Atlanta-based manufacturer Zep Inc. (NYSE: ZEP) reported sales for the third quarter ended May 31, 2013, of $186 million, an increase of 5.3 percent compared to the same period a year earlier. Profit fell 27.5 percent to $6.3 million.
For the first nine months, sales for Zep were $507.4 million, a 5.3 percent increase from the prior year. Profit fell 14.4 percent to $12.5 million.
"Our long-term diversification strategy is working and over the past year we have increased investments in product innovation and market expansion in advance of sales results," said John K. Morgan, chairman, president and CEO. “Despite these investments, we are currently experiencing organic revenue declines and expect this to continue over the next twelve months while we accelerate our focus on business complexity reduction.”