IN BRIEF / Southern California
Bloomberg News
WD-40 Co., maker of the namesake lubricant and Lava soap, said fiscal fourth-quarter profit declined 9.4% as costs rose and it spent more on advertising.
Net income for the quarter ended Aug. 31 fell to $5.38 million, or 34 cents a share, from $5.94 million, or 38 cents, a year ago. Sales climbed 55% to $61.5 million from $39.6 million a year ago.
The San Diego-based company said it more than doubled its spending on advertising and promotions to $10.7 million during the three months.
WD-40 shares rose $1.01 to close at $20.89 on Nasdaq. The fourth-quarter results were released after the close of regular U.S. trading.
