Oil-Dri Corp. of America (NYSE:ODC) Q1 2019 Earnings Conference Call - Final Transcript

Dec 11, 2018 • 10:30 am ET

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Oil-Dri Corp. of America (NYSE:ODC) Q1 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Laura Scheland

Hi, good morning, ladies and gentlemen. I'm Laura Scheland, General Counsel of Oil-Dri Corporation. This year is the first year that the Annual Meeting is available via phone line and webcast, so hence opening the line. Our agenda for today is, I will first conduct the Annual Meeting of Stockholders covering the Election of Directors and Other Stockholder Voting Items. I'll try to move through this quickly and auction your voice, so we can move on to the more interesting point -- part of the meeting. Next will be the presentation and business review followed by time for Q&A. So we ask that you hold your questions until the Q&A portion of the meeting.

It is now 9:31, on December 11th, 2018, and I now call to order the 2018 Annual Meeting of Stockholders of Oil-Dri Corporation of America. While I conduct the meeting Tony Parker, the Assistant Secretary of Oil-Dry will record the minutes for the meeting. As you entered the meeting room, you should have received an agenda and the rules of conduct that will govern this meeting. We ask that you adhere to these rules. Stockholders who previously voted by proxy using the Internet, telephone or mail need not cast ballot today, unless they wish to change their vote on their proxy, will provide ballots to those who desire them at the appropriate time. Oil-Dry has appointed Gary Farrar of Broadridge Financial Solutions Inc to serve as the Inspector of Elections for the meeting. He is present and has taken the oath of office.

Commencing on October 31st, 2018, a notice regarding the availability of proxy materials, or a copy of the proxy materials was mailed to all Oil-Dry stockholders of record as of close the business on October 15th, 2018, which is the record date fixed for this meeting. I have an affidavit of mailing signed by Broadridge confirming the foregoing and such affidavit is available for examination by any stockholder presence through today. As described in the proxy statement, the purpose of this meeting is to elect nine directors, ratify the appointment of Grant Thornton LLP as Oil-Dri's Independent Auditor for the fiscal year ending July 31, 2019, and transact any other business as may properly come before this meeting.

As of October 15, 2018, the record date for this meeting, there were 5,172,007 shares of Oil-Dri common stock and 2,269,238 shares of Oil-Dri Class B stock outstanding. I have an alphabetical list of the holders of such outstanding shares and such list is available for examination by any stockholder present here today.

As many of you may know, holders of our common stock are entitled to vote, one vote per share. And holders of our Class B stock are entitled to 10 votes per share and generally, both together without regard to class. A form is present at this meeting as holders of a majority of all common stock and Class B stock outstanding and entitled to vote are present in person or represented by