NewMarket Corporation Reports Record Results for the Year 2012
2013-01-28 17:01 ET - News Release
- Record Net Income and Earnings Per Share for the Year 2012
- Record Petroleum Additives Operating Profit for the Year
- Special Dividend of $25 Per Share Paid in the Fourth Quarter
RICHMOND, Va. -- (Business Wire)
NewMarket Corporation (NYSE:NEU) President and Chief Executive Officer,
Thomas E. Gottwald, released the following earnings report of the
Company’s operations for the year and fourth quarter 2012.
NewMarket’s net income for the year 2012 increased to a record $239.6
million, or $17.85 per share, compared to net income of $206.9 million,
or $15.09 per share for the year 2011. For the fourth quarter of this
year, net income was $53.1 million, or $3.94 per share, compared to net
income of $33.7 million, or $2.51 per share for the same period last
year.
The earnings for 2012 and prior year periods include certain special
items which are presented in the following Summary of Earnings and
discussed more fully on the financial statements and footnotes that are
a part of this earnings release.
|
|
| | | |
|
| | |
|
| | | |
|
| | | | | | | Summary of Earnings | | | | (In millions, except per-share amounts) | | | | Fourth Quarter Ended | | | Year Ended | | | | December 31 | | | December 31 | | | |
2012
| | |
2011
| | |
2012
| | |
2011
| | Net Income: | | | | | | | | | | | | | | | | | | | | |
Net income
| | |
$
|
53.1
| | | |
$
|
33.7
| | |
$
|
239.6
| | | |
$
|
206.9
| | |
Tax (benefit) of special dividend
| | | |
(6.2
|
)
| | | |
-
| | | |
(6.2
|
)
| | | |
-
| | |
(Gain) Loss on interest rate swap agreement
| | | |
(0.2
|
)
| | | |
0.8
| | | |
3.3
| | | | |
10.7
| | |
Loss on early extinguishment of debt
| | | |
-
| | | | |
-
| | | |
6.1
| | | | |
-
| | |
(Gain) on legal settlement, net
| | |
|
-
|
| | |
|
-
| | |
|
-
|
| | |
|
(23.9
|
)
| |
Income excluding the above special items
| | |
$
|
46.7
|
| | |
$
|
34.5
| | |
$
|
242.8
|
| | |
$
|
193.7
|
| | | | | | | | | | | | | | | | | | | |
| | Diluted Earnings Per Share: | | | | | | | | | | | | | | | | | | | | |
Net income
| | |
$
|
3.94
| | | |
$
|
2.51
| | |
$
|
17.85
| | | |
$
|
15.09
| | |
Tax (benefit) of special dividend
| | | |
(0.46
|
)
| | | |
-
| | | |
(0.46
|
)
| | | |
-
| | |
(Gain) Loss on interest rate swap agreement
| | | |
(0.01
|
)
| | | |
0.06
| | | |
0.24
| | | | |
0.78
| | |
Loss on early extinguishment of debt
| | | |
-
| | | | |
-
| | | |
0.45
| | | | |
-
| | |
(Gain) on legal settlement, net
| | |
|
-
|
| | |
|
-
| | |
|
-
|
| | |
|
(1.74
|
)
| |
Income excluding the above special items
| | |
$
|
3.47
|
| | |
$
|
2.57
| | |
$
|
18.08
|
| | |
$
|
14.13
|
| | | | | | | | | | | | | | | | | | | |
|
Excluding these special items from all periods, earnings for the year
2012 were a record $242.8 million, or $18.08 per share, an increase of
25 percent compared to last year’s results of $193.7 million, or $14.13
per share. On this same basis, earnings for this year’s fourth quarter
were $46.7 million, or $3.47 per share, an improvement of 35 percent
over fourth quarter last year results of $34.5 million, or $2.57 per
share. Earnings per share for the year and fourth quarter of this year
increased 28 percent and 35 percent, respectively, on this same basis.
Petroleum additives operations had a record performance for the year
2012 with operating profit of $372.0 million, an improvement of 20
percent over last year’s operating profit of $309.6 million excluding
the 2011 gain on the legal settlement. Sales of petroleum additives for
the year increased to $2.2 billion, an increase of 3 percent over sales
last year of $2.1 billion while shipments were down almost 2 percent.
Petroleum additives operating profit for the fourth quarter of 2012 was
$71.6 million, an improvement of 21 percent over fourth quarter
operating profit last year of $59.3 million. Sales for the fourth
quarter of 2012 increased 2 percent to $511.2 million, compared to sales
for the same period last year of $499.0 million and included the benefit
of 4 percent higher shipments. Our petroleum additives business
continues to deliver excellent results. We believe the fundamentals of
how we run the business – a safety-first culture, customer-focused
solutions, technology driven product offerings, world-class supply chain
and regional organizational structure to better serve our customers’
needs – are the core to this success. We continue to increase our
investment in research and development and regional presence as evidence
of our commitment to our customers.
These operational results continue to generate strong cash flows. During
the year 2012, we paid dividends of $375.7 million (including special
dividend of $335.4 million), funded capital expenditures of $38.8
million and increased cash $38.8 million while only increasing debt by
$185.2 million.
This special year in which we celebrated the 125th
anniversary of our Company was another year of growth and success. The
excellent results reflect the outstanding performance and dedication of
NewMarket employees around the world and the confidence our customers
have entrusted in us. Our strong financial position enhances our
capability for future growth and improving shareholder value.
Sincerely,
Thomas E. Gottwald
The results for both the fourth quarter and year for both this year and
last year include the impact from valuing an interest rate swap
agreement at fair value at the end of each reporting period. This year’s
fourth quarter and year also include a tax benefit from the special $25
per share dividend paid in the fourth quarter. The current year results
also include a loss on the early extinguishment of debt while the
results for the year 2011 include a gain on a legal settlement. The
Company is reporting net income including these items, as well as income
excluding them, and related per share amounts in the Summary of Earnings
included in the earnings release. The Company has also included the
non-GAAP financial measure EBITDA in this earnings release. A schedule
following the financial statements included in this earnings release is
provided reflecting the calculation of EBITDA, defined as net income,
before the deduction of interest and financing expenses, income taxes,
depreciation and amortization. EBITDA is shown on the schedule both
including and excluding the items noted above. The Company believes that
even though these items are not required by or presented in accordance
with United States generally accepted accounting principles (GAAP),
these additional measures enhance understanding of the Company’s
performance and period to period comparability. The Company believes
that these items should not be considered an alternative to net income
determined under GAAP.
As a reminder, a conference call and Internet webcast is scheduled for
11:00 a.m. EST on Tuesday, January 29, 2013, to review fourth quarter
and year 2012 financial results. You can access the conference call live
by dialing 1-877-407-8031 (domestic) or 1-201-689-8031 (international)
and requesting the NewMarket conference call. To avoid delays, callers
should dial in five minutes early. The call will also be broadcast via
the Internet and can be accessed through the Company’s website at www.NewMarket.com
or www.investorcalendar.com.
A teleconference replay of the call will be available until February 5,
2013 at 11:59 p.m. EST by dialing 1-877-660-6853 (domestic) and
1-201-612-7415 (international). The conference ID number is 407213. A
webcast replay will be available for 30 days.
NewMarket Corporation through its subsidiaries, Afton Chemical
Corporation and Ethyl Corporation, develops, manufactures, blends, and
delivers chemical additives that enhance the performance of petroleum
products. From custom-formulated chemical blends to market-general
additive components, the NewMarket family of companies provides the
world with the technology to make fuels burn cleaner, engines run
smoother and machines last longer.
Some of the information contained in this press release constitutes
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Although NewMarket’s management believes
its expectations are based on reasonable assumptions within the bounds
of its knowledge of its business and operations, there can be no
assurance that actual results will not differ materially from
expectations.
