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 millionLITTLETON, 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|
|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|
|Adjusted non-GAAP amounts||$22.1||$18.1||$0.75||$23.8||$18.9||$0.79|