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For fiscal year 2009, sales were $501.0 million, down 12.8% from fiscal year 2008. Profit decreased 42.9% to $9.3 million.
John K. Morgan, Chairman, President and Chief Executive Officer, stated, "This year, our associates were challenged with not only continuing to pursue our strategic initiatives, but also with executing measures designed to address a new economic reality," said John K. Morgan, president and CEO. "Zep delivered sequential margin improvement throughout the fiscal year, generated more cash from operations during the last six months of this fiscal year than in the entirety of fiscal year 2008, and reduced its net debt position by almost 50% compared with last year."
On a net basis, Zep consolidated 10 facilities during fiscal year 2009 and anticipates consolidation of at least three more locations in fiscal year 2010.
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