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Calgon Carbon Announces Third Quarter Results

Stocks in this article: CCC

Calgon Carbon Corporation (NYSE: CCC) reported results for the third quarter ended September 30, 2012.

For the third quarter of 2012, the company reported a net loss of $0.08 per fully diluted share, as compared to fully diluted earnings per share of $0.25 for the third quarter of 2011.

Net loss for the third quarter of 2012 was $4.5 million versus net income of $14.5 million for the comparable period of 2011.

A restructuring charge of $8.0 million for the third quarter of 2012, related to a previously announced cost reduction program, included $3.7 million of severance and a $3.6 million impairment charge for the permanent closure of the company’s activated carbon manufacturing facility in Datong, China. Results for the third quarter of 2011 included $2.8 million of income due to the reversal of an uncertain tax position liability.

Net sales for the third quarter of 2012 were $135.5 million versus third quarter 2011 sales of $143.6 million, a decrease of 5.6%. Currency translation had a $3.2 million negative impact on sales for the third quarter of 2012 due to the stronger U.S. dollar.

For the third quarter of 2012, sales of Activated Carbon and Service decreased by 11.6%, as compared to the third quarter of 2011. The decline was primarily due to lower demand for activated carbon in the municipal drinking water, environmental air, and wastewater markets. These decreases were partially offset by higher demand for activated carbon in the food market.

Equipment sales increased by 57.5% versus the third quarter of 2011 due to higher revenue recognition on ballast water treatment systems and, to a lesser extent, on ion exchange systems. Third quarter Consumer sales increased 13.3% over the comparable period of 2011 due to higher demand for activated carbon cloth. Net sales less the cost of products sold as a percentage of net sales was 27.3% for the third quarter of 2012 versus 33.8% for the third quarter of 2011. The decline was attributable to maintenance issues, delays associated with a capital project, and hurricane damage at the company’s Pearl River plant, which increased the cost of goods sold by $2.5 million. A $1.7 million write-off of obsolete inventory also contributed to the decline.

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