$IOSP
INNOSPEC INC.

2017 Q4 Form 10-Q Financial Statement

#000119312517336771 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $353.8M $332.4M $237.8M
YoY Change 48.78% 61.75% -3.33%
Cost Of Revenue $245.3M $233.6M $146.4M
YoY Change 67.55% 84.96% -8.33%
Gross Profit $108.5M $98.80M $91.40M
YoY Change 18.71% 24.75% 5.91%
Gross Profit Margin 30.67% 29.72% 38.44%
Selling, General & Admin $63.80M $61.90M $56.40M
YoY Change 13.12% 10.34% 2.36%
% of Gross Profit 58.8% 62.65% 61.71%
Research & Development $7.600M $7.900M $5.800M
YoY Change 31.03% 21.54% -3.33%
% of Gross Profit 7.0% 8.0% 6.35%
Depreciation & Amortization $13.20M $5.600M $9.600M
YoY Change 37.5% 60.0% 1.05%
% of Gross Profit 12.17% 5.67% 10.5%
Operating Expenses $71.40M $69.80M $59.10M
YoY Change 20.81% 15.75% 13.65%
Operating Profit $37.10M $29.00M $32.30M
YoY Change 14.86% 53.44% -5.83%
Interest Expense -$2.200M -$2.100M -$1.000M
YoY Change 120.0% 200.0% -9.09%
% of Operating Profit -5.93% -7.24% -3.1%
Other Income/Expense, Net $5.200M $3.000M -$2.300M
YoY Change -326.09% -160.0% -215.0%
Pretax Income $40.20M $29.90M $29.00M
YoY Change 38.62% 126.52% -17.61%
Income Tax $12.30M $6.600M $6.900M
% Of Pretax Income 30.6% 22.07% 23.79%
Net Earnings -$4.800M $23.30M $22.10M
YoY Change -121.72% 104.39% -29.84%
Net Earnings / Revenue -1.36% 7.01% 9.29%
Basic Earnings Per Share $0.97
Diluted Earnings Per Share -$198.3K $0.95 $905.7K
COMMON SHARES
Basic Shares Outstanding 24.14M shares 24.14M shares 23.98M shares
Diluted Shares Outstanding 24.57M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.20M $65.50M $101.9M
YoY Change -11.48% -60.8% -28.09%
Cash & Equivalents $90.20M $65.50M $101.9M
Short-Term Investments $0.00
Other Short-Term Assets $1.100M $2.000M $0.00
YoY Change -100.0%
Inventory $209.8M $211.5M $173.8M
Prepaid Expenses
Receivables $244.5M $245.6M $154.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $561.5M $532.7M $441.1M
YoY Change 27.3% 11.16% -3.84%
LONG-TERM ASSETS
Property, Plant & Equipment $196.0M $189.2M $157.4M
YoY Change 24.52% 135.91% 107.11%
Goodwill $361.8M $346.8M $374.8M
YoY Change -3.47% 29.69% 40.16%
Intangibles $163.3M $169.6M $144.4M
YoY Change 13.09% 12.69% -14.4%
Long-Term Investments
YoY Change
Other Assets $5.100M $3.100M $800.0K
YoY Change 537.5% 287.5% -11.11%
Total Long-Term Assets $848.7M $779.9M $740.3M
YoY Change 14.64% 38.26% 29.9%
TOTAL ASSETS
Total Short-Term Assets $561.5M $532.7M $441.1M
Total Long-Term Assets $848.7M $779.9M $740.3M
Total Assets $1.410B $1.313B $1.181B
YoY Change 19.37% 25.81% 14.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $117.9M $115.7M $59.60M
YoY Change 97.82% 105.14% 14.18%
Accrued Expenses $104.1M $94.00M $95.40M
YoY Change 9.12% 17.94% 13.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.80M $10.30M $10.30M
YoY Change 53.4% 543.75%
Total Short-Term Liabilities $261.5M $237.9M $183.1M
YoY Change 42.82% 49.62% -11.16%
LONG-TERM LIABILITIES
Long-Term Debt $202.6M $219.0M $258.5M
YoY Change -21.62% 53.15% 96.43%
Other Long-Term Liabilities $2.000M $400.0K $1.000M
YoY Change 100.0% -55.56% 100.0%
Total Long-Term Liabilities $204.6M $219.4M $259.5M
YoY Change -21.16% 52.47% 96.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $261.5M $237.9M $183.1M
Total Long-Term Liabilities $204.6M $219.4M $259.5M
Total Liabilities $615.9M $564.7M $527.6M
YoY Change 16.74% 44.39% 24.23%
SHAREHOLDERS EQUITY
Retained Earnings $605.0M $619.2M $561.8M
YoY Change 7.69% 13.1% 13.17%
Common Stock $320.7M $318.2M $315.4M
YoY Change 1.68% 1.43% 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $93.30M $97.10M $97.50M
YoY Change -4.31% -1.92% 6.21%
Treasury Stock Shares 5.204M shares 5.417M shares 5.483M shares
Shareholders Equity $793.9M $747.5M $653.5M
YoY Change
Total Liabilities & Shareholders Equity $1.410B $1.313B $1.181B
YoY Change 19.37% 25.81% 14.86%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income -$4.800M $23.30M $22.10M
YoY Change -121.72% 104.39% -29.84%
Depreciation, Depletion And Amortization $13.20M $5.600M $9.600M
YoY Change 37.5% 60.0% 1.05%
Cash From Operating Activities $47.50M $46.10M $17.70M
YoY Change 168.36% 54.7% -34.69%
INVESTING ACTIVITIES
Capital Expenditures -$7.500M -$7.400M -$4.300M
YoY Change 74.42% 57.45% -40.28%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.600M -$199.1M
