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Calgon Carbon Reports 2013 Second Quarter Results

Stocks in this article: CCC

Calgon Carbon Corporation (NYSE: CCC) reported results for the second quarter ended June 30, 2013.

Net income for the second quarter of 2013 was $13.0 million versus $10.9 million for the comparable period of 2012, a 19.2% increase. On a fully diluted basis, net income per common share for the second quarter of 2013 was $0.24 as compared to $0.19 for the second quarter of 2012.

The company reported net sales of $140.4 million for the second quarter of 2013 versus $148.4 million for the second quarter of 2012. Currency translation had a $3.2 million negative effect on sales for the second quarter of 2013 due to the weaker yen.

For the second quarter of 2013, sales for the Activated Carbon and Service segment declined 1.9% as compared to the second quarter of 2012. The decline was primarily due to lower demand for activated carbon in the environmental air and environmental wastewater markets. Our 2013 price increase, higher demand for activated carbon products and services for the municipal market in Japan, and higher sales of activated carbon for the respirator market offset this decline.

Equipment sales for the second quarter of 2013 decreased by $5.6 million, or 28.1% versus the comparable period in 2012, due to lower revenue from ballast water treatment systems. Higher sales of traditional UV disinfection systems and ion exchange systems partially offset the decline.

Consumer sales for the second quarter of 2013 were comparable to sales in the second quarter of 2012.

For the second quarter of 2013, net sales less the cost of products sold (excluding depreciation) as a percentage of net sales was 33.0% versus 31.0% for the second quarter of 2012. The increase was attributed to our 2013 price increase, lower plant maintenance costs and the corporate-wide cost improvement initiative.

Selling, administrative and research (SA&R) expenses for the second quarter of 2013 were $18.9 million versus $23.1 million for the comparable period of 2012. The decrease was primarily due to lower employee related expenses resulting from the company’s cost improvement initiatives. SA&R for the second quarter of 2013 also included a $0.9 million benefit from the reduction of a multiemployer pension plan liability.

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