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Calgon Carbon's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Equipment sales increased $8.2 million or 70.3% for the second quarter of 2012 compared to 2011's second quarter primarily due to higher revenue recognition from ballast water treatment Systems.

Consumer sales increased slightly by approximately $68,000 or 3.2% for the second quarter of 2012 compared to 2011's second quarter as a result of higher demand for activated carbon cloth products.

Consolidated gross profit before depreciation and amortization as a percent of net sales was 31% in the second quarter of 2012 compared to 32.8% in the second quarter of 2011, a decrease of 1.8 percentage points. The decline was primarily in the activated carbon and service segment as a result of higher coal and plant maintenance costs.

Depreciation and amortization expense was $6.4 million in the second quarter of 2012 compared to $5.7 million in the second quarter of 2011. The increase of $700,000 or 12.3% is primarily the result of additional depreciation related to capital improvements made at the company's Feluy, Belgium and Catlettsburg, Kentucky facilities.

Selling, administrative and research expenses were $23.1 million during the second quarter of 2012 versus $22.5 million in 2011, an increase of $600,000 or 2.7%. This increase was primarily related an increase in advance product testing costs related both to mercury removal from flu gas and the use of activated carbon in ultra capacitors. As a percent of sales, these expenses were 15.6% in the second quarter of 2012 as compared to 16.6% for the second quarter of 2011, a 1 percentage point improvement, as well as a 1.9% point improvement over the first quarter of 2012 which was 17.5%.

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