This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Innospec Reports Fourth Quarter And Full Year 2010 Financial Results

Stocks in this article: IOSP

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."

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,817.90 +7.84 0.04%
S&P 500 2,069.41 +5.91 0.29%
NASDAQ 4,754.8920 +41.9220 0.89%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs