WISCONSIN
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1-7626
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39-0561070
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit 99.1:
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The following exhibit is furnished with this Report on Form 8-K: Sensient Technologies Corporation Earnings Press Release for the Quarter and Six Months Ended June 30, 2011.
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SENSIENT TECHNOLOGIES CORPORATION
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(Registrant)
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By:
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/s/ John L. Hammond
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Name:
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John L. Hammond
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Title:
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Senior Vice President, General Counsel and Secretary
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Date: July 21, 2011
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The following exhibit is furnished with this Report on Form 8-K: Sensient Technologies Corporation Earnings Press Release for the Quarter and Six Months Ended June 30, 2011.
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Contact:
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Dick Hobbs
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Sensient Technologies Corporation
Earnings Release – Second Quarter Ended June 30, 2011
July 21, 2011
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Page 2
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Sensient Technologies Corporation
Earnings Release – Second Quarter Ended June 30, 2011
July 21, 2011
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Page 3
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Sensient Technologies Corporation
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Page 4
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(In thousands, except percentages and per share amounts)
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Consolidated Statements of Earnings
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Three Months Ended June 30,
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Six Months Ended June 30,
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||||||||||||||||||||||
2011
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2010
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% Change
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2011
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2010
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% Change
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Revenue
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$ | 376,994 | $ | 333,969 | 12.9 | % | $ | 726,680 | $ | 648,045 | 12.1 | % | ||||||||||||
Cost of products sold
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257,851 | 229,008 | 12.6 | % | 499,830 | 448,138 | 11.5 | % | ||||||||||||||||
Selling and administrative expenses
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64,810 | 57,815 | 12.1 | % | 128,920 | 114,106 | 13.0 | % | ||||||||||||||||
Operating income
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54,333 | 47,146 | 15.2 | % | 97,930 | 85,801 | 14.1 | % | ||||||||||||||||
Interest expense
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5,135 | 5,488 | 9,985 | 10,266 | ||||||||||||||||||||
Earnings before income taxes
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49,198 | 41,658 | 18.1 | % | 87,945 | 75,535 | 16.4 | % | ||||||||||||||||
Income taxes
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15,712 | 12,973 | 28,044 | 23,383 | ||||||||||||||||||||
Net earnings
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$ | 33,486 | $ | 28,685 | 16.7 | % | $ | 59,901 | $ | 52,152 | 14.9 | % | ||||||||||||
Earnings per common share:
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Basic
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$ | 0.67 | $ | 0.58 | 15.5 | % | $ | 1.21 | $ | 1.07 | 13.1 | % | ||||||||||||
Diluted
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$ | 0.67 | $ | 0.58 | 15.5 | % | $ | 1.20 | $ | 1.06 | 13.2 | % | ||||||||||||
Average common shares outstanding:
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Basic
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49,753 | 49,047 | 1.4 | % | 49,696 | 48,937 | 1.6 | % | ||||||||||||||||
Diluted
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49,947 | 49,365 | 1.2 | % | 49,883 | 49,244 | 1.3 | % |
Results by Segment
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Three Months Ended June 30,
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Six Months Ended June 30,
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Revenue
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2011
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2010
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% Change
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2011
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2010
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% Change
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Flavors & Fragrances
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$ | 226,481 | $ | 205,047 | 10.5 | % | $ | 433,170 | $ | 395,749 | 9.5 | % | |||||||||||
Color
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132,392 | 112,979 | 17.2 | % | 258,063 | 220,935 | 16.8 | % | |||||||||||||||
Corporate & Other
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33,622 | 27,101 | 24.1 | % | 65,137 | 51,372 | 26.8 | % | |||||||||||||||
Intersegment elimination
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(15,501 | ) | (11,158 | ) | 38.9 | % | (29,690 | ) | (20,011 | ) | 48.4 | % | |||||||||||
Consolidated
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$ | 376,994 | $ | 333,969 | 12.9 | % | $ | 726,680 | $ | 648,045 | 12.1 | % | |||||||||||
Operating Income
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Flavors & Fragrances
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$ | 36,146 | $ | 33,223 | 8.8 | % | $ | 65,104 | $ | 60,407 | 7.8 | % | |||||||||||
Color
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24,648 | 20,880 | 18.0 | % | 46,995 | 38,988 | 20.5 | % | |||||||||||||||
Corporate & Other
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(6,461 | ) | (6,957 | ) | -7.1 | % | (14,169 | ) | (13,594 | ) | 4.2 | % | |||||||||||
Consolidated
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$ | 54,333 | $ | 47,146 | 15.2 | % | $ | 97,930 | $ | 85,801 | 14.1 | % |
Sensient Technologies Corporation
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Page 5
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(In thousands, except per share amounts)
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Consolidated Condensed Balance Sheets
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June 30,
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2011
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2010
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Current assets
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$ | 707,296 | $ | 645,843 | ||||
Goodwill and intangibles (net)
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479,604 | 434,052 | ||||||
Property, plant and equipment (net)
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450,539 | 395,895 | ||||||
Other assets
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38,657 | 35,887 | ||||||
Total Assets
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$ | 1,676,096 | $ | 1,511,677 | ||||
Current liabilities
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$ | 197,648 | $ | 207,953 | ||||
Long-term debt
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309,177 | 349,485 | ||||||
Accrued employee and retiree benefits
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56,682 | 51,259 | ||||||
Other liabilities
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37,919 | 24,072 | ||||||
Shareholders' equity
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1,074,670 | 878,908 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 1,676,096 | $ | 1,511,677 |
Consolidated Statements of Cash Flows | ||||||||
Six Months Ended June 30,
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2011
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2010
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Net cash provided by operating activities
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$ | 66,835 | $ | 64,186 | ||||
Cash flows from investing activities:
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Acquisition of property, plant and equipment
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(23,758 | ) | (19,853 | ) | ||||
Proceeds from sale of assets
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2 | 76 | ||||||
Other investing activity
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(155 | ) | (340 | ) | ||||
Net cash used in investing activities
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(23,911 | ) | (20,117 | ) | ||||
Cash flows from financing activities:
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Proceeds from additional borrowings
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43,406 | 126,253 | ||||||
Debt payments
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(71,878 | ) | (147,965 | ) | ||||
Dividends paid
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(21,001 | ) | (19,247 | ) | ||||
Proceeds from options exercised and other
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2,754 | 7,768 | ||||||
Net cash used in financing activities
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(46,719 | ) | (33,191 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents
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3,837 | (9,186 | ) | |||||
Net increase in cash and cash equivalents
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42 | 1,692 | ||||||
Cash and cash equivalents at beginning of period
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14,255 | 12,219 | ||||||
Cash and cash equivalents at end of period
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$ | 14,297 | $ | 13,911 |
Supplemental Information | ||||||||
Six Months Ended June 30,
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2011
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2010
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Depreciation and amortization
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$ | 23,474 | $ | 21,728 | ||||
Dividends per share
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$ | 0.42 | $ | 0.39 |