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Balchem Corporation Announces First Quarter 2013 Results

NEW HAMPTON, N.Y., May 3, 2013 (GLOBE NEWSWIRE) -- Balchem Corporation (Nasdaq:BCPC) reported as follows (unaudited) for the period ended March 31, 2013.

($000 Omitted Except for Net Earnings per Share)
     
For the Three Months Ended March 31,
     
  2013 2012
  Unaudited
Net sales $84,651 $76,203
Gross margin 24,232 21,158
Operating expenses 8,367 7,483
Earnings from operations 15,865 13,675
Other expense (income) 2 (13)
Earnings before income tax expense 15,863 13,688
Income tax expense 4,975 4,420
Net earnings $10,888 $9,268
     
Diluted net earnings per common share $0.36 $0.31
     
Shares used in the calculation of diluted net earnings per common share 30,622 30,334

Record Quarterly Sales & Net Earnings

For the quarter ended March 31, 2013, the company achieved record quarterly net sales of $84.7 million, which is an increase of approximately 11% above the $76.2 million result of the prior year comparative quarter. Record quarterly net earnings were achieved of $10.9 million, an increase of $1.6 million, or 17.5% as compared with the same period last year. The $10.9 million generated diluted net earnings of $0.36 per common share versus $0.31 per common share for the prior year comparable period, an increase of 16.1%.

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