PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

WD-40 Company
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
 
August 31,
2008		    
August 31,
2007
Assets
Cash and cash equivalents		    $ 41,983         $ 61,078     
Trade accounts receivable, less allowance for doubtful accounts of $486 and $369 at August 31,
   2008 and 2007, respectively		   49,271     47,204  
Product held at contract packagers   2,453     1,447  
Inventories   18,280     13,208  
Current deferred tax assets, net   4,045     4,145  
Other current assets   3,453     3,489  

      Total current assets		   119,485     130,571  

Property, plant and equipment, net		   11,309     8,811  
Goodwill   95,909     96,409  
Other intangible assets, net   39,992     42,543  
Investment in related party   435     1,015  
Other assets   3,543     3,837  

      Total assets		 $ 270,673   $ 283,186  

Liabilities and Shareholders’ Equity
Accounts payable		 $ 22,985   $ 21,854  
Accounts payable to related party   547     1,506  
Accrued liabilities   13,143     12,780  
Current portion of long-term debt   10,714     10,714  
Accrued payroll and related expenses   6,084     6,906  
Income taxes payable   1,090     97  

      Total current liabilities		   54,563     53,857  

Long-term debt		   32,143     42,857  
Long-term deferred tax liabilities, net   16,876     16,005  
Deferred employee benefits and other long-term liabilities   3,099     2,195  

      Total liabilities		   106,681     114,914  

Commitments and contingencies (Notes 7, 8, 9 and 14)
Shareholders’ equity:
Common stock — authorized 36,000,000 shares, $0.001 par value; 18,041,715 and 17,883,299
   shares issued at August 31, 2008 and 2007, respectively; and 16,478,217 and 16,848,601 shares
   outstanding at August 31, 2008 and 2007, respectively		   18     18  
Additional paid-in capital   82,647     74,836  
Retained earnings   128,627     118,260  
Accumulated other comprehensive income   2,766     7,504  
Common stock held in treasury, at cost — 1,563,498 and 1,034,698 shares at August 31, 2008 and 2007, respectively   (50,066 )    (32,346 ) 

      Total shareholders’ equity		   163,992     168,272  

      Total liabilities and shareholders’ equity		 $ 270,673   $ 283,186  

The accompanying notes are an integral part of these consolidated financial statements.