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

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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