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Maintenance and cleaning chemicals manufacturer Zep Inc. (NYSE: ZEP), Atlanta, GA, reported sales for the third quarter ended May 31, 2014 of $187 million, up 0.6 percent. Profit fell 66 percent to 2.2 million.
For the first nine months of the fiscal year, sales were $509.7 million, up slightly from the prior year period. Profit fell 64 percent to $4.6 million.
“We are making excellent progress on our business continuity plan execution as we recover from the incident at our aerosol production facility, but realize this will create some uncertainty with respect to our future operational and financial results,” said John K. Morgan, Chairman, President and Chief Executive Officer of Zep Inc. “We are communicating with our customers and working to minimize disruptions in the supply of aerosol products. We continue to believe our insurance will cover the majority of the costs associated with this incident, including business interruption; however we expect the timing of expenditures and insurance recovery to be misaligned.”