8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

April 21, 2006
(Date of Report/Date of earliest event reported)

SENSIENT TECHNOLOGIES CORPORATION

(Exact name of registrant as specified in its charter)

WISCONSIN	1-7626	39-0561070
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5304

(Address and zip code of principal executive offices)

(414) 271-6755

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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))

TABLE OF CONTENTS

	ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
	ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
SIGNATURES
EXHIBIT INDEX
Press Release

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 21, 2006, Sensient Technologies Corporation issued a press release disclosing its results of operations for its quarter ended March 31, 2006 and its financial condition at that date. The press release is furnished as Exhibit 99.1 to this Report on Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

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, 2006

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SENSIENT TECHNOLOGIES CORPORATION (Registrant)
By:	/s/ John L. Hammond
Name:		John L. Hammond
Title:		Vice President, Secretary and General Counsel
Date:		April 21, 2006

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EXHIBIT INDEX

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, 2006

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EX-99.1

Contact: Dick Hobbs
(414) 347-3836

Sensient Technologies Corporation
Reports Earnings for the Quarter Ended March 31, 2006

Higher Earnings Prompt Increase in 2006 EPS Guidance

     MILWAUKEE—April 21, 2006 — Sensient Technologies Corporation (NYSE: SXT) reported diluted earnings per share of 34 cents for its first quarter ended March 31, 2006. Diluted earnings per share in the prior year’s first quarter were 27 cents. First quarter 2006 revenue increased 4.8%, to $262.9 million, as a result of higher sales within the Flavors & Fragrances Group.

     “Our cost reductions, product mix improvement and price increases are producing results,” said Kenneth P. Manning, Chairman, President and CEO of Sensient Technologies Corporation. “Sales were up this quarter and I expect continued revenue growth to deliver improved earnings in 2006.”

     In the first quarter of 2006, Sensient adopted FASB Statement No. 123(R), “Share-Based Payment.” As a result, Sensient began to record expense related to stock options this quarter. The impact of FASB Statement No. 123(R) was approximately $500,000 of additional pre-tax expense in this year’s first quarter.

     Results for the prior year’s first quarter included a one-time expense of $4.5 million ($2.8 million, or six cents, after tax) related to a customer arbitration award. Last year’s results also reflected a 20.6% effective tax rate due to tax benefits of approximately two cents per share for adjustments related to foreign tax liabilities. The effective tax rate for the first

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Sensient Technologies Corporation	Page 2
Earnings Release—First quarter ended March 31, 2006
April 21, 2006

quarter of 2006 was 29.2% and included benefits of approximately one cent per share related to the settlement of prior years’ tax liabilities.

BUSINESS REVIEW

     Flavors & Fragrances Group revenue increased 7.7%, to $170.5 million, for the quarter ended March 31, 2006. Quarterly operating income increased 11.5%, to $22.9 million. Group revenue benefited from strong sales of flavors in North America. Improved pricing and product mix also added to Group revenue. Sales gains from these sources were partially offset by unfavorable foreign currency translation. Higher sales volumes, favorable pricing and cost reduction efforts increased operating income in the quarter.

     Color Group revenue equaled $89.2 million for the quarter ended March 31, 2006, compared to $90.1 million for the comparable period in 2005. Operating income for the first quarter grew 7.3%, to $15.8 million. Strong sales within the Company’s cosmetic product line were offset by lower sales of technical colors and by unfavorable foreign currency translation. Strong cosmetic sales, increased sales of higher margin food and beverage colors and the Company’s cost reduction program boosted quarterly operating income.

2006 OUTLOOK

     Sensient now expects reported 2006 diluted earnings per share to be between $1.35 and $1.40.

CONFERENCE CALL

     The Company will host a conference call to discuss its 2006 first quarter financial results at 10:00 a.m. CDT on Friday, April 21, 2006. To make a reservation for the conference call, please contact InterCall Teleconferencing at (706) 645-6973 and refer to the Sensient Technologies Corporation conference call.

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Sensient Technologies Corporation	Page 3
Earnings Release—First quarter ended March 31, 2006
April 21, 2006

     A replay will be available beginning at 1:00 p.m. CDT on April 21, 2006, through midnight on April 28, 2006, by calling (706) 645-9291 and referring to passcode 7837514. A transcript of the call will also be posted on the Company’s web site at www.sensient-tech.com after the call concludes.

