Industrial marets helped drive sales
Zep, Inc. a producer of cleaning and maintenance solutions,reported today that revenue for the second quarter of fiscal 2011 increased approximately 15% to $146.8 million, compared with $127.4 million in the same period of the prior year. Earnings before interest, income tax, depreciation, and amortization expenses and excluding restructuring, special items, and acquisition-related expenses (adjusted EBITDA) totaled $9.9 million, an increase of $4.3 million or 76% from the second quarter of fiscal 2010.
John K. Morgan, Chairman, President and Chief Executive Officer, said in a press release: "We are encouraged by the quarter's top-line results as we begin to see improving trends throughout our business. The business delivered significant top- and bottom-line expansion due to continued strong performance from our acquired platforms as well as growth in our legacy operations. Revenue from a number of the end markets we serve - specifically industrial, food and transportation - showed noteworthy improvement when compared to the year-earlier period. We are particularly pleased to be seeing a return to organic growth as a number of key initiatives are beginning to bear fruit. Adjusted EPS improvement of more than 60% illustrates the dedication of our associates' to focus on top-line growth initiatives while controlling cost during a prolonged economic recovery."
Mr. Morgan continued, "We made significant progress preparing our operations to further integrate the Waterbury business. We completed, four months ahead of schedule, a new, three-year collective bargaining agreement for the Atlanta manufacturing and distribution locations. This milestone and other operational improvements prepare the business for anticipated increased demand and clear the way for the final steps of integrating the Waterbury production into our existing facilities."