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Innospec Reports Second Quarter 2013 Financial Results

Stocks in this article: IOSP

Adjusted non-GAAP Diluted EPS of $0.75, exceeds consensus expectations

Gross margin resilient at 32.1 percent; Fuel Specialties delivers good growth

Strong balance sheet with cash inflows of $19.7 million in the quarter; net cash position of $26.0 million

LITTLETON, Colo., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced its financial results for the second quarter ended June 30, 2013.

Total net sales for the second quarter were $185.0 million, a 4 percent increase from $178.5 million reported in the corresponding quarter last year. Net income was $17.1 million, or $0.71 per diluted share, compared to $15.5 million, or $0.65 per diluted share, recorded a year ago. EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) for the quarter was $25.8 million, up from $22.8 million posted in 2012's second quarter.

Results for the second quarter include after-tax foreign currency exchange losses of $0.8 million and acquisition-related costs of $0.2 million, a combined negative impact of $0.04 per diluted share; a year ago, similar items had a negative impact of $3.4 million, or $0.14 per diluted share. Excluding these special items from both periods, adjusted non-GAAP EPS was $0.75 per diluted share, a decrease from $0.79 per diluted share a year ago, but exceeding consensus analyst expectations for the quarter. Cash generation for the quarter was strong, with operating cash inflows of $19.7 million, before capital expenditures during the quarter of $4.4 million. Net cash stood at $26.0 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 June 30, 2013 Quarter ended June 30, 2012
(in millions, except share and per share data) Income     Income    
  before     before    
  income   Net Diluted income   Net Diluted
  taxes income   EPS taxes income   EPS
Reported GAAP amounts $20.9 $17.1 $0.71 $19.5 $15.5 $0.65
Foreign currency exchange losses 1.0 0.8 0.03 4.3 3.4 0.14
Acquisition-related costs 0.2 0.2 0.01 -- -- --
  1.2 1.0 0.04 4.3 3.4 0.14
Adjusted non-GAAP amounts $22.1 $18.1 $0.75 $23.8 $18.9 $0.79

For the first six months of 2013, total net sales of $384.4 million increased 1 percent from $379.3 million in the corresponding period last year. Net income for the first half of the year was $35.1 million, or $1.46 per diluted share, down from $40.1 million, or $1.68 per diluted share, a year ago. Excluding special items, diluted earnings per share for the first six months of 2013 were $1.47, down from $1.79 a year ago. EBITDA for the first half of 2013 was $53.7 million, compared with $58.0 million in last year's first half.

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