| SECURITIES AND EXCHANGE COMMISSION | | | | --- | --- | --- | | Washington, D.C. 20549 | | | | FORM 10-Q | | | | (Mark One) | | | | ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | | | For the Quarterly Period Ended January 31, 2024 | | | | or | | | | ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | | For the transition period from _____________ to ______________ | | | | Commission File Number 001-12622 | | | | OIL ...

Net Income and Earnings - Net income for the three months ended October 31, 2023, was $10.742 million, compared to $5.230 million in the same period last year[24] - Net income for the three months ended October 31, 2023 was $10.742 million, with basic EPS of $1.61 and diluted EPS of $1.50[53] - Net income attributable to Oil-Dri increased to $10.74 million in Q3 2023 from $5.24 million in Q3 2022, a growth of 105%[83] Depreciation and Amortization - Depreciation and amortization expenses increased to $4.368 million in Q3 2023, up from $3.523 million in Q3 2022[24] Capital Expenditures - Capital expenditures for the three months ended October 31, 2023, were $8.064 million, compared to $6.737 million in the same period last year[24] - Accrued capital expenditures not yet paid amounted to $3.532 million as of October 31, 2023, up from $1.381 million in the same period last year[26] Cash and Cash Equivalents - Cash and cash equivalents decreased by $2.175 million in Q3 2023, ending the period at $29.579 million[24] - Cash equivalents as of October 31, 2023 were $15.4 million, classified as Level 1 fair value measurements[56] Capital Parts Reserve - The capital parts reserve was $1.7 million as of October 31, 2023, down from $2.0 million as of July 31, 2023[37] Dividends - Dividends paid in Q3 2023 amounted to $1.927 million, slightly higher than the $1.851 million paid in Q3 2022[24] Stock-Based Compensation - Non-cash stock-based compensation increased to $1.108 million in Q3 2023, up from $0.794 million in Q3 2022[24] - Stock-based compensation was $0.8 million for the first quarter of fiscal years 2024 and 2023[86] Accounts Receivable and Inventories - Accounts receivable decreased by $1.487 million in Q3 2023, compared to a decrease of $1.622 million in Q3 2022[24] - Inventories decreased by $1.374 million in Q3 2023, compared to a decrease of $5.202 million in Q3 2022[24] - Total inventories as of October 31, 2023 were $43.832 million, including finished goods of $23.734 million and spare parts of $6.379 million[55] Accrued Expenses - Accrued expenses as of October 31, 2023 totaled $32.613 million, including $9.556 million for salaries and wages[62] Landfill Modification Costs - A $2.5 million reserve was recorded in Q2 FY2023 for landfill modification costs in Georgia, with no changes in Q1 FY2024[64] Debt and Credit Facilities - Outstanding debt includes $7 million of 3.95% Series B Senior Notes due 2030 and $25 million of 3.25% Series C Senior Notes due 2031[65] - The company has a $45 million unsecured revolving credit facility, with $1.0 million in letters of credit outstanding as of October 31, 2023[69] Operating Lease Costs - Operating lease costs for the three months ended October 31, 2023 were $546 thousand[72] Postretirement Health Benefits - The discount rate for postretirement health benefits was 4.90% for the three months ended October 31, 2023[78] Net Sales by Product Group - Net sales for the Business to Business Products Group increased to $39.16 million in Q3 2023 from $33.69 million in Q3 2022, a growth of 16.2%[81] - Net sales for the Retail and Wholesale Products Group increased to $72.28 million in Q3 2023 from $64.85 million in Q3 2022, a growth of 11.5%[81] Total Assets - Total assets increased to $288.77 million as of October 31, 2023, compared to $286.24 million as of July 31, 2023[82] Restricted Stock and Comprehensive Loss - Non-vested restricted stock outstanding increased to 472 thousand shares as of October 31, 2023, from 348 thousand shares as of July 31, 2023[87] - Accumulated other comprehensive loss decreased to $563 thousand as of October 31, 2023, from $748 thousand as of July 31, 2023[88] Related Party Transactions - Payments to a related party vendor were $0.1 million for the first three months of fiscal years 2024 and 2023[89]

Financial Data and Key Metrics Changes - The fourth quarter recorded net sales of $107 million, a 15% increase year-over-year, contributing to a total of $413.021 million for the fiscal year, up 18% [5][6] - Operating income increased by 63% in the fourth quarter and 50% year-to-date, with a significant rise in net income of 129% to $11.9 million in Q4 and a 421% increase to $29.5 million for the year [5][6][20] Business Line Data and Key Metrics Changes - The retail and wholesale group saw sales up 14% in Q4 and 15% year-to-date, with year-over-year growth of 67% and a remarkable 478% increase when excluding the impairment charge from the previous year [6][20] - The business-to-business segment mirrored the overall company performance, indicating consistent growth across segments [20] Market Data and Key Metrics Changes - Animal health sales trends are improving, although there are regional variations due to lingering pandemic effects and economic conditions [27][30] - The company is experiencing good adoption and growth in the U.S. market, despite some profitability pressures among large integrators and producers [33][61] Company Strategy and Development Direction - The company is focused on leveraging its diverse portfolio to mitigate seasonality effects, aiming for consistent performance across various product lines [64] - A new antibacterial cat litter product was launched, which is the first EPA-approved antibacterial litter in the U.S., indicating a strategic move towards innovation and market differentiation [59][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth plans for fiscal '24, emphasizing that the best is yet to come following a record fiscal '23 [4][5] - The company is addressing rising costs through competitive compensation strategies and capital investments to replace aging infrastructure [35][50][52] Other Important Information - The company successfully completed an ERP upgrade, achieving high scores in on-time deliveries and customer satisfaction [4] - A defined benefit pension plan was closed and replaced with a defined contribution plan, which is expected to enhance employee benefits [20] Q&A Session Summary Question: What would the quarter have looked like without timing issues affecting Amlan? - Management indicated that any missed shipments from Q4 would be expected to be picked up in the next quarter, with positive growth anticipated [22][23] Question: Are animal health sales trends continuing to improve? - Yes, although there are regional differences, overall trends are positive with good testing and adoption in the U.S. [27][33] Question: What were advertising expenses in Q4 and budget for fiscal '24? - Advertising expenses were significant in Q4, with a modest increase planned for fiscal '24, spread more evenly throughout the year [31][32] Question: Are costs continuing to increase? - Yes, costs are rising due to various factors including labor costs, material inputs, and aging infrastructure requiring higher replacement costs [35][52][53] Question: What accounts for the increase in diluted common shares? - The increase is primarily due to the potential impact of Class B shares being converted to common shares, with no new issuances other than those for the restricted stock program [54]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number 001-12622 OIL-DRI CORPORATION OF AMERICA (Exact name of the registrant as specified in its charter) Delaware 36-2048898 (State or other jur ...

FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the Quarterly Period Ended April 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____________ to ______________ Commission File Number 001-12622 OIL-DRI CORPORATION OF AMERICA (Exact name of the registrant as specified in its charter) Del ...

Financial Data and Key Metrics Changes - The company reported net sales of $102 million for the quarter, marking a 17% increase year-over-year, driven by pricing actions across multiple products to cover input cost increases [33] - Overall pricing increased by 19% compared to the same period last year, although there was a 2% decrease in volume primarily due to low-margin products in the consumer catheter business [34] - Gross margin dollars improved by 48%, while the gross margin percentage remained flat at 22.6% compared to the first quarter of fiscal 2023, indicating a need for further pricing adjustments to return to pre-pandemic levels [34][55] Business Line Data and Key Metrics Changes - The Amlan business is expected to finish the year with approximately $28 million in revenue, reflecting a 33% increase year-over-year, although it will not reach the previously anticipated $40 million [13] - The fluids purification segment is benefiting from the trend towards renewable diesel, with new plants opening in the U.S. that utilize the company's clay products [6] - The ag business is experiencing growth with tailored spherical granules, leading to increased capacity investments as the company is sold out [7] Market Data and Key Metrics Changes - The consumer market is showing a trend where private label products are gaining share from branded products, particularly in the litter category, driven by price sensitivity among consumers [44] - The coarse segments of the market, which have been declining, showed a modest uptick relative to scoopable products, indicating changing consumer preferences [10] Company Strategy and Development Direction - The company is focused on leveraging its unique sustainable competitive advantage in Amlan and expanding its market presence in Latin America [5] - There is a strategic emphasis on the lightweight segment of the catheter category, with plans to ignite growth through innovation and improved product performance [8][46] - The company is making investments in capacity expansion for Amlan products to meet anticipated growth, with two-thirds of the planned capacity increase already completed [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive momentum heading into the latter half of the fiscal year, emphasizing long-term investments that are expected to yield results [28] - The company is aware of the need to improve gross margins and is optimistic