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Sensient Technologies Corporation Reports Results For The Quarter And Year Ended December 31, 2011

Stocks in this article: SXT

www.sensient.com

           
 

Sensient Technologies Corporation

(In thousands, except percentages and per share amounts)
 
 
 
Consolidated Statements of Earnings Three Months Ended December 31, Twelve Months Ended December 31,
 
2011 2010 % Change 2011 2010 % Change
 
Revenue $ 340,358 $ 339,267 0.3 % $ 1,430,789 $ 1,328,180 7.7 %
 
Cost of products sold 232,221 237,091 -2.1 % 981,137 919,821 6.7 %
Selling and administrative expenses   65,187     61,160   6.6 %   258,829     233,782   10.7 %
 
Operating income 42,950 41,016 4.7 % 190,823 174,577 9.3 %
Interest expense   4,520     4,894     19,439     20,384  
 
Earnings before income taxes 38,430 36,122 6.4 % 171,384 154,193 11.1 %
Income taxes   9,844     10,347     50,900     47,049  
 
Net earnings $ 28,586   $ 25,775   10.9 % $ 120,484   $ 107,144   12.5 %
 
Earnings per common share:
Basic $ 0.57   $ 0.52   9.6 % $ 2.42   $ 2.18   11.0 %
 
Diluted $ 0.57   $ 0.52   9.6 % $ 2.41   $ 2.17   11.1 %
 
Average common shares outstanding:
Basic   49,814     49,395   0.8 %   49,746     49,138   1.2 %
 
Diluted   50,013     49,636   0.8 %   49,937     49,424   1.0 %
 
 
 
Results by Segment Three Months Ended December 31, Twelve Months Ended December 31,
 

Revenue

2011 2010 % Change 2011 2010 % Change
 
 
Flavors & Fragrances $ 206,328 $ 206,100 0.1 % $ 860,680 $ 809,053 6.4 %
Color 112,843 113,276 -0.4 % 491,881 447,461 9.9 %
Corporate & Other 32,256 30,834 4.6 % 131,835 113,179 16.5 %
Intersegment elimination   (11,069 )   (10,943 ) 1.2 %   (53,607 )   (41,513 ) 29.1 %
 
Consolidated $ 340,358   $ 339,267   0.3 % $ 1,430,789   $ 1,328,180   7.7 %
 
 
 

Operating Income

 
 
Flavors & Fragrances $ 32,164 $ 29,440 9.3 % $ 130,849 $ 121,997 7.3 %
Color 20,331 18,380 10.6 % 90,217 77,404 16.6 %
Corporate & Other   (9,545 )   (6,804 ) 40.3 %   (30,243 )   (24,824 ) 21.8 %
 
Consolidated $ 42,950   $ 41,016   4.7 % $ 190,823   $ 174,577   9.3 %
 
 
Impact of 2011 One-Time Items
 

The Company's 2011 results include a charge related to the Company’s plan to improve the profitability and efficiency of selected operations and a gain related to the revaluation of the Company’s non-controlling interest in an equity investment.

 
 
Three Months Ended December 31, Twelve Months Ended December 31,
 
2011 2010 % Change 2011 2010 % Change
 
Consolidated operating income as reported $ 42,950 $ 41,016 $ 190,823 $ 174,577
 
Restructuring charge 4,836 - 4,836 -
 
Gain on revaluation of equity investment   (3,586 )   -     (3,586 )   -  
$ 44,200   $ 41,016   7.8 % $ 192,073   $ 174,577   10.0 %
 
 
 
 
Sensient Technologies Corporation
(In thousands, except per share amounts)
     
 
Consolidated Condensed Balance Sheets
December 31, 2011 2010
 
Current assets $ 706,870 $ 672,305
Goodwill and intangibles (net) 457,025 458,334
Property, plant and equipment (net) 451,539 432,536
Other assets   38,730     36,093  
 
Total Assets $ 1,654,164   $ 1,599,268  
 
Current liabilities $ 207,275 $ 205,063
Long-term debt 312,422 324,360
Accrued employee and retiree benefits 52,252 52,747
Other liabilities 33,005 33,313
Shareholders' equity   1,049,210     983,785  
 
Total Liabilities and Shareholders' Equity $ 1,654,164   $ 1,599,268  
 
 
 
Consolidated Statements of Cash Flows
Twelve Months Ended December 31, 2011 2010
 
Net cash provided by operating activities $ 142,877   $ 155,725  
 
Cash flows from investing activities:
Acquisition of property, plant and equipment (72,200 ) (55,823 )
Proceeds from sale of assets 2,076 172
Acquisition of new businesses, net of cash acquired (3,706 ) -
Other investing activities   (207 )   528  
 
Net cash used in investing activities   (74,037 )   (55,123 )
 
Cash flows from financing activities:
Proceeds from additional borrowings 184,074 139,344
Debt payments (198,259 ) (211,935 )
Dividends paid (41,968 ) (39,013 )
Proceeds from options exercised and other   3,205     14,063  
 
Net cash used in financing activities   (52,948 )   (97,541 )
 
Effect of exchange rate changes on cash and cash equivalents   (7,292 )   (1,025 )
 
Net increase in cash and cash equivalents 8,600 2,036
Cash and cash equivalents at beginning of period   14,255     12,219  
Cash and cash equivalents at end of period $ 22,855   $ 14,255  
 
 
 
Supplemental Information
Twelve Months Ended December 31, 2011 2010
 
Depreciation and amortization $ 46,099 $ 43,423
 
Dividends per share $ 0.84 $ 0.79




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