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IFF Reports Fourth Quarter And Full Year 2012 Results

In the fourth quarter of 2012, there were no items impacting comparability.

           

 

Fourth Quarter 2011

Items Impacting Comparability

Reported (GAAP)

   

Patent Litigation Settlement

Restructuring and Other Charges

Adjusted (Non-GAAP)

 
Net Sales 644,383 - -
Cost of Goods Sold 399,985 - -
Gross Profit 244,398 - -
Research and Development 52,459 - -
Selling and Administrative 134,349 (33,495) - 100,854
RSA Expense 186,808 (33,495) - 153,313
Restructuring and other charges, net 9,805 - (9,805) (a) -
Operating Profit 47,785 33,495 9,805 91,085
Interest Expense 10,670 - -
Other (income) expense, net (3,415) - -
Income before taxes 40,530 33,495 9,805 83,830
Income Taxes 16,136 (3,649) (2,901) 22,686
Net Income 24,394       29,846   6,904       61,144
 
Earnings per share - diluted $0.30 (b) $0.36 $0.08 $0.74
 
(a)   Primarily related to category realignment and reduction in workforce ($8M Fragrances, $1.5M Flavors and $0.5M Corporate)
(b) The sum of EPS Reported, plus the per share effects of items added back to reconcile to EPS as Adjusted, may not equal the total EPS as Adjusted, due to rounding differences

International Flavors & Fragrances Inc.

Reconciliation of Income

(Amounts in thousands)

(Unaudited)

The following information and schedules provide reconciliation information between reported GAAP amounts and certain adjusted amounts. This information and schedules is not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.

               
Full Year 2012
Items Impacting Comparability

Reported (GAAP)

Spanish Tax Settlement

Restructuring and Other Charges

Adjusted (Non-GAAP)

 
Net Sales 2,821,446 - -
Cost of Goods Sold 1,645,912 - -
Gross Profit 1,175,534 - -
Research and Development 233,713 - -
Selling and Administrative 453,535 - -
RSA Expense 687,248 -

-

Restructuring and other charges, net 1,668 - (1,668 ) (b)

-

Operating Profit 486,618 - 1,668 488,286
Interest Expense 41,753 - -
Other (Income) expense, net 1,450 - -
Income before taxes 443,415 - 1,668 445,083
Taxes on Income 189,281 72,362 (a) (621 ) 117,540
Net Income 254,134    

72,362

 

      1,047         327,543
 
Earnings per share - diluted $3.09 $ 0.88 $0.01 $3.98
 
(a)   Pursuant to the Spanish tax settlement announced on August 2; includes a $0.71 per share charge to net income covering the fiscal years 2004 - 2010, and a $0.17 per share accrual for uncertain tax positions for years not settled
(b) Related to restructuring program announced in Q1 2012
               
Full Year 2011
Items Impacting Comparability
 

Reported (GAAP)

Patent Litigation Settlement

Restructuring and Other Charges

Adjusted (Non-GAAP)

 
Net Sales 2,788,018 - -
Cost of Goods Sold 1,683,362 - -
Gross Profit 1,104,656 - -
Research and Development 219,781 - -
Selling and Administrative 443,974 (33,495) - 410,479
RSA Expense 663,755 (33,495) - 630,260
Restructuring and other charges, net 13,172 - (13,172) (a) -
Operating Profit 427,729 33,495 13,172 474,396
Interest Expense 44,639 - -
Other (income) expense, net 9,544 - -
Income before taxes 373,546 33,495 13,172 420,213
Income Taxes 106,680 (3,649) (3,728) 114,057
Net Income 266,866       29,846   9,444       306,156
 
Earnings per share - diluted $3.26 (b) $0.36 $0.11 $3.74
 
(a)   Related to category realignment and reduction in workforce ($8M Fragrances, $1.5M Flavors and $0.5M Corporate) and Fragrance European facility rationalization ($3.4M)
(b) The sum of EPS Reported, plus the per share effects of items added back to reconcile to EPS as Adjusted, may not equal the total EPS as Adjusted, due to rounding differences




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