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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) -- --
Pension charge 2.0 0.08 1.2 0.05
OFFP/FCPA settlement accrual -- -- 18.3 0.74
  (11.3) (0.45) 14.6 0.59
Net income excluding special items $ 18.7 $ 0.75 $ 11.9 $ 0.48

For the first nine months of 2010, total net sales of $505.9 million were up 16% from $434.3 million in the corresponding period last year. Net income for the nine-month period was $49.4 million, or $1.98 per diluted share, compared with $6.7 million, or $0.27 per diluted share, a year ago. Excluding special items, diluted earnings per share for the first nine months of 2010 were $2.08, a 41% increase from $1.47 a year ago. EBITDA for the first nine months of 2010 was $69.9 million, up 90% from $36.8 million a year ago.

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