8-K

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 19, 2004

(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)

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 19, 2004, the Company issued a press release announcing its financial results for the quarter ended March 31, 2004. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

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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 19, 2004

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EXHIBIT INDEX

99.1 Press Release issued April 19, 2004.

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact: Dick Hobbs (414) 347-3836

Sensient Technologies Corporation

Reports Earnings for the Quarter Ended March 31, 2004

Cash flow up sharply

MILWAUKEE—April 19, 2004 — Sensient Technologies Corporation (NYSE: SXT) announced today that revenue in the first quarter ended March 31, 2004, increased 8.1% to $254.2 million from $235.1 million reported for last year’s comparable quarter. First quarter 2004 diluted earnings per share equaled 32 cents, consistent with previously provided guidance. Diluted earnings per share in the first quarter of 2003 totaled 43 cents, which included a tax benefit of three cents per share for the settlement of prior years’ tax liabilities. Cash flow provided by operating activities increased to $24.8 million in the quarter compared to $0.9 million in last year’s first quarter.

“As stated previously, we expected to experience a softness in certain markets, particularly North American food and beverage, through the second quarter of this year. In fact, our North American flavor business has already begun to recover and our cash flow is up substantially. Our cost saving initiatives are expected to bring even greater improvement in the second half,” said Kenneth P. Manning, Chairman, President and CEO of Sensient Technologies Corporation.

BUSINESS REVIEW

Flavors & Fragrances Group revenue rose 8.6% to $151.6 million in the first quarter from $139.5 million in last year’s first quarter. Group revenue benefited from favorable foreign currency exchange rates and strong sales of fragrance products resulting from

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Sensient Technologies Corporation	Page 2
Earnings Release – Quarter ended March 31, 2004
April 19, 2004

recent investments to expand aroma chemical production. Operating income for the quarter was $17.8 million compared to $20.0 million in the prior year’s first quarter. Lower pricing and increased costs related to dehydrated flavors offset increased profits from traditional flavors in North America and fragrances.

Color Group revenue was up 5.1% to $94.2 million in the first quarter of 2004 compared to $89.6 million in the prior year’s first quarter. Favorable foreign currency exchange rates and cosmetic color sales boosted quarterly revenue. Sales of synthetic food and beverage color were down for the quarter, which lowered profits. First quarter operating income of $15.6 million was down compared to last year’s first quarter, but represented significant improvement over fourth quarter 2003 operating income of $12.2 million, and continued improvement is expected as the year progresses.

2004 OUTLOOK

For 2004, Sensient expects diluted earnings per share to be within a range of $1.75 to $1.80. Diluted earnings per share for second quarter 2004 are expected to be approximately 38 cents.

CONFERENCE CALL

The Company will hold its conference call to discuss 2004 first quarter results at 10:00 a.m. CDT on Monday, April 19, 2004. To make a reservation for the conference call, contact InterCall Teleconferencing at (706) 645-6973 and refer to the Sensient Technologies Corporation conference call.

A replay will be available beginning at 1:00 p.m. CDT on April 19, 2004, through midnight on April 26, 2004, by calling (706) 645-9291 and referring to pass code

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Sensient Technologies Corporation	Page 3
Earnings Release – Quarter ended March 31, 2004
April 19, 2004

6612049. 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 & Analysis of Operations & Financial Condition in our most recently filed annual report on Form 10-K for the year ended December 31, 2003. 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 ingredient 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	Page 4
(In thousands, except percentages and per share amounts)

Consolidated Statements of Earnings

	Three Months Ended March 31,
	2004			2003			% Change
Revenue	$	254,165		$	235,097		8.1
Cost of products sold		179,493			158,115		13.5
Selling and administrative expenses		46,089			42,048		9.6
Operating income		28,583			34,934		(18.2	)
Interest expense		7,363			7,245
Earnings before income taxes		21,220			27,689		(23.4	)
Income taxes		6,260			7,227
Net earnings	$	14,960		$	20,462		(26.9	)
Earnings per common share:
Basic	$	0.32		$	0.43		(25.6	)
Diluted	$	0.32		$	0.43		(25.6	)
Average common shares outstanding:
Basic		46,475			47,058		(1.2	)
Diluted		46,738			47,398		(1.4	)
Results by Segment
	Three Months Ended March 31,
Revenue	2004			2003			% Change
Flavors & Fragrances	$	151,564		$	139,528		8.6
Color		94,166			89,568		5.1
Corporate & other		16,859			14,978		12.6
Intersegment elimination		(8,424	)		(8,977	)	(6.2	)
Consolidated	$	254,165		$	235,097		8.1
Operating Income	2004			2003			% Change
Flavors & Fragrances	$	17,812		$	20,028		(11.1	)
Color		15,649			20,196		(22.5	)
Corporate & other		(4,878	)		(5,290	)	(7.8	)
Consolidated	$	28,583		$	34,934		(18.2	)

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

Consolidated Condensed Balance Sheets
March 31,	2004			2003
Current assets	$	533,564		$	493,263
Intangibles (net)		440,381			394,197
Property, plant and equipment (net)		384,479			337,680
Other assets		77,978			90,031
Total Assets	$	1,436,402		$	1,315,171
Current liabilities	$	268,118		$	220,260
Long-term debt		522,474			514,446
Accrued employee and retiree benefits		30,853			43,072
Other liabilities		34,479			26,191
Shareholders’ equity		580,478			511,202
Total Liabilities and Shareholders’ Equity	$	1,436,402		$	1,315,171
Consolidated Statements of Cash Flows
Three Months Ended March 31,	2004			2003
Net cash provided by operating activities	$	24,826		$	853
Cash flows from investing activities:
Acquisition of property, plant and equipment		(9,635	)		(10,336	)
Acquisition of new businesses (net of cash acquired)		—			(4,107	)
Proceeds from sale of assets		—			1,948
Decrease in other assets		2,078			68
Net cash used in investing activities		(7,557	)		(12,427	)
Cash flows from financing activities:
Proceeds from additional borrowings		19,470			23,232
Reduction in debt		(29,013	)		(691	)
Purchase of treasury stock		—			(4,969	)
Dividends paid		(7,009	)		(6,763	)
Proceeds from options exercised and other		326			2,693
Net cash (used in) provided by financing activities		(16,226	)		13,502
Effect of exchange rate changes on cash and cash equivalents		(276	)		526
Net increase in cash and cash equivalents		767			2,454
Cash and cash equivalents at beginning of period		3,250			2,103
Cash and cash equivalents at end of period	$	4,017		$	4,557
Supplemental Information
Three Months Ended March 31,	2004			2003
Depreciation and amortization	$	12,247		$	11,074
Dividends per share	$	0.1500		$	0.1400

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