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 EmployerIdentification No.)
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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)) |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
Exhibit 99.1:
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Sensient Technologies Corporation Earnings Press Release for the Quarter Ended March 31, 2014.
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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:
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April 14, 2014
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Sensient Technologies Corporation Earnings Press Release for the Quarter Ended March 31, 2014.
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Contact:
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Dick Hobbs
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(414) 347-3706
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Sensient Technologies Corporation
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Page 2
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Earnings Release – Quarter Ended March 31, 2014
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April 14, 2014
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Sensient Technologies Corporation
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Page 3
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Earnings Release – Quarter Ended March 31, 2014
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April 14, 2014
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Sensient Technologies Corporation
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Page 4
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Earnings Release – Quarter Ended March 31, 2014
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April 14, 2014
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Sensient Technologies Corporation
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Page 5
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Earnings Release – Quarter Ended March 31, 2014
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April 14, 2014
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Sensient Technologies Corporation
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Page 6
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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 March 31,
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|||||||||||
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||||||||||||
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2014
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2013
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% Change
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|||||||||
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||||||||||||
Revenue
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$
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368,131
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$
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365,640
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0.7
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%
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||||||
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||||||||||||
Cost of products sold
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243,623
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248,503
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-2.0
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%
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||||||||
Selling and administrative expenses
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122,929
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80,799
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52.1
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%
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||||||||
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||||||||||||
Operating income
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1,579
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36,338
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-95.7
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%
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||||||||
Interest expense
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4,131
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4,261
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||||||||||
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||||||||||||
Earnings before income taxes
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(2,552
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)
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32,077
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|||||||||
Income taxes
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(477
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)
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10,638
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|||||||||
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||||||||||||
Net earnings
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$
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(2,075
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)
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$
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21,439
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|||||||
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||||||||||||
Earnings per common share:
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||||||||||||
Basic
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$
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(0.04
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)
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$
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0.43
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|||||||
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||||||||||||
Diluted
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$
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(0.04
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)
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$
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0.43
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|||||||
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||||||||||||
Average common shares outstanding:
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||||||||||||
Basic
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49,853
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49,711
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0.3
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%
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||||||||
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||||||||||||
Diluted
|
50,079
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49,867
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0.4
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%
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Three Months Ended March 31,
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|||||||||||||||||||||||||||
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2014
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2013
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||||||||||||||||||||||||||
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Restructuring
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|||||||||||||||||||||||||||
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& Other
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Restructuring
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Adjusted
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|||||||||||||||||||||||||
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Reported
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Impact
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Adjusted
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Reported
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Impact
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Adjusted
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% Change
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|||||||||||||||||||||
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||||||||||||||||||||||||||||
Revenue
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$
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368,131
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$
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-
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$
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368,131
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$
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365,640
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$
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-
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$
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365,640
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0.7
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%
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||||||||||||||
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||||||||||||||||||||||||||||
Cost of products sold
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243,623
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-
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243,623
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248,503
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595
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247,908
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-1.7
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%
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||||||||||||||||||||
Selling and administrative expenses
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122,929
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52,722
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70,207
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80,799
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12,178
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68,621
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2.3
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%
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||||||||||||||||||||
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||||||||||||||||||||||||||||
Operating income
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1,579
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(52,722
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)
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54,301
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36,338
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(12,773
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)
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49,111
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10.6
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%
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||||||||||||||||||
Interest expense
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4,131
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-
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4,131
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4,261
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-
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4,261
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||||||||||||||||||||||
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||||||||||||||||||||||||||||
Earnings before income taxes
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(2,552
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)
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(52,722
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)
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50,170
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32,077
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(12,773
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)
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44,850
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11.9
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%
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|||||||||||||||||
Income taxes
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(477
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)
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(15,274
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)
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14,797
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10,638
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(3,366
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)
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14,004
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|||||||||||||||||||
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||||||||||||||||||||||||||||
Net earnings
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$
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(2,075
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)
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$
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(37,448
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)
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$
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35,373
