common share	$	0.49 	 	$	0.42 	 	$	0.91 	 	$	0.80 	 	
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WD-40 COMPANY	 	
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	 	
(Unaudited and in thousands)	 	
﻿	 	 	 	 	 	 	
﻿	Six Months Ended	 	
﻿	February 28,	 	February 29,	 	
﻿	2017	 	2016	 	
Operating activities:	 	 	 	 	 	 	
Net income	$	24,118 	 	$	25,731 	 	
Adjustments to reconcile net income to net cash provided by	 	 	 	 	 	 	
operating activities:	 	 	 	 	 	 	
Depreciation and amortization	 	3,298 	 	 	3,311 	 	
Net gains on sales and disposals of property and equipment	 	(101)	 	 	(15)	 	
Deferred income taxes	 	155 	 	 	(407)	 	
Excess tax benefits from settlements of stock-based equity awards	 	(936)	 	 	(1,544)	 	
Stock-based compensation	 	2,959 	 	 	1,889 	 	
Unrealized foreign currency exchange losses (gains), net	 	1,153 	 	 	(1,116)	 	
Provision for bad debts	 	(102)	 	 	97 	 	
Changes in assets and liabilities:	 	 	 	 	 	 	
Trade and other accounts receivable	 	(4,088)	 	 	(14,828)	 	
Inventories	 	(6,582)	 	 	(4,858)	 	
Other assets	 	(1,459)	 	 	(660)	 	
Accounts payable and accrued liabilities	 	4,793 	 	 	3,199 	 	
Accrued payroll and related expenses	 	(11,727)	 	 	(3,948)	 	
Income taxes payable	 	2,302 	 	 	3,346 	 	
Other long-term liabilities	 	(36)	 	 	84 	 	
Net cash provided by operating activities	 	13,747 	 	 	10,281 	 	
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Investing activities:	 	 	 	 	 	 	
Purchases of property and equipment	 	(12,896)	 	 	(2,155)	 	
Proceeds from sales of property and equipment	 	271 	 	 	92 	 	
Purchases of short-term investments	 	(17,212)	 	 	(11,829)	 	
Maturities of short-term investments	 	4,517 	 	 	4,278 	 	
Net cash used in investing activities	 	(25,320)	 	 	(9,614)	 	
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Financing activities:	 	 	 	 	 	 	
Treasury stock purchases	 	(18,718)	 	 	(15,122)	 	
Dividends paid	 	(12,963)	 	 	(11,591)	 	
Proceeds from issuance of common stock	 	359 	 	 	708 	 	
Excess tax benefits from settlements of stock-based equity awards	 	936 	 	 	1,544 	 	
Net proceeds from revolving credit facility	 	26,233 	 	 	14,541 	 	
 Net cash used in financing activities	 	(4,153)	 	 	(9,920)	 	
Effect of exchange rate changes on cash and cash equivalents	 	(1,593)	 	 	(2,333)	 	
Net decrease in cash and cash equivalents	 	(17,319)	 	 	(11,586)	 	
Cash and cash equivalents at beginning of period	 	50,891 	 	 	53,896 	 	
Cash and cash equivalents at end of period	$	33,572 	 	$	42,310 	 	
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