Factors that could cause actual results to differ materially from
expectations include, but are not limited to: availability of raw
materials and transportation systems; supply disruptions at single
sourced facilities; ability to respond effectively to technological
changes in our industry; failure to protect our intellectual property
rights; hazards common to chemical businesses; occurrence or threat of
extraordinary events, including natural disasters and terrorist attacks;
competition from other manufacturers; sudden or sharp raw materials
price increases; gain or loss of significant customers; risks related to
operating outside of the United States; the impact of fluctuations in
foreign exchange rates; political, economic, and regulatory factors
concerning our products; future governmental regulation; resolution of
environmental liabilities or legal proceedings; inability to complete
future acquisitions or successfully integrate future acquisitions into
our business and other factors detailed from time to time in the reports
that NewMarket files with the Securities and Exchange Commission,
including the risk factors in Item 1A, “Risk Factors” of our 2011 Annual
Report on Form 10-K, which is available to shareholders upon request.
You should keep in mind that any forward-looking statement made by
NewMarket in the foregoing discussion speaks only as of the date on
which such forward-looking statement is made. New risks and
uncertainties come up from time to time, and it is impossible for us to
predict these events or how they may affect the company. We have no duty
to, and do not intend to, update or revise the forward-looking
statements in this discussion after the date hereof, except as may be
required by law. In light of these risks and uncertainties, you should
keep in mind that the events described in any forward-looking statement
made in this discussion, or elsewhere, might not occur.
|
| | NEWMARKET CORPORATION AND SUBSIDIARIES | | SEGMENT RESULTS AND OTHER FINANCIAL INFORMATION | |
(In millions, except per-share amounts, unaudited)
| |
| |
| |
| |
| | | | | | | | | |
| | | Fourth Quarter Ended | | Twelve Months Ended | | | December 31, | | December 31, | | |
| 2012 |
| |
| 2011 |
| |
| 2012 |
| |
| 2011 |
| | | | | | | | |
| | Revenue: | | | | | | | | | |
Petroleum additives
| |
$
|
511.2
| | |
$
|
499.0
| | |
$
|
2,200.8
| | |
$
|
2,126.5
| | |
Real estate development
| | |
2.8
| | | |
2.9
| | | |
11.4
| | | |
11.4
| | |
All other (a)
| |
|
2.2
|
| |
|
3.7
|
| |
|
11.1
|
| |
|
11.7
|
| | Total | | $ | 516.2 |
| | $ | 505.6 |
| | $ | 2,223.3 |
| | $ | 2,149.6 |
| | | | | | | | |
| | Segment operating profit: | | | | | | | | | |
Petroleum additives
| | | | | | | | | |
Petroleum additives before gain on legal settlement, net
| |
$
|
71.6
| | |
$
|
59.3
| | |
$
|
372.0
| | |
$
|
309.6
| | |
Gain on legal settlement, net (b)
| |
|
0.0
|
| |
|
0.0
|
| |
|
0.0
|
| |
|
38.7
|
| |
Total petroleum additives
| | |
71.6
| | | |
59.3
| | | |
372.0
| | | |
348.3
| | | | | | | | | |
| | | | | | | | |
| |
Real estate development
| | |
1.6
| | | |
1.7
| | | |
7.0
| | | |
7.0
| | |
All other (a)
| |
|
1.2
|
| |
|
1.4
|
| |
|
6.3
|
| |
|
2.9
|
| | | | | | | | |
| | Segment operating profit | | | 74.4 | | | | 62.4 | | | | 385.3 | | | | 358.2 | | | | | | | | | |
| |
