Posted January 5, 2011
Zep revenues up by 24 percent
Zep Inc. reported revenue for the first quarter increased approximately 24% to $157.4 million, compared with $126.8 million in the same period of the prior year.
Adjusted net income was $5.9 million, or 27 cents per share, an increase of $0.7 million from the first quarter of fiscal 2010. Adjusted gross profit increased $10.0 million, or 14.6%, to $78.9 million, compared with $68.8 million in the same year-ago period.
Sales performance benefited from $37 million of acquisition-related revenue. "With the Amrep, Waterbury and Niagara acquisitions, we are continuing to execute on a strategy to diversify our business into one that is better aligned with the overall markets we serve," said John K. Morgan, chairman, president and CEO. "These acquisitions enabled us to increase revenue by 24% in this fiscal year's first quarter."
Zep Inc. is an Atlanta-based producer, marketer, and service provider of a wide range of cleaning and maintenance solutions for commercial, industrial, institutional, and consumer end-markets.
