WD-40 : SAN DIEGO

Nature of business: Manufactures and markets WD-40, an aerosol spray lubricant.

Total employees: 136

In Orange County: 0

Stock listing in The Times: On NASDAQ as “WD 40”

Ticker symbol: “WDFC”

Friday’s close: $41.25

One-week change: Up $.25

Analyst review: “WD-40 is one of the real class-act companies out there. It puts out a phenomenal product. It’s an excellent consumer franchise. The brand awareness is tremendous. The management has done a yeomen’s service to the shareholders. The company has managed to put some significant numbers on the board over the years and it is anticipated that these optimistic trends could continue. Geographic opportunity to find incremental applications for the product remains as good today as in the past. This product has not yet reached a level of maturity that would give cause for concern about future growth.”

--David S. Leibowitz, senior vice president American Securities Corp., New York

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Sales and Profits (Dollar amounts in millions)

1st quarter ’88 ’89 ’90 ’91 ’92 Sales 80.0 83.9 91.0 89.8 100.0 Profits 15.5 15.8 15.5 15.3 18.1

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Corporate outlook: “Because of currency fluctuations in foreign sales, I think our international operations will be diminished next year in the consolidated numbers. Our consolidated sales and earnings will make records next year, but probably not by any ‘gee whiz’ amounts, and that will be due mostly to foreign exchange (rates). We’re in about 77% of the households in the United States. There’s no product that comes close to that 77%.”

--John S. Barry, chairman.

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RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE

FISCAL YEAR ENDING Aug. 31 Aug. 31 Aug. 31 Aug. 31 ’88 ’89 ’90 ’91 52-week high $36.75 $33.75 $38.25 $34.00 52-week low $22.75 $30.50 $23.50 $23.75 Book value per share $4.87 $4.97 $5.13 $5.36 Price per share $32.25 $32.75 $25.00 $31.25 Net earnings per share $2.06 $2.08 $2.05 $2.02 Price-to-earnings ratio 16:1 16:1 12:1 15:1 Avg. return on investor equity 43% 42% 40% 38%

FISCAL YEAR ENDING Aug. 31 ’92 52-week high $50.00 52-week low $29.00 Book value per share $5.95 Price per share $41.00 Net earnings per share $2.38 Price-to-earnings ratio 17:1 Avg. return on investor equity 40%

For more information call or write, WD-40 Co.: 1061 Cudahy Place, San Diego, Calif., 92110. (619) 275-1400.

Source: WD-40 Co.