This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Innospec Reports First Quarter 2013 Financial Results

Continued sales growth and further margin improvement in Fuel Specialties

Performance Chemicals' Personal Care market strong; 9 percent growth in Americas

Substantial cash generation; $17.9 million inflows; highly liquid balance sheet

Year-over-year adjusted non-GAAP diluted EPS $0.72 vs. $1.00 – with expected decline in Octane Additives, plus higher costs for business and technology expansion, enhanced compliance and share based compensation

LITTLETON, Colo., May 6, 2013 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced its financial results for the first quarter ended March 31, 2013.

Total net sales for the quarter were $199.4 million, essentially unchanged from the $200.8 million reported in the corresponding quarter last year. Net income was $18.0 million, or $0.75 per diluted share, compared to $24.6 million, or $1.03 per diluted share, recorded a year ago. EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) for the quarter was $27.9 million, a 21 percent decrease from $35.2 million in the year-ago period, reflecting the continued and expected decline in the Octane Additives business. This year's first quarter reflected $8.8 million more in operating expenses over 2012, relating to costs for enhanced compliance, research and development, new product testing, and headcount additions, as the company continues to build the platform for future growth.

Results for the first quarter include after-tax foreign currency exchange gains of $0.8 million, or $0.03 per diluted share, unchanged from a year ago. Excluding these items, adjusted non-GAAP EPS was $0.72 per diluted share, compared to $1.00 per diluted share a year ago. Cash generation for the quarter was particularly strong, with operating cash inflows of $17.9 million, before capital expenditures during the quarter of $4.3 million. Net cash stood at $11.2 million at the end of the quarter.

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 March 31, 2013 Quarter ended March 31, 2012
             
(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  $ 22.9  $ 18.0  $ 0.75  $ 32.0  $ 24.6  $ 1.03
Foreign currency exchange gains (1.0) (0.8) (0.03) (1.1) (0.8) (0.03)
Adjusted non-GAAP amounts  $ 21.9  $ 17.2  $ 0.72  $ 30.9  $ 23.8  $ 1.00

Commenting on the results, Patrick Williams, President and Chief Executive Officer, said, "We had a very good first quarter, and we are particularly pleased with continued impressive showings in Fuel Specialties and the Personal Care sub-segment of Performance Chemicals. It is important to note that our strong cash management policies and procedures have enabled us to maintain a very solid and liquid balance sheet position, to allow us to continue to pursue growth opportunities at Innospec.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs