This Day On The Street
Continue to site
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

Innospec Reports Second Quarter 2013 Financial Results

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $247.54 -1.60%
YHOO $36.59 -0.97%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs