0000105132-20-000033.txt : 20200709 0000105132-20-000033.hdr.sgml : 20200709 20200709161038 ACCESSION NUMBER: 0000105132-20-000033 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 76 CONFORMED PERIOD OF REPORT: 20200531 FILED AS OF DATE: 20200709 DATE AS OF CHANGE: 20200709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WD 40 CO CENTRAL INDEX KEY: 0000105132 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS CHEMICAL PRODUCTS [2890] IRS NUMBER: 951797918 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06936 FILM NUMBER: 201020597 BUSINESS ADDRESS: STREET 1: 9715 BUSINESSPARK AVENUE CITY: SAN DIEGO STATE: CA ZIP: 92131 BUSINESS PHONE: 6192751400 MAIL ADDRESS: STREET 1: 9715 BUSINESSPARK AVENUE CITY: SAN DIEGO STATE: CA ZIP: 92131 10-Q 1 wdfc-20200531x10q.htm 10-Q wdfc-20200531x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

 

þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2020

 

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 000-06936

Commission Company Name: WD 40 CO

WD-40 COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

 

95-1797918

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

9715 Businesspark Avenue, San Diego, California

 

92131

(Address of principal executive offices)

 

(Zip code)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes  þ    No  ¨

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ     No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  þ        Accelerated filer  ¨  Non-accelerated filer  ¨       Smaller reporting company  ¨

Emerging growth company  ¨       

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common stock, par value $0.001 per share

WDFC

NASDAQ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ¨    No  þ

The number of outstanding shares of the registrant’s common stock, par value $0.001 per share, as of July 2, 2020 was 13,664,786.

1


WD-40 COMPANY

QUARTERLY REPORT ON FORM 10-Q

For the Quarter Ended May 31, 2020

TABLE OF CONTENTS

2


PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements

WD-40 COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share and per share amounts)

May 31,

August 31,

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

88,555

$

27,233

Trade accounts receivable, less allowance for doubtful

accounts of $399 and $300 at May 31, 2020

and August 31, 2019, respectively

76,390

72,864

Inventories

42,970

40,682

Other current assets

5,350

7,216

Total current assets

213,265

147,995

Property and equipment, net

56,712

45,076

Goodwill

95,376

95,347

Other intangible assets, net

8,821

10,652

Operating lease right-of-use assets

7,769

-

Deferred tax assets, net

422

403

Other assets

3,586

3,189

Total assets

$

385,951

$

302,662

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$

17,386

$

18,727

Accrued liabilities

18,017

18,513

Accrued payroll and related expenses

9,653

15,301

Short-term borrowings

70,800

21,205

Income taxes payable

1,893

844

Total current liabilities

117,749

74,590

Long-term borrowings

94,566

60,221

Deferred tax liabilities, net

11,457

11,688

Long-term operating lease liabilities

6,346

-

Other long-term liabilities

10,850

10,688

Total liabilities

240,968

157,187

Commitments and Contingencies (Note 12)

 

 

Shareholders' equity:

Common stock ― authorized 36,000,000 shares, $0.001 par value;

19,812,685 and 19,773,977 shares issued at May 31, 2020 and

August 31, 2019, respectively; and 13,664,786 and 13,718,661 shares

outstanding at May 31, 2020 and August 31, 2019, respectively

20

20

Additional paid-in capital

157,101

155,132

Retained earnings

388,265

374,060

Accumulated other comprehensive loss

(32,323)

(32,482)

Common stock held in treasury, at cost ― 6,147,899 and 6,055,316

shares at May 31, 2020 and August 31, 2019, respectively

(368,080)

(351,255)

Total shareholders' equity

144,983

145,475

Total liabilities and shareholders' equity

$

385,951

$

302,662

See accompanying notes to condensed consolidated financial statements.

3


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,

2020

2019

2020

2019

Net sales

$

98,247

$

113,989

$

296,852

$

316,606

Cost of products sold

45,197

51,906

136,657

142,534

Gross profit

53,050

62,083

160,195

174,072

Operating expenses:

Selling, general and administrative

27,922

31,956

90,427

95,278

Advertising and sales promotion

4,764

6,270

15,211

17,420

Amortization of definite-lived intangible assets

552

655

1,856

2,056

Total operating expenses

33,238

38,881

107,494

114,754

Income from operations

19,812

23,202

52,701

59,318

Other income (expense):

Interest income

20

27

73

123

Interest expense

(778)

(567)

(1,813)

(1,962)

Other income (expense), net

27

(45)

(197)

828

Income before income taxes

19,081

22,617

50,764

58,307

Provision for income taxes

4,557

4,478

9,719

10,983

Net income

$

14,524

$

18,139

$

41,045

$

47,324

Earnings per common share:

Basic

$

1.06

$

1.30

$

2.98

$

3.40

Diluted

$

1.06

$

1.30

$

2.98

$

3.39

Shares used in per share calculations:

Basic

13,674

13,790

13,700

13,821

Diluted

13,700

13,820

13,727

13,853

See accompanying notes to condensed consolidated financial statements.


4


WD-40 COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited and in thousands)

Three Months Ended May 31,

Nine Months Ended May 31,

2020

2019

2020

2019

Net income

$

14,524

$

18,139

$

41,045

$

47,324

Other comprehensive (loss) income:

Foreign currency translation adjustment

(1,855)

(2,406)

159

(3,724)

Total comprehensive income

$

12,669

$

15,733

$

41,204

$

43,600

See accompanying notes to condensed consolidated financial statements.

5


WD-40 COMPANY

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY

(Unaudited and in thousands, except share and per share amounts)

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Retained

Comprehensive

Treasury Stock

Shareholders'

Shares

Amount

Capital

Earnings

Income (Loss)

Shares

Amount

Equity

Balance at August 31, 2019

19,773,977 

$

20 

$

155,132 

$

374,060 

$

(32,482)

6,055,316 

$

(351,255)

$

145,475 

Issuance of common stock under share-based

compensation plan, net of shares withheld for taxes

22,342 

-

(2,640)

(2,640)

Stock-based compensation

2,214 

2,214 

Cash dividends ($0.61 per share)

(8,406)

(8,406)

Acquisition of treasury stock

26,800 

(4,957)

(4,957)

Foreign currency translation adjustment

2,112 

2,112 

Net income

12,194 

12,194 

Balance at November 30, 2019

19,796,319 

$

20 

$

154,706 

$

377,848 

$

(30,370)

6,082,116 

$

(356,212)

$

145,992 

Issuance of common stock under share-based

compensation plan, net of shares withheld for taxes

16,366 

-

-

Stock-based compensation

1,675