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Balchem Corporation Announces Fourth Quarter 2012 Results

NEW HAMPTON, N.Y., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Balchem Corporation (Nasdaq:BCPC) reported as follows (unaudited) for the period ended December 31, 2012.

($000 Omitted Except for Net Earnings per Share)
     
For the Three Months Ended December 31,
     
  2012 2011
  Unaudited
 Net sales  $ 80,060 $ 69,733
 Gross margin 22,399 20,843
 Operating expenses 7,362 7,150
 Earnings from operations  15,037 13,693
 Other income  70 79
 Earnings before income tax expense 15,107 13,772
 Income tax expense  5,215 4,276
 Net earnings  $ 9,892 $ 9,496
     
 Diluted net earnings per common share  $ 0.33 $ 0.31
     
Shares used in the calculation of diluted net earnings per common share 30,391 30,343
     
For the Twelve Months Ended December 31,
     
  2012 2011
  Unaudited
 Net sales  $ 310,393 $ 291,867
 Gross margin 89,539 86,001
 Operating expenses 29,762 29,776
 Earnings from operations  59,777 56,225
 Other income 67 513
 Earnings before income tax expense 59,844 56,738
 Income tax expense  19,839 17,973
 Net earnings  $ 40,005 $ 38,765
     
 Diluted net earnings per common share  $ 1.32 $ 1.28
     
Shares used in the calculation of diluted net earnings per common share 30,353 30,244

Record Quarterly Sales & Net Earnings

For the quarter ended December 31, 2012, the company achieved record quarterly net sales of $80.1 million, which is an increase of approximately 15% above the $69.7 million result of the prior year comparative quarter. Record fourth quarter net earnings were achieved of $9.9 million, an increase of $0.4 million, or 4.2% as compared with the same period last year. The $9.9 million generated diluted net earnings of $0.33 per common share versus $0.31 per common share for the prior year comparable period, an increase of 6.5%.

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