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Exam Code: CBCP Practice exam 2022 by Killexams.com team
CBCP Certified Business Continuity Professional

The Certified Business Continuity Professional is our most widely recognized and held business continuity certification in the world. CBCPs are professionals that have demonstrated both knowledge and skill in the business continuity/disaster recovery industry. For the most part, these professionals have been working in the industry as leaders and are looking for the recognition that comes with certification.

Prerequisite exam : Qualifying Examination
Prerequisite Course : None
Years of Experience : 2
Subject Matter Area Essays (SMEs): 5
References Required : 2 per subject matter area
Waivers Available : No
CEAPS Required (for Maintenance): 80

Possess at least two years of significant, practical experience in five of the subject areas of the Professional Practices for Business Continuity Management.
Pass the Qualifying Examination with a minimum score of 75%.
Complete the Online Application for Professional Certification by logging into your DRI account.
Complete application essays focused on your business continuity / disaster recovery planning responsibilities and accomplishments by mapping your experience to the Professional Practices. At least two of the five selected subject matter essays MUST draw from:
Subject Area 3: Business Impact Analysis.
Subject Area 4: Developing Business Continuity Strategies.
Subject Area 6: Developing and Implementing Business Continuity Plans.
Subject Area 8: Maintaining and Exercising Business Continuity Plans.
Provide references to confirm your experience. Experience must have occurred within a ten-year period from your application date.

Advances in technology
Cyber threat considerations
Utilizing insurance as a risk transfer tool
Strategies for manufacturing
Supply chain processing
Risk management concepts
Legal and regulatory concerns

1. Program Initiation and Management
Establish the need for a business continuity program.
Obtain support and funding for the business continuity program.
Build the organizational framework to support the business continuity program.
Introduce key concepts, such as program management, risk awareness, identification of critical functions/processes, recovery strategies, training and awareness, and exercising/testing.

2. Risk Assessment
Identify risks that can adversely affect an entitys resources or image.
Assess risks to determine the potential impacts to the entity, enabling the entity to determine the most effective use of resources to reduce these potential impacts.

3. Business Impact Analysis
Identify and prioritize the entitys functions and processes in order to ascertain which ones will have the greatest impact should they not be available.
Assess the resources required to support the business impact analysis process.
Analyze the findings to ascertain any gaps between the entitys requirements and its ability to deliver those requirements.
4. Business Continuity Strategies
Select cost-effective strategies to reduce deficiencies as identified during the risk assessment and business impact analysis processes.

5. Incident Response
Develop and assist with the implementation of an incident management system that defines organizational roles, lines of authority and succession of authority.
Define requirements to develop and implement the entitys incident response plan.
Ensure that incident response is coordinated with outside organizations in a timely and effective manner when appropriate.

6. Plan Development and Implementation
Document plans to be used during an incident that will enable the entity to continue to function.

7. Awareness and Training Programs
Establish and maintain training and awareness programs that result in personnel being able to respond to incidents in a calm and efficient manner.

8. Business Continuity Plan Exercise, Assessment, and Maintenance
Establish an exercise, assessment and maintenance program to maintain a state of readiness.

9. Crisis Communications
Provide a framework for developing a crisis communications plan.
Ensure that the crisis communications plan will provide for timely, effective communication with internal and external parties.

10. Coordination with External Agencies
Establish policies and procedures to coordinate incident response activities with public entities.

Certified Business Continuity Professional
DRI Professional reality
Killexams : DRI Professional reality - BingNews https://killexams.com/pass4sure/exam-detail/CBCP Search results Killexams : DRI Professional reality - BingNews https://killexams.com/pass4sure/exam-detail/CBCP https://killexams.com/exam_list/DRI Killexams : DRI Rubber turns wasteful into useful

COLDWATER, Ohio—In one year, DRI Rubber processes 110 million pounds of uncured rubber waste that would have wound up in landfills or been incinerated, keeping it out of the air and the ground.

Vice President Michael Lindsay said sustainability has always been an essential factor for DRI Rubber. The company has successfully integrated into the global rubber and tire industry by reprocessing and upcycling rubber waste streams—both the regular and more difficult streams—into a variety of high-quality, consistent and reliable products and solutions. All help to reduce waste and lower the environmental footprint of the global rubber and tire industry.

"We don't reprocess finished tires, but instead we take all the uncured waste from many different tire companies, belt manufacturers, compound facilities or other types of industries, and we denature it to reprocess and recycle that waste into a different form, including an intermediate product that is then used in a variety of industries that resell to many different markets," Lindsay said.

DRI Rubber's Commercial Director Kris Baucher added, "It is amazing how many different industrial, commercial and ergonomic items our intermediate product is used for in manufacturing."

The intermediate product is used to make rubber buckets, mud flaps, industrial solid tires, matting used in agriculture, rubber railroad crossings, road safety products such as ramps, dock bumpers, corner guards and speed bumps, just to name a few.

DRI Rubber services global tire makers including Goodyear, Continental and Michelin, offering toll manufacturing, logistical solutions and coordinating waste management. The company invests in the circular economy by reducing prime material usage and the CO2 footprint. In addition, by keeping their services local or regional, it helps to reduce transport emissions and cost.

With more than 70 years of experience in the industry, DRI Rubber offers a wide range of rubber compounds, material and finished products. The company was the first in the industry to develop fiber-reinforced compounds known as FRC and the newest product Sustacom, circular rubber compounds. The company also produces rubber matting and products for mining, automotive and transportation industries.

"Most of what we do is produce the intermediate products that our customers use to make finished goods," Baucher said. "We can offer an alternative to prime rubber that is on spec with different recipes for different types of finished goods."

DRI Rubber is a global company with locations across the world. Its U.S. headquarters is in Coldwater and it operates a finished goods division in northwest Tennessee. The Ohio location also does much of the recycling of the uncured rubber waste. Lindsay said it is a goal for 2023 to expand the current 200,000-sq.-ft. facility. The company currently employs 35 people at the Coldwater location with close to 300 people employed across all locations.

"There is a continuity and consistency and repeatability to the intermediate products that we offer to customers," Lindsay said. "In addition to the raw materials we produce, DRI also manufactures finished goods such as our rubber mats used in commercial, agriculture, equine, ice arenas, construction, golf courses and so many other areas.

"We do primarily equine mats, with 95 percent of that business being custom, which is incredibly important to the equine world. Over the past two years, we have manufactured mats for over 1,000 barns, such as Churchill Downs for example."

Lindsay and Baucher underscored that the company's products are totally circular in that they can take the rubber waste and turn it into a finished product that can be put back in the market in ways that impact the environment and the marketplace positively.

While the company is known for its intermediate and finished products, Lindsay said the biggest benefit a company receives from working with DRI Rubber is quality and repeatability to get the recipe for the product consistent every time.

Lindsay knows firsthand because he was a customer of DRI before he became a part of DRI.

"Working with DRI when I was a customer, I told the DRI team—who was very strong technically—that price was not always the biggest factor, because quality and repeatability are also highly important. It costs a customer money if a provider doesn't provide the same product every time. At DRI, we say what we are going to do, and then we do it. We offer our customers consistency, quality and transparency so that they can count on us."

In general, Lindsay and Baucher are excited about the future of both sides of DRI's business.

