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Zep Inc. Sales Down 3.4% in 2Q

Maintenance and cleaning chemicals manufacturer Zep Inc. (NYSE: ZEP), Atlanta, GA, reported sales for the fiscal second quarter, ended Feb. 28, 2014, of $157.8 million, down 3.4 percent from the previous year. Zep reported a loss of $682 thousand, down from a net income of $2.8 million in the second quarter of 2013.

For the six month period ending Feb. 28, 2014, sales were $322.6 million, up slightly year-over-year. Net income for the period was $2.4 million, down 61.5 percent from the same period the previous year.

“We achieved several milestones during the quarter including the settlement of substantially all of the 2010 California legal matters, a 3-year $10 million distraction; the completion and stabilization of our 3-year information technology upgrade, costing approximately $20 million in capital spending; and an agreement to sell some surplus real-estate,” said John K. Morgan, president and CEO of Zep Inc. “With these items behind us, we are well positioned to de-lever the balance sheet at an accelerated rate and to grow in our strategic end-markets. Our March order rates were strong, and we now believe we will exceed our previous revenue expectations for the upcoming quarter.”

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