Zep fiscal 1Q profit falls 3 pct on expenses
by Associated Press Wire
January 07, 2013 11:20 AM | 670 views | 0 0 comments | 7 7 recommendations | email to a friend | print
ATLANTA — Zep Inc., which makes cleaners, pest and weed control products and disinfectants, said Monday that its fiscal first-quarter net income fell 3 percent, pulled down by acquisition and integration costs.

For the quarter ending Nov. 30, Zep earned $3.5 million, or 16 cents per share, down from $3.6 million in the same quarter last year. The recent quarter’s results were based on 22.2 million outstanding shares while the year-ago period’s were based on 22 million.

Analysts, on average, expected earnings of 17 cents per share, according to a FactSet poll.

Revenue rose 3 percent to $158 million from $153.5 million, helped by strong automotive aftermarket and home improvement retail sales. Acquisitions added about $3.5 million in sales.

The recent quarter included after-tax integration and acquisition expenses of $800,000, or 4 cents per share, while the year-ago quarter included none.

Its shares rose 21 cents, or 1.4 percent, to $15.14 in morning trading. They have traded in a 52-week range of $11.87 to $17.96 in morning trading.
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