about sequential margin improvement as costs begin to decrease [55] - Management noted that the current operating environment is favorable for the company, with all business segments performing well [20] Other Important Information - A one-time charge of $1.977 million was booked to establish a reserve related to environmental compliance issues with a landfill operated by the company [35][38] - The company has not made open market share repurchases year-to-date but has repurchased a small number of shares to cover employee tax obligations related to restricted stock awards [24] Q&A Session Summary Question: Are you capable of reaching $40 million in revenues for Amlan this fiscal year? - Management responded that they will not reach $40 million this year, projecting approximately $28 million instead, with a 33% year-over-year growth [13] Question: What are the parameters for pricing Amlan products? - The pricing strategy is based on value pricing, focusing on the benefits provided to customers, such as improved live birth rates and reduced mortality [14] Question: Is the company expanding capacity to manufacture Amlan products? - Management confirmed ongoing investments in capacity expansion for Amlan, with a significant portion of the work already completed [21] Question: Has the company considered reimplementing the natural gas hedging program? - Management indicated that the company has reactivated the purchase of natural gas forward to stabilize costs, but clarified that it is not a hedging strategy in the traditional sense [23] Question: How much stock has been repurchased by the company year-to-date? - The company has repurchased 7,493 shares at a cost of $225,000 for tax obligations, with 429,033 shares remaining under the current repurchase authorization [24] Question: Could you discuss the increase in expenses to support strategic initiatives? - Management acknowledged increased expenses for strategic initiatives but emphasized the long-term benefits expected from these investments [25]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended January 31, 2023 or If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ ☐ Transition Report Pursu ...

Oil-Dri Corporation of America (NYSE:ODC) Q1 2023 Earnings Conference Call December 7, 2022 10:30 AM ET Company Participants Leslie Garber - Manager, Investor Relations Laura Scheland - Vice President, General Counsel and Secretary Daniel Jaffee - Chairman, President and Chief Executive Officer Susan Kreh - Chief Financial Officer Christopher Lamson - Group Vice President of Retail and Wholesale Aaron Christiansen - Vice President of Operations Wade Robey - Vice President, Agriculture and Amlan Marketing J. ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1: Financial Statements](index=3&type=section&id=Item%201%3A%20Financial%20Statements) Quarterly financial statements show significant increases in net sales and net income year-over-year [Condensed Consolidated Balance Sheet](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) Total assets remained stable at $249.1 million, with lower cash offset by higher inventories Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | October 31, 2022 | July 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $10,470 | $16,298 | | Inventories, net | $40,419 | $35,562 | | Total Current Assets | $114,336 | $114,681 | | Total Assets | $249,113 | $249,611 | | Total Current Liabilities | $45,292 | $48,515 | | Total Liabilities | $95,085 | $99,262 | | Total Stockholders' Equity | $154,028 | $150,349 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales for the quarter grew 19.5% year-over-year, leading to a substantial surge in gross profit and net income Quarterly Statement of Operations (in thousands, except per share data) | Metric | Q1 FY2023 (ended Oct 31, 2022) | Q1 FY2022 (ended Oct 31, 2021) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $98,539 | $82,460 | +19.5% | | Gross Profit | $22,310 | $13,818 | +61.5% | | Income from Operations | $6,569 | $445 | +1376% | | Net Income Attributable to Oil-Dri | $5,241 | $585 | +796% | | Diluted EPS (Common) | $0.78 | $0.08 | +875% | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations improved significantly, though overall cash decreased due to increased capital expenditures Quarterly Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Oct 31, 2022 | Three Months Ended Oct 31, 2021 | | :--- | :--- | :--- | | Net Cash Provided by (Used in) Operating Activities | $3,668 | $(596) | | Net Cash Used in Investing Activities | $(7,521) | $(6,736) | | Net Cash Used in Financing Activities | $(1,943) | $(4,156) | | **Net Decrease in Cash and Cash Equivalents** | **$(5,828)** | **$(11,536)** | [Notes To Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20To%20Condensed%20Consolidated%20Financial%20Statements) Notes detail key accounting changes, including inventory increases, debt agreement amendments, and pension plan termination - Inventories increased to **$40.4 million** from $35.6 million due to rising costs and building inventory for anticipated demand[50](index=50&type=chunk) - On August 30, 2022, the company amended its debt agreements to replace the LIBOR-based reference rate with an adjusted