Innospec Reports Third Quarter Financial Results
GAAP Diluted EPS $1.20 vs. Loss of $(0.11)
Excluding Special Items, Diluted EPS $0.75 vs. $0.48
NEWARK, Del., Nov. 1, 2010 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced its financial results for the third quarter ended September 30, 2010.Total net sales for the quarter were $174.0 million, up 17% from $149.2 million in the third quarter of 2009. Net income was $30.0 million, or $1.20 per diluted share, compared with a net loss of $2.7 million, or $0.11 per share, a year ago. EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) for the quarter was $36.7 million, up significantly from $10.0 million a year ago. Results for the third quarter include several special items, which are summarized in the table below. For the third quarter of 2010, these items had a combined positive impact on net income of $11.3 million, or $0.45 per diluted share; a year ago, similar items reduced net income by $14.6 million, or $0.59 per diluted share. Excluding these items, diluted earnings per share for the third quarter of 2010 were $0.75, a 56% increase from $0.48 a year ago. EBITDA and net income excluding special items, and related per share amounts, are non-GAAP financial measures that are defined and reconciled with GAAP results herein and in the schedules below.
|Quarter ended Sept. 30, 2010||Quarter ended Sept. 30, 2009|
|After-tax (in millions)||Per diluted share||After-tax (in millions)||Per diluted share|
|Net income/(loss)||$ 30.0||$ 1.20||$ (2.7)||$ (0.11)|
|Foreign exchange gains||(9.1)||(0.36)||(4.9)||(0.20)|
|Adjustment of income tax provisions||(4.2)||(0.17)||--||--|
|OFFP/FCPA settlement accrual||--||--||18.3||0.74|
|Net income excluding special items||$ 18.7||$ 0.75||$ 11.9||$ 0.48|
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