Zep Inc. (NYSE: ZEP)
ZEP (?Zep Inc.?) previously reported financial results for the three-month period ended November 30, 2012. First quarter results reflected continued strong sales-growth gains in retail which were driven primarily by automotive aftermarket and home improvement retail outlets. The sales and service organization achieved sales growth in the food, vehicle wash and industrial end markets while our distribution channel drove growth into industrial/MRO customers. In addition, acquisitions added approximately $3.5 million to net sales during the quarter.
ZEP (?Zep Inc.?) revenue in the first fiscal quarter of 2013 was $158.0 million, a 2.9% increase from the first fiscal quarter of 2012. ZEP (?Zep Inc.?) net income for the first fiscal quarter of 2013 was $3.5 million, a 2.7% decrease compared to net income of $3.6 million in the first fiscal quarter of 2012. The first fiscal quarter of 2013 included a $0.8 million after-tax impact related to integration and acquisition expenses. Diluted earnings per share (EPS) for the first fiscal quarter of 2013 was $0.16 compared to EPS of $0.16 in the first fiscal quarter of 2012 and was impacted by $0.04 of integration and acquisition expenses. EBITDA (earnings before interest, taxes, depreciation and amortization expenses) for the first quarter of 2013 was $10.4 million compared to $10.5 million in the first fiscal quarter of 2012 and was impacted by $1.2 million of integration and acquisition expenses. EBITDA margin decreased approximately 20 basis points to 6.6% in the first fiscal quarter of 2013 compared to 6.8% during the first fiscal quarter of 2012 and was impacted by 80 basis points of integration and acquisition expenses. Free cash flow (defined as net cash provided by operating activities less purchases of property, plant, and equipment and proceeds from sale of property, plant, and equipment) generated during the first quarter of 2013 was $4.7 million, compared to a cash usage of $2.1 million in the same period last year, an increase of $6.8 million.
Zep Inc. (NYSE: ZEP), with fiscal year 2012 net sales of $654 million, is a leading producer and marketer of a wide range of cleaning and maintenance solutions for commercial, industrial, institutional, and consumer end-markets. Zep Inc.?s product portfolio includes anti-bacterial and industrial hand care products, cleaners, degreasers, deodorizers, disinfectants, floor finishes, sanitizers, and pest and weed control products, as well as high performance products and professional grade chemical products for the automotive, fleet maintenance, industrial/MRO supply, institutional supply and motorcycle markets. We market these products and services under well recognized and established brand names, such as Zep, Zep Commercial, Zep Professional, Enforcer, National Chemical, Selig, Misty, Next Dimension, Petro, i-Chem, TimeMist, TimeWick, MicrobeMax, Country Vet, Konk, Blue Coral, Black Magic, Rain-X, Niagara National, Washtronics, FC Forward Chemicals, Rexodan, Mykal, and a number of private labeled brands. Founded in 1937, some of Zep?s brands have been in existence since 1896. Zep Inc. is headquartered in Atlanta, Georgia. Visit our website at www.zepinc.com.
In my opinion this is a stock to watch!
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