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Innospec Reports Fourth Quarter And Full Year 2010 Financial Results

GAAP Diluted EPS $0.98 vs. Loss of $(0.01)

Excluding Special Items, Diluted EPS $1.07 vs. $0.68

NEWARK, Del., Feb. 15, 2011 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced its financial results for the fourth quarter and full year ended December 31, 2010.

Total net sales for the fourth quarter were $177.3 million, an 8% increase from $164.2 million in the corresponding period last year. Net income was $24.3 million, or $0.98 per diluted share, compared with a net loss of ($0.3) million, or ($0.01) per share, a year ago. EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) for the quarter was $21.6 million, up significantly from $6.1 million a year ago.

Results for the fourth quarter include several special items, which are summarized in the table below. For the fourth quarter of 2010, these items had a combined negative impact on net income of $2.1 million, or $0.09 per diluted share; a year ago, similar items reduced net income by $17.3 million, or $0.69 per diluted share. Excluding these items from both periods, diluted earnings per share for the fourth quarter of 2010 were $1.07, a 57% increase from $0.68 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 Dec. 31, 2010 Quarter ended Dec. 31, 2009
     
  After-tax (in millions) Per diluted share After-tax (in millions) Per diluted share
         
Net income/(loss)  $ 24.3  $ 0.98  $ (0.3)  $ (0.01)
         
Adjustment of income tax provisions (3.0) (0.12) (2.3) (0.09)
Civil complaint legal and professional expenses 2.9 0.12 -- --
Foreign exchange gains (2.1) (0.08) (2.5) (0.10)
Pension charge 2.1 0.08 1.3 0.05
Retention bonuses 2.0 0.08 -- --
Restructuring charge 0.2 0.01 0.8 0.03
OFFP/FCPA settlement accrual  -- -- 21.9 0.88
Prior years' United Kingdom sales tax settlement -- -- (1.9) (0.08)
  2.1 0.09 17.3 0.69
         
Net income excluding special items  $ 26.4  $ 1.07  $ 17.0  $ 0.68

"Our core Fuel Specialties and Active Chemicals businesses both delivered strong revenue and unit volume growth in the fourth quarter, despite significant headwinds in December from adverse weather conditions causing production delays at our manufacturing plants in both the U.S. and Europe," said Patrick Williams, President and Chief Executive Officer. "Margin pressure in Fuel Specialties – reflecting sharp increases in raw material costs – was largely offset by record profits in Active Chemicals. Under the circumstances, we are very pleased to report a 57% increase for the quarter in earnings per share excluding special items."

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