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||--||--||--|
|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|
|Adjusted non-GAAP amounts||$ 35.6||$ 21.4||$ 0.89||$ 23.4||$ 22.6||$ 0.94|