Zep Inc. Reports First Quarter Revenue of $157.4M

Zep Inc. ZEP, a leading producer, marketer, and service provider of a wide range of cleaning and maintenance solutions, today announced financial results for the first fiscal quarter ended November 30, 2010. Revenue for the first quarter increased approximately 24% to $157.4 million, compared with $126.8 million in the same period of the prior year. Earnings before interest, income tax, depreciation, and amortization expenses and excluding restructuring and acquisition-related expenses and a one-time benefit from a royalty income settlement (adjusted EBITDA) totaled $14.8 million for the quarter, an increase of $4.4 million or 42% from the same prior year period. First quarter fiscal 2011 adjusted net income was $5.9 million, or $0.27 per share on a fully diluted basis, an increase of $0.7 million or $0.03 per diluted share from the first quarter of fiscal 2010.