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Innospec Reports Fourth Quarter And Full Year 2012 Financial Results

Fourth quarter adjusted non-GAAP diluted EPS of $0.89 meets our expectations Record sales in Fuel Specialties, continued margin strength Higher volumes in all Performance Chemicals' markets Acquisition of Strata Control complete; healthy balance sheet positions Innospec for continued growth

LITTLETON, Colo., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced its financial results for the fourth quarter and full year ended December 31, 2012.

Total net sales for the fourth quarter were $213.7 million, a 7 percent increase from $200.5 million in the corresponding period last year. Net income was $12.7 million, or $0.53 per diluted share, compared with $19.6 million, or $0.82 per diluted share, a year ago. EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) for the quarter was $30.5 million, a 24 percent increase from $24.5 million reported a year ago.

Results for the fourth quarter include some special items, which are summarized in the table below. For the fourth quarter of 2012, these items had a combined negative impact of $8.7 million, or $0.36 per diluted share; a year ago, similar items reduced net income by $3.0 million, or $0.12 per diluted share. Excluding these items from both periods, diluted earnings per share for the fourth quarter of 2012 were $0.89, in line with our expectations, a decrease from $0.94 a year ago.

EBITDA and net income excluding special items, and related per-share amounts, are non-GAAP financial measures that are defined and reconciled with GAAP results herein and in the schedules below. 

  Quarter ended December 31, 2012 Quarter ended December 31, 2011
(in millions, except share and per share data) Income before income taxes Net income Diluted EPS Income before income taxes Net income Diluted EPS
Reported GAAP amounts $ 26.7 $ 12.7 $ 0.53 $ 20.0 $ 19.6 $ 0.82
Tax impact of acquisition-related funding 7.4 7.4 0.31 -- -- --
Acquisition-related costs 2.5 2.0 0.08 -- -- --
Foreign currency exchange (gains)/losses (1.3) (1.0) (0.04) 2.6 2.2 0.09
Adjustment of income tax provisions 0.3 0.3 0.01 0.8 0.8 0.03
  8.9 8.7 0.36 3.4 3.0 0.12
Adjusted non-GAAP amounts $ 35.6 $ 21.4 $ 0.89 $ 23.4 $ 22.6 $ 0.94

Commenting on the results, Patrick Williams, President and Chief Executive Officer, said, "Overall, we had a very good fourth quarter, both operationally and financially, and we finished the year in a very solid position. We delivered on our commitments and shared our success by returning a special dividend to shareholders. We believe Innospec is poised for continued growth and expansion.

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