EX-99.1 9 d260152dex991.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

   2011     2010     2009     2008     2007  

Results of Operations

          

Net sales

   $ 2,869,005      $ 2,362,764      $ 2,005,394      $ 2,467,115      $ 2,336,187   

Costs and expenses

     2,281,165        1,947,916        1,819,114        2,246,198        2,026,300   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     587,840        414,848        186,280        220,917        309,887   

Interest and financing expenses

     (37,574     (25,533     (24,584     (38,175     (38,332

Other income (expenses), net

     357        2,788        (1,423     601        6,264   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes and equity in net income of unconsolidated investments

     550,623        392,103        160,273        183,343        277,819   

Income tax expense (benefit)

     130,014        92,719        (7,028     (6,539     55,078   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before equity in net income of unconsolidated investments

     420,609        299,384        167,301        189,882        222,741   

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

     43,754        37,975        22,322        23,126        24,581   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 464,363      $ 337,359      $ 189,623      $ 213,008      $ 247,322   

Net income attributable to noncontrolling interests

     (28,083     (13,639     (11,255     (18,806     (17,632
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Albemarle Corporation

   $ 436,280      $ 323,720      $ 178,368      $ 194,202      $ 229,690   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial Position and Other Data

          

Total assets

   $ 3,203,824      $ 3,068,081      $ 2,771,557      $ 2,872,717      $ 2,841,018   

Operations:

          

Working capital

   $ 954,442      $ 984,021      $ 678,823      $ 740,556      $ 650,521   

Current ratio

     3.38 to 1        3.70 to 1        2.92 to 1        2.69 to 1        2.57 to 1   

Depreciation and amortization

   $ 96,753      $ 95,578      $ 100,513      $ 111,685      $ 106,855   

Capital expenditures

   $ 190,574      $ 75,478      $ 100,786      $ 99,736      $ 98,740   

Investments in joint ventures

   $ 10,868      $ 1,333      $ —        $ 103      $ —     

Acquisitions, net of cash acquired

   $ 13,164      $ 11,978      $ 4,017      $ 63,960      $ 17,929   

Research and development expenses

   $ 77,083      $ 58,394      $ 60,918      $ 67,292      $ 62,691   

Gross profit as a % of net sales

     34.1        31.6        24.1        24.6        26.6   

Total long-term debt

   $ 763,673      $ 860,910      $ 812,713      $ 932,264      $ 723,938   

Total equity(a)(d)

   $ 1,678,827      $ 1,475,746      $ 1,253,318      $ 1,116,483      $ 1,332,666   

Total long-term debt as a % of total capitalization (d)

     31.3        36.8        39.3        45.5        35.2   

Net debt as a % of total capitalization (b)(d)

     13.9        17.1        27.6        36.8        29.2   

Common Stock

          

Basic earnings per share(c)(e)

   $ 4.82      $ 3.54      $ 1.95      $ 2.12      $ 2.41   

Shares used to compute basic earnings per share (c)(e)

     90,522        91,393        91,512        91,657        95,496   

Diluted earnings per share(c)(e)

   $ 4.77      $ 3.51      $ 1.94      $ 2.09      $ 2.36   

Shares used to compute diluted earnings per share (c)(e)

     91,522        92,184        92,046        92,741        97,396   

Cash dividends declared per share(e)

   $ 0.67      $ 0.56      $ 0.50      $ 0.48      $ 0.42   

Total equity per share (a)(d)(e)

   $ 18.90      $ 16.11      $ 13.70      $ 12.27      $ 14.07   

Return on average total equity(d)

     27.7     23.7     15.1     15.9     19.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Footnotes:

 

(a) Equity reflects the repurchase of common shares amounting to: 2011—3,000,000; 2010—400,356; 2009—174,900; 2008—4,662,700 and 2007—2,369,810.


(b) 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.
(c) On January 1, 2009, we adopted new accounting guidance associated with share-based payment transactions considered to be participating securities. This guidance states that unvested share-based payment awards that contain nonforfeitable rights to dividends, such as certain of our restricted stock awards, are participating securities and therefore shall be included in the earnings per share calculation pursuant to the two-class method. In addition, the guidance requires all prior-period earnings per share data to be adjusted retrospectively, and as a result, all prior-period earnings per share data presented herein have been adjusted to conform to these provisions.
(d) Effective January 1, 2009, we adopted new accounting guidance requiring noncontrolling interests to be separately presented as a component of equity. Prior years have been adjusted to conform to the new guidance.
(e) On February 7, 2007, our Board of Directors approved a two-for-one stock split in the form of a share distribution. We distributed approximately 47.8 million shares of common stock on March 1, 2007, to shareholders of record as of February 20, 2007. The par value of the common stock remained at $0.01 per share.