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TheStreet Open House

Innospec Reports First Quarter 2014 Financial Results

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 2014

Strong 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.

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