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Calgon Carbon Reports 2013 Second Quarter Results

Including the aforementioned benefit, SA&R expenses as a percentage of sales improved to 13.4% for the second quarter of 2013 versus 15.6% for the comparable quarter of 2012.

Net sales for the six months ended June 30, 2013, were $275.5 million, a 3.3% decline over the comparable period in 2012. Currency translation had a $6.2 million negative impact on sales for the first half of 2013 due to the weaker yen.

Net income for the six months ended June 30, 2013, was $22.8 million versus $18.6 million for the comparable period of 2012. Fully diluted net income per common share for the first half of 2013 was $0.42. Fully diluted net income per common share for the first half of 2012 was $0.33.

Randy Dearth, Calgon Carbon’s President and Chief Executive Officer, commented on the results, “We continue to make progress with our $30 million cost improvement initiative – both the pace at which we are realizing results, as well the magnitude of the reduction in costs and expenses. I am pleased with the results of our efforts to increase our income from operations. The comparison of quarter-over-quarter and year-over-year results clearly demonstrates our success.

“We will continue to aggressively implement our cost improvement program in advance of the expected step change in sales as compliance with mercury removal and ballast water disinfection regulations draws near.”

For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com.

Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner.

This news release contains historical information and forward-looking statements. Forward-looking statements typically contain words such as “expect,” “believe,” “estimate,” “anticipate,” or similar words indicating that future outcomes are uncertain. Statements looking forward in time, including statements regarding future growth and profitability, price increases, cost savings, broader product lines, enhanced competitive posture and acquisitions, are included in the company’s most recent Annual Report pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. They involve known and unknown risks and uncertainties that may cause the company’s actual results in future periods to be materially different from any future performance suggested herein. Further, the company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the company’s control. Some of the factors that could affect future performance of the company are changes in, or delays in the implementation of, regulations that cause a market for our products, acquisitions, higher energy and raw material costs, costs of imports and related tariffs, labor relations, capital and environmental requirements, changes in foreign currency exchange rates, borrowing restrictions, validity of patents and other intellectual property, and pension costs. In the context of the forward-looking information provided in this news release, please refer to the discussions of risk factors and other information detailed in, as well as the other information contained in the company’s most recent Annual Report.

               
 
 
Calgon Carbon Corporation
Condensed Consolidated Statements of Comprehensive Income
(Dollars in thousands except per share data)
(Unaudited)
 
Quarter Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
 
Net Sales $ 140,432   $ 148,403   $ 275,472   $ 285,011  
 
Cost of Products Sold (Excluding Depreciation) 94,057 102,456 186,472 196,282
 
Depreciation and Amortization 7,305 6,442 14,052 12,955
 
Selling, Administrative & Research 18,851 23,092 39,779 47,038
 
Restructuring (18 ) - (42 ) -
 
Environmental and Litigation   -     (172 )   -     (19 )
 
  120,195     131,818     240,261     256,256  
 
Income from Operations 20,237 16,585 35,211 28,755
 
Interest (Expense) Income - Net (117 ) 17 (170 ) 10
 
Other Expense - Net   (341 )   (513 )   (1,169 )   (764 )
 
Income Before Income Tax Provision 19,779 16,089 33,872 28,001
 
Income Tax Provision   6,809     5,205     11,088     9,379  
 
Net Income $ 12,970   $ 10,884   $ 22,784   $ 18,622  
 
Other Comprehensive Income (Loss), Net of Tax
Foreign Currency Translation 770 (4,337 ) (5,518 ) (2,343 )
Derivatives (15 ) 454 559 581
Employee Benefit Plans   1,713     (474 )   1,335     (1,032 )
 
Comprehensive Income $ 15,438   $ 6,527   $ 19,160   $ 15,828  
 
Net Income per Common Share
Basic and Diluted $ .24 $ .19 $ .42 $ .33
 

Weighted Average Shares Outstanding (Thousands)

Basic 53,799 56,639 53,710 56,576
 
Diluted 54,547 57,190 54,376 57,157
 

                   
 
Calgon Carbon Corporation
 
 

Segment Data (unaudited):

(in thousands)
 

Segment Sales

2Q13 2Q12 YTD 2013 YTD 2012
 
Activated Carbon and Service 124,009 126,353 242,906 243,590
Equipment 14,302 19,887 28,210 36,005
Consumer   2,121     2,163   4,356     5,416
 
Net Sales $ 140,432 $ 148,403 $ 275,472 $ 285,011
 
Segment

Operating Income (loss)*

2Q13 2Q12 YTD 2013 YTD 2012
 
Activated Carbon and Service 27,706 20,526 48,605 37,829
Equipment (624 ) 1,999 (231 ) 2,531
Consumer   442     502   847     1,350
 
Income from Operations * $ 27,524 $ 23,027 $ 49,221 $ 41,710

 

 

*Before depreciation and amortization and restructuring. The 2013 quarter and year to date periods include $(18) thousand and $(42) thousand, respectively, of restructuring.

           
 
 
Calgon Carbon Corporation
Condensed Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)
 
June 30, December 31,
2013 2012
 
Assets
 
Current assets:
 
Cash and cash equivalents $ 20,764 $ 18,161
 
Receivables 100,521 101,918
 
Inventories 108,505 107,166
 
Other current assets   42,501   45,961
 
Total current assets 272,291 273,206
 
Property, plant and equipment, net 262,602 262,993
 
Other assets   39,696   41,570
 
Total assets $ 574,589 $ 577,769
 
Liabilities and Shareholders' Equity
 
Current liabilities:
 
Short-term debt $ 61 $ 19,565
 
Other current liabilities   75,775   96,085
 
Total current liabilities 75,836 115,650
 
Long-term debt 56,049 44,408
 
Other liabilities   67,671   66,414
 
Total liabilities 199,556 226,472
 
Total shareholders' equity   375,033   351,297
 

Total liabilities and shareholders' equity

$ 574,589 $ 577,769
 




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