"We are committed to providing high-quality, consistent, circular solutions," Lindsay said. "We are optimistic of the future on both sides of our business, which are somewhat dependent on each other and on circularity. If we can increase that 110 million pounds to 150 million pounds next year or the following year and continue to help save the landfills, provide businesses with lower cost solutions and grow the business with high quality, lower cost products, that's what we want to do."

To ensure DRI provides a reliable, consistent high-quality product, the company invests in knowledge, capacity and innovation through both its internal laboratories and by collaborating with universities and specialized labs. This also allows the company to find better alternatives for using raw materials and increasing the life span of its products.

DRI Rubber is a Dutch company with headquarters in Waalwijk, Netherlands. It was founded in 1948. Three generations of the De Ruijter family developed the company from a local trading company into a worldwide market leader in processed rubber compounds and fiber-reinforce compounds.

DRI Rubber has production facilities in the U.S. and Eastern Europe. The company has been named one of the "10 Most Innovative Companies in Europe 2022" and the "Top Rubber and Tire Solutions Provider Europe 2022."

The company's Sustacom product portfolio was nominated for the Environmental Achievement of the Year Award at this year's Tire Technology Expo in Hanover, Germany.

Wed, 12 Oct 2022 04:35:00 -0500 en text/html https://www.rubbernews.com/sustainability/dri-rubber-redirects-waste-streams-lowers-carbon-footprint
Killexams : DRI Crosses Above Key Moving Average Level No result found, try new keyword!In trading on Tuesday, shares of Darden Restaurants, Inc. (Symbol: DRI) crossed above their 200 day moving average of $130.19, changing hands as high as $130.74 per share. Darden Restaurants ... Tue, 04 Oct 2022 03:27:00 -0500 text/html https://www.nasdaq.com/articles/dri-crosses-above-key-moving-average-level Killexams : Preview: Bone-Dri Handgun 2.0

The Bone-Dri series of moisture-absorbing firearm cases provides convenient transportation of your guns while also helping prevent the formation of damaging rust, and the Handgun 2.0 is the line’s dedicated pistol product.

Its main compartment measures 13.5"x8.5" with an internal divider—spacious enough to accommodate two full-size handguns and/or a variety of other sundry shooting supplies—and the company’s patented Absorbits desiccant is sewn into the outer walls of the case to wick away moisture before it can reach your guns.

The 800D nylon Handgun 2.0 also has a row of MOLLE-compatible loops inside for customization. Suggested retail pricing is $58 each. For more information, please visit bone-dri.com.

Sat, 08 Oct 2022 22:19:00 -0500 en text/html https://www.americanrifleman.org/content/preview-bone-dri-handgun-2-0/
Killexams : Darden Restaurants a Top Socially Responsible Dividend Stock With 3.7% Yield (DRI) No result found, try new keyword!Darden Restaurants, Inc. (Symbol: DRI) has been named a Top Socially Responsible Dividend Stock by Dividend Channel, signifying a stock with above-average ''DividendRank'' statistics including a ... Wed, 05 Oct 2022 02:52:00 -0500 text/html https://www.nasdaq.com/articles/darden-restaurants-a-top-socially-responsible-dividend-stock-with-3.7-yield-dri Killexams : Oil-Dri Board of Directors Declares Quarterly Dividends

Oil-Dri Corporation Of America

CHICAGO, Oct. 14, 2022 (GLOBE NEWSWIRE) -- On October 12, 2022, the Board of Directors of Oil-Dri Corporation of America (NYSE: ODC) declared quarterly cash dividends of $0.28 per share of the Company’s Common Stock and $0.21 per share of the Company’s Class B Stock.

The dividends declared will be payable on November 25, 2022 to stockholders of record at the close of business on November 11, 2022. The Company has paid cash dividends continuously since 1974 and has increased dividends annually for nineteen consecutive years.

Oil-Dri expects to release earnings for its first quarter of fiscal 2023 after the close of the U.S. stock market on Tuesday, December 6, 2022.

Oil-Dri will host its first quarter fiscal 2023 earnings discussion and its Annual Meeting of Stockholders virtually via a live webcast on Wednesday, December 7, 2022 at 9:30 am Central Time. The record date for voting eligibility at the Annual Meeting was Monday, October 10, 2022.

Participation details will be communicated via web alert approximately one week prior to the webcast and posted on our website’s Events page.

Oil-Dri Corporation of America is a leading manufacturer and provider of specialty sorbent products for the pet care, animal health and nutrition, fluids purification, agricultural ingredients, sports field, industrial and automotive markets. Oil-Dri is vertically integrated which enables the Company to efficiently oversee every step of the process from research and development to supply chain to marketing and sales. With over 80 years of experience, the Company continues to fulfill its mission to Create Value from Sorbent Minerals. To learn more about the Company, visit oildri.com.

Category: Dividends

Contact:
Leslie A. Garber
Manager of Investor Relations
Oil-Dri Corporation of America
InvestorRelations@oildri.com
(312) 321-1515

Fri, 14 Oct 2022 08:12:00 -0500 en-US text/html https://finance.yahoo.com/news/oil-dri-board-directors-declares-200900079.html
Killexams : Oil-Dri Corp of America (ODC) Q4 2022 Earnings Call Transcript
Logo of jester cap with thought bubble.

Image source: The Motley Fool.

Oil-Dri Corp of America (ODC 2.06%)
Q4 2022 Earnings Call
Oct 14, 2022, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Dan Jaffee

Hello, everyone. Welcome to Oil-Dri's fourth quarter and fiscal '22 year-end teleconference. We are doing this virtually. So I want to introduce the group to you.

Susan Kreh is on hand today. She's our CFO. Aaron Christiansen, vice president of operations; Chris Lamson, group VP of retail and wholesale; Jessica Moskowitz, VP and general manager of our consumer products division; Wade Robey, VP of agriculture and Amlan marketing; Laura Scheland, vice president of strategic partnerships and general counsel; Dave Atkinson, vice president controller; and last but not least, Leslie Garber, our manager of investor relations. And Leslie, if you would walk us through our safe harbor.

Leslie Garber -- Investor Relations Manager

Thank you, Dan. Welcome, everyone. On today's call, comments may contain forward-looking statements regarding the company's performance in future periods. real results in those periods may materially differ.

In our press release and in our SEC filings, we highlight a number of important risk factors, trends and uncertainties that may affect our future performance. We ask that you review and consider those factors in evaluating the company's comments and in evaluating any investment in Oil-Dri stock. Thank you for joining us. Dan?

Dan Jaffee

Yup. Thank you. And before I turn it over to Susan for a financial review of the highlights of the quarter. I'd just like to say, you're seeing a good -- we delivered a good quarter.

We were happy with it. We still have a long way to go. Given the pandemic, the war, supply chain disruption, high inflation and everything else that's going on in the world, we felt good that we finally got our price. It's not where they need to be, but at least strong enough to return us to profitability and earnings.

As I see our gross profit trend going back four, five years, we were making 29 points, 28 points, 27 points. Well, we only made just under 19 points in the quarter. So while we clearly feel good about the income we made. Trust me, we are not done.

