WISCONSIN (State or other jurisdiction of incorporation) |
1-7626 (Commission File Number) |
39-0561070 (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit 99.1: | The following exhibit is furnished with this Report on Form
8-K: Sensient Technologies Corporation Earnings Press
Release for the Quarter Ended March 31, 2011. |
2
SENSIENT TECHNOLOGIES CORPORATION (Registrant) |
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By: | /s/ John L. Hammond | |||
Name: | John L. Hammond | |||
Title: | Senior Vice President, General Counsel and
Secretary |
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Date: April 18, 2011 |
3
Exhibit 99.1: | The following exhibit is furnished with this Report on Form
8-K: Sensient Technologies Corporation Earnings Press
Release for the Quarter Ended March 31, 2011. |
Contact:
|
Dick Hobbs | |
(414) 347-3836 |
Sensient Technologies Corporation | Page 2 | |
Earnings Release First Quarter Ended March 31, 2011 | ||
April 18, 2011 |
Sensient Technologies Corporation | Page 3 | |
Earnings Release First Quarter Ended March 31, 2011 | ||
April 18, 2011 |
Sensient Technologies Corporation | Page 4 | |
(In thousands, except percentages and per share amounts) |
Three Months Ended March 31, | ||||||||||||
Consolidated Statements of Earnings | 2011 | 2010 | % Change | |||||||||
Revenue |
$ | 349,686 | $ | 314,076 | 11.3 | % | ||||||
Cost of products sold |
241,979 | 219,130 | 10.4 | % | ||||||||
Selling and administrative expenses |
64,110 | 56,291 | 13.9 | % | ||||||||
Operating income |
43,597 | 38,655 | 12.8 | % | ||||||||
Interest expense |
4,850 | 4,778 | ||||||||||
Earnings before income taxes |
38,747 | 33,877 | 14.4 | % | ||||||||
Income taxes |
12,332 | 10,410 | ||||||||||
Net earnings |
$ | 26,415 | $ | 23,467 | 12.6 | % | ||||||
Earnings per common share: |
||||||||||||
Basic |
$ | 0.53 | $ | 0.48 | 10.4 | % | ||||||
Diluted |
$ | 0.53 | $ | 0.48 | 10.4 | % | ||||||
Average common shares outstanding: |
||||||||||||
Basic |
49,637 | 48,825 | 1.7 | % | ||||||||
Diluted |
49,818 | 49,121 | 1.4 | % | ||||||||
Three Months Ended March 31, | ||||||||||||
Results by Segment | 2011 | 2010 | % Change | |||||||||
Revenue |
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Flavors & Fragrances |
$ | 206,689 | $ | 190,702 | 8.4 | % | ||||||
Color |
125,671 | 107,956 | 16.4 | % | ||||||||
Corporate & Other |
31,515 | 24,271 | 29.8 | % | ||||||||
Intersegment elimination |
(14,189 | ) | (8,853 | ) | 60.3 | % | ||||||
Consolidated |
$ | 349,686 | $ | 314,076 | 11.3 | % | ||||||
Operating Income |
||||||||||||
Flavors & Fragrances |
$ | 28,958 | $ | 27,184 | 6.5 | % | ||||||
Color |
22,347 | 18,108 | 23.4 | % | ||||||||
Corporate & Other |
(7,708 | ) | (6,637 | ) | 16.1 | % | ||||||
Consolidated |
$ | 43,597 | $ | 38,655 | 12.8 | % | ||||||
Sensient Technologies Corporation | Page 5 | |
(In thousands, except per share amounts) |
Consolidated Condensed Balance Sheets | ||||||||
March 31, | 2011 | 2010 | ||||||
Current assets |
$ | 693,612 | $ | 656,610 | ||||
Goodwill and intangibles (net) |
472,150 | 455,127 | ||||||
Property, plant and equipment (net) |
442,195 | 414,429 | ||||||
Other assets |
35,854 | 37,833 | ||||||
Total Assets |
$ | 1,643,811 | $ | 1,563,999 | ||||
Current liabilities |
$ | 195,203 | $ | 209,082 | ||||
Long-term debt |
323,216 | 373,745 | ||||||
Accrued employee and retiree benefits |
55,016 | 52,411 | ||||||
Other liabilities |
35,782 | 26,948 | ||||||
Shareholders equity |
1,034,594 | 901,813 | ||||||
Total Liabilities and Shareholders Equity |
$ | 1,643,811 | $ | 1,563,999 | ||||
Consolidated Statements of Cash Flows | ||||||||
Three Months Ended March 31, | 2011 | 2010 | ||||||
Net cash provided by operating activities |
$ | 28,413 | $ | 23,441 | ||||
Cash flows from investing activities: |
||||||||
Acquisition of property, plant and equipment |
(10,124 | ) | (8,305 | ) | ||||
Proceeds from sale of assets |
| 36 | ||||||
Other investing activity |
(60 | ) | (49 | ) | ||||
Net cash used in investing activities |
(10,184 | ) | (8,318 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from additional borrowings |
12,002 | 14,495 | ||||||
Debt payments |
(23,131 | ) | (20,566 | ) | ||||
Dividends paid |
(10,487 | ) | (9,345 | ) | ||||
Proceeds from options exercised and other |
1,319 | 3,348 | ||||||
Net cash used in financing activities |
(20,297 | ) | (12,068 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents |
1,833 | (4,312 | ) | |||||
Net decrease in cash and cash equivalents |
(235 | ) | (1,257 | ) | ||||
Cash and cash equivalents at beginning of period |
14,255 | 12,219 | ||||||
Cash and cash equivalents at end of period |
$ | 14,020 | $ | 10,962 | ||||
Supplemental Information | ||||||||
Three Months Ended March 31, | 2011 | 2010 | ||||||
Depreciation and amortization |
$ | 11,588 | $ | 10,808 | ||||
Dividends per share |
$ | 0.21 | $ | 0.19 |