Sensient Technologies Corporation Reports Results For The Quarter Ended March 31, 2012

www.sensient.com

Sensient Technologies Corporation
(In thousands, except percentages and per share amounts)
Consolidated Statements of Earnings			Three Months Ended March 31,
			2012				2011				% Change
Revenue			$	365,660			$	349,686			4.6%
Cost of products sold				250,328				241,979			3.5%
Selling and administrative expenses				68,843				64,110			7.4%
Operating income				46,489				43,597			6.6%
Interest expense				4,406				4,850
Earnings before income taxes				42,083				38,747			8.6%
Income taxes				13,177				12,332
Net earnings			$	28,906			$	26,415			9.4%
Earnings per common share:
Basic			$	0.58			$	0.53			9.4%
Diluted			$	0.58			$	0.53			9.4%
Average common shares outstanding:
Basic				49,795				49,637			0.3%
Diluted				50,016				49,818			0.4%
Results by Segment			Three Months Ended March 31,
Revenue			2012				2011				% Change
Flavors & Fragrances			$	214,731			$	205,974			4.3%
Color				131,272				125,671			4.5%
Corporate & Other *				37,176				34,595			7.5%
Intersegment elimination				(17,519	)			(16,554	)		5.8%
Consolidated			$	365,660			$	349,686			4.6%
Operating Income
Flavors & Fragrances			$	29,065			$	28,610			1.6%
Color				25,522				22,347			14.2%
Corporate & Other *				(8,098	)			(7,360	)		10.0%
Consolidated			$	46,489			$	43,597			6.6%
* Beginning in the first quarter of 2012, the results of operations for the Company's flavor businesses in Central and South America, previously reported in the Flavors & Fragrances Group, are reported in the Corporate & Other segment. Results for 2011 have been restated to reflect this change.

Sensient Technologies Corporation
(In thousands, except per share amounts)
Consolidated Condensed Balance Sheets
March 31,					2012					2011
Current assets					$	733,790				$	693,612
Goodwill and intangibles (net)						466,461					472,150
Property, plant and equipment (net)						463,082					442,195
Other assets						38,070					35,854
Total Assets					$	1,701,403				$	1,643,811
Current liabilities					$	198,700				$	195,203
Long-term debt						336,716					323,216
Accrued employee and retiree benefits						54,068					55,016
Other liabilities						32,523					35,782
Shareholders' equity						1,079,396					1,034,594
Total Liabilities and Shareholders' Equity					$	1,701,403				$	1,643,811
Consolidated Statements of Cash Flows
Three Months Ended March 31,					2012					2011
Net cash provided by operating activities					$	8,978				$	28,413
Cash flows from investing activities:
Acquisition of property, plant and equipment						(16,939	)				(10,124	)
Proceeds from sale of assets						32					-
Other investing activity						(94	)				(60	)
Net cash used in investing activities						(17,001	)				(10,184	)
Cash flows from financing activities:
Proceeds from additional borrowings						31,364					12,002
Debt payments						(11,613	)				(23,131	)
Purchase of treasury stock						(15,360	)				-
Dividends paid						(10,561	)				(10,487	)
Proceeds from options exercised and other						272					1,319
Net cash used in financing activities						(5,898	)				(20,297	)
Effect of exchange rate changes on cash and cash equivalents						4,415					1,833
Net decrease in cash and cash equivalents						(9,506	)				(235	)
Cash and cash equivalents at beginning of period						22,855					14,255
Cash and cash equivalents at end of period					$	13,349				$	14,020
Supplemental Information
Three Months Ended March 31,					2012					2011
Depreciation and amortization					$	12,037				$	11,588
Dividends per share					$	0.21				$	0.21

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