We still have to get the business back to where it was, and it's really in everyone's best interest, not just our shareholders and our teammates, but our customers because we need to have the financial health to continue to invest in our business. You can see almost every segment is growing rapidly. And that growth not only requires more working capital, but also a greater capital expenditure focus on our plan. So sort of a long-winded way to say we're happy that we've made a lot of progress, but we clearly recognize we're not done yet.

And as I mentioned in the release, very hopeful, cautiously optimistic that the momentum will carry off over into the first quarter of what is fiscal '23. So I will turn it over to Susan for our financial results.

Susan Kreh -- Chief Financial Officer

Thanks, Dan. You'll note that we put out a pretty detailed press release. So in responding to some of your prior feedback, I'm going to keep my comments really brief and leave more time for Q&A. As we exited the third quarter, we started talking about momentum that we were seeing, and we continued to see that in the -- during the fourth quarter and into the first.

You'll note our fourth quarter results, revenue of $93 million or 19% year over year. So the momentum continued. And if I dive into that just a little bit to deliver you an idea, about 75% of that was based on pricing, the other 25% on volume. If we talk about that a little bit by segment, in retail and wholesale, 87% of their growth during the fourth quarter on the revenue line was based on pricing, 13% on volume, whereas in B2B, it was it was more balanced.

It was 51% price, 49% volume. So we continued to achieve improved gross profit during the fourth quarter, moving that back up to 18.8%, still below our pre-pandemic levels, but definitely with the momentum moving in the right direction. And we continue to focus on restoring those margins. We continue to see price increases to cover the inflation we are experiencing on multiple fronts like many others in raw materials, in energy, transportation, labor and even other areas.

Those are kind of the key highlights and the momentum we need to focus on. There was a note in there about a subsequent event. So prior to year-end, we announced that we are terminating our defined benefit pension plan. There are many details on the plan contained in Note 8 to our financial statements.

But at a high level, basically, our most accurate actuarial value indicates that our plan is essentially fully funded. So as we move to terminate, we expect that there will be no material cash draws on the company and that we'll be able to pay most of the liabilities, settle most of that with assets that are in our pension. We've actually shifted those assets into a preservation mode to make sure that as we're trying to wind this pension down, we don't get hit with equity market losses. We expect that this will be terminated within the next 12 months.

So just a little highlight there on what's going on. And with that, Dan, I'll pass it back to you. 

Dan Jaffee

Great. Thank you, Susan. Appreciate it. I appreciate those of you who got questions in, in advance.

It's allowed us to sort through them and prepare our answers. You can also submit questions if you want using the ask a question field on the webcast and click submit. So Leslie, what is our first question?

Leslie Garber -- Investor Relations Manager

OK. Our first question comes from Bob Smith from Center for Performance Investing. And his question is, during the last call, you referenced budgeting $40 million in revenues for fiscal '23 for Amlan. Are you currently able to reaffirm that number? If not, what has changed? Dan, do you want to take that one? 

Dan Jaffee

Yes, great question. And look, as I said, even last quarter, it's very much a start-up mode and it's hit or miss. We are still cautiously optimistic that that's our number for the fiscal year. We're only two months into the fiscal year.

We have a lot of trials. We have repeat business. So I would say I'm not ready to change the number. But I'm not seeing anything that's saying we're going to blow through the number either.

So I don't know if that helps you, Bob, but we're still cautiously optimistic. We've got a bunch of trials going on, and the initial results are very positive. So that's how we feel about that.

Leslie Garber -- Investor Relations Manager

OK, great The next question comes from John Bair from Ascend Wealth Advisors. He said, congrats on a solid quarter and record revenues. Are you seeing any relief or flattening of raw material costs such as resins and packaging that may help Excellerate overall margins in the next few quarters? Has there been any meaningful improvement in shipping and logistics bottlenecks? So Aaron Christiansen, our VP of operations, will answer that. But there's a second part to his question and the second part was, what is the status of share buybacks? And Susan Kreh will take over after Aaron's done. 

Aaron Christiansen -- Vice President, Operations

John, thanks for your question, and thank you for the acknowledgment of the quarter we had. The first element of your question, we are seeing flattening of input costs and even some signs of mild compression, notably in a number of areas of our packaging costs. Similar in the area, utilities, natural gas and diesel, which are key cost drivers for us. So it's fantastic to be in a place we absolutely have seen flattening and there's some hope and expectation that we continue to see mild compression.

To your question about freight availability and cost, I need to really split my answer up into two parts. Domestic freight and cost has absolutely improved, more in the area of availability. Domestic freight has become far more readily available as it was pre-pandemic. Export and international freight is a different story.

Export freight continues to be extraordinarily expensive and unavailable, not unique to Oil-Dri. That's anticipated to continue throughout much of the year. We are trying to adapt and overcome in ways where we carry more local domestic freight to ensure we can be ready to ship when equipment is available and the same on the other end. So I hope my feedback has been beneficial. 

Susan Kreh -- Chief Financial Officer

Thanks, Aaron. And this is Susan. I'll jump in on the second part of the question on share repurchases. In order of our cash priorities, that's one of the lower ones.

Our first priority is to fund our business and fund our growth opportunities. And you see our commitment to capital spending ratcheting up a little bit year over year as we fund some of these growth opportunities for Amlan and other growth initiatives. And we'll have to probably fund some working capital to support those. And in order to support some of our foreign business, Aaron mentioned, the logistics for some of those are longer and longer.

And that requires more working capital. We also fund our dividend. And after all of those priorities are taken care of, then come share repurchases. So I'd say, at this point in time, we don't have any plan to do any, but that's always just something we evaluate on an ongoing basis. 

Leslie Garber -- Investor Relations Manager

OK. Great. Thank you. The next question comes from Ethan Star, a private investor.

The 10-K noted there was a reduced need for trade spending because of higher demand for your cat litter. Is that reflecting consumers switching to Cat's Pride for more expensive brands? Or what other factors are causing the higher demand? Chris Lamson, will you answer that, please? 

Chris Lamson -- Vice President, Retail and Wholesale

Yes. Good morning, Ethan. Thanks for the question. So really the reduction in trade that we noted in the 10-K year over year, the function of both strong demand.

And yes, our demand is strong, especially across the more strategic segments of our business to include lightweight litter. But also the supply chain malaise that was certainly not unique to us, right? We were up against what everybody else was up against. Strong demand has continued as you see in the results, of course, volume has been tempered a little bit by the pricing in the marketplace. The category is showing a little bit of elasticity in the outcome.

So as we think about that going forward, we are starting to reinvest in trade and do it in a rational way that drives good payout for us. And candidly, we're able to see that across our competition as well. So when we look in the Nielsen, we see the other players in the cat litter category doing the same, getting back into trade promotion as the supply malaise has lifted. And specifically for us, Aaron and his team have done a fantastic job getting us back into a position where we can fully meet demand there and promote the business. 

Leslie Garber -- Investor Relations Manager

Great. Thank you. The next question comes from Bob Smith. As it relates to Amlan, do you feel that fiscal '23 will be the true inflection point leading to continued accelerated growth in absolute terms, if not percentage-wise?

Dan Jaffee

You know what love, your audio is really rough. I'll read the question. 

Leslie Garber -- Investor Relations Manager

OK.

