$IOSP
INNOSPEC INC.

2016 Q2 Form 10-Q Financial Statement

#000119312516669517 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $228.0M $242.9M
YoY Change -6.13% 9.76%
Cost Of Revenue $142.5M $155.4M
YoY Change -8.3% 1.77%
Gross Profit $85.50M $87.50M
YoY Change -2.29% 27.55%
Gross Profit Margin 37.5% 36.02%
Selling, General & Admin $53.10M $50.20M
YoY Change 5.78% 33.16%
% of Gross Profit 62.11% 57.37%
Research & Development $6.200M $6.500M
YoY Change -4.62% 16.07%
% of Gross Profit 7.25% 7.43%
Depreciation & Amortization $3.500M $3.300M
YoY Change 6.06% 26.92%
% of Gross Profit 4.09% 3.77%
Operating Expenses $56.90M $30.10M
YoY Change 89.04% -30.48%
Operating Profit $28.60M $57.40M
YoY Change -50.17% 126.88%
Interest Expense -$700.0K -$900.0K
YoY Change -22.22% -200.0%
% of Operating Profit -2.45% -1.57%
Other Income/Expense, Net $8.500M -$4.700M
YoY Change -280.85% 571.43%
Pretax Income $36.40M $51.80M
YoY Change -29.73% 117.65%
Income Tax $7.500M $17.30M
% Of Pretax Income 20.6% 33.4%
Net Earnings $28.90M $34.50M
YoY Change -16.23% 86.49%
Net Earnings / Revenue 12.68% 14.2%
Basic Earnings Per Share $1.21 $1.43
Diluted Earnings Per Share $1.18 $1.40
COMMON SHARES
Basic Shares Outstanding 23.97M shares 24.20M shares
Diluted Shares Outstanding 24.44M shares 24.67M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.2M $69.80M
YoY Change 119.48% -28.34%
Cash & Equivalents $153.2M $64.30M
Short-Term Investments $0.00 $5.500M
Other Short-Term Assets $0.00 $57.60M
YoY Change -100.0% 225.42%
Inventory $155.1M $167.5M
Prepaid Expenses $5.200M
Receivables $136.9M $131.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $463.8M $426.4M
YoY Change 8.77% 5.05%
LONG-TERM ASSETS
Property, Plant & Equipment $78.00M $72.50M
YoY Change 7.59% 18.27%
Goodwill $267.4M $268.4M
YoY Change -0.37% 42.69%
Intangibles $156.6M $175.9M
YoY Change -10.97% 45.25%
Long-Term Investments
YoY Change
Other Assets $2.300M $1.300M
YoY Change 76.92% -13.33%
Total Long-Term Assets $567.3M $572.0M
YoY Change -0.82% 50.17%
TOTAL ASSETS
Total Short-Term Assets $463.8M $426.4M
Total Long-Term Assets $567.3M $572.0M
Total Assets $1.031B $998.4M
YoY Change 3.28% 26.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.70M $67.40M
YoY Change -24.78% 29.62%
Accrued Expenses $72.70M $69.60M
YoY Change 4.45% 10.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $149.2M $193.6M
YoY Change -22.93% 54.26%
LONG-TERM LIABILITIES
Long-Term Debt $154.0M $139.0M
YoY Change 10.79% 3.58%
Other Long-Term Liabilities $300.0K $700.0K
YoY Change -57.14% 250.0%
Total Long-Term Liabilities $154.3M $139.7M
YoY Change 10.45% 3.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $149.2M $193.6M
Total Long-Term Liabilities $154.3M $139.7M
Total Liabilities $391.6M $448.7M
YoY Change -12.73% 29.87%
SHAREHOLDERS EQUITY
Retained Earnings $536.1M $436.9M
YoY Change 22.71% 22.62%
Common Stock $312.7M $310.2M
YoY Change 0.81% -0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.10M $88.30M
YoY Change 12.23% 21.12%
Treasury Stock Shares 5.580M shares 5.405M shares
Shareholders Equity $639.2M $549.3M
YoY Change
Total Liabilities & Shareholders Equity $1.031B $998.4M
YoY Change 3.28% 26.89%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $28.90M $34.50M
YoY Change -16.23% 86.49%
Depreciation, Depletion And Amortization $3.500M $3.300M
YoY Change 6.06% 26.92%
Cash From Operating Activities $50.40M $36.90M
YoY Change 36.59% 186.05%
INVESTING ACTIVITIES
Capital Expenditures -$4.400M -$6.300M
YoY Change -30.16% 23.53%
Acquisitions
YoY Change
Other Investing Activities $1.600M $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.800M -$6.300M
YoY Change -55.56% 31.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.000M -12.20M
YoY Change -42.62% 76.81%
NET CHANGE
Cash From Operating Activities 50.40M 36.90M
Cash From Investing Activities -2.800M -6.300M
Cash From Financing Activities -7.000M -12.20M
Net Change In Cash 40.60M 18.40M
YoY Change 120.65% 1433.33%
FREE CASH FLOW
Cash From Operating Activities $50.40M $36.90M
Capital Expenditures -$4.400M -$6.300M
Free Cash Flow $54.80M $43.20M
YoY Change 26.85% 140.0%

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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>NOTE 15 &#x2013; RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers ASC Topic&#xA0;606, which amends the existing accounting standards for revenue recognition.&#xA0;ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers.&#xA0;The original effective date for ASU 2014-09 was for annual and interim periods within those years beginning after December 15, 2016.&#xA0;In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers &#x2013; Deferral of the Effective Date, which defers the effective date of ASU 2014-09 for one year and permits early adoption as early as the original effective date of ASU 2014-09.&#xA0;The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption.&#xA0;The Company has been evaluating the potential timing and impact of adopting the new revenue standard on its consolidated financial statements and has not yet determined the effect of the standard on its ongoing financial reporting.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Revision to Lease Accounting, which amends ASC Topic 842, Leases.&#xA0;The ASU requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease).&#xA0;The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.&#xA0;Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients.&#xA0;Transition will require application of the new guidance at the beginning of the earliest comparative period presented.&#xA0;The Company has not yet determined the effect of the standard on its ongoing financial reporting.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In March 2016, the FASB issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-based Payment Accounting, which amends ASC Topic 718, Compensation &#x2013; Stock Compensation.&#xA0;The ASU includes provisions intended to simplify various aspects related to how Share-based payments are accounted for and presented in the financial statements.&#xA0;ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted. The Company has not yet determined the effect of the standard on its ongoing financial reporting.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div>
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The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2012 onwards. The Company's subsidiaries in foreign tax jurisdictions are open to examination including France (2013 onwards), Germany (2010 onwards), Switzerland (2014 onwards) and the United Kingdom (2014 onwards).
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