ATLANTA — Zep Inc. recently released its fiscal second quarter earnings, which included an earnings improvement over the same quarter in the previous year, according to a press release.
Net income for the quarter that ended February 28, 2010, was $1.3 million, up from a $900,000 lost in the previous year, the release stated.
John K. Morgan, chairman, president and chief executive officer (CEO) of Zep, said: "Efforts to reduce the breakeven point of the business by more than 20 percent over the past year continued to positively impact our business during our second fiscal quarter, which is traditionally our weakest quarter due in part to a reduced number of selling days. The company performed well despite the continued impact of what many economists view as the worst economic period in decades. During the second quarter, the company continued to make significant progress on each of its stated strategic initiatives. I am particularly pleased with the Amrep Inc. acquisition, which has already proven accretive to earnings."
Zep''s net sales totaled $127.4 million in the second quarter of fiscal year 2010 compared with $114.6 million in the year-ago quarter, an increase of $12.7 million or 11.1 percent, the release noted.
Revenues from Zep''s recent Amrep acquisition accounted for $17.8 million of the current quarter''s net sales, the release added.
Click here to read the complete release.