Analyst Jeffrey Zekauskas – J.P. Morgan Securities Alan Robinson – Royal Bank of Canada Liam D. Burke – Janney Montgomery Scott, LLC

Welcome to the WD-40 Company first quarter 2010 earnings release conference call. Just a reminder that today’s call is being recorded. At this time I would like to turn the call over to the Vice President of Corporate and Investor Relations for WD-40 Company, Ms. Maria Mitchell.

Thank you for joining us for our first quarter earnings call for fiscal 2010. Today we are pleased to have Gary Ridge, President and CEO and Jay Rembolt, Vice President and Chief Financial Officer. This conference call contains forward-looking statements concerning WD-40 Company’s outlook for sales, earnings, dividends and other financial results. These statements are based on an assessment of a variety of factors, contingencies and uncertainties considered relevant by WD-40 Company. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from forward-looking statements including the impact and changes in foreign currency exchange rates, the impact of new product introductions and the uncertainty in economic conditions both in the United States and internationally. The company’s expectations, beliefs and projections are expressed in good faith and believed by the company to have a reasonable basis but there can be no assurance that the company’s expectations, beliefs or projections will be achieved or accomplished. The risks and uncertainties are detailed from time-to-time in reports filed by WD-40 Company with the SEC including Forms 8K, 10Q and 10K and readers are urged to carefully review these and other documents and to stay up to date with our most recent company developments provided in the investor relations section of our website at www.WD40Company.com. Our second quarter fiscal 2010 earnings conference call is scheduled to take place on Wednesday, April 7, 2010 at 2PM. At this time I’d like to turn the call over to Gary Ridge.

Today we reported net sales of $77.7 million for the first quarter of fiscal 2010, a decrease of 7% over Q1 of last fiscal year. Net income for the first quarter was $9.5 million, up 22.5% compared to Q1 of last fiscal year. Diluted earnings per share for the quarter were $0.56, up from $0.46 in Q1 of last fiscal year. Before I get in to more detail about the last quarter I want to spend a few minutes on the strategic initiatives that we’ve adopted and shared with you in our annual shareholder meeting and our annual shareholder letter. There are four major strategies that are getting the most of our time, talent and treasure to drive our growth, we call them the fantastic four. Strategy is defined by us as the how to over a given time frame. These strategic initiatives are aligned to achieve our vision which is our brands will create positive lasting memories as they become solutions that doers and on the job users around the world turn to first to get the job done. By doing so we will provide attractive economic returns for our stakeholders and meaningful work and opportunity for our trip members. We remain focused on committing our time, talent and treasure to our core strategic initiatives. The fantastic four are number one, global expansion, continuing our efforts to expand around the world by helping end users in emerging and developing countries solve rust, squeak and other maintenance issues. Number two, maximizing our position in the multipurpose maintenance product segment by focusing our research and development resources to leverage our core products in adjacent categories. The recent launch of the BLUE WORKS line is a direct result of this strategy. Number three, developing our business through acquisitions, joint ventures, licensing and…

In addition to the information that is presented in this call, we suggest that you review our 10Q that will be filed today. As Gary has covered sales in detail, I will continue with the rest of the financials. Gross margin was 51.4% of sales in the first quarter compared to 46.3% of sales in the prior year quarter. The 510 basis point increase was primarily attributable to prior year price increases, lower discounts and shifts in major input costs as well as sourcing changes and product conversions. Price increases implemented in Q1 and Q2 of fiscal ’09 added approximately 160 basis points to our gross margin percentage in the first quarter. The price increases were primarily across our multipurpose maintenance products although some price increases were also implemented on our homecare and cleaning products in Europe. Lower promotional and other discounts positively impacted gross margin by 90 basis points. Certain of our advertising and promotional costs such as customer rebates, display allowances, slotting, coupon redemptions are treated as a reduction in sales. Period versus period, a lower percentage of our sales were subject to these promotional allowances this year in our Q1. This quarter saw lower costs for petroleum based products, mostly offset by higher costs for aerosol cans. Although the cost of petroleum based materials has been on the rise, our costs continue to be much lower than we had experienced in the first quarter of 2009. The impact of these lower costs increased our gross margin by 390 basis points. This benefit was offset by the dramatic increase in the cost of our aerosol cans that took effect in the second quarter of fiscal ’09. The higher cost for aerosol cans had a negative impact on our gross margin and impacted by 330 basis points. Other items…