Dan Jaffee

As it relates to Amlan, do you feel that F '23 will be the true inflection point leading to continued accelerated growth in absolute terms, if not percentage-wise? We are still very, very, very bullish. I mean, we believe we have the best non-antibiotic natural solution to gut health for animals. And I guess, a way that I would love to have you embellish on my sort of 50,000 comment, but when we look around our key markets, poultry products and what they can do, it's a great fit. So Wade, why don't you handle some of that? 

Wade Robey -- Vice President, Amlan Marketing and Product Development

Yeah, absolutely. Thank you, Dan. Thank you for the question. Absolutely, yeah.

As we look around the world, as Dan said, you see inside of the pandemic and other things that have been going on, obviously, over the last year. We see a continued growth in the consumption of protein by folks, by people. And that means that the animal production industries need to keep pace. Our products are very well positioned for those markets.

We not only pursue the poultry industry and swine industry kind of as a first targets of interest. We also sell into dairy and into aqua as well. So we have a broad spectrum portfolio that can service all of those industries. This year will be very important for us as we roll our products out internationally.

As you know, we've also launched a portfolio in the U.S. as well, which is one of the largest markets in the world, obviously, and a number of those species. And we're seeing great receptivity from our customers and great uptake as they see positive trial results. So we're excited about the growth prospects.

The market is a very large opportunity for Amlan, not only in the traditional markets of grain preservation or preventing mycotoxicosis, but also in antibiotic replacement as more and more customers, more and more regions of the world, removed drugs, other pharmaceuticals like antibiotics and seek to pursue natural solutions. So we're very bullish about the opportunity for Amlan and for the industry itself as a whole. 

Dan Jaffee

Wade, great. We've got some specific questions that I'm going to read to stay on the line. From John Bair, geographically, widespread avian flu outbreaks in the U.S. this year has resulted in the culling of large numbers of poultry flocks but has not been widely publicized.

Has this situation had a slowing or negative impact on the uptake of Amlan products within the U.S. market as blocks are reestablished? Or conversely, has this situation helped Amlan sales as those flocks are reestablished?

Wade Robey -- Vice President, Amlan Marketing and Product Development

Yeah. Thank you, John. Yeah, it's -- part of the reason it's not as widely publicized is that this is not an infrequent thing that happens. Every few years, we tend to have outbreaks of avian influenza and specifically H5N1, which is the common one we have here.

It's been very severe this past year or two. As you know, we've had about a little over $47 million birds impacted. And with avian influenza, when that happens, depopulation is really the only thing you can do and then repopulation, as you know. It's not directly impacted our sales here in the United States, but it does cause some difficulty in travel.

We -- when these sorts of situations are occurring, there's quarantine that exist. We limit travel to farms to customers. And so that has made it a little bit more challenging, but I don't believe has really significantly impeded our ability to penetrate the market. It doesn't increase our opportunity either.

Our products are really not designed around the treatment or mitigation for avian influenza. So it doesn't drive our growth in that way. But the repopulation is very rapid. The United States and frankly, other regions of the world have very strong ability, very quick ability to repopulate their flocks, their herds.

And so we're seeing that happen as the depopulation occurs. So market is pretty stable. We're actually going to see hopefully some growth in the U.S. in the coming year.

So no, it really hasn't impacted our business in a negative way.

Dan Jaffee

Great. Thank you, Wade. We've got a couple of questions all sort of aiming at the same thing, so I'll just synthesize them. What impact would a recession, if and when it comes in the United States, have on your business? As you know, we are very domestically focused, 90%-ish of our business occurs in the United States.

Maybe I'm a little high on that, but it's definitely in the high 80s. And so -- but the good news is that our products are primarily focused on pets, food and renewables, all of which are fairly recession proof as they have been in the past. We've navigated past recessions very well. If you zero in on the pet segment, which is our largest business, the market really bifurcates.

You get the people who are going to trade down to try and save money. And then you actually get the people who go for super premiumization because they're just afraid to make a mistake. But on the value side, our brands are popularly priced, A lot of them are OPP, the opening price point, where they are. We are definitely weighted heavily toward retailers who focus on value like Walmart and the Dollar stores and so forth.

And then we absolutely have been leaning heavily into private label really our whole existence in cat litter. But lately with the advent of lightweight litters, we have a large share of the lightweight private label business in the United States and Canada. And as people trade down, that will only accrue to our benefit. So not to say that we are unmindful of a possible recession, but we don't feel it would have a real negative impact on our business and could possibly even create some additional opportunities.

So good questions and that covers that. Let's see how about -- I'm just looking at the questions because we've got a bunch and we've got to pick one. All right. We'll go with -- can you deliver me a number for the total addressable market, TAM, and a more narrow -- this is relating to Amlan, by the way.

And a more narrow, realistic manner than the broad numbers that have been bandied about and what might be a market share figure you are looking for to capture of that TAM in the next few years? Wade, do you feel comfortable covering that one?

Wade Robey -- Vice President, Amlan Marketing and Product Development

Yeah, absolutely. So when we talked about the market opportunity in the animal nutrition and health business, we've tried to be clear in that it's very, very broad. The opportunity is very large across the world. There are different levels of market opportunity in the various world areas.

But as we look at a market like grain preservation, which is kind of in the core technology area that Amlan has pursued with our cloud-based minerals. That's well over a $1 billion opportunity. Now we obviously don't -- we don't focus on the front-end crops in the field or in storage. Our products really are utilized in animal feeds to preserve the quality and flowability of that feed.

But there is a fairly significant segment there we can target. When we look at the replacement of antibiotics or the removal of other pharmaceuticals, whether it be, again, antibiotics or even anticoccidials, that's a very large market around the world. It's been bandied about that that's closer to $5 billion, $6 billion. Now that has come down a bit as people have removed antibiotics, but it's still an enormous market.

That's the market that our formulated products can target, whether that's our Varium product or our new product we've launched nutri pack and then here most recently in the anticoccidial space, our pylox product. So there's a multibillion dollar opportunity now. Are we pursuing all of that? No. We're focusing in world areas like the United States, Latin America, Asia.

Right now, we're not in Europe. So some of that is not available to us, but it's still a multibillion-dollar opportunity. As we look at market share, there's a lot of players in this space. So if we conservatively look at a 8%, 10% market share in time, obviously, that would be a substantial business for Amlan and for Oil-Dri.

We hope we can grow larger than that, but that will take more additions to our portfolio and broader participation in some of these other markets we're not focusing on today. But a lot of head space, a huge opportunity for the company as we grow our portfolio and demonstrate the efficacy of our products.

Dan Jaffee

Great. Thank you, Wade. I'm going to ask you one more, and then I have one for Chris Lamson. This is second part of Ethan's question.

We already covered the first part primarily. But how is Amlan's participation in accurate industry convention, trade shows helped drive interest in and awareness of its product?

Wade Robey -- Vice President, Amlan Marketing and Product Development

Yeah. Thank you for that, Dan. And I appreciate the question, Ethan. We've had tremendous receptivity to this point.

You all are familiar with what we did at the International Poultry Exposition last year. We had a great showing and great interest in our products and our portfolio coming out of that. Recently, we were part of the World Dairy Expo last week in Madison, Wisconsin. It's another industry sector we're targeting on the dairy side.

Again, tremendous interest. We did, I think, a dozen interviews with the media. A lot of engagement with customers. We're seeing our dairy market opportunity grow much faster than even we expected.

