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Calgon Carbon Announces Fourth Quarter And 2013 Results

Stocks in this article: CCC

Calgon Carbon Corporation (NYSE: CCC) announced results for the fourth quarter and year ended December 31, 2013.

Income from operations for the fourth quarter of 2013 was $15.8 million versus $14.7 million for the comparable period in 2012, reflecting the Company’s comprehensive profit improvement program. Net income for the fourth quarter of 2013 was $11.0 million or $0.20 per common share on a fully diluted basis, versus $9.1 million, or $0.16 per common share on a fully diluted basis, for the fourth quarter of 2012.

Net sales for the fourth quarter of 2013 were $133.1 million, as compared to sales of $141.8 million, a 6.1% decrease primarily driven by lower sales of activated carbon in Asia, including Japan, and lower demand for mercury removal carbon in the U.S. This is discussed below in the Activated Carbon and Service segment. Currency translation had a $1.6 million negative impact on sales for the fourth quarter due to the stronger U.S. dollar.

For the fourth quarter of 2013, sales for the Company’s Activated Carbon and Service segment were $116.3 million versus $127.2 million for the fourth quarter of 2012, an 8.6% decrease. Lower demand for granular activated carbon (GAC) for drinking water in Asia; earlier than expected deliveries of GAC in Japan; and lower pricing for powdered activated carbon for mercury removal were partially offset by increased demand for activated carbon products and services in the environmental water treatment market.

Equipment sales increased by 12.4% in the fourth quarter of 2013 versus the comparable quarter of 2012, principally due to higher revenue from carbon adsorption equipment.

For the fourth quarter of 2013, Consumer segment sales decreased $0.7 million, or 25.1%, as compared to the fourth quarter of 2012.

Net sales less the cost of products sold as a percentage of net sales for the fourth quarter of 2013 was 34.3%, versus 31.2% for the fourth quarter of 2012. The increase was attributable to improved virgin carbon manufacturing plant maintenance costs and performance, as well as a favorable product mix in the fourth quarter of 2013. Higher pricing on certain activated carbon products and services also contributed to the increase.

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