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WD 40: A conservative approach to earnings

|Includes:WD-40 Company (WDFC)

I always appreciate it when companies are conservative.

Income at Wd-40 is better than it appears.

The company (incorrectly) includes asset impairment charges as operating. Taking out the impairment charges actually shows an increase in operating earnings YOY.

For 2009 the company includes impairment charges of 6.7m and 1.3m in 08. removing those charges from operating earnings (i.e., adding them back) yields 46,555 for 09 and 44,036 for 08 or an increase of 2.5m (or $0.15 per share)

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Stocks: WDFC