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Sensient Technologies Corporation Reports Results For The Quarter And Year Ended December 31, 2012

Sensient Technologies Corporation (NYSE: SXT) reported record revenue and earnings per share for 2012. Consolidated revenue was $1.5 billion in 2012, compared to $1.4 billion in 2011. Diluted earnings per share increased to $2.49 for the year, up from $2.41 reported in 2011. In local currency, 2012 revenue increased by 5% and diluted earnings per share increased by 6%, as foreign currency translation reduced reported earnings by seven cents per share for the year. Consolidated operating income was $191.2 million in 2012 compared to $190.8 million reported in 2011. In local currency, operating income increased by 3% for the year.

Consolidated revenue for the fourth quarter of 2012 was $356.2 million, a fourth quarter record and an increase of 4.7% over the $340.4 million reported in last year’s fourth quarter. Earnings per share were 55 cents in the fourth quarter of 2012 compared to 57 cents in the fourth quarter of 2011. The impact of foreign currency translation was less than one percent in the fourth quarter for revenue, operating income and earnings per share.

Cash provided by operating activities in 2012 was $139.4 million, compared to $142.9 million in 2011. Total debt as of December 31, 2012, was $354.0 million compared to $335.4 million as of December 31, 2011. The Company’s total debt to total capital ratio improved to 23.5% on December 31, 2012, from 24.2% at the end of last year.

The Company is initiating a broad strategic and restructuring plan in the first quarter of 2013. One component of the plan will focus on relocating the Flavors & Fragrances Group headquarters, technical groups, and North American management to Chicago. The relocation of the Flavors & Fragrances Group headquarters will give the Company better access to its customers, improve its access to food industry talent, improve access to worldwide air service and allow it to showcase its broad product portfolio in a state-of-the-art facility. The Company expects to incur personnel and moving related costs between $12 million and $14 million over the next 12 to 18 months as a result of this relocation. This plan does not anticipate the relocation of the Indianapolis production site.

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