Item 5. Market for Registrant’s Common Equity
Item 5 . Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
The Company’s common stock is traded on the NASDAQ Global Select Market under the trading symbol WDFC. On October 16, 2020, the last reported sales price of the Company’s common stock on the NASDAQ Global Select Market was $197.93 per share, and there were 13,664,838 shares of common stock outstanding held by approximately 608 holders of record.
Dividends
The Company has historically paid regular quarterly cash dividends on its common stock. In December 2019, the Board of Directors declared a 10% increase in the regular quarterly cash dividend, increasing it from $0.61 per share to $0.67 per share. On October 5, 2020, the Company’s Board of Directors declared a cash dividend of $0.67 per share payable on October 30, 2020 to shareholders of record on October 16, 2020.
The Board of Directors of the Company presently intends to continue the payment of regular quarterly cash dividends on the Company’s common stock. The Company’s ability to pay dividends could be affected by future business performance, liquidity, capital needs, alternative investment opportunities and debt covenants.
Purchases of Equity Securities By the Issuer and Affiliated Purchasers
On June 19, 2018, the Company’s Board of Directors approved a share buy-back plan. Under the plan, which became effective on September 1, 2018, the Company was authorized to acquire up to $75.0 million of its outstanding shares through August 31, 2020. The timing and amount of repurchases were based on terms and conditions that were acceptable to the Company’s Chief Executive Officer and Chief Financial Officer and in compliance with all laws and regulations applicable thereto . During the period from September 1, 2019 through August 31, 2020, the Company repurchased 92,583 shares at a total cost of $16.8 million under this $75.0 million plan .
On April 8, 2020, the Company elected to temporarily suspend repurchases under this share buy-back plan, which subsequently expired on August 31, 2020. The Company made this election in order to preserve cash while it continued to monitor the impacts of the COVID-19 pandemic. Therefore, no repurchase transactions were made between April 8, 2020 and August 31, 2020.
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Item 6 . Selected Financial Data
The following data has been derived from the Company’s audited consolidated financial statements. The data should be read in conjunction with such consolidated financial statements and other financial information included elsewhere in this report (in thousands, except per share amounts):
As of and for the Fiscal Year Ended August 31,
2020
2019
2018
2017
2016
Net sales
$
408,498
$
423,350
$
408,518
$
380,506
$
380,670
Cost of products sold
185,481
191,010
183,255
166,621
166,301
Gross profit
223,017
232,340
225,263
213,885
214,369
Operating expenses
145,797
149,958
146,659
137,976
143,021
Income from operations
77,220
82,382
78,604
75,909
71,348
Interest and other (expense) income, net
(1,705)
(1,612)
(3,426)
(1,287)
1,441
Income before income taxes
75,515
80,770
75,178
74,622
72,789
Provision for income taxes
14,805
24,862
9,963
21,692
20,161
Net income
$
60,710
$
55,908
$
65,215
$
52,930
$
52,628
Earnings per common share:
Basic
$
4.41
$
4.03
$
4.65
$
3.73
$
3.65
Diluted
$
4.40
$
4.02
$
4.64
$
3.72
$
3.64
Dividends per share
$
2.62
$
2.37
$
2.11
$
1.89
$
1.64
Weighted-average shares outstanding -
diluted
13,719
13,830
13,962
14,123
14,379
Total assets
$
362,637
$
302,662
$
317,059
$
369,717
$
339,668
Long-term obligations (1)
$
142,208
$
82,597
$
75,667
$
154,907
$
140,579
(1) Long-term obligations include long-term debt, deferred tax liabilities, net, long-term lease liabilities and other long-term liabilities. Lease liabilities were included beginning in fiscal year 2020 in accordance with ASC 842 , which was adopted by the Company on September 1, 2020.