     This release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) that reflect management’s current assumptions and estimates of future economic circumstances, industry conditions, company performance and financial results. A variety of factors could cause the company’s actual results and experience to differ materially from the anticipated results, including, but not limited to the factors noted in this press release and in the Management’s Discussion and Analysis in our most recently filed annual report on Form 10-K for the year ended December 31, 2005. The forward-looking statements in this press release speak only as to the date of this release. Sensient Technologies Corporation expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations upon which such statements are based.

ABOUT SENSIENT TECHNOLOGIES

     Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors and fragrances. Sensient employs advanced technologies at facilities around the world to develop specialty food and beverage systems, cosmetic and pharmaceutical systems, inkjet and specialty inks, display imaging chemicals, and other specialty chemicals. The company’s customers include major international manufacturers representing some of the world’s best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.

     www.sensient-tech.com

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Sensient Technologies Corporation
(In thousands, except percentages and per share amounts)

Consolidated Statements of Earnings Page 4

	Three Months Ended March 31,
	2006		2005		% Change
Revenue	$	262,924	$	250,877		4.8
Cost of products sold		183,485		176,185		4.1
Selling and administrative expenses		48,664		49,814		(2.3	)
Operating income		30,775		24,878		23.7
Interest expense		8,708		8,724
Earnings before income taxes		22,067		16,154		36.6
Income taxes		6,449		3,323
Net earnings	$	15,618	$	12,831		21.7
Earnings per common share:
Basic	$	0.34	$	0.27		25.9
Diluted	$	0.34	$	0.27		25.9
Average common shares outstanding:
Basic		45,805		46,735		(2.0	)
Diluted		45,972		47,167		(2.5	)

Results by Segment	Three Months Ended March 31,
Revenue	2006			2005			% Change
Flavors & Fragrances	$	170,514		$	158,385			7.7
Color		89,156			90,060			(1.0	)
Corporate & Other		10,004			10,541			(5.1	)
Intersegment elimination		(6,750	)		(8,109	)		(16.8	)
Consolidated	$	262,924		$	250,877			4.8
Operating Income
Flavors & Fragrances	$	22,893		$	20,539			11.5
Color		15,845			14,764			7.3
Corporate & Other		(7,963	)		(10,425	)		(23.6	)
Consolidated	$	30,775		$	24,878			23.7

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Sensient Technologies Corporation	Page 5
(In thousands, except percentages and per share amounts)

Consolidated Condensed Balance Sheets
March 31,	2006			2005
Current assets	$	517,970		$	530,457
Intangibles (net)		437,778			457,803
Property, plant and equipment (net)		371,647			396,135
Other assets		60,754			64,824
Total Assets	$	1,388,149		$	1,449,219
Current liabilities	$	423,052		$	239,910
Long-term debt		280,726			507,885
Accrued employee and retiree benefits		43,038			36,529
Other liabilities		9,095			13,592
Shareholders’ equity		632,238			651,303
Total Liabilities and Shareholders’ Equity	$	1,388,149		$	1,449,219
Consolidated Statements of Cash Flows
Three Months Ended March 31,	2006			2005
Net cash provided by operating activities	$	20,782		$	20,285
Cash flows from investing activities:
Acquisition of property, plant and equipment		(4,383	)		(6,500	)
Proceeds from sale of assets		64			—
Decrease in other assets		512			184
Net cash used in investing activities		(3,807	)		(6,316	)
Cash flows from financing activities:
Proceeds from additional borrowings		22,624			18,767
Debt and capital lease payments		(32,455	)		(24,110	)
Purchase of treasury stock		(4,563	)		—
Dividends paid		(6,949	)		(7,063	)
Proceeds from options exercised and other		—			891
Net cash used in financing activities		(21,343	)		(11,515	)
Effect of exchange rate changes on cash and cash equivalents		152			(119	)
Net (decrease) increase in cash and cash equivalents		(4,216	)		2,335
Cash and cash equivalents at beginning of period		7,068			2,243
Cash and cash equivalents at end of period	$	2,852		$	4,578
Supplemental Information
Three Months Ended March 31,	2006			2005
Depreciation and amortization	$	10,973		$	11,642
Dividends per share	$	0.15		$	0.15

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