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
Revenues up 11 percent from last year, aided by strong contributions from organic growth and acquisitions in the core businesses
Increased dividend by 8% to $0.27 per share for the first half of 2014Strong balance sheet with operating cash inflows of $20.9m in the quarter; net debt reduced to $43.8 million
ENGLEWOOD, Colo., May 6, 2014 (GLOBE NEWSWIRE) -- Innospec, Inc. (Nasdaq:IOSP) today announced its financial results for the first quarter ended March 31, 2014. At the same time, the Company announced a biannual dividend of $0.27 per common share for the first half of 2014, which will be paid on May 28, 2014, to shareholders of record on May 19, 2014, an 8 percent increase from the 2013 payment.
Total net sales for the quarter were $220.7 million, up 11 percent from the $199.4 million reported in the corresponding quarter last year. Net income was $16.9 million, or $0.69 per diluted share, compared to $18.0 million, or $0.75 per diluted share, recorded a year ago, principally reflecting the expected slow quarter in the Octane Additives business. EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) for the quarter was $27.1 million, a 3 percent decrease from $27.9 million in 2013's first quarter, again negatively impacted by the slow quarter for Octane Additives.
Results for this quarter include after-tax foreign currency exchange gains of $1.5 million, or $0.06 per diluted share, and gains from the adjustment of income tax provisions of $2.2 million, or $0.09 per diluted share. Excluding these items, adjusted non-GAAP EPS was $0.54 per diluted share, compared to $0.72 per diluted share a year ago. Cash generation for the quarter was strong, with operating cash inflows of $20.9 million, before capital expenditures during the quarter of $3.9 million. Innospec closed the quarter in a net debt position of $43.8 million, significantly reduced from $61.2 million at the end of 2013.