So it's just demonstrating the support across species for our portfolio. As we look out into the future, we'll be, again, having a prominent exposition at the International Poultry Show in January in Atlanta. That's a worldwide show for us. And then, again, VIB in Asia, in Bangkok in March, which will really supplement what we do at IPPE and really deliver us a global impact in the coming years.

So great job by our marketing team and really raising the brand awareness of Amlan. 

Dan Jaffee

Great. Thank you. Here's a consumer question. Jessica, maybe you'll take it first, and Chris, you can add some color to it.

A couple of questions around the same thing, which is basically, what can we do to grow the private label lightweight share in the United States? And I'll add using Canada as a beta site. We kind of know how high is up there. So Jessica, maybe you talk a little bit about what's going on in Canada and then what the share is in the U.S. and then what things we can do to help close the gap.

Jessica Moskowitz -- Vice President and General Manager, Consumer Products Division

Thanks, Dan. Yes, so we've seen a great case study in Canada where lightweight has significantly taken over the market and continues to gain share of the overall Canadian market. We view that as a significant opportunity where our share within the U.S. is closer to 18% to 20%, the lightweight overall share of the market.

And we view a couple of things in terms of being able to really close that gap to Dan's point. As Dan likes to say, who wouldn't switch to lightweight? If price were -- if price value were equal and quality were equal, what consumer wouldn't want to switch to lightweight cat litter. Just given that key pain point of having to lift a heavy jug of cat litter to and from the store as well as in your home and upstairs. So we view the key opportunity here as really being able to lessen than that quality gap, which we continue to work on and continue to Excellerate the quality of our lightweight cat litters as well as to continue to offer our lightweight litter at a value, which being vertically integrated allows us to do.

So we see a huge opportunity not only to increase the overall penetration of lightweight cat litter, but also to continue to Excellerate quality and Excellerate that price value relationship so that we can continue to bring even more consumers into the franchise. 

Dan Jaffee

Fantastic. Chris, anything to add?

Chris Lamson -- Vice President, Retail and Wholesale

Thanks. Great answer, Jessica. On Jessica's part, the only thing I'd add maybe a little bit more tactically and near in and I won't name names. We have a case study recently where we had a retailer that from a per use perspective, was pricing their private label lightweight, higher than their private label heavyweight.

Our sales team did a fantastic job analytically showing that customer that the economic of lightweight were so much stronger when you take into account the fact that you can get significantly more product on the truck. So we showed them that story kind of crawled into their financials as best we could and long behold, they've now line priced them on a per use basis and the lightweight business there -- its private level lightweight business is growing faster than ever. So I think Jessica referred to value, it all comes down to value, right? She talked about product. There's price value on the shelf and we're looking to -- while we don't control that, influence it.

And that case study is a good example, I think.

Dan Jaffee

Yeah, great. And I would add, sometimes it's better to be lucky than good. And we're both on this one because the global trend and then the specific trend in the United States toward ESG is only growing and that genie is not going back in the bottle. And if the whole United States converted to lightweight, you can reduce the carbon footprint by about 40%, which is huge.

And I know using the liquid detergent switch to concentrate, which I've referenced before in the past, that's what gave us the idea for lightweight. They took water out of the formula, so that they weren't shipping water all over the place when the consumers have plenty of water in their house, and they were able to reduce the carbon footprint by about two-thirds. And once Walmart saw that it was here to stay and working, they actually force the retailers to convert. They basically just said we're going concentrate it and the you have 12 months to reformulate or you're going to be off our shelves and -- because we're getting behind this.

And I would love it if Walmart or somebody else jumps in and says the same thing with lightweight. Hey look, it's clearly here to stay. There's no excuse for shipping all this weight. And by the way, the heavyweight all comes out of the Northwest.

So you're talking about the primary market for cat litter or the Northeast, the Southeast, and there's no sodium bentonite east of Wyoming pretty much. And so our plants are strategically located. And I think if you factored in the freight, you would probably even get a greater than 40% carbon footprint reduction. So anyway, we're very bullish on lightweight.

We believe it's a perfect alignment of what's good for Oil-Dri. It's also good for the retailer. It's also good for the consumer, and it's also good for the environment. So everybody wins.

We're out of time. I want to thank everybody. I do like this format. We're able to answer more questions, stay more focused and we will be back at you for the first quarter of fiscal '23.

And let's keep our fingers and toes crossed that the momentum we showed you in the fourth quarter carries over into the new year. Thank you very much. Be safe. Take care.

Duration: 0 minutes

Call participants:

Dan Jaffee

Leslie Garber -- Investor Relations Manager

Susan Kreh -- Chief Financial Officer

Aaron Christiansen -- Vice President, Operations

Chris Lamson -- Vice President, Retail and Wholesale

Wade Robey -- Vice President, Amlan Marketing and Product Development

Jessica Moskowitz -- Vice President and General Manager, Consumer Products Division

More ODC analysis

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Fri, 14 Oct 2022 05:19:00 -0500 Motley Fool Transcribing en text/html https://www.fool.com/earnings/call-transcripts/2022/10/14/oil-dri-corp-of-america-odc-q4-2022-earnings-call/
Killexams : Kerala: DRI seizes 3.4kg gold worth Rs 1.7 cr, nabs two fliers who concealed it in body

Kerala: DRI seizes 3.4kg gold worth Rs 1.7 cr, nabs two fliers who concealed it in body. |

Kozhikode: A total of 3.4 kg of gold, worth Rs 1.7 crore, has been seized from two passengers who arrived at the Calicut International Airport here, the Directorate of Revenue Intelligence (DRI) officials said on Saturday.

The officials further added that the yellow metal was found in the form of paste. The passengers had arrived from Doha on Friday, they said. The gold was concealed in the body of the passengers, both natives of Kasargod, and they were arrested, officials said.

"The DRI had received a tip-off that these passengers were carriers and would attempt to smuggle gold through the airport.The officers, acting on the information, mounted surveillance at the airport and nabbed both the carriers," a DRI statement said.

On October 11, a similar gold-smuggling attempt was made and 3.6 kg of gold worth Rs 1.8 crore seized, the statement said.

Fri, 14 Oct 2022 21:31:00 -0500 en text/html https://www.freepressjournal.in/india/kerala-dri-seizes-34kg-gold-worth-rs-17-cr-nabs-two-fliers-who-concealed-it-in-body
Killexams : Pune: 3 held by DRI in fake Indian currency notes smuggling case

The Directorate of Revenue Intelligence (DRI) officials have arrested three persons from Pune for their alleged involvement in a syndicate involved in smuggling of Fake Indian Currency Notes (FICN).

A total of 400 smuggled counterfeit Indian currency notes of Rs. 500/- denomination; having a face value of Rs 2 lakh, were recovered from one of the suspects. The investigation has revealed that these FICNs have been smuggled into India from Bangladesh, agency sources said on Friday.

The currency notes have been seized under the provisions of the Customs Act, 1962. As per sources, the action was taken on the basis of specific information by the DRI officers of the Pune Regional Unit about FICN smuggling. The action was taken in co-ordination and assistance of officers of Pune Customs on Wednesday.

The team of DRI officers acted swiftly and apprehended one person riding a motorcycle approaching Khadki bazaar Lane. The man was trying to cross Elphinstone Road.

