EX-99.1 10 dex991.htm FIVE-YEAR SUMMARY Five-Year Summary

Exhibit 99.1

 

FIVE-YEAR SUMMARY

 

(In Thousands, Except for Per share Amounts and Footnote Data)

Year Ended December 31

   2008     2007     2006     2005     2004  

Results of Operations

          

Net sales

   $ 2,467,115     $ 2,336,187     $ 2,368,506     $ 2,107,499     $ 1,513,737  

Costs and expenses

     2,246,198       2,026,300       2,191,022       1,943,603       1,411,656  
                                        

Operating profit

     220,917       309,887       177,484       163,896       102,081  

Interest and financing expenses

     (38,175 )     (38,332 )     (43,964 )     (41,971 )     (17,350 )

Other income (expenses), net(a)

     601       6,264       (134 )     1,513       (12,193 )
                                        

Income before income taxes, minority interests, equity in net income (losses) of unconsolidated investments and the cumulative effect of a change in accounting principle, net

     183,343       277,819       133,386       123,438       72,538  

Income tax expense (benefit)

     (6,539 )     55,078       2,192       27,593       17,005  
                                        

Income before minority interests, equity in net income (losses) of unconsolidated investments and cumulative effect of a change in accounting principle, net

     189,882       222,741       131,194       95,845       55,533  

Minority interests in income of consolidated subsidiaries (net of tax)

     (18,806 )     (17,632 )     (13,258 )     (7,469 )     (5,101 )

Equity in net income (losses) of unconsolidated investments (net of tax)

     23,126       24,581       25,033       26,491       4,407  
                                        

Net income

   $ 194,202     $ 229,690     $ 142,969     $ 114,867     $ 54,839  
                                        

Financial Position and Other Data

          

Total assets

   $ 2,872,717     $ 2,841,018     $ 2,530,368     $ 2,555,618     $ 2,442,745  

Operations:

          

Working capital

   $ 740,556     $ 650,521     $ 477,905     $ 451,746     $ 373,664  

Current ratio

     2.69 to 1       2.57 to 1       1.99 to 1       2.07 to 1       2.00 to 1  

Depreciation and amortization

   $ 111,685     $ 106,855     $ 112,950     $ 117,435     $ 97,268  

Capital expenditures

   $ 99,736     $ 98,740     $ 99,847     $ 70,080     $ 57,652  

Investments in joint ventures

   $ 103     $ —       $ 96     $ 2,500     $ 9,913  

Acquisitions, net of cash acquired

   $ 63,960     $ 17,929     $ 25,970     $ 7,473     $ 785,247  

Research and development expenses

   $ 67,292     $ 62,691     $ 46,299     $ 41,675     $ 31,273  

Gross profit as a % of net sales

     24.6       26.6       23.3       20.1       19.7  

Total long-term debt

   $ 932,264     $ 723,938     $ 732,590     $ 833,453     $ 944,631  

Equity(b)

   $ 1,065,771     $ 1,278,305     $ 1,028,098     $ 930,275     $ 711,375  

Total long-term debt as a % of total capitalization

     46.7       36.2       41.6       47.3       57.0  

Net debt as a % of total capitalization(c)

     37.9       30.1       34.7       44.0       56.8  

Common Stock

          

Basic earnings per share

   $ 2.13     $ 2.41     $ 1.51     $ 1.24     $ 0.66  

Shares used to compute basic earnings per share(b)

     91,338       95,254       94,624       92,696       83,134  

Diluted earnings per share

   $ 2.10     $ 2.36     $ 1.47     $ 1.20     $ 0.64  

Shares used to compute diluted earnings per share(b)

     92,530       97,216       97,136       95,495       85,054  

Cash dividends declared per share

   $ 0.48     $ 0.42     $ 0.345     $ 0.31     $ 0.2925  

Shareholders’ equity per share(b)

   $ 11.71     $ 13.49     $ 10.84     $ 9.95     $ 8.49  

Return on average shareholders’ equity

     16.6 %     19.9 %     14.6 %     14.0 %     8.1 %
                                        

Footnotes:

(a)

Other income (expenses), net for 2004 includes foreign exchange hedging charges totaling $12.8 million ($8.2 million after income taxes) associated with contracts we entered into to hedge the euro-denominated purchase price for the July 31, 2004 acquisition of the refinery catalysts business from Akzo Nobel N.V.

(b)

Shareholders’ equity includes the purchase of common shares amounting to: 2008—4,662,700; 2007—2,369,810; 2006—1,130,890; 2005—0 and 2004—55,138.

(c)

We define net debt as total debt plus the portion of outstanding joint venture indebtedness guaranteed by us (or less the portion of outstanding joint venture indebtedness consolidated but not guaranteed by us), less cash and cash equivalents.

 

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