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 Ended September 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 |
Name: |
John L. Hammond
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Title : |
Senior Vice President, General Counsel and Secretary
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Date: October 20, 2011 |
The following exhibit is furnished with this Report on Form 8-K: Sensient Technologies Corporation Earnings Press Release for the Quarter Ended September 30, 2011.
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Contact: | Dick Hobbs |
(414) 347-3836 |
Sensient Technologies Corporation
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Page 2
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Earnings Release – Third Quarter Ended September 30, 2011
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October 20, 2011
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Sensient Technologies Corporation
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Page 3
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Earnings Release – Third Quarter Ended September 30, 2011
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October 20, 2011
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Sensient Technologies Corporation
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Page 4
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Earnings Release – Third Quarter Ended September 30, 2011
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October 20, 2011
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Sensient Technologies Corporation
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Page 5
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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 September 30,
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Nine Months Ended September 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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$ | 363,751 | $ | 340,868 | 6.7 | % | $ | 1,090,431 | $ | 988,913 | 10.3 | % | ||||||||||||
Cost of products sold
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249,086 | 234,592 | 6.2 | % | 748,916 | 682,730 | 9.7 | % | ||||||||||||||||
Selling and administrative expenses
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64,722 | 58,516 | 10.6 | % | 193,642 | 172,622 | 12.2 | % | ||||||||||||||||
Operating income
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49,943 | 47,760 | 4.6 | % | 147,873 | 133,561 | 10.7 | % | ||||||||||||||||
Interest expense
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4,934 | 5,224 | 14,919 | 15,490 | ||||||||||||||||||||
Earnings before income taxes
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45,009 | 42,536 | 5.8 | % | 132,954 | 118,071 | 12.6 | % | ||||||||||||||||
Income taxes
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13,012 | 13,319 | 41,056 | 36,702 | ||||||||||||||||||||
Net earnings
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$ | 31,997 | $ | 29,217 | 9.5 | % | $ | 91,898 | $ | 81,369 | 12.9 | % | ||||||||||||
Earnings per common share:
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Basic
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$ | 0.64 | $ | 0.59 | 8.5 | % | $ | 1.85 | $ | 1.66 | 11.4 | % | ||||||||||||
Diluted
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$ | 0.64 | $ | 0.59 | 8.5 | % | $ | 1.84 | $ | 1.65 | 11.5 | % | ||||||||||||
Average common shares outstanding:
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Basic
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49,776 | 49,277 | 1.0 | % | 49,723 | 49,051 | 1.4 | % | ||||||||||||||||
Diluted
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49,967 | 49,565 | 0.8 | % | 49,911 | 49,352 | 1.1 | % |
Three Months Ended September 30,
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Nine Months Ended September 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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Diluted earnings per common share as reported
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$ | 0.64 | $ | 0.59 | $ | 1.84 | $ | 1.65 | ||||||||||||||||
Insurance reimbursements
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- | (0.02 | ) | - | (0.02 | ) | ||||||||||||||||||
$ | 0.64 | $ | 0.57 | 12.3 | % | $ | 1.84 | $ | 1.63 | 12.9 | % |
Results by Segment
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Three Months Ended September 30,
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Nine Months Ended September 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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$ | 221,182 | $ | 207,204 | 6.7 | % | $ | 654,352 | $ | 602,953 | 8.5 | % | ||||||||||||
Color
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120,975 | 113,250 | 6.8 | % | 379,038 | 334,185 | 13.4 | % | ||||||||||||||||
Corporate & Other
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34,442 | 30,973 | 11.2 | % | 99,579 | 82,345 | 20.9 | % | ||||||||||||||||
Intersegment elimination
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(12,848 | ) | (10,559 | ) | 21.7 | % | (42,538 | ) | (30,570 | ) | 39.1 | % | ||||||||||||
Consolidated
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$ | 363,751 | $ | 340,868 | 6.7 | % | $ | 1,090,431 | $ | 988,913 | 10.3 | % |
Operating Income
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Flavors & Fragrances
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$ | 33,581 | $ | 32,150 | 4.5 | % | $ | 98,685 | $ | 92,557 | 6.6 | % | ||||||||||||
Color
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22,891 | 20,036 | 14.2 | % | 69,886 | 59,024 | 18.4 | % | ||||||||||||||||
Corporate & Other
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(6,529 | ) | (4,426 | ) | 47.5 | % | (20,698 | ) | (18,020 | ) | 14.9 | % | ||||||||||||
Consolidated
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$ | 49,943 | $ | 47,760 | 4.6 | % | $ | 147,873 | $ | 133,561 | 10.7 | % |
Sensient Technologies Corporation
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Page 6
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(In thousands, except per share amounts)
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Consolidated Condensed Balance Sheets
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September 30,
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2011
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2010
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Current assets
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$ | 697,625 | $ | 678,341 | ||||
Goodwill and intangibles (net)
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455,360 | 460,253 | ||||||
Property, plant and equipment (net)
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437,998 | 418,834 | ||||||
Other assets
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40,442 | 34,990 | ||||||
Total Assets
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$ | 1,631,425 | $ | 1,592,418 | ||||
Current liabilities
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$ | 212,967 | $ | 213,072 | ||||
Long-term debt
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301,064 | 333,625 | ||||||
Accrued employee and retiree benefits
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57,740 | 53,308 | ||||||
Other liabilities
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26,758 | 27,054 | ||||||
Shareholders' equity
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1,032,896 | 965,359 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 1,631,425 | $ | 1,592,418 |
Consolidated Statements of Cash Flows
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Nine Months Ended September 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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$ | 106,572 | $ | 110,545 | ||||
Cash flows from investing activities:
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Acquisition of property, plant and equipment
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(44,125 | ) | (33,024 | ) | ||||
Proceeds from sale of assets
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3 | 88 | ||||||
Other investing activities
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(207 | ) | 408 | |||||
Net cash used in investing activities
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(44,329 | ) | (32,528 | ) | ||||
Cash flows from financing activities:
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Proceeds from additional borrowings
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49,407 | 128,671 | ||||||
Debt payments
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(78,169 | ) | (190,574 | ) | ||||
Dividends paid
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(31,451 | ) | (29,072 | ) | ||||
Proceeds from options exercised and other
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3,006 | 13,414 | ||||||
Net cash used in financing activities
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(57,207 | ) | (77,561 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents
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(5,807 | ) | (269 | ) | ||||
Net (decrease) increase in cash and cash equivalents
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(771 | ) | 187 | |||||
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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$ | 13,484 | $ | 12,406 |
Supplemental Information
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Nine Months Ended September 30,
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2011
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2010
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Depreciation and amortization
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$ | 34,983 | $ | 32,774 | ||||
Dividends per share
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$ | 0.63 | $ | 0.59 |