"Further, two more persons involved in the supply of this smuggled FICN have been nabbed by the officers of DRI. Investigation has revealed that these FICNs have been smuggled into India from Bangladesh. Three accused involved in the circulation of such counterfeit currency notes, were arrested and remanded to judicial custody," said a DRI official.

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Fri, 14 Oct 2022 05:06:00 -0500 en text/html https://www.freepressjournal.in/mumbai/pune-3-held-by-dri-in-fake-indian-currency-notes-smuggling-case
Killexams : Oil-Dri: Fiscal Q4 Earnings Snapshot

CHICAGO (AP) _ Oil-Dri Corp. of America (ODC) on Thursday reported net income of $5.2 million in its fiscal fourth quarter.

On a per-share basis, the Chicago-based company said it had profit of 77 cents.

The maker of products for soil in the agriculture, horticulture and sports sectors posted revenue of $93.2 million in the period.

For the year, the company reported profit of $5.7 million, or 81 cents per share. Revenue was reported as $348.6 million.

Copyright by Automated Insights, Inc. All rights reserved.

Thu, 13 Oct 2022 08:47:00 -0500 en text/html https://jg-tc.com/news/state-and-regional/oil-dri-fiscal-q4-earnings-snapshot/article_d37f9ab7-450d-5803-a58d-cd87e6a704d5.html
Killexams : Oil-Dri Announces Record Sales for the Fourth Quarter and Fiscal Year 2022

Oil-Dri Corporation Of America

CHICAGO, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC), producer and marketer of sorbent mineral products, today announced results for its fourth quarter and fiscal year 2022.

Fourth Quarter

Year to Date

(in thousands, except per share amounts)

Ended July 31,

Ended July 31,

2022

2021

Change

2022

2021

Change

Consolidated Results

Net Sales

$93,158

$78,129

19

%

$348,589

$304,981

14

%

Net Income Attributable to Oil-Dri

$5,196

$603

762

%

$5,674

$11,113

(49

)%

Net Income Attributable to Oil-Dri Excluding Goodwill Impairment

N/A

N/A

N/A

$10,136

$11,113

(9

)%

Earnings per Common Diluted Share

$0.77

$0.08

863

%

$0.81

$1.57

(48

)%

Earnings per Common Diluted Share Excluding Goodwill Impairment

N/A

N/A

N/A

$1.46

$1.57

(7

)%

Business to Business

Net Sales

$32,229

$26,409

22

%

$113,379

$97,138

17

%

Segment Operating Income*

$7,207

$6,609

9

%

$24,344

$25,914

(6

)%

Retail and Wholesale

Net Sales

$60,929

$51,720

18

%

$235,210

$207,843

13

%

Segment Operating Income*

$5,450

$465

1,072

%

$6,252

$11,088

(44

)%

Segment Operating Income Excluding Goodwill Impairment*

N/A

N/A

N/A

$11,896

$11,088

7

%

* Segment net sales and operating income for three months and twelve months ended July 31, 2021 have been adjusted for a realignment of segments.  See Note 2 of the audited Notes to the Condensed Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended July 31, 2022.
† Please refer to Reconciliation of Non-GAAP Financial Measures below for a reconciliation of Non-GAAP items to the comparable GAAP measures

Daniel S. Jaffee, President and Chief Executive Officer, stated, “Despite numerous challenges, including rampant inflation, supply chain disruptions, and logistics delays,  I am pleased with the record breaking consolidated net sales we achieved for both the fourth quarter and full fiscal year.  I am more pleased with the margin and profit improvement experienced during the fourth quarter.  While both are still not back to historic norms, we made considerable progress by the end of the year.  We are cautiously optimistic that this momentum will carry over into fiscal year 2023.  During the past twelve months, we successfully delivered on our strategic objectives to grow our animal health and cat litter businesses.  In January 2022, our team launched our mineral-based antibiotic alternative feed additives in the United States, and we achieved significant growth within that region.  We also grew our unit and dollar market share of our lightweight cat litter, as more consumers embraced the numerous benefits of our branded and private label offerings.  Furthermore, we raised our dividend rate for the 19th consecutive year.  As we enter into fiscal year 2023, we will continue our focus on restoring profitability, exceeding our customers’ expectations, and enhancing market penetration in all areas of our business.”

Full Year Results
Consolidated net sales for fiscal year 2022 reached an all-time high of approximately $349 million, reflecting a 14% increase over the prior year.  All of the Company’s principal products achieved record revenues due to price increases and higher demand.  A main driver of this increase was from cat litter sales within the U.S. and Canada which grew by approximately $17.7 million, or 11% over the prior year.  Revenues from fluids purification products increased by $8.7 million, or 16%, while domestic and Canadian industrial and sports products were $7.2 million or 23% greater than last year.  In addition, the Company experienced sales gains over the prior year from its animal health, agricultural and co-packaging coarse cat litter businesses.

Annual consolidated gross profit decreased by approximately $2.7 million, as margins reduced to 18% in fiscal 2022 from 21% in the prior year.  Severe inflationary pressures caused domestic cost of goods sold per manufacturing ton to increase approximately 13% in the twelve month period compared to the prior year.

Selling, general and administrative (“SG&A”) expenses for fiscal year 2022 remained flat compared to last year.  Included in fiscal year 2022’s results as a separate line item, was the one-time non-cash goodwill impairment charge of $5.6 million for the Retail & Wholesale (“R&W”) Products Group that occurred in the third quarter.

Consolidated annual operating income was $4.8 million, reflecting a 63% decrease from the prior year.  Excluding the aforementioned one-time non-cash goodwill impairment charge of $5.6 million, operating income for fiscal 2022 was approximately $10.5 million or 20% less than fiscal 2021.

Income tax expense was approximately $97,000 in fiscal year 2022 compared to $2.4 million last year.  This 96% decrease was driven by lower taxable income and additional mining industry tax deductions.  Full year net income attributed to Oil-Dri was approximately $5.7 million, reflecting a 49% decrease from the prior year.

Cash and cash equivalents decreased to $16 million in fiscal 2022 from $25 million in fiscal 2021 driven by higher cost of goods, increased capital investments, and stock repurchases.  Cash reductions were offset by $25 million in loan proceeds to support business operations and allow for strategic capital investments necessary for future growth.

Fourth Quarter Results
Consolidated net sales in the fourth quarter reached an all-time high of $93 million, a 19% increase over the same period in the prior year.  This was primarily driven by price increases and, to a lesser extent, by higher volume.  Sales from the Company’s cat litter, fluids purification, and industrial & sports businesses drove the majority of this growth.  The Company also experienced substantially higher sales of its animal health and agricultural products, while revenues of co-packaging coarse cat litter items remained relatively flat.

Fourth quarter consolidated gross profit was $17.5 million, an increase of $2.7 million or 18% over the prior year.  While fourth quarter gross margins remained at 19% for both fiscal years 2022 and 2021, the Company experienced gross margin improvement during the last three consecutive quarters of fiscal year 2022.  Domestic cost of goods sold per ton increased 14% compared to the prior year as a result of challenges including inflation on key cost inputs, supply chain disruptions and logistics delays.

In the fourth quarter of fiscal 2022, consolidated operating income was approximately $6.5 million compared to $1.7 million in fiscal 2021, or a 285% increase.  Higher sales and a 16%  reduction in SG&A expenses offset inflationary impacts on cost of goods.

