Zep Sales Up 5.5% in Fiscal 2013

Acquisition-related revenue contributed $55.2 million.

Maintenance and cleaning chemicals manufacturer Zep Inc. (NYSE: ZEP), Atlanta, GA, reported sales for fiscal 2013 of $689.6 million, an increase of 5.5 percent compared to the same period a year ago. Sales growth was driven primarily by $55.2 million of acquisition-related revenue and $5.4 million of price, partially offset by $19.4 million of organic volume declines and $5.2 million as a result of two fewer selling days. Profit decreased 30.7 percent to $15.2 million.

Sales in the fourth quarter were $182.2 million, an increase of 6.1 percent compared to the same perioda year ago. Profit decreased 63.4 percent to $2.6 million.

“This quarter was about delivering on near-term commitments while laying the foundation for future growth,” John K. Morgan, president and CEO, said. “In 2014, we will improve profitability by focusing on cost-control, complexity reduction and completing the integration of Zep Vehicle Care while continuing to invest in product innovation and our sales pipeline." 

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