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Innospec Reports Second Quarter Financial Results

GAAP Diluted EPS $0.48 vs. $0.12

Excluding Special Items, Diluted EPS $0.66 vs. $0.32

NEWARK, Del., Aug. 3, 2010 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced its financial results for the second quarter ended June 30, 2010.

Total net sales for the quarter were $168.4 million, a 23% increase from $137.0 million in the corresponding period last year. Net income was $12.0 million, or $0.48 per diluted share, compared with $3.0 million, or $0.12 per diluted share, a year ago. EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) for the quarter was $17.8 million, up 65% from $10.8 million a year ago.

Results for the second quarter include $7.7 million, or $0.31 per diluted share, in after-tax foreign exchange losses, which were partly offset by a $5.0 million, or $0.20 per diluted share, adjustment to income tax provisions. The results also include several other special items, which are summarized in the table below. For the second quarter of 2010, all these items had a combined negative impact on net income of $4.4 million, or $0.18 per diluted share; a year ago, similar items reduced net income by $5.0 million, or $0.20 per diluted share. Excluding these items, diluted earnings per share for the second quarter of 2010 were $0.66, more than double the $0.32 reported a year ago.

EBITDA and net income excluding special items, and related per share amounts, are non-GAAP financial measures that are defined and reconciled with GAAP results herein and in the schedules below.
  Quarter ended June 30, 2010 Quarter ended June 30, 2009
  After-tax (in millions) Per diluted share After-tax (in millions) Per diluted share
         
Net income  $ 12.0  $ 0.48  $ 3.0  $ 0.12
         
Foreign exchange losses/(gains) 7.7 0.31 (0.3) (0.01)
Adjustment of income tax provisions (5.0) (0.20) -- --
Pension charge 1.5 0.06 1.0 0.04
Restructuring charge 0.2 0.01 0.3 0.01
OFFP/FCPA legal and professional expenses -- -- 4.0 0.16
  4.4 0.18 5.0 0.20
         
Net income excluding special items  $ 16.4  $ 0.66  $ 8.0  $ 0.32

For the first six months of 2010, total revenues of $331.9 million increased 16% from $285.1 million in the corresponding period last year. Net income for the first half was $19.4 million, or $0.78 per diluted share, compared with $9.4 million, or $0.38 per diluted share, a year ago. Excluding special items, diluted earnings per share for the first six months of 2010 were $1.33, up 34% from $0.99 a year ago. EBITDA for the first half of 2010 was $33.2 million, a 24% increase from $26.8 million in last year's first half.

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