Income tax expense increased to $1.3 million in the fourth quarter of fiscal year 2022 compared to $737,000 in the same period last year due to the Company’s elevated taxable income.  Fourth quarter consolidated net income attributed to Oil-Dri reached $5.2 million in fiscal 2022 from $603,000 in fiscal 2021, reflecting a 762% increase.

Product Group Review
Oil-Dri routinely assesses its operating segments. Upon its most accurate evaluation and a change in management organization, the Company decided to move its wholly-owned subsidiary in the United Kingdom from the Retail and Wholesale Products Group to the Business to Business (“B2B”) Products Group.  In addition, the co-packaging coarse cat litter business was moved from the B2B Products Group to the R&W Products Group.  Prior year and fourth quarter net sales and operating income have been reclassified to reflect these changes.

The Business to Business Products Group’s fourth quarter revenues reached a record $32.2 million, a 22% gain over the prior year.  All principal products within the B2B Products Group demonstrated topline growth.  Sales of fluids purification products were at an all-time quarterly high of $16.8 million, or a 17% increase over the prior year.  Higher prices and increased demand of these products equally contributed to this growth.  Bleaching clay product revenues were strong in all regions, with significant gains within North America and Latin America.  In addition, sales of jet fuel purification products continued to Excellerate during the fourth quarter compared to last year.  Amlan, the Company’s animal health business, experienced substantial growth both domestically and internationally as demonstrated by fourth quarter sales which reached a record high of $6.5 million, a 37% increase over the same period last year.  A considerable portion of this increase was generated within Latin America, where a large percentage of meat is exported to the European Union (“EU”).  Amlan has benefited from the EU’s new antibiotic-free regulation on foreign protein imports.  Within the United States, the Company experienced a significant increase in demand of its mineral-based feed additives driven by the acquisition of new key accounts, organic sales growth from existing customers, and a new product line.  However, the business climate in Asia, including China, has remained challenging.  The agricultural products business experienced record quarterly net sales of $8.9 million, or a 21% increase over last year.  Higher prices as well as an increase in demand from new and existing customers contributed to the revenue improvement.

Operating income for the B2B Products Group was $7.2 million in the fourth quarter of fiscal 2022 compared to $6.6 million in fiscal 2021, reflecting a 9% increase.  Higher sales were partially offset by inflationary headwinds on cost of goods sold and a 4% increase in SG&A expenses.

The Retail and Wholesale Products Group’s fourth quarter revenues reached an all-time high of $61 million, an 18% increase over the prior year.  This was primarily driven by a $6.3 million or 17% increase in domestic cat litter sales, excluding the Company’s co-packaged coarse-cat litter business.  These elevated revenues predominantly reflect the effects of pricing actions, but the Company also experienced an increase in demand of its value-added products.  Topline growth was achieved from scoopable and coarse cat litter items, while sales of accessories decreased within the quarter.  Revenues from combined domestic branded and private label lightweight litter items rose 26% in the fourth quarter of fiscal 2022 versus the prior year, exceeding the lightweight litter segment sales growth of 10% for the 12-week period ended July 16, 2022, according to third-party research data for retail sales1.  Sales of cat litter from Oil-Dri’s subsidiary in Canada also rose within the quarter, while revenues from floor absorbent within that region remained soft.  Oil-Dri’s domestic industrial and sports products business showed a $2.2 million or 29% revenue improvement in the fourth quarter of fiscal 2022 over the prior year.  Higher prices in response to rising costs as well as elevated demand of these products from both new and existing customers drove this growth.  Revenues from the Company’s co-packaging coarse litter business remained relatively flat in the fourth quarter of fiscal 2022 compared to the prior year.

Operating income for the R&W Products Group was $5.5 million in the fourth quarter of fiscal year 2022 compared to $465,000 in the prior year.  Higher sales coupled with a significant reduction in SG&A expenses offset elevated costs of goods sold.  SG&A expenses for the fourth quarter of fiscal year 2022 decreased by 61% from last year, primarily driven by a reduction in advertising, bad debt expense, and other selling expenses.  Oil-Dri expects advertising costs for the upcoming fiscal year 2023 to be higher than fiscal year 2022 and more in line with pre-pandemic spending levels.

The Company will host its fourth quarter of fiscal 2022 earnings teleconference on Friday, October 14, 2022 at 10:00 a.m. Central Time.  Participation details are available on the Company’s website’s Events page.

Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included throughout this press release, the Company has provided information regarding “Segment Operating Income Excluding Goodwill Impairment,” a non-GAAP financial measure.  This financial measure excludes a one-time non-cash goodwill impairment charge in the third quarter of fiscal year 2022.  This non-GAAP financial measure is intended to serve as a supplement to the results provided in accordance with GAAP.  Management believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance and further believes that this non-GAAP financial measure is useful to both management and investors in their analysis of the Company’s financial position and results of operations by excluding a one-time impairment charge that is not indicative of the Company’s operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities.  The non-GAAP financial measure, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.  A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

1Based in part on data reported by NielsenIQ through its Scantrack Service for the Cat Litter Category in the 12-week period ended July 16, 2022, for the U.S. xAOC+Pet Supers market. Copyright © 2022 Nielsen.

Oil-Dri Corporation of America is a leading manufacturer and provider of specialty sorbent products for the pet care, animal health and nutrition, fluids purification, agricultural ingredients, sports field, industrial and automotive markets.  Oil-Dri is vertically integrated which enables the Company to efficiently oversee every step of the process from research and development to supply chain to marketing and sales.  With over 80 years of experience, the Company continues to fulfill its mission to Create Value from Sorbent Minerals. 

“Oil-Dri” and “Amlan” are registered trademarks of Oil-Dri Corporation of America.

Certain statements in this press release may contain forward-looking statements that are based on our current expectations, estimates, forecasts and projections about our future performance, our business, our beliefs, and our management’s assumptions.  In addition, we, or others on our behalf, may make forward-looking statements in other press releases or written statements, or in our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls, and conference calls. Words such as “expect,” “outlook,” “forecast,” “would,” “could,” “should,” “project,” “intend,” “plan,” “continue,” “believe,” “seek,” “estimate,” “anticipate,” “may,” “assume,” “potential,” and variations of such words and similar expressions are intended to identify such forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such statements are subject to certain risks, uncertainties and assumptions that could cause real results to differ materially including, but not limited to, the dependence of our future growth and financial performance on successful new product introductions, intense competition in our markets, volatility of our quarterly results, risks associated with acquisitions, our dependence on a limited number of customers for a large portion of our net sales and other risks, price fluctuations and pressures, increases in costs, disruptions to our and our counterparties’ businesses and operations and other uncertainties and assumptions that are described in the Company's filings with the Securities and Exchange Commission, including Item 1A (Risk Factors) of our most accurate Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, our real results may vary materially from those anticipated, intended, expected, believed, estimated, projected, planned or otherwise expressed in any forward-looking statements.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Except to the extent required by law, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Category: Earnings

Contact:
Leslie A. Garber
Manager of Investor Relations
Oil-Dri Corporation of America
InvestorRelations@oildri.com
(312) 321-1515

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Fourth Quarter Ended July 31,