Now, let’s discuss our outlook and guidance on the balance of fiscal 2010. We continue to be cautiously optimistic as how we see economic conditions improve. While we see increased momentum, we also recognize there is still a level of uncertainty in the marketplace. Given these conditions and that we’re only a few months in to our fiscal year, we are maintaining the guidance we shared with you last quarter. The following fiscal year 2010 guidance does not include any acquisition activity and assumes foreign currency exchange rates will remain close to recent levels. Having said this, we continue our search for business opportunities through acquisitions and partnerships that fit our stated criteria. We also continue to dedicate time, talent and treasure to understand and leverage the trust of the WD-40 brand and we will share any of these new developments with you as they evolve. So, for fiscal year 2010 we expect our net sales results to be in the range of $298 to $380 million. That will be a growth of between 2% and 9% in sales versus 2009. We expect our global advertising promotional investment to be in the range of 6.5% and 8% of net sales and we expect the net income to be in the range of $30.2 to $32.8 million which would achieve an EPS of between $1.80 and $1.95 assuming that there are 16 million shares outstanding. Thank you for joining us today, we would be pleased to open the conference call for your questions.

(Operator Instructions) Your first question comes from Analyst Jeffrey Zekauskas – J.P. Morgan Securities. Analyst for Jeffrey Zekauskas – J.P. Morgan Securities: I had a question here about raw materials and the trends that you might be seeing both in petroleum as we get in to 2010 here and steel costs?

Well, we’ve seen that the petroleum based products rise a little bit as of late. I think if we look forward the rates that we currently see are probably what we’re going to experience on average throughout the end of our fiscal year. With respect to our tin plate pricing, we are in our annual pricing negotiations and have yet to determine if we’re going to receive any sort of price decreases. Analyst for Jeffrey Zekauskas – J.P. Morgan Securities: You normally have some seasonality as you get in to your second fiscal quarter, is that something we might expect this year?

Well, I think seasonality went out with the uncertainty that we treaded through last year. But, having said that I think if you consider our guidance, what we’re looking at is the first quarter this year was up against a fairly solid first quarter of last year and now we’re going up against two relatively soft quarters in two and three and that should help us obtain our guidance which was sales growth through the full year. So there is no doubt that the two toughest quarters last year were the second and third quarter for everybody. We don’t see them obviously being as tough this year and we’ve reflected that in the sales guidance we’ve given and hence why there’s quite a delta in that guidance because we want to make sure we’re not being overly optimistic in what may happen. But, that’s kind of how we see it. Analyst for Jeffrey Zekauskas – J.P. Morgan Securities: Lastly currency, is there expectation baked in to that sales growth number?

The currency impact is based on the currencies that we see as of today or recent currency kind of projecting forward so our currency outlook is in some ways blind. We are just projecting based on current currencies.

Your next question comes from Alan Robinson – Royal Bank of Canada. Alan Robinson – Royal Bank of Canada: Given the cost cuts you instituted last year and the issues we went through last year, it looks like now you have some good potential leverage in your business model which you can obviously harness by driving volume. So, broadly speaking can you just speak to the idea of how you view the opportunities you have to drive volume over the next 12 months or so?

I’m not quite sure we did any cost cutting Alan. Maybe you are referring to the enhancement of our gross margin which has been a strategic driver of ours for four or five years. Alan Robinson – Royal Bank of Canada: Yes, exactly.

Our sales growth opportunities are really aligned with our strategic drivers. The first one is our continued global expansion which will come from our European and Asia markets. Secondly the expansion of our activity around our multipurpose maintenance products which will include the strengthening of the WD-40 brand’s position in the US and in other markets and then development of the 3-in-1 Pro line and then also to a lesser extent because it’s quite an unknown yet is the BLUE WORKS line. They are the major drivers. The other area is the stabilization if you will of our homecare and cleaning products where we are very encouraged with the 30% increase in our Spot Shot! brand in the first quarter. And, as you know we made the decision that we would place our bet on the big winners when we deemphasized the new development activity particularly around X-14 and Carpet Fresh and rediverted that time, talent and treasurer in to product development activities around our multipurpose maintenance products around the world and then on a promotional basis on the Spot Shot! and to a lesser extend 2000 Flushes business. So global expansion, expansion of our multipurpose maintenance products area, stabilization of our homecare cleaning products and hopefully, although none of it is really baked in as we continue our development activities revenue that will come from our other strategic drivers which are really leveraging the trust that we’ve established with the end user of the WD-40 brand. There’s a lot of work going on there. Then finally, just ventures, acquisitions and partnerships that we may enter in to that either leverage our global position or some other channel strength that we may have. Alan Robinson – Royal Bank of Canada: I’m also trying to get an idea of the extent to which the last minute buying that you experienced in the first quarter of last year impact your comparables? I know you increased your prices on various WD-40 products in the first and second quarter so when I look back to the first quarter of fiscal ’09 do you have a rough level that you could share with us of the impact that had either on a dollar basis or on a percent growth basis?

