WD-40 Company
Consolidated Statements of Shareholders’ Equity and Comprehensive Income
For the Fiscal Years Ended August 31, 2007, 2006 and 2005
| Common Stock | Paid-in | Unearned Stock-based |
Retained | Accumulated Other Comprehensive |
Treasury Stock | Total Shareholders’ |
Comprehensive | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Capital | Compensation | Earnings | Income (Loss) | Shares | Amount | Equity | Income | ||||||||||||||||||||||||||||||
| Balance at August 31, 2004 | 17,089,015 | $ | 17,000 | $ | 49,616,000 | $ | — | $ | 76,152,000 | $ | 1,659,000 | 534,698 | $ | (15,026,000 | ) | $ | 112,418,000 | ||||||||||||||||||||||
| Issuance of common stock upon exercise of options | 128,567 | 2,839,000 | 2,839,000 | ||||||||||||||||||||||||||||||||||||
| Tax benefit from exercise of stock options | 377,000 | 377,000 | |||||||||||||||||||||||||||||||||||||
| Issuance of restricted common stock | 4,828 | 158,000 | (158,000 | ) | — | ||||||||||||||||||||||||||||||||||
| Amortization of unearned stock-based compensation— restricted stock |
22,000 | 22,000 | |||||||||||||||||||||||||||||||||||||
| Cash dividends ($0.84 per share) | (13,967,000 | ) | (13,967,000 | ) | |||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment, net of tax ($16,000) | 579,000 | 579,000 | $ | 579,000 | |||||||||||||||||||||||||||||||||||
| Net income | 27,798,000 | 27,798,000 | 27,798,000 | ||||||||||||||||||||||||||||||||||||
| Balance at August 31, 2005 | 17,222,410 | 17,000 | 52,990,000 | (136,000 | ) | 89,983,000 | 2,238,000 | 534,698 | (15,026,000 | ) | 130,066,000 | $ | 28,377,000 | ||||||||||||||||||||||||||
| Issuance of common stock upon exercise of options | 282,159 | 7,018,000 | 7,018,000 | ||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense—stock options | 1,775,000 | 1,775,000 | |||||||||||||||||||||||||||||||||||||
| Tax benefit from exercise of stock options | 614,000 | 614,000 | |||||||||||||||||||||||||||||||||||||
| Reclass of unearned stock-based compensation related to the | — | ||||||||||||||||||||||||||||||||||||||
| restricted stock upon adoption of SFAS No. 123R | (136,000 | ) | 136,000 | ||||||||||||||||||||||||||||||||||||
| Issuance of restricted common stock | 6,099 | — | |||||||||||||||||||||||||||||||||||||
| Amortization of unearned stock-based compensation— restricted stock |
61,000 | 61,000 | |||||||||||||||||||||||||||||||||||||
| Cash dividends ($0.88 per share) | (14,760,000 | ) | (14,760,000 | ) | |||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment, net of tax benefit $560,000 |
2,845,000 | 2,845,000 | $ | 2,845,000 | |||||||||||||||||||||||||||||||||||
| Net income | 28,112,000 | 28,112,000 | 28,112,000 | ||||||||||||||||||||||||||||||||||||
| Balance at August 31, 2006 | 17,510,668 | 17,000 | 62,322,000 | — | 103,335,000 | 5,083,000 | 534,698 | (15,026,000 | ) | 155,731,000 | $ | 30,957,000 | |||||||||||||||||||||||||||
| Issuance of common stock upon exercise of options | 368,735 | 1,000 | 9,753,000 | 9,754,000 | |||||||||||||||||||||||||||||||||||
| Stock-based compensation expense—stock options | 1,820,000 | 1,820,000 | |||||||||||||||||||||||||||||||||||||
| Tax benefit from exercise of stock options | 842,000 | 842,000 | |||||||||||||||||||||||||||||||||||||
| Issuance of restricted common stock | 3,896 | — | |||||||||||||||||||||||||||||||||||||
| Amortization of unearned stock-based compensation— restricted stock |
99,000 | 99,000 | |||||||||||||||||||||||||||||||||||||
| Cash dividends ($0.97 per share) | (16,609,000 | ) | (16,609,000 | ) | |||||||||||||||||||||||||||||||||||
| Acquisition of treasury stock | 500,000 | (17,320,000 | ) | (17,320,000 | ) | ||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment, | — | ||||||||||||||||||||||||||||||||||||||
| net of tax ($51,000) | 2,510,000 | 2,510,000 | $ | 2,510,000 | |||||||||||||||||||||||||||||||||||
| Adjustment to initially apply SFAS No. 158, net of tax ($53,000) |
(89,000 | ) | (89,000 | ) | |||||||||||||||||||||||||||||||||||
| Net income | 31,534,000 | 31,534,000 | 31,534,000 | ||||||||||||||||||||||||||||||||||||
| Balance at August 31, 2007 | 17,883,299 | $ | 18,000 | $ | 74,836,000 | $ | — | $ | 118,260,000 | $ | 7,504,000 | 1,034,698 | $ | (32,346,000 | ) | $ | 168,272,000 | $ | 34,044,000 | ||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.