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Balchem Corporation Announces Fourth Quarter 2012 Results

Stocks in this article: BCPC

Quarterly Conference Call

A quarterly conference call will be held on Thursday, February 21, 2013 at 11 AM Eastern Time (ET) to review fourth quarter 2012 results. Dino A. Rossi, Chairman, President and CEO, and Frank Fitzpatrick, Chief Financial Officer, will host the call. We invite you to listen to the conference by calling toll-free 1-877-407-8289 (local dial-in 1-201-689-8341), five minutes prior to the scheduled start time of the conference call. The conference call will be available for digital replay two hours after the conclusion of the call through end of day Friday, March 8, 2013. To access the replay of the conference call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use conference ID #408976.

Segment Information

Balchem Corporation consists of three business segments: ARC Specialty Products; Food, Pharma & Nutrition; and Animal Nutrition & Health. Through ARC Specialty Products, Balchem provides specialty-packaged chemicals for use in healthcare and other industries. The Food, Pharma & Nutrition segment provides proprietary microencapsulation solutions to a variety of applications in the human food, pharmaceutical and nutrition marketplaces. The Animal Nutrition & Health segment manufactures and supplies products to numerous animal health markets and certain derivative products into industrial applications.

Forward-Looking Statements

This release contains forward-looking statements, which reflect Balchem's expectation or belief concerning future events that involve risks and uncertainties. Balchem can give no assurance that the expectations reflected in forward-looking statements will prove correct and various factors could cause results to differ materially from Balchem's expectations, including risks and factors identified in Balchem's annual report on Form 10-K for the year ended December 31, 2011. Forward-looking statements are qualified in their entirety by the above cautionary statement. Balchem assumes no duty to update its outlook or other forward-looking statements as of any future date.

Selected Financial Data        
($ in 000's)        
         
Business Segment Net Sales:        
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
ARC Specialty Products  $ 12,958  $ 12,335  $ 49,990  $ 47,851
Food, Pharma & Nutrition 10,664 9,605 44,070 42,525
Animal Nutrition & Health 56,438 47,793 216,333 201,491
Total  $ 80,060  $ 69,733  $ 310,393  $ 291,867
         
Business Segment Earnings:        
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
ARC Specialty Products  $ 5,509  $ 5,041  $ 20,332  $ 18,636
Food, Pharma & Nutrition 2,339 2,618 11,335 11,113
Animal Nutrition & Health 7,189 6,034 28,110 26,476
Interest and other income  70 79 67 513
Total  $ 15,107  $ 13,772  $ 59,844  $ 56,738
     
Selected Balance Sheet Items    
     
  December 31, 2012 December 31, 2011
Cash and Cash Equivalents  $ 144,737  $ 114,781
Accounts Receivable  41,999 34,433
Inventories  20,693 18,637
Other Current Assets  4,480 7,889
Total Current Assets  211,909 175,740
     
Property, Plant, & Equipment (net)  52,725 44,282
Other Assets  47,911 51,695
Total Assets   $ 312,545  $ 271,717
     
Current Liabilities  $ 30,234  $ 30,913
Long-Term Obligations 9,299 8,795
Total Liabilities 39,533 39,708
     
Stockholders' Equity 273,012 232,009
     
Total Liabilities and Stockholders' Equity  $ 312,545  $ 271,717
   
Consolidated Statements of Cash Flows Twelve Months Ended December 31,
  2012 2011
     
     
Cash flows from operating activities:    
Net earnings  $ 40,005  $ 38,765
     
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization  9,641  9,291
Stock compensation expense  3,906  3,692
Shares issued under employee benefit plans  310  475
Deferred income tax expense  (92)  307
Provision for (recovery of) doubtful accounts   57  (27)
Foreign currency transaction loss   88  197
Loss on impairment of assets  --   94
Changes in assets and liabilities    
Accounts receivable  (7,642)  (2,697)
Inventories  (1,979)  (3,009)
Prepaid expenses and other current assets  (387)  (339)
Accounts payable and accrued expenses  5,775  739
Income taxes  3,890  (2,924)
Other   209  338
Net cash provided by operating activities  53,781  44,902
     
Cash flows from investing activities:    
Capital expenditures  (13,883)  (6,612)
Proceeds from sale of property, plant and equipment  --   28
Intangible assets acquired  (121)  (25)
Net cash used in investing activities  (14,004)  (6,609)
     
Cash flows from financing activities:    
Proceeds from long-term debt  178  -- 
Principal payments on long-term debt  (1,386)  (3,557)
Proceeds from stock options exercised and restricted shares purchased  1,905  4,451
Excess tax benefits from stock compensation  2,862  2,894
Dividends paid  (11,703)  (4,311)
Purchase of treasury stock   (1,699)  (109)
Net cash used in financing activities  (9,843)  (632)
     
Effect of exchange rate changes on cash  22  (133)
     
Increase in cash and cash equivalents  29,956  37,528
     
Cash and cash equivalents beginning of period  114,781  77,253
Cash and cash equivalents end of period  $ 144,737  $ 114,781
CONTACT: Karin McCaffery, Balchem Corporation
         Telephone: 845-326-5635

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