We haven’t quantified that. Alan Robinson – Royal Bank of Canada: Is it likely to be material?

No, it wouldn’t not but it’s enough in comparison period-on-period to have us come up a little shy this period. Alan Robinson – Royal Bank of Canada: Then last question, what tax rate assumptions are embedded in your fiscal year guidance and is there any significant BLUE WORKS revenue in that as well?

Well, we haven’t shared our tax rate in our guidance, we typically share just the various items that we’ve included in our guidance. With respect to BLUE WORKS we see that as a very slow build. I’ll let Gary share a little bit more about how we think about the BLUE WORKS.

BLUE WORKS is a brand that as I shared in my commentary is one that you won’t find in your local hardware store. So, the sell in isn’t about loading in to shelves, the sell in is about making the end users aware and making it easier for them to buy and the end users are repair maintenance and overhaul professionals in factories and that just takes a little longer. So, we’ve got a lot of confidence in the BLUE WORKS program over time but there is certainly no significant ramp up of BLUE WORKS in this year’s guidance.

Your next question comes from Liam D. Burke – Janney Montgomery Scott, LLC. Liam D. Burke – Janney Montgomery Scott, LLC: Gary, you mentioned in your commentary in revenues in China that you saw additional competition?

No. If I did I didn’t mean that. The issues in China are not competitive from any particular competitive source. They are bumpy as China reduced manufacturing particularly for export as the world economies turned down we backed off a little bit but we’re very, very bullish about China in to the future. It’s not unusual for us to see some bumpy sales trends as we start to build markets. But we’re no less confident about China today, it’s just taking a little time and certainly the economic conditions that surrounded it were not in our favor but we’re very comfortable about taking our time to do China right. Liam D. Burke – Janney Montgomery Scott, LLC: On BLUE WORKS, it’s a given that it’s going to be a slow ramp. Now, you mentioned having to increase the awareness of the product with the repair maintenance and overhaul channel. What specifically do you do and is it a hit on resources to develop those kinds of campaigns?

Good question, thanks for asking it. Basically what has happened is part of the strategic or tactical execution with BLUE WORKS is us engaging across the United States a team of manufacturer representatives if you will that specialize in calling on the decision makers in repair, maintenance and overhaul facilities. So these would be people who represent products to plant managers in major manufacturing operations across the US. These people have been for the last nine months grilled and trained. In fact, they all now have what we call masters in BLUE WORKS degrees which is a comprehensive training program we did with them that they have to pass. Their job is to carry the BLUE WORKS message with samples of the product to the end users. So, they started doing that early in December, late November and before that it was all collateral based so now they’re taking the product to end users, putting it in to factories, having the end users sample the product so that’s stage one. We have identified the key target customers we want across the United States to do that. There are three rep organizations across the US that are doing this for us and then those companies then source product from who you would normally call our distributors. So, our sales people are selling to the traditional distributors. Those sales rep organizations are paid for that on a commission basis for sales so the costs are variable in relation to the success of their efforts. Liam D. Burke – Janney Montgomery Scott, LLC: Jay, could we go back to the cost of raw materials? The tin plate pricing is fixed on an annual basis, is that right?

Yes, it has been? Liam D. Burke – Janney Montgomery Scott, LLC: Has it been fixed through this fiscal year?

It hasn’t been finalized. Liam D. Burke – Janney Montgomery Scott, LLC: With steel prices on the rise, you’re anticipating that it would at least hold its own this year?

That’s certainly our preliminary expectation at this time. We are expecting it not to increase.

At this time there are no further questions. I’ll turn the call back over to our speakers for any additional or closing remarks.

Thank you very much for joining us this afternoon. We appreciate your interest. As Jay said, the 10Q is filed today so you have all the reading you want. We wish you a good 90 days and we’ll talk to you again after the end of the next quarter. Thanks very much. Good day.

That does conclude today’s conference. Thank you all for your participation.