Corporate unallocated expense
| | |
(4.2
|
)
| | |
(5.2
|
)
| | |
(20.2
|
)
| | |
(16.7
|
)
| |
Interest and financing expenses
| | |
(2.3
|
)
| | |
(4.7
|
)
| | |
(10.8
|
)
| | |
(18.8
|
)
| |
Gain (loss) on an interest rate swap agreement (c)
| | |
0.3
| | | |
(1.4
|
)
| | |
(5.3
|
)
| | |
(17.5
|
)
| |
Loss on early extinguishment of debt (d)
| | |
0.0
| | | |
0.0
| | | |
(9.9
|
)
| | |
0.0
| | |
Other (expense) income, net
| |
|
(0.4
|
)
| |
|
(0.4
|
)
| |
|
2.3
|
| |
|
(1.5
|
)
| | | | | | | | |
| | Income before income tax expense | | $ | 67.8 |
| | $ | 50.7 |
| | $ | 341.4 |
| | $ | 303.7 |
| | | | | | | | |
| | Net income | | $ | 53.1 |
| | $ | 33.7 |
| | $ | 239.6 |
| | $ | 206.9 |
| | | | | | | | |
| | Basic earnings per share | | $ | 3.94 |
| | $ | 2.51 |
| | $ | 17.85 |
| | $ | 15.10 |
| | | | | | | | |
| | Diluted earnings per share | | $ | 3.94 |
| | $ | 2.51 |
| | $ | 17.85 |
| | $ | 15.09 |
|
|
| | Notes to Segment Results and Other Financial Information | |
| | |
(a)
| |
"All other" includes the results of our tetraethyl lead (TEL)
business, as well as certain contract manufacturing performed by
Ethyl Corporation.
| | |
| |
(b)
| |
On September 13, 2011, we signed a settlement agreement with
Innospec Inc. and its subsidiaries Alcor Chemie Vertriebs GmbH and
Innospec Ltd. (collectively, Innospec) which provided for mutual
releases of the parties and dismissal of the actions with prejudice.
Under the settlement agreement, Innospec will pay NewMarket an
aggregate amount of approximately $45 million in a combination of
cash, a promissory note, and stock, of which $25 million was paid in
cash on September 20, 2011 and $5 million was paid in the form of
195,313 shares of unregistered Innospec Inc. common stock. Fifteen
million dollars is payable in three equal annual installments of $5
million under the promissory note, which bears simple interest at 1%
per year. The first installment was paid in September 2012. The gain
is net of expenses related to the settlement of the lawsuit.
| | |
| |
(c)
| |
The gain (loss) on an interest rate swap agreement represents the
change, since the beginning of the reporting period, in the fair
value of an interest rate swap which we entered into on June 25,
2009. We are not using hedge accounting to record the interest rate
swap, and accordingly, any change in the fair value is immediately
recognized in earnings.
| | |
| |
(d)
| |
In March 2012, we entered into a $650 million five-year unsecured
revolving credit facility which replaced our previous $300 million
unsecured revolving credit facility. In April 2012, we used a
portion of this new credit facility to fund the early redemption of
all of our outstanding 7.125% senior notes due 2016 (senior notes),
representing an aggregate principal amount of $150 million. In May
2012, we used a portion of the new credit facility to repay the
outstanding principal amount on the Foundry Park I, LLC mortgage
loan agreement (mortgage loan). As a result, we recognized a loss on
early extinguishment of debt of $9.9 million during the twelve
months ended December 31, 2012 from accelerated amortization of
financing fees associated with the prior revolving credit facility,
the senior notes, and the mortgage loan, as well as from costs
associated with redeeming the senior notes prior to maturity.