2022

% of Sales

2021

% of Sales

Net Sales

$

93,158

100.0

%

$

78,129

100.0

%

Cost of Sales

(75,677

)

(81.2

)%

(63,323

)

(81.0

)%

Gross Profit

17,481

18.8

%

14,806

19.0

%

Selling, General and Administrative Expenses (1)

(10,996

)

(11.8

)%

(13,122

)

(16.8

)%

Operating Income

6,485

7.0

%

1,684

2.2

%

Interest Expense

(360

)

(0.4

)%

(180

)

(0.2

)%

Other Income (Expense), Net (2)

356

0.4

%

(210

)

(0.3

)%

Income Before Income Taxes

6,481

7.0

%

1,294

1.7

%

Income Taxes Expense

(1,292

)

(1.4

)%

(737

)

(0.9

)%

Net Income

5,189

5.6

%

557

0.7

%

Net Loss Attributable to Noncontrolling Interest

(7

)

%

(46

)

(0.1

)%

Net Income attributable to Oil-Dri

$

5,196

5.6

%

$

603

0.8

%

Net Income Per Share: 

Basic Common

$

0.79

$

0.09

                                      

Basic Class B Common

$

0.59

$

0.07

                                       

Diluted Common

$

0.77

$

0.08

                                            

Diluted Class B Common

$

0.59

$

0.06

Avg Shares Outstanding:      

Basic Common

4,824

5,136

                                       

Basic Class B Common

4,923

1,918

                                       

Diluted Common

1,939

5,252

                                       

Diluted Class B Common

1,959

1,963

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Twelve Months Ended July 31,

2022

% of Sales

2021

% of Sales

Net Sales

$

348,589

100.0

%

$

304,981

100.0

%

Cost of Sales

(286,074

)

(82.1

)%

(239,740

)

(78.6

)%

Gross Profit

62,515

17.9

%

65,241

21.4

%

Selling, General and Administrative Expenses (1)

(52,050

)

(14.9

)%

(52,205

)

(17.1

)%

Loss on Impairment of Goodwill

(5,644

)

(1.6

)%

%

Operating Income

4,821

1.4

%

13,036

4.3

%

Interest Expense

(1,228

)

(0.4

)%

(722

)

(0.2

)%

Other Income, Net (2)

2,116

0.6

%

1,054

0.3

%

Income Before Income Taxes

5,709

1.6

%

13,368

4.4

%

Income Taxes Expense

(97

)

%

(2,388

)

(0.8

)%

Net Income

5,612

1.6

%

10,980

3.6

%

Net Loss Attributable to Noncontrolling Interest

(62

)

%

(133

)

%

Net Income Attributable to Oil-Dri

$

5,674

1.6

%

$

11,113

3.6

%

Net Income Per Share:          

Basic Common

$

0.83

$

1.61

                                       

Basic Class B Common

$

0.63

$

1.20

                                       

Diluted Common

$

0.81

$

1.57

                                            

Diluted Class B Common

$

0.62

$

1.18

Avg Shares Outstanding:      

Basic Common

4,987

5,142

                                       

Basic Class B Common

1,934

1,926

                                       

Diluted Common

5,099

5,253

                                       

Diluted Class B Common

1,962

1,967

1) See Note 9 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended July 31, 2022 for further information about amounts included in this line item for the years presented.

(2) See Note 8 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended July 31, 2022 for further information about amounts included in this line item for the years presented.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

As of July 31,

2022

2021

Current Assets

Cash and Cash Equivalents

$

16,298

$

24,591

Accounts Receivable, Net

51,683

40,923

Inventories

35,562

23,598

Prepaid Expenses and Other Assets

11,138

12,830

Total Current Assets

114,681

101,942

Property, Plant and Equipment, Net

107,866

95,940

Other Noncurrent Assets

27,064

29,684

Total Assets

$

249,611

$

227,566

Current Liabilities

Current Maturities of Notes Payable

$

1,000

$

1,000

Accounts Payable

13,401

9,206

Dividends Payable

1,851

1,865

Other Current Liabilities

32,263

26,919

Total Current Liabilities

48,515

38,990

Noncurrent Liabilities

Notes Payable

31,798

7,878

Other Noncurrent Liabilities

18,949

21,466

Total Noncurrent Liabilities

50,747

29,344

Stockholders' Equity

150,349

159,232

Total Liabilities and Stockholders' Equity

$

249,611

$

227,566

Book Value Per Share Outstanding

$

21.72

$

22.53

Acquisitions of:

Property, Plant and Equipment

Fourth Quarter

$

6,819

$

8,082

Year To Date

$

22,831

$

18,839

Depreciation and Amortization Charges

Fourth Quarter

$

3,440

$

3,524

Year To Date

$

13,474

$

14,177

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

For the Twelve Months Ended

July 31,

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income

$

5,612

$

10,980

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation and Amortization

13,474

14,177

Loss on Impairment of Goodwill

5,644

Increase in Accounts Receivable

(10,654

)

(5,955

)

(Increase) Decrease in Inventories

(12,109

)

518

Increase (Decrease) in Accounts Payable

5,002

(2,411

)

Increase (Decrease) in Accrued Expenses

4,703

(4,097

)

Decrease in Pension and Postretirement Benefits

(1,938

)

(2,652

)

Other

104

3,076

Total Adjustments

4,226

2,656

Net Cash Provided by Operating Activities

9,838

13,636

CASH FLOWS FROM INVESTING ACTIVITIES

Capital Expenditures

(22,831

)

(18,839

)

Other

21

9

Net Cash Used in Investing Activities

(22,810

)

(18,830

)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from Issuance of Notes Payable

25,000

Payment of Debt Issuance costs

(114

)

Principal Payments on Notes Payable

(1,000

)

(1,000

)

Dividends Paid

(7,377

)

(7,192

)

Purchases of Treasury Stock

(11,806

)

(3,130

)

Net Cash Provided by (Used In) Financing Activities

4,703

(11,322

)

Effect of exchange rate changes on Cash and Cash Equivalents

(24

)

217

Net Decrease in Cash and Cash Equivalents

(8,293

)

(16,299

)

Cash and Cash Equivalents, Beginning of Period

24,591

40,890

Cash and Cash Equivalents, End of Period

$

16,298

$

24,591

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands)

Year to Date

Ended July 31,

2022

2021

CONSOLIDATED RESULTS

GAAP: Net Income Attributable to Oil-Dri

$

5,674

$

11,113

Goodwill Impairment Loss

$

4,462

$

Non-GAAP: Net Income Attributable to Oil-Dri excluding Goodwill Impairment

$

10,136

$

11,113

GAAP: Earnings per Common Diluted Share

$

0.81

$

1.57

Goodwill Impairment Loss

$

0.65

$

Non-GAAP: Earnings per Common Diluted Share excluding Goodwill Impairment

$

1.46

$

1.57

RETAIL AND WHOLESALE

GAAP: Segment Operating Income

$

6,252

$

11,088

Goodwill Impairment Loss

$

5,644

$

Non-GAAP: Segment Operating Income excluding Goodwill Impairment

$

11,896

$

11,088

Thu, 13 Oct 2022 01:05:00 -0500 en-US text/html https://finance.yahoo.com/news/oil-dri-announces-record-sales-200500767.html
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