Thomas E. GottwaldThe results for both the fourth quarter and year for both this year and last year include the impact from valuing an interest rate swap agreement at fair value at the end of each reporting period. This year’s fourth quarter and year also include a tax benefit from the special $25 per share dividend paid in the fourth quarter. The current year results also include a loss on the early extinguishment of debt while the results for the year 2011 include a gain on a legal settlement. The Company is reporting net income including these items, as well as income excluding them, and related per share amounts in the Summary of Earnings included in the earnings release. The Company has also included the non-GAAP financial measure EBITDA in this earnings release. A schedule following the financial statements included in this earnings release is provided reflecting the calculation of EBITDA, defined as net income, before the deduction of interest and financing expenses, income taxes, depreciation and amortization. EBITDA is shown on the schedule both including and excluding the items noted above. The Company believes that even though these items are not required by or presented in accordance with United States generally accepted accounting principles (GAAP), these additional measures enhance understanding of the Company’s performance and period to period comparability. The Company believes that these items should not be considered an alternative to net income determined under GAAP.
NewMarket Corporation Reports Record Results For The Year 2012
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