term **Secured Overnight Financing Rate (SOFR)**[48](index=48&type=chunk)[60](index=60&type=chunk) - The company's Board of Directors approved a resolution to **terminate the company's defined benefit pension plan**, with the process expected to take eighteen months[67](index=67&type=chunk) - A change in management organization resulted in the **reclassification of segments**, with prior year figures adjusted accordingly[71](index=71&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results Of Operations](index=22&type=section&id=Item%202%3A%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20Of%20Operations) Management attributes a 19% sales increase to price hikes that offset cost inflation, boosting segment performance - **Consolidated net sales rose 19%** in Q1 FY2023 compared to Q1 FY2022, driven by strategic pricing increases and strong product demand[87](index=87&type=chunk) - **Gross profit margin improved to 23%** from 17% in the prior year, as price increases began to offset rising costs, particularly a 97% increase in the per-ton cost of natural gas[91](index=91&type=chunk) - The company successfully **reduced its order backlog by 17%** from the end of fiscal 2022 by increasing personnel, expanding production shifts, and utilizing alternative transportation[90](index=90&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Consolidated net sales grew 19% year-over-year, driven by strong performance in both business segments Segment Net Sales (in millions) | Segment | Q1 FY2023 | Q1 FY2022 | % Change | | :--- | :--- | :--- | :--- | | Business to Business Products Group | $33.7 | $24.8 | +36% | | Retail and Wholesale Products Group | $64.9 | $57.7 | +12% | | **Total Net Sales** | **$98.5** | **$82.5** | **+19%** | Segment Operating Income (in millions) | Segment | Q1 FY2023 | Q1 FY2022 | % Change | | :--- | :--- | :--- | :--- | | Business to Business Products Group | $7.3 | $5.5 | +31% | | Retail and Wholesale Products Group | $7.6 | $1.3 | +491% | [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Cash decreased due to inventory and capital investments, but liquidity remains sufficient with an undrawn credit facility - The net decrease in cash was driven by a **$5.1 million increase in inventory** and **$7.5 million in capital expenditures**[107](index=107&type=chunk)[109](index=109&type=chunk)[114](index=114&type=chunk) - The company has a **$45 million unsecured revolving credit facility** and was in compliance with all debt covenants as of October 31, 2022, with no borrowings outstanding[117](index=117&type=chunk) - Management expects **capital expenditures in fiscal 2023 to be greater** than in fiscal 2022 to support increased product demand[121](index=121&type=chunk) [Item 4: Controls and Procedures](index=27&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The CEO and CFO concluded that as of the end of the period, **disclosure controls and procedures were effective** to provide reasonable assurance of timely and accurate reporting[124](index=124&type=chunk) - **No material changes** to internal control over financial reporting occurred during the fiscal quarter ended October 31, 2022[126](index=126&type=chunk) [PART II – OTHER INFORMATION](index=29&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1A: Risk Factors](index=29&type=section&id=Item%201A%3A%20Risk%20Factors) No material changes to the company's risk factors were reported since the last annual filing - **No material changes** to risk factors were reported since the company's last Annual Report on Form 10-K[130](index=130&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 3,360 shares of Common Stock and did not sell any unregistered securities during the quarter Issuer Purchases of Equity Securities (Common Stock) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | August 2022 | — | $— | | September 2022 | — | $— | | October 2022 | 3,360 | $27.40 | - As of October 31, 2022, **433,166 shares of Common Stock remained available for repurchase** under the authorized plan[120](index=120&type=chunk)[132](index=132&type=chunk) [Item 4: Mine Safety Disclosures](index=29&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) Mine safety violation information is provided in Exhibit 95 of this quarterly report - Mine safety disclosures required by Regulation S-K are provided in **Exhibit 95** to this Form 10-Q[133](index=133&type=chunk) [Item 6: Exhibits](index=30&type=section&id=Item%206%3A%20Exhibits) This section lists all exhibits filed with the report, including certifications and XBRL data files - Filed exhibits include **certifications pursuant to the Sarbanes-Oxley Act**, Mine Safety Disclosures, and XBRL data files[134](index=134&type=chunk)

Oil-Dri Corporation of America. (NYSE:ODC) Q4 2022 Earnings Conference Call October 14, 2022 11:00 AM ET Company Participants Dan Jaffee - President and CEO Susan Kreh - CFO Aaron Christiansen - VP, Operations Jessica Moskowitz - VP and General Manager of Consumer Products Division Laura Scheland - Vice President of Strategic Partnerships and General Counsel Chris Lamson - Group VP, Retail and Wholesale Wade Robey - VP, Agriculture & Amlin Marketing David Atkinson - VP and Controller Leslie Garber - Manager ...