Balchem Corporation Announces Second Quarter 2010 Results

NEW HAMPTON, N.Y., Aug. 3, 2010 (GLOBE NEWSWIRE) -- Balchem Corporation (Nasdaq:BCPC) reported as follows for the period ended June 30, 2010.

($000 Omitted Except for Net Earnings per Share)
For the Three Months Ended June 30,
	2010	2009
	Unaudited
Net sales	$ 61,458	$ 52,976
Gross profit	19,116	17,304
Operating expenses	6,675	7,019
Earnings from operations	12,441	10,285
Other income	110	18
Earnings before income tax expense	12,551	10,303
Income tax expense	4,212	3,434
Net earnings	$ 8,339	$ 6,869
Basic net earnings per common share	$ 0.30	$ 0.25
Diluted net earnings per common share	$ 0.28	$ 0.24
Shares used in the calculation of diluted net earnings per common share	29,534	28,776

For the Six Months Ended June 30,
	2010	2009
	Unaudited
Net sales	$ 121,361	$ 105,962
Gross profit	36,530	33,602
Operating expenses	13,595	14,007
Earnings from operations	22,935	19,595
Other income (expense)	277	(126)
Earnings before income tax expense	23,212	19,469
Income tax expense	7,844	6,502
Net earnings	$ 15,368	$ 12,967
Basic net earnings per common share	$  0.55	$  0.48
Diluted net earnings per common share	$  0.52	$  0.45
Shares used in the calculation of diluted net earnings per common share	29,439	28,660

Record Quarterly Earnings

For the quarter ended June 30, 2010, the company achieved record net earnings of $8.3 million as compared to $6.9 million for the prior year comparable period, an increase of $1.5 million, or 21.4%. Second quarter net sales of $61.5 million were approximately 16.0% greater than the $53.0 million result of the prior year comparable quarter. The $8.3 million net earnings generated diluted net earnings per common share of $0.28, versus $0.24 for the prior year comparable period, an increase of 16.7%.