|
|
| | |
| |
| |
| | | NEWMARKET CORPORATION AND SUBSIDIARIES | | CONSOLIDATED STATEMENTS OF INCOME | |
(In thousands, except per-share amounts, unaudited)
| | | | | | | | | |
| | | | | | | | | |
| | | Fourth Quarter Ended | | Twelve Months Ended | | | December 31, | | December 31, | | | 2012 | | 2011 | | 2012 | | 2011 | | Revenue: | | | | | | | | | |
Net sales - product
| |
$
|
513,322
| | |
$
|
502,698
| | |
$
|
2,211,878
| | |
$
|
2,138,127
| | |
Rental revenue
| |
|
2,858
|
| |
|
2,858
|
| |
|
11,431
|
| |
|
11,431
|
| | |
|
516,180
|
| |
|
505,556
|
| |
|
2,223,309
|
| |
|
2,149,558
|
| | | | | | | | | |
| | Costs: | | | | | | | | | | |
Cost of goods sold - product
| | |
374,461
| | | |
379,302
| | | |
1,581,393
| | | |
1,586,145
| | |
Cost of rental
| |
|
1,183
|
| |
|
1,183
|
| |
|
4,386
|
| |
|
4,386
|
| | |
|
375,644
|
| |
|
380,485
|
| |
|
1,585,779
|
| |
|
1,590,531
|
| | | | | | | | | |
| | Gross profit | | | 140,536 | | | | 125,071 | | | | 637,530 | | | | 559,027 | | | | | | | | | | |
| |
Selling, general, and administrative expenses
| | |
39,506
| | | |
39,784
| | | |
154,209
| | | |
151,602
| | |
Research, development, and testing expenses
| | |
31,276
| | | |
28,768
| | | |
117,845
| | | |
105,496
| | |
Gain on legal settlement, net (a)
| |
|
0
|
| |
|
0
|
| |
|
0
|
| |
|
38,656
|
| | | | | | | | | |
| | Operating profit | | | 69,754 | | | | 56,519 | | | | 365,476 | | | | 340,585 | | | | | | | | | | |
| |
Interest and financing expenses
| | |
2,317
| | | |
4,685
| | | |
10,815
| | | |
18,820
| | |
Loss on early extinguishment of debt (b)
| | |
0
| | | |
0
| | | |
9,932
| | | |
0
| | |
Other income (expense), net (c)
| |
|
402
|
| |
|
(1,169
|
)
| |
|
(3,338
|
)
| |
|
(18,048
|
)
| | | | | | | | | |
| | Income before income tax expense | | | 67,839 | | | | 50,665 | | | | 341,391 | | | | 303,717 | | | | | | | | | | |
| |
Income tax expense
| |
|
14,776
|
| |
|
16,967
|
| |
|
101,798
|
| |
|
96,810
|
| | | | | | | | | |
| | Net income | | $ | 53,063 |
| | $ | 33,698 |
| | $ | 239,593 |
| | $ | 206,907 |
| | | | | | | | | |
| | Basic earnings per share | | $ | 3.94 |
| | $ | 2.51 |
| | $ | 17.85 |
| | $ | 15.10 |
| | | | | | | | | |
| | Diluted earnings per share | | $ | 3.94 |
| | $ | 2.51 |
| | $ | 17.85 |
| | $ | 15.09 |
| | | | | | | | | |
| | Cash dividends declared per share | | $ | 25.75 |
| | $ | 0.75 |
| | $ | 28.00 |
| | $ | 2.39 |
|
|
| | Notes to Consolidated Statements of Income | |
| | |
(a)
| |
On September 13, 2011, we signed a settlement agreement with
Innospec Inc. and its subsidiaries Alcor Chemie Vertriebs GmbH and
Innospec Ltd. (collectively, Innospec) which provided for mutual
releases of the parties and dismissal of the actions with
prejudice. Under the settlement agreement, Innospec will pay
NewMarket an aggregate amount of approximately $45 million in a
combination of cash, a promissory note, and stock, of which $25
million was paid in cash on September 20, 2011 and $5 million was
paid in the form of 195,313 shares of unregistered Innospec Inc.
common stock. Fifteen million dollars is payable in three equal
annual installments of $5 million under the promissory note, which
bears simple interest at 1% per year. The first installment was
paid in September 2012. The gain is net of expenses related to the
settlement of the lawsuit.
| | |
| |
(b)
| |
In March 2012, we entered into a $650 million five-year unsecured
revolving credit facility which replaced our previous $300 million
unsecured revolving credit facility. In April 2012, we used a
portion of this new credit facility to fund the early redemption of
all of our outstanding 7.125% senior notes due 2016 (senior notes),
representing an aggregate principal amount of $150 million. In May
2012, we used a portion of the new credit facility to repay the
outstanding principal amount on the Foundry Park I, LLC mortgage
loan agreement (mortgage loan). As a result, we recognized a loss on
early extinguishment of debt of $9.9 million during the twelve
months ended December 31, 2012 from accelerated amortization of
financing fees associated with the prior revolving credit facility,
the senior notes, and the mortgage loan, as well as from costs
associated with redeeming the senior notes prior to maturity.
