Oil-Dri Corporation of America chairman Daniel Jafee disclosed in a filing that he had sold 4,133 shares of company stock at an average price of $30.05 per share between October 19 and October 23. The total transaction value of the sale was $124,207.
Reports Q4 revenue $65.6M vs. $65.8M last year. Sales increased for all Business to Business product groups in the year. Growth originated from Agsorb agricultural chemical carrier granules, Ultra-Clear clarification media for petroleum oil and Amlan livestock intestinal-health products, including Varium and Calibrin-Z. Overall cat litter sales decreased 1% compared to fiscal 2017. However, sales of private label lightweight scoopable litter increased 71% to $8.4 million for the fiscal year. This increase was driven by new distribution and increased sales to current customers, including e-commerce.
Oil-Dri Corporation of America said its board of directors quarterly cash dividends of 24c per share of the company's Common Stock and 18c per share of the company's Class B Stock, an approximate 4% increase for both classes of stock. The dividends declared today will be payable on August 31, 2018 to stockholders of record at the close of business on August 17, 2018.
The board of Oil-Dri Corporation of America declared quarterly cash dividends of 23c per share of the company's common stock and 17.3c per share of the company's Class B stock. The dividends declared will be payable on June 1 to stockholders of record at the close of business on May 18. The company has paid cash dividends continuously since 1974 and has increased dividends annually for fourteen consecutive years. The board also ratified its prior authorizations to repurchase 250K shares of common stock approved on March 11, 2011 and 250K shares of common stock approved on June 14, 2012. A total of 300,822 shares of common stock may yet be repurchased under these authorizations. The board also authorized the repurchase of 300K shares of Class B Stock.
Amlan International recently received a patent in China for its formulated intestinal health products. The products have three distinct modes of action that work together to strengthen the intestinal environment of livestock. Patents for the same formula are currently pending in the United States and additional strategic countries. The patent covers two products specifically formulated for their respective species. In poultry, Varium improves feed efficiency, promotes growth and reduces mortality while replacing or enhancing existing antibiotic growth promoters. NeoPrime stimulates a healthy intestinal environment and primes the immune system for improved post-weaning piglet performance. The feed additives are being continuously proven efficacious in the field by outperforming competitive products and enabling producers to maximize both revenue and profit.
Oil-Dri Corporation of America announced that Richard Jaffee, chairman of the company, passed away on January 27 at the age of 82. Jaffee joined the company in 1958 and served asCEO from 1962 until 1997.