WISCONSIN
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1-7626
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39-0561070
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer 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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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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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ITEM 2.02
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
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ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS.
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Exhibit 99.1:
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The following exhibit is furnished with this Current Report on Form 8-K: Sensient Technologies Corporation Earnings Press Release for the Quarter and Fiscal Year Ended December 31, 2011.
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SENSIENT TECHNOLOGIES CORPORATION | |||
(Registrant) | |||
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: February 7, 2012 |
Exhibit 99.1:
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The following exhibit is furnished with this Current Report on Form 8-K: Sensient Technologies Corporation Earnings Press Release for the Quarter and Fiscal Year Ended December 31, 2011.
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FOR IMMEDIATE RELEASE | |
Contact: | Dick Hobbs |
(414) 347-3836 |
Sensient Technologies Corporation | Page 2 |
Earnings Release – Fourth Quarter and Year Ended December 31, 2011 | |
February 7, 2012 |
Sensient Technologies Corporation | Page 3 |
Earnings Release – Fourth Quarter and Year Ended December 31, 2011 | |
February 7, 2012 |
Sensient Technologies Corporation | Page 4 |
Earnings Release – Fourth Quarter and Year Ended December 31, 2011 | |
February 7, 2012 |
Page 5 |
Consolidated Statements of Earnings
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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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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$ | 340,358 | $ | 339,267 | 0.3 | % | $ | 1,430,789 | $ | 1,328,180 | 7.7 | % | ||||||||||||
Cost of products sold
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232,221 | 237,091 | -2.1 | % | 981,137 | 919,821 | 6.7 | % | ||||||||||||||||
Selling and administrative expenses
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65,187 | 61,160 | 6.6 | % | 258,829 | 233,782 | 10.7 | % | ||||||||||||||||
Operating income
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42,950 | 41,016 | 4.7 | % | 190,823 | 174,577 | 9.3 | % | ||||||||||||||||
Interest expense
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4,520 | 4,894 | 19,439 | 20,384 | ||||||||||||||||||||
Earnings before income taxes
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38,430 | 36,122 | 6.4 | % | 171,384 | 154,193 | 11.1 | % | ||||||||||||||||
Income taxes
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9,844 | 10,347 | 50,900 | 47,049 | ||||||||||||||||||||
Net earnings
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$ | 28,586 | $ | 25,775 | 10.9 | % | $ | 120,484 | $ | 107,144 | 12.5 | % | ||||||||||||
Earnings per common share:
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Basic
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$ | 0.57 | $ | 0.52 | 9.6 | % | $ | 2.42 | $ | 2.18 | 11.0 | % | ||||||||||||
Diluted
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$ | 0.57 | $ | 0.52 | 9.6 | % | $ | 2.41 | $ | 2.17 | 11.1 | % | ||||||||||||
Average common shares outstanding:
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Basic
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49,814 | 49,395 | 0.8 | % | 49,746 | 49,138 | 1.2 | % | ||||||||||||||||
Diluted
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50,013 | 49,636 | 0.8 | % | 49,937 | 49,424 | 1.0 | % |
Results by Segment
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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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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$ | 206,328 | $ | 206,100 | 0.1 | % | $ | 860,680 | $ | 809,053 | 6.4 | % | ||||||||||||
Color
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112,843 | 113,276 | -0.4 | % | 491,881 | 447,461 | 9.9 | % | ||||||||||||||||
Corporate & Other
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32,256 | 30,834 | 4.6 | % | 131,835 | 113,179 | 16.5 | % | ||||||||||||||||
Intersegment elimination
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(11,069 | ) | (10,943 | ) | 1.2 | % | (53,607 | ) | (41,513 | ) | 29.1 | % | ||||||||||||
Consolidated
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$ | 340,358 | $ | 339,267 | 0.3 | % | $ | 1,430,789 | $ | 1,328,180 | 7.7 | % |
Operating Income
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Flavors & Fragrances
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$ | 32,164 | $ | 29,440 | 9.3 | % | $ | 130,849 | $ | 121,997 | 7.3 | % | ||||||||||||
Color
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20,331 | 18,380 | 10.6 | % | 90,217 | 77,404 | 16.6 | % | ||||||||||||||||
Corporate & Other
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(9,545 | ) | (6,804 | ) | 40.3 | % | (30,243 | ) | (24,824 | ) | 21.8 | % | ||||||||||||
Consolidated
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$ | 42,950 | $ | 41,016 | 4.7 | % | $ | 190,823 | $ | 174,577 | 9.3 | % |
Three Months Ended December 31,
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Twelve Months Ended December 31,
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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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Consolidated operating income as reported
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$ | 42,950 | $ | 41,016 | $ | 190,823 | $ | 174,577 | ||||||||||||||||
Restructuring charges
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4,836 | - | 4,836 | - | ||||||||||||||||||||
Gain on revaluation of equity investment | (3,586 | ) | - | (3,586 | ) | - | ||||||||||||||||||
$ | 44,200 | $ | 41,016 | 7.8 | % | $ | 192,073 | $ | 174,577 | 10.0 | % |
Page 6 |
December 31, |
2011
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2010
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Current assets
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$ | 706,870 | $ | 672,305 | ||||
Goodwill and intangibles (net)
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457,025 | 458,334 | ||||||
Property, plant and equipment (net)
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451,539 | 432,536 | ||||||
Other assets
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38,730 | 36,093 | ||||||
Total Assets
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$ | 1,654,164 | $ | 1,599,268 | ||||
Current liabilities | $ | 207,275 | $ | 205,063 | ||||
Long-term debt
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312,422 | 324,360 | ||||||
Accrued employee and retiree benefits
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52,252 | 52,747 | ||||||
Other liabilities
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33,005 | 33,313 | ||||||
Shareholders' equity | 1,049,210 | 983,785 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 1,654,164 | $ | 1,599,268 |
Consolidated Statements of Cash Flows
Twelve Months Ended December 31,
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2011
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2010
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Net cash provided by operating activities | $ | 142,877 | $ | 155,725 | ||||
Cash flows from investing activities:
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Acquisition of property, plant and equipment
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(72,200 | ) | (55,823 | ) | ||||
Proceeds from sale of assets
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2,076 | 172 | ||||||
Acquisition of new businesses, net of cash acquired
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(3,706 | ) | - | |||||
Other investing activities
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(207 | ) | 528 | |||||
Net cash used in investing activities
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(74,037 | ) | (55,123 | ) | ||||
Cash flows from financing activities:
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Proceeds from additional borrowings
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184,074 | 139,344 | ||||||
Debt payments
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(198,259 | ) | (211,935 | ) | ||||
Dividends paid
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(41,968 | ) | (39,013 | ) | ||||
Proceeds from options exercised and other
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3,205 | 14,063 | ||||||
Net cash used in financing activities
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(52,948 | ) | (97,541 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (7,292 | ) | (1,025 | ) | ||||
Net increase in cash and cash equivalents
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8,600 | 2,036 | ||||||
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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$ | 22,855 | $ | 14,255 |
Supplemental Information
Twelve Months Ended December 31,
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2011
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2010
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Depreciation and amortization
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$ | 46,099 | $ | 43,423 | ||||
Dividends per share
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$ | 0.84 | $ | 0.79 |