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Calgon Carbon Reports 2012 Second Quarter Results

For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com.

Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner.

This news release contains historical information and forward-looking statements. Forward-looking statements typically contain words such as “expect,” “believe,” “estimate,” “anticipate,” or similar words indicating that future outcomes are uncertain. Statements looking forward in time, including statements regarding future growth and profitability, price increases, cost savings, broader product lines, enhanced competitive posture and acquisitions, are included in the company’s most recent Annual Report pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. They involve known and unknown risks and uncertainties that may cause the company’s actual results in future periods to be materially different from any future performance suggested herein. Further, the company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the company’s control. Some of the factors that could affect future performance of the company are higher energy and raw material costs, costs of imports and related tariffs, labor relations, capital and environmental requirements, changes in foreign currency exchange rates, borrowing restrictions, validity of patents and other intellectual property, and pension costs. In the context of the forward-looking information provided in this news release, please refer to the discussions of risk factors and other information detailed in, as well as the other information contained in the company’s most recent Annual Report.

Calgon Carbon Corporation
Condensed Consolidated Statement of Income
(Dollars in thousands except per share data)
(Unaudited)
  Quarter Ended   Six Months Ended
June 30, June 30,
2012   2011 2012   2011
 
Net Sales $ 148,403   $ 135,298   $ 285,011   $ 259,678  
 
Cost of Products Sold 102,456 90,864 196,282 173,853
 
Depreciation and Amortization 6,442 5,655 12,955 11,195
 
Selling, Administrative & Research 23,092 22,499 47,038 44,831
 
Environmental and Litigation   (172 )   (1,135 )   (19 )   (956 )
 
  131,818     117,883     256,256     228,923  
 
Income from Operations 16,585 17,415 28,755 30,755
 
Interest Income (Expense) - Net 17 58 10 103
 
Other Income (Expense) - Net   (513 )   (46 )   (764 )   (236 )
 
Income Before Income Tax Provision 16,089 17,427 28,001 30,622
 
Income Tax Provision   5,205     6,136     9,379     10,854  
 
Net Income $ 10,884   $ 11,291   $ 18,622   $ 19,768  
 
Net Income per Common Share
Basic $ .19 $ .20 $ .33 $ .35
 
Diluted $ .19 $ .20 $ .33 $ .35
 

Weighted Average Shares Outstanding (Thousands)

Basic 56,639 56,188 56,576 56,156
 
Diluted 57,190 57,054 57,157 56,974
 

Calgon Carbon Corporation

       

Segment Data:

 

Segment Sales

2Q12 2Q11 YTD 2012 YTD 2011
 
Activated Carbon and Service 126,353 121,522 243,590 234,406
Equipment 19,887 11,681 36,005 20,798
Consumer   2,163   2,095     5,416   4,474  
 
Total Sales (thousands) $ 148,403 $ 135,298 $ 285,011 $ 259,678
 
Segment

Operating Income (loss)*

2Q12 2Q11 YTD 2012 YTD 2011
 
Activated Carbon and Service 20,526 24,890 37,829 43,957
Equipment 1,999 (484 ) 2,531 (866 )
Consumer   502   (1,336 )   1,350   (1,141 )
 
Income from Operations (thousands) $ 23,027 $ 23,070 $ 41,710 $ 41,950
 

*Before depreciation and amortization. The 2011 quarter and year to date periods include a $1.3 million charge related to a discontinued product line in the Consumer Segment as well as a $1.3 million reduction in an environmental liability in the Activated Carbon and Service segment.

 

Calgon Carbon Corporation

Condensed Consolidated Balance Sheet

(Dollars in thousands)

(Unaudited)
   
June 30, December 31,
2012 2011
 
Assets
 
Current assets:
 
Cash and cash equivalents $ 16,575 $ 13,574
 
Restricted cash 1,106 1,152
 
Receivables 102,426 102,540
 
Inventories 118,297 118,348
 
Other current assets   45,728   42,327
 
Total current assets 284,132 277,941
 
Property, plant and equipment, net 253,791 234,549
 
Other assets   40,438   40,500
 
Total assets $ 578,361 $ 552,990
 
Liabilities and Shareholders' Equity
 
Current liabilities:
 
Short-term debt $ 35,065 $ 22,894
 
Current portion of long-term debt 2,572 3,372
 
Other current liabilities   87,553   89,721
 
Total current liabilities 125,190 115,987
 
Long-term debt 284 1,103
 
Other liabilities   58,331   58,783
 
Total liabilities 183,805 175,873
 
Total shareholders' equity   394,556   377,117
 

Total liabilities and shareholders' equity

$ 578,361 $ 552,990




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