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Zep Inc. (NYSE: ZEP), Atlanta, GA, a manufacturer of a wide range of cleaning and maintenance solutions, reported sales for the fiscal year ended Aug. 31, 2010, were $568.5 million, up 13.5 percent over last year. Profit climbed 45 percent to $13.5 million.
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For the fourth quarter, sales were $161.4 million, an increase of 20.2 percent of the same period a year ago. Profit fell 67 percent to $2.1 million. Fourth quarter profit was reduced by charges related to restructuring and acquisition costs. Excluding those charges, profit would have increased 12.5 percent.
Zep completed three acquisitions during the last nine months.
"During fiscal 2010, we made significant progress on our strategic initiatives that we believe will drive growth over the long term while maintaining a focus on cost containment," said John K. Morgan, president and CEO. "Although we have made significant improvements to our business, we realize there is still work to be done. To this end, we are focused not only on improving organic growth of our existing operations, but also on leveraging our liquidity to pursue further acquisitive growth."