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

A replay will be available beginning at 1:00 p.m. CST on February 8, 2013, through midnight on February 15, 2013, by calling [phone] and referring to conference identification number 91449690. A transcript of the call will also be posted on the company’s web site at www.sensient.com after the call concludes.

This release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) that reflect management’s current assumptions and estimates of future economic circumstances, industry conditions, company performance and financial results. A variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results, including, but not limited to the factors noted in this press release and in the Management’s Discussion and Analysis in our most recently filed annual report on Form 10-K for the year ended December 31, 2011, and quarterly report on Form 10-Q for the quarter ended September 30, 2012. The forward-looking statements in this press release speak only as to the date of this release. Sensient Technologies Corporation expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations upon which such statements are based.

ABOUT SENSIENT TECHNOLOGIES

Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors and fragrances. Sensient employs advanced technologies at facilities around the world to develop specialty food and beverage systems, cosmetic and pharmaceutical systems, inkjet and specialty inks and colors, and other specialty and fine chemicals. The Company’s customers include major international manufacturers representing most of the world’s best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.

www.sensient.com

Sensient Technologies Corporation
(In thousands, except percentages and per share amounts)
Consolidated Statements of Earnings					Three Months Ended December 31,											Twelve Months Ended December 31,
					2012				2011				% Change			2012				2011				% Change
Revenue					$	356,242			$	340,358			4.7	%		$	1,459,050			$	1,430,789			2.0	%
Cost of products sold						245,979				232,221			5.9	%			995,907				981,137			1.5	%
Selling and administrative expenses						70,543				65,187			8.2	%			271,935				258,829			5.1	%
Operating income						39,720				42,950			-7.5	%			191,208				190,823			0.2	%
Interest expense						3,665				4,520							16,901				19,439
Earnings before income taxes						36,055				38,430			-6.2	%			174,307				171,384			1.7	%
Income taxes						8,834				9,844							50,399				50,900
Net earnings					$	27,221			$	28,586			-4.8	%		$	123,908			$	120,484			2.8	%
Earnings per common share:
	Basic				$	0.55			$	0.57			-3.5	%		$	2.50			$	2.42			3.3	%
	Diluted				$	0.55			$	0.57			-3.5	%		$	2.49			$	2.41			3.3	%
Average common shares outstanding:
	Basic					49,538				49,814			-0.6	%			49,596				49,746			-0.3	%
	Diluted					49,737				50,013			-0.6	%			49,822				49,937			-0.2	%
Results by Segment					Three Months Ended December 31,											Twelve Months Ended December 31,
Revenue					2012				2011				% Change			2012				2011				% Change
Flavors & Fragrances					$	216,933			$	205,397			5.6	%		$	875,281			$	857,460			2.1	%
Color						114,294				112,843			1.3	%			494,145				491,881			0.5	%
Corporate & Other*						40,369				35,050			15.2	%			156,812				143,565			9.2	%
Intersegment elimination						(15,354	)			(12,932	)		18.7	%			(67,188	)			(62,117	)		8.2	%
Consolidated					$	356,242			$	340,358			4.7	%		$	1,459,050			$	1,430,789			2.0	%
Operating Income
Flavors & Fragrances					$	28,663			$	31,802			-9.9	%		$	122,997			$	129,436			-5.0	%
Color						19,128				20,331			-5.9	%			94,058				90,217			4.3	%
Corporate & Other*						(8,071	)			(9,183	)		-12.1	%			(25,847	)			(28,830	)		-10.3	%
Consolidated					$	39,720			$	42,950			-7.5	%		$	191,208			$	190,823			0.2	%

* Beginning in the first quarter of 2012, the results of operations for certain flavor locations in Central and South America, previously reported in the Flavors & Fragrances Group, are reported in the Corporate & Other segment. Results for 2011 have been restated to reflect this change.

Sensient Technologies Corporation
(In thousands, except per share amounts)
Consolidated Condensed Balance Sheets
December 31,									2012				2011
Current assets									$	751,354			$	706,870
Goodwill and intangibles (net)										462,896				457,025
Property, plant and equipment (net)										514,708				451,539
Other assets										47,685				38,730
	Total Assets								$	1,776,643			$	1,654,164
Current liabilities									$	204,236			$	207,275
Long-term debt										333,979				312,422
Accrued employee and retiree benefits										60,527				52,252
Other liabilities										24,003				33,005
Shareholders' equity										1,153,898				1,049,210
	Total Liabilities and Shareholders' Equity								$	1,776,643			$	1,654,164
Consolidated Statements of Cash Flows
Twelve Months Ended December 31,									2012				2011
Net cash provided by operating activities									$	139,366			$	142,877
Cash flows from investing activities:
	Acquisition of property, plant and equipment									(103,806	)			(72,200	)
	Proceeds from sale of assets									1,364				2,076
	Acquisition of new businesses, net of cash acquired									-				(3,706	)
	Other investing activity									(242	)			(207	)
Net cash used in investing activities										(102,684	)			(74,037	)
Cash flows from financing activities:
	Proceeds from additional borrowings									73,903				184,074
	Debt payments									(58,052	)			(198,259	)
	Purchase of treasury stock									(23,154	)			-
	Dividends paid									(43,426	)			(41,968	)
	Proceeds from options exercised and other									1,957				3,205
Net cash used in financing activities										(48,772	)			(52,948	)
Effect of exchange rate changes on cash and cash equivalents										4,297				(7,292	)
Net (decrease) increase in cash and cash equivalents										(7,793	)			8,600
Cash and cash equivalents at beginning of period										22,855				14,255
Cash and cash equivalents at end of period									$	15,062			$	22,855
Supplemental Information
Twelve Months Ended December 31,									2012				2011
Depreciation and amortization									$	48,352			$	46,099
Dividends per share									$	0.87			$	0.84

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