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Innospec Reports Third Quarter 2013 Financial Results And Announces New Dividend Policy

Stocks in this article: IOSP

Adjusted non-GAAP diluted EPS of $0.65 per share

Year-over-year core business increases sales and gross margins; acquisitions performing well

Profitable growth in Fuel Specialties and consistent results in Performance Chemicals

Regular dividend of $0.50 per share payable on November 27 to shareholders of record on November 18

Acquisition of Bachman Services Inc. complete; momentum building in Oilfield Specialties business

LITTLETON, Colo., Nov. 5, 2013 (GLOBE NEWSWIRE) --Innospec, Inc. (Nasdaq:IOSP) today announced its financial results for the third quarter ended September 30, 2013. At the same time, the Company announced that its Board of Directors has approved a new, regular dividend policy and declared an initial dividend payment of $0.50 per common share, which will be paid on November 27, 2013, to shareholders of record on November 18, 2013. The Board of Directors expects that future cash dividends will be paid on a semi-annual basis, subject to declaration by the Board of Directors.

Total net sales for the third quarter were $192.8 million, a 5 percent increase from $183.4 million in the corresponding quarter last year.  Net income was $14.0 million, or $0.58 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 $23.6 million, up from the $20.2 million posted in 2012's third quarter.

Results for the third quarter include some special items, which are summarized in the table below.  Excluding these items, adjusted non-GAAP EPS in the third quarter was $0.65, the same as reported a year ago.  Innospec closed the quarter in a net debt position of $32.7 million as an additional $65.0 million of revolving credit facility was drawn down in order to fund the acquisitions of Chemsil and Chemtec, manage working capital expansions and capital expenditures.

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