OilDri Corp. of America (ODC, Financial) filed Quarterly Report for the period ended 2011-01-31.
Oildri Corp. Of America has a market cap of $102.4 million; its shares were traded at around $20.09 with a P/E ratio of 15 and P/S ratio of 0.5. The dividend yield of Oildri Corp. Of America stocks is 3.1%. Oildri Corp. Of America had an annual average earning growth of 9.5% over the past 5 years.
Net sales of the Business to Business Products Group for the first six months of fiscal 2011 were $37,026,000, an increase of $2,357,000, or 7%, from net sales of $34,669,000 in the first six months of fiscal 2010. The Group benefited from a higher average net selling price and an increased proportion of sales from higher priced products, which more than offset a 1% decline in tons sold. Net sales and tons sold were up for fluid purification products and agricultural chemical carriers, but were down for animal health and nutrition products and co-packaged cat litter. Net sales of fluid purification products increased 13% with 12% more tons sold in the first six months of fiscal 2011 compared to the first six months of fiscal 2010. Export sales improved for fluid purification products used in palm oil and other edible oil processing. Net sales of agricultural chemical carrier products increased 13% with 2% more tons sold. Agricultural chemical carrier sales benefited from a greater proportion of sales from higher priced products. The higher net sales in the first six months of fiscal 2011 also reflected a return to more historical levels of tons sold. Sales were comparably lower in the first six months of fiscal 2010 as high customer inventory levels contributed to lower demand for our products. Our co-packaged traditional coarse cat litter net sales decreased 5% due to the continued decline of the coarse cat litter market as a whole. Animal health and nutrition products net sales and tons sold declined slightly compared to the first six months of fiscal 2010.
Total assets increased $18,079,000, or 12%, during the first six months of fiscal 2011. Current assets increased $17,463,000, or 23%, from fiscal 2010 year end balances due primarily to higher investments in short-term securities, inventories, other prepaid expenses and cash and cash equivalents. These increases were partially offset by decreases in prepaid repair expense and accounts receivable. The changes in current assets are described below in Liquidity and Capital Resources. Property, plant and equipment, net of accumulated depreciation, increased $543,000 during the first six months of fiscal 2011 due to additions in excess of depreciation expense. Additions were primarily for replacement of machinery, land purchases and other capital projects at our manufacturing facilities. Other noncurrent assets increased $73,000 from fiscal 2010 year end balances due to capitalization of costs related to the issuance of new debt and increased cash surrender value of life insurance on key employees. These increases were partially offset by amortization of certain other assets and lower deferred income taxes.
Consolidated net sales for the three months ended January 31, 2011 were $57,201,000, an increase of 5% from net sales of $54,734,000 for the three months ended January 31, 2010. Net income for the second quarter of fiscal 2011 was $1,777,000, a decrease of 21% from net income of $2,262,000 in the second quarter of fiscal 2010. Diluted net income per share for the second quarter of fiscal 2011 was $0.25 compared to $0.31 for the second quarter of fiscal 2010.
Cash used in investing activities was $20,167,000 in the first six months of fiscal 2011 compared to $2,476,000 in the first six months of fiscal 2010. Purchases of investment securities were $15,525,0000 greater than dispositions in the first six months of fiscal 2011 due to the investment of cash received from the issuance of new debt. In the first six months of fiscal 2010, dispositions of investment securities exceeded purchases by $2,005,000. Purchases and dispositions of investment securities in both periods are subject to variations in the timing of investment maturities. Cash used for capital expenditures of $4,773,000 in the first six months of fiscal 2011 included replacement of machinery, land purchases and other capital projects at our manufacturing facilities. Capital expenditures for the same period in fiscal 2010 of $4,818,000 included approximately $2,300,000 to purchase approximately 800 acres of land near our Georgia production plant, which we believe contain deposits of high quality mineral reserves.
Cash provided by financing activities was $13,517,000 in the first six months of fiscal 2011 compared to cash used in financing activities of $2,266,000 in the first six months of fiscal 2010. Issuance of new debt during the first six months of fiscal 2011 provided $18,500,000 in additional cash. Payments on long-term debt in the first six months of fiscal 2011 were $1,500,000 compared to $200,000 in the first six months of fiscal 2010. Dividend payments in the first six months of fiscal 2011 of $2,103,000 were higher than the $1,991,000 paid during the same period of fiscal 2010 due to a dividend rate increase. In addition, cash used to purchase treasury stock was $2,194,000 and $538,000 in the first six months of fiscal 2011 and 2010, respectively. Proceeds from issuance of Common Stock and treasury stock in connection with stock option exercises were $548,000 and $349,000 in the first six months of fiscal 2011 and 2010, respectively.
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Oildri Corp. Of America has a market cap of $102.4 million; its shares were traded at around $20.09 with a P/E ratio of 15 and P/S ratio of 0.5. The dividend yield of Oildri Corp. Of America stocks is 3.1%. Oildri Corp. Of America had an annual average earning growth of 9.5% over the past 5 years.
Highlight of Business Operations:
Consolidated net sales for the six months ended January 31, 2011 were $113,486,000, an increase of 5% from net sales of $108,138,000 in the first six months of fiscal 2010. Net income for the first six months of fiscal 2011 was $4,296,000, a decrease of 4% from net income of $4,456,000 in the first six months of fiscal 2010. Diluted net income per share for the first six months of fiscal 2011 was $0.60 compared to $0.61 for the first six months of fiscal 2010.Net sales of the Business to Business Products Group for the first six months of fiscal 2011 were $37,026,000, an increase of $2,357,000, or 7%, from net sales of $34,669,000 in the first six months of fiscal 2010. The Group benefited from a higher average net selling price and an increased proportion of sales from higher priced products, which more than offset a 1% decline in tons sold. Net sales and tons sold were up for fluid purification products and agricultural chemical carriers, but were down for animal health and nutrition products and co-packaged cat litter. Net sales of fluid purification products increased 13% with 12% more tons sold in the first six months of fiscal 2011 compared to the first six months of fiscal 2010. Export sales improved for fluid purification products used in palm oil and other edible oil processing. Net sales of agricultural chemical carrier products increased 13% with 2% more tons sold. Agricultural chemical carrier sales benefited from a greater proportion of sales from higher priced products. The higher net sales in the first six months of fiscal 2011 also reflected a return to more historical levels of tons sold. Sales were comparably lower in the first six months of fiscal 2010 as high customer inventory levels contributed to lower demand for our products. Our co-packaged traditional coarse cat litter net sales decreased 5% due to the continued decline of the coarse cat litter market as a whole. Animal health and nutrition products net sales and tons sold declined slightly compared to the first six months of fiscal 2010.
Total assets increased $18,079,000, or 12%, during the first six months of fiscal 2011. Current assets increased $17,463,000, or 23%, from fiscal 2010 year end balances due primarily to higher investments in short-term securities, inventories, other prepaid expenses and cash and cash equivalents. These increases were partially offset by decreases in prepaid repair expense and accounts receivable. The changes in current assets are described below in Liquidity and Capital Resources. Property, plant and equipment, net of accumulated depreciation, increased $543,000 during the first six months of fiscal 2011 due to additions in excess of depreciation expense. Additions were primarily for replacement of machinery, land purchases and other capital projects at our manufacturing facilities. Other noncurrent assets increased $73,000 from fiscal 2010 year end balances due to capitalization of costs related to the issuance of new debt and increased cash surrender value of life insurance on key employees. These increases were partially offset by amortization of certain other assets and lower deferred income taxes.
Consolidated net sales for the three months ended January 31, 2011 were $57,201,000, an increase of 5% from net sales of $54,734,000 for the three months ended January 31, 2010. Net income for the second quarter of fiscal 2011 was $1,777,000, a decrease of 21% from net income of $2,262,000 in the second quarter of fiscal 2010. Diluted net income per share for the second quarter of fiscal 2011 was $0.25 compared to $0.31 for the second quarter of fiscal 2010.
Cash used in investing activities was $20,167,000 in the first six months of fiscal 2011 compared to $2,476,000 in the first six months of fiscal 2010. Purchases of investment securities were $15,525,0000 greater than dispositions in the first six months of fiscal 2011 due to the investment of cash received from the issuance of new debt. In the first six months of fiscal 2010, dispositions of investment securities exceeded purchases by $2,005,000. Purchases and dispositions of investment securities in both periods are subject to variations in the timing of investment maturities. Cash used for capital expenditures of $4,773,000 in the first six months of fiscal 2011 included replacement of machinery, land purchases and other capital projects at our manufacturing facilities. Capital expenditures for the same period in fiscal 2010 of $4,818,000 included approximately $2,300,000 to purchase approximately 800 acres of land near our Georgia production plant, which we believe contain deposits of high quality mineral reserves.
Cash provided by financing activities was $13,517,000 in the first six months of fiscal 2011 compared to cash used in financing activities of $2,266,000 in the first six months of fiscal 2010. Issuance of new debt during the first six months of fiscal 2011 provided $18,500,000 in additional cash. Payments on long-term debt in the first six months of fiscal 2011 were $1,500,000 compared to $200,000 in the first six months of fiscal 2010. Dividend payments in the first six months of fiscal 2011 of $2,103,000 were higher than the $1,991,000 paid during the same period of fiscal 2010 due to a dividend rate increase. In addition, cash used to purchase treasury stock was $2,194,000 and $538,000 in the first six months of fiscal 2011 and 2010, respectively. Proceeds from issuance of Common Stock and treasury stock in connection with stock option exercises were $548,000 and $349,000 in the first six months of fiscal 2011 and 2010, respectively.
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