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Calgon Carbon Announces Fourth Quarter And 2012 Results

For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com.

Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner.

This news release contains historical information and forward-looking statements. Forward-looking statements typically contain words such as “expect,” “believe,” “estimate,” “anticipate,” or similar words indicating that future outcomes are uncertain. Statements looking forward in time, including statements regarding future growth and profitability, price increases, cost savings, broader product lines, enhanced competitive posture and acquisitions, are included in the company’s most recent Annual Report pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. They involve known and unknown risks and uncertainties that may cause the company’s actual results in future periods to be materially different from any future performance suggested herein. Further, the company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the company’s control. Some of the factors that could affect future performance of the company are changes in, or delays in the implementation of, regulations that cause a market for our products, acquisitions, higher energy and raw material costs, costs of imports and related tariffs, labor relations, capital and environmental requirements, changes in foreign currency exchange rates, borrowing restrictions, validity of patents and other intellectual property, and pension costs. In the context of the forward-looking information provided in this news release, please refer to the discussions of risk factors and other information detailed in, as well as the other information contained in the company’s most recent Annual Report.
           
 
Calgon Carbon Corporation
Condensed Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)
 
December 31, December 31,
2012 2011
 
Assets
 
Current assets:
 
Cash and cash equivalents $ 18,161 $ 13,574
 
Restricted cash - 1,152
 
Receivables 101,918 102,540
 
Inventories 107,166 118,348
 
Other current assets   45,961   42,327
 
Total current assets 273,206 277,941
 
Property, plant and equipment, net 262,993 234,549
 
Other assets   41,570   40,500
 
Total assets $ 577,769 $ 552,990
 
 
Liabilities and Shareholders' Equity
 
Current liabilities:
 
Short-term debt $ 19,565 $ 22,894
 
Current portion of long-term debt - 3,372
 
Other current liabilities   96,085   89,721
 
Total current liabilities 115,650 115,987
 
Long-term debt 44,408 1,103
 
Other liabilities   66,414   58,783
 
Total liabilities 226,472 175,873
 
Total shareholders' equity   351,297   377,117
 
Total liabilities and shareholders' equity $ 577,769 $ 552,990
 

               
 
Calgon Carbon Corporation
Condensed Consolidated Statement of Income
(Dollars in thousands except per share data)
(Unaudited)
 
Quarter Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
 
Net Sales $ 141,777   $ 138,200   $ 562,255   $ 541,472  
 
Cost of Products Sold 97,556 95,501 392,382 364,384
 
Depreciation and Amortization 6,609 7,015 26,320 24,337
 
Selling, Administrative & Research 20,517 27,015 93,370 95,856
 
Restructuring Charges 2,253 - 10,211 -
 
Environmental and Contingencies   130     420     111     (337 )
 
  127,065     129,951     522,394     484,240  
 
Income from Operations 14,712 8,249 39,861 57,232
 
Interest Income (Expense) - Net (54 ) 160 (45 ) 467
 
Other Income (Expense) - Net   (674 )   (818 )   (2,480 )   (1,309 )
 
Income Before Income Tax Provision 13,984 7,591 37,336 56,390
 
Income Tax Provision   4,881     2,650     14,064     17,166  
 
Net Income $ 9,103   $ 4,941   $ 23,272   $ 39,224  
 
Net Income per Common Share
Basic $ .16 $ .09 $ .41 $ .70
 
Diluted $ .16 $ .09 $ .41 $ .69
 

Weighted Average Shares Outstanding (Thousands)
Basic 55,390 56,381 56,304 56,243
 
Diluted 55,837 57,032 56,836 56,994
 

                   
 
Calgon Carbon Corporation
 
 

Segment Data:
 

Segment Sales
4Q12 4Q11 YTD 2012 YTD 2011
 
Activated Carbon and Service 127,194 122,046 485,755 486,468
Equipment 11,833 13,913 66,050 46,274
Consumer   2,750     2,241     10,450   8,730  
 
Total Sales (thousands) $ 141,777 $ 138,200 $ 562,255 $ 541,472
 
Segment

Operating Income (loss)*
4Q12 4Q11 YTD 2012 YTD 2011
 
Activated Carbon and Service 21,924 16,350 61,695 85,989
Equipment (1,203 ) (629 ) 2,054 (2,172 )
Consumer   600     (457 )   2,432   (2,248 )
 
Income from Operations (thousands) $ 21,321 $ 15,264 $ 66,181 $ 81,569
 
 

* Before depreciation and amortization. The 2012 quarter includes a $2.3 million restructuring charge related to the Activated Carbon and Service segment. The year to date 2012 period includes a $10.2 million restructuring charge and a $1.7 million pension charge related to the Activated Carbon and Service Segment. The 2012 year to date period also includes a $1.7 million charge related to the Company's former CEO which has been primarily allocated to the Activated Carbon and Service segment. The 2011 quarter includes a $0.3 million charge related to the former PreZerve product line in the Consumer Segment and a $2.2 million separation charge primarily allocated to the Activated Carbon and Service segment. The year to date 2011 period includes a $1.3 million reduction in an environmental liability in the Activated Carbon and Service segment as well as the above mentioned separation charge. The year to date 2011 period also includes $2.2 million of charges related to the former PreZerve product line in the Consumer segment.

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