This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Innospec Reports Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: IOSP

Fourth quarter adjusted non-GAAP diluted EPS of $1.06 exceeds analyst expectations

Record sales for the year and gross profit improvement in Fuel Specialties and Performance Chemicals

Strong cash flow, healthy balance sheet, acquisitions contribute to top and bottom-line growth

ENGLEWOOD, Colo., Feb. 12, 2014 (GLOBE NEWSWIRE) -- Innospec, Inc. (Nasdaq:IOSP) today announced its financial results for the fourth quarter and full year ended December 31, 2013.

Total net sales for the fourth quarter were a record $241.6 million, a 13 percent increase from $213.7 million in the corresponding period last year. Net income was $28.7 million, or $1.17 per diluted share, compared with $11.3 million, or $0.47 per diluted share, a year ago. EBITDA (earnings before taxes, depreciation, amortization and impairment) for the quarter was $38.7 million, a 35 percent increase from $28.6 million posted in 2012's fourth quarter.

Results for the fourth quarter include some special items, which are summarized in the table below. Excluding these special items, adjusted non-GAAP EPS for the fourth quarter was $1.06, an increase from $0.83 a year ago, exceeding consensus analyst expectations. Innospec closed the quarter in a net debt position of $61.2 million as an additional $54.0 million of revolving credit facility was drawn down in order to fund the acquisition of Bachman Services Inc. and a $12.0 million dividend payment of $0.50 per common share.

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 December 31, 2013 Quarter ended December 31, 2012
             
(in millions, except share and per share data) Income before income taxes Net Income Diluted EPS Income before income taxes Net income Diluted EPS
             
Reported GAAP amounts  $ 30.7  $ 28.7  $ 1.17  $ 24.8  $ 11.3  $ 0.47
             
Foreign currency exchange gains (4.9) (4.1) (0.17) (1.3) (1.0) (0.04)
75 th anniversary employee recognition 1.6 1.3 0.05 -- -- --
Acquisition-related costs 0.3 0.2 0.01 2.5 2.0 0.08
Adjustment of income tax provisions 0.1 0.1 -- 0.3 0.3 0.01
Tax impact of acquisition-related funding -- -- -- 7.4 7.4 0.31
  (2.9) (2.5) (0.11) 8.9 8.7 0.36
             
Adjusted non-GAAP amounts  $ 27.8  $ 26.2  $ 1.06  $ 33.7  $ 20.0  $ 0.83

Commenting on the results, Patrick Williams, President and Chief Executive Officer, said, "We had a record fourth quarter sales, with a strong contribution from acquisitions, while our core businesses performed as we expected throughout the year. Importantly, all the acquisitions we made during the year are contributing positively, both to our top and bottom lines, and integration of these businesses into the Innospec family has been going quite smoothly. Today, Innospec is a decidedly larger organization in terms of both headcount and footprint in the markets we serve. We finished the year stronger, with good momentum, and we believe we are well positioned for 2014 in our core markets which are growing, profitable and responsive to new technology.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs