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)|
|OFFP/FCPA settlement accrual||--||--||21.9||0.88|
|Prior years' United Kingdom sales tax settlement||--||--||(1.9)||(0.08)|
|Net income excluding special items||$ 26.4||$ 1.07||$ 17.0||$ 0.68|
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