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$
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21,439
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$
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(9,407
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)
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$
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30,846
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14.7
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%
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|||||||||||
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||||||||||||||||||||||||||||
Earnings per common share:
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||||||||||||||||||||||||||||
Basic
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$
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(0.04
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)
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$
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(0.75
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)
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$
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0.71
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$
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0.43
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$
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(0.19
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)
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$
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0.62
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14.5
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%
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|||||||||||
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||||||||||||||||||||||||||||
Diluted
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$
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(0.04
|
)
|
$
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(0.75
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)
|
$
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0.71
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$
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0.43
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$
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(0.19
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)
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$
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0.62
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14.5
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%
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|||||||||||
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||||||||||||||||||||||||||||
Average common shares outstanding:
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||||||||||||||||||||||||||||
Basic
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49,853
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49,853
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49,711
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49,711
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0.3
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%
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||||||||||||||||||||||
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||||||||||||||||||||||||||||
Diluted
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50,079
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50,079
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49,867
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49,867
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0.4
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%
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Sensient Technologies Corporation
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Page 7
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(In thousands, except per share amounts)
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Results by Segment
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Three Months Ended March 31,
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|||||||||||
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||||||||||||
Revenue
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2014
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2013
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% Change
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|||||||||
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||||||||||||
Flavors & Fragrances
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$
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213,379
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$
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215,841
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-1.1
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%
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||||||
Color
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133,638
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129,479
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3.2
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%
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||||||||
Corporate & Other
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35,342
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34,876
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1.3
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%
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||||||||
Intersegment elimination
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(14,228
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)
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(14,556
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)
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||||||||
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||||||||||||
Consolidated
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$
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368,131
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$
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365,640
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0.7
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%
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||||||
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||||||||||||
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||||||||||||
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||||||||||||
Operating Income
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||||||||||||
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||||||||||||
Flavors & Fragrances
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$
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29,939
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$
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28,406
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5.4
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%
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||||||
Color
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29,407
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26,683
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10.2
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%
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||||||||
Corporate & Other
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(57,767
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)
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(18,751
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)
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||||||||
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||||||||||||
Consolidated
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$
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1,579
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$
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36,338
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-95.7
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%
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||||||
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||||||||||||
Consolidated excluding restructuring & other charges
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$
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54,301
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$
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49,111
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10.6
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%
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Sensient Technologies Corporation
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Page 8
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(In thousands, except per share amounts)
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|
Consolidated Condensed Balance Sheets
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||||||||
March 31,
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2014
|
2013
|
||||||
|
||||||||
Current assets
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$
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817,221
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$
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756,090
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||||
Goodwill & intangible assets (net)
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467,223
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452,257
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||||||
Property, plant, and equipment (net)
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525,679
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512,247
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||||||
Other assets
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85,760
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47,418
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||||||
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||||||||
Total Assets
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$
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1,895,883
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$
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1,768,012
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||||
|
||||||||
Current liabilities
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$
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243,218
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$
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206,458
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||||
Long-term debt
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386,737
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327,625
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||||||
Accrued employee and retiree benefits
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27,144
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60,939
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||||||
Other liabilities
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30,770
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25,028
|
||||||
Shareholders' Equity
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1,208,014
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1,147,962
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||||||
|
||||||||
Total Liabilities and Shareholders' Equity
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$
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1,895,883
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$
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1,768,012
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Consolidated Statements of Cash Flows
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||||||||
Three Months Ended March 31,
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2014
|
2013
|
||||||
|
||||||||
Net cash provided by operating activities
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$
|
19,835
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$
|
25,589
|
||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Acquisition of property, plant and equipment
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(14,711
|
)
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(21,039
|
)
|
||||
Proceeds from sale of assets
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919
|
24
|
||||||
Other investing activity
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(94
|
)
|
(70
|
)
|
||||
|
||||||||
Net cash used in investing activities
|
(13,886
|
)
|
(21,085
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from additional borrowings
|
49,254
|
33,438
|
||||||
Debt payments
|
(43,096
|
)
|
(23,954
|
)
|
||||
Purchase of treasury stock
|
(2,724
|
)
|
-
|
|||||
Dividends paid
|
(11,539
|
)
|
(10,999
|
)
|
||||
Proceeds from options exercised and other
|
331
|
56
|
||||||
|
||||||||
Net cash used in financing activities
|
(7,774
|
)
|
(1,459
|
)
|
||||
|
||||||||
Effect of exchange rate changes on cash and cash equivalents
|
(548
|
)
|
1,363
|
|||||
|
||||||||
Net (decrease) increase in cash and cash equivalents
|
(2,373
|
)
|
4,408
|
|||||
Cash and cash equivalents at beginning of period
|
19,836
|
15,062
|
||||||
Cash and cash equivalents at end of period
|
$
|
17,463
|
$
|
19,470
|
Supplemental Information
|
||||||||
Three Months Ended March 31,
|
2014
|
2013
|
||||||
|
||||||||
Depreciation and amortization
|
$
|
13,424
|
$
|
12,963
|
||||
|
||||||||
Dividends per share
|
$
|
0.23
|
$
|
0.22
|