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Note that no provision is made for off-balance-sheet assets such as unrealized appreciation/depreciation of investments, market value of real estate or contingent liabilities that might affect book value. This could be material for some companies with large underfunded pension plans.Balchem (BCPC - Get Report) develops, manufactures and markets specialty performance ingredients and products for the food, feed and mechanical sterilization industries. Balchem produces choline products for both human and animal consumption. Balchem also produces encapsulated performance ingredients for use throughout the food and animal-health industries in end products such as baked goods, refrigerated and frozen dough, processed meats, seasoning blends, and confections. These performance ingredients are used to enhance nutritional fortification and improve shelf life of prepared products. Our buy rating for Balchem has not changed since June 2003. The company reported record quarterly results in net sales and net earnings for the first quarter of fiscal 2008. Balchem achieved net sales of $56.9 million, reflecting a 34.9% increase compared with the same quarter one year prior. Net earnings increased 34.9% year over year to $4.6 million. As a result, the company's net earnings per diluted common share increased 31.6% to 25 cents per share from 19 cents per share in the first quarter of 2007.