YoY Change -100.0% -99650.0%
Cash From Investing Activities -$7.500M -$9.000M -$203.4M
YoY Change -96.31% 91.49% 2805.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.50M -20.60M 121.1M
YoY Change -112.8% 82.3% -1211.01%
NET CHANGE
Cash From Operating Activities 47.50M 46.10M 17.70M
Cash From Investing Activities -7.500M -9.000M -203.4M
Cash From Financing Activities -15.50M -20.60M 121.1M
Net Change In Cash 24.50M 16.50M -64.60M
YoY Change -137.93% 19.57% -802.17%
FREE CASH FLOW
Cash From Operating Activities $47.50M $46.10M $17.70M
Capital Expenditures -$7.500M -$7.400M -$4.300M
Free Cash Flow $55.00M $53.50M $22.00M
YoY Change 150.0% 55.07% -35.86%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>NOTE 15 &#x2013; RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="justify">In March 2017, the FASB issued ASU 2017-07, Compensation&#x2014;Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 requires companies to present the service cost component of net benefit cost in the same line items in which they report compensation cost. Companies will present all other components of net benefit cost outside operating income, if this subtotal is presented. The new standard is effective for annual periods beginning after December&#xA0;15, 2017, including interim periods within those fiscal years. The Company has not yet determined the effect of the standard on its ongoing financial reporting.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="justify">In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Revision to Lease Accounting, which amends ASC Topic 842, Leases. 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). The new standard is effective for fiscal years beginning after December&#xA0;15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company has not yet determined the effect of the standard on its ongoing financial reporting.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="justify">In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09,&#xA0;<i>Revenue from Contracts with Customers (Topic 606)</i>. 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. The new standard will become effective for annual reporting periods beginning after December&#xA0;15, 2017. ASU 2014-09 may be applied retrospectively to each prior period presented in the financial statements (full retrospective approach) or retrospectively with the cumulative effect of initially applying the standard recognized as an adjustment to the opening balance of retained earnings as of the date of adoption (modified retrospective approach). We will adopt the new revenue standard on January&#xA0;1, 2018 utilizing the modified retrospective approach.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="justify">We are spending significant time and efforts evaluating, analyzing and documenting the expected impact of ASU 2014-09 on our financial statements. Our approach includes performing a detailed review of key contracts representative of our different businesses and product lines, reviewing various industry publications, and comparing our current accounting policies to the principles and requirements outlined in the new standard. Our assessment at this stage is that we do not expect the new revenue recognition standard will have a material impact on our financial statements upon adoption.</p> <p>&#xA0;</p> </div>
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The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2014 onwards. The Company's subsidiaries in foreign tax jurisdictions are open to examination including France (2014 onwards), Germany (2015 onwards), Switzerland (2015 onwards) and the United Kingdom (2015 onwards).
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OperatingIncomeLoss
30200000
CY2017Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-200000
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
19200000
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-100000
CY2017Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
200000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24565000 shares
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
0
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
18100000
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