| | |
| |
(c)
| |
On June 25, 2009 we entered into an interest rate swap. The gain on
the interest rate swap was $0.3 million for the fourth quarter ended
December 31, 2012 and the loss on the interest rate swap was $5.3
million for the twelve months ended December 31, 2012. The loss on
the interest rate swap was $1.4 million for the fourth quarter ended
December 31, 2011 and $17.5 million for the twelve months ended
December 31, 2011. We are not using hedge accounting to record the
interest rate swap, and accordingly, any change in the fair value is
immediately recognized in earnings.
|
|
| | NEWMARKET CORPORATION AND SUBSIDIARIES | | CONSOLIDATED BALANCE SHEETS | |
(In thousands, unaudited)
| |
| |
| | | | | |
| | | December 31, | | December 31, | | |
| 2012 |
| |
| 2011 |
| | ASSETS | | | | | | | | |
| |
Current assets:
| | | | | |
Cash and cash equivalents
| |
$
|
89,129
| | |
$
|
50,370
| |
Trade and other accounts receivable, less allowance for doubtful
accounts ($319 - 2012; $516 - 2011)
| | |
297,055
| | | |
278,332
| | |
Inventories
| | |
322,674
| | | |
306,785
| | |
Deferred income taxes
| | |
8,452
| | | |
7,261
| | |
Prepaid expenses and other current assets
| |
|
18,185
|
| |
|
36,983
|
| | Total current assets | |
| 735,495 |
| |
| 679,731 |
| | | | |
| |
Property, plant, and equipment, at cost
| | |
1,070,967
| | | |
1,034,472
| | |
Less accumulated depreciation and amortization
| |
|
712,596
|
| |
|
681,506
|
| | Net property, plant, and equipment | |
| 358,371 |
| |
| 352,966 |
| | | | |
| |
Prepaid pension cost
| | |
12,710
| | | |
11,494
| | |
Deferred income taxes
| | |
48,385
| | | |
35,805
| | |
Other assets and deferred charges
| | |
72,007
| | | |
73,619
| | |
Intangibles (net of amortization) and goodwill
| |
|
30,542
|
| |
|
38,047
|
| | Total assets | | $ | 1,257,510 |
| | $ | 1,191,662 |
| | | | |
| | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | |
| |
Current liabilities:
| | | | | |
Accounts payable
| |
$
|
119,298
| | |
$
|
103,217
| | |
Accrued expenses
| | |
79,061
| | | |
78,546
| | |
Dividends payable
| | |
-
| | | |
8,529
| | |
Book overdraft
| | |
3,906
| | | |
1,680
| | |
Long-term debt, current portion
| | |
4,382
| | | |
10,966
| | |
Income taxes payable
| |
|
10,024
|
| |
|
13,086
|
| | Total current liabilities | |
| 216,671 |
| |
| 216,024 |
| | | | |
| |
Long-term debt
| | |
424,407
| | | |
232,601
| | |
Other noncurrent liabilities
| | |
214,227
| | | |
193,444
| | | | | |
| |
Shareholders' equity
| | | | |
Common stock and paid-in capital (without par value); issued and
outstanding shares - 13,417,877 in 2012 and 13,404,831 in 2011
| | |
721
| | | |
64
| | |
Accumulated other comprehensive loss
| | |
(110,689
|
)
| | |
(98,732
|
)
| |
Retained earnings
| |
|
512,173
|
| |
|
648,261
|
| | |
| 402,205 |
| |
| 549,593 |
| | Total liabilities and shareholders' equity | | $ | 1,257,510 |
| | $ | 1,191,662 |
|
|
| |
| | | NEWMARKET CORPORATION AND SUBSIDIARIES | | | | | | SELECTED CONSOLIDATED CASH FLOW DATA | | | | | |
(In thousands, unaudited)
| | | | | | | | |
| | | | |
| | | | |
| | | Twelve Months Ended | | | December 31, | | |
| 2012 |
| |
| 2011 |
| | | | |
| |
Net income
| |
$
|
239,593
| | |
$
|
206,907
| | |
Depreciation and amortization
| | |
43,389
| | | |
43,352
| | |
Loss on early extinguishment of debt
| | |
9,932
| | | |
0
| | |
Cash payment for 7.125% senior notes redemption
| | |
(5,345
|
)
| | |
0
| |
Cash pension and postretirement contributions
| | |
(32,431
|
)
| | |
(31,376
|
)
|
Noncash pension and postretirement expense
| | |
18,855
| | | |
16,499
| | |
Gain on legal settlement, net
| | |
0
| | | |
(38,656
|
)
| |
Proceeds from legal settlements
| | |
5,050
| | | |
25,000
| | |
Proceeds from sale of equity securities
| | |
6,303
| | | |
0
| | |
Working capital changes
| | |
(14,243
|
)
| | |
(62,011
|
)
| |
Capital expenditures
| | |
(38,753
|
)
| | |
(53,515
|
)
| |
Issuance of 4.10% senior notes
| | |
349,405
| | | |
0
| | |
Repayment of 7.125% senior notes and mortgage loan
| | |
(213,544
|
)
| | |
(2,731
|
)
| |
Net borrowings under revolving credit facility
| | |
53,000
| | | |
18,000
| | |
Repurchases of common stock
| | |
0
| | | |
(98,093
|
)
| |
Dividends paid
| | |
(375,681
|
)
| | |
(32,588
|
)
| |
All other
| |
|
(6,771
|
)
| |
|
10,390
|
| | | | |
| | Increase in cash and cash equivalents | | $ | 38,759 |
| | $ | 1,178 |
|
|
| |
| | |
| |
|
| | | NEWMARKET CORPORATION AND SUBSIDIARIES | | | | | | | | | | | | NON-GAAP FINANCIAL INFORMATION | | | | | | | | | | | |
(In thousands, unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | Fourth Quarter Ended | | Twelve Months Ended | | | December 31, | | December 31, | | |
| 2012 |
| |
| 2011 |
| |
| 2012 |
| |
| 2011 |
| | | | | | | | | | |
| | Net Income | |
$
|
53,063
| | |
$
|
33,698
| | |
$
|
239,593
| | |
$
|
206,907
| | | | | | | | | | | |
| |
Add:
| | | | | | | | | | | |
Interest and financing expenses
| | |
2,317
| | | |
4,685
| | | |
10,815
| | | |
18,820
| | |
Income tax expense
| | |
14,776
| | | |
16,967
| | | |
101,798
| | | |
96,810
| | |
Depreciation and amortization
| |
|
10,364
|
| |
|
10,600
|
| |
|
41,314
|
| |
|
41,749
|
| | | | | | | | | | |
| | EBITDA | | |
80,520
| | | |
65,950
| | | |
393,520
| | | |
364,286
| | | | | | | | | | | |
| |
Less: gain on legal settlement
| | |
0
| | | |
0
| | | |
0
| | | |
(38,656
|
)
| |
Less gain / plus loss: interest rate swap agreement
| | |
(304
|
)
| | |
1,363
| | | |
5,346
| | | |
17,516
| | |
Plus: loss on early extinguishment of debt
| |
|
0
|
| |
|
0
|
| |
|
9,932
|
| |
|
0
|
| | | | | | | | | | |
| | EBITDA, as adjusted | |
$
|
80,216
|
| |
$
|
67,313
|
| |
$
|
408,798
|
| |
$
|
343,146
|
|
Contacts: NewMarket Corporation
David A. Fiorenza, 804-788-5555
Investor
Relations
Fax: 804-788-5688
Email: investorrelations@newmarket.com Source: NewMarket Corporation
|