Balchem Corporation Announces Third Quarter 2010 Results

NEW HAMPTON, N.Y., Oct. 29, 2010 (GLOBE NEWSWIRE) -- Balchem Corporation (Nasdaq:BCPC) reported as follows for the period ended September 30, 2010.

($000 Omitted Except for Net Earnings per Common Share)
For the Three Months Ended September 30,
	2010	2009
	Unaudited
Net sales	$ 63,910	$ 54,292
Gross profit	20,233	16,399
Operating expenses	7,215	6,096
Earnings from operations	13,018	10,303
Other income (expense)	(73)	20
Earnings before income tax expense	12,945	10,323
Income tax expense	4,452	3,471
Net earnings	$ 8,493	$ 6,852
Basic net earnings per common share	$ 0.30	$ 0.25
Diluted net earnings per common share	$ 0.29	$ 0.24
Shares used in the calculation of diluted net earnings per common share	29,667	28,954
For the Nine Months Ended September 30,
	2010	2009
	Unaudited
Net sales	$ 185,271	$ 160,254
Gross profit	56,763	50,001
Operating expenses	20,810	20,103
Earnings from operations	35,953	29,898
Other income (expense)	204	(106)
Earnings before income tax expense	36,157	29,792
Income tax expense	12,296	9,973
Net earnings	$ 23,861	$ 19,819
Basic net earnings per common share	$  0.86	$ 0.72
Diluted net earnings per common share	$  0.81	$ 0.69
Shares used in the calculation of diluted net earnings per common share	29,515	28,758

New Record Quarterly Results for Sales and Earnings

Record net sales of $63.9 million were achieved for the quarter ended September 30, 2010. This is an increase of 17.7% above the $54.3 million result of the prior year quarter. Accordingly, record net earnings for the quarter were $8.5 million, an increase of $1.6 million, or 23.9% as compared with the same period last year. The $8.5 million generated diluted net earnings of $0.29 per common share versus $0.24 per common share for the prior year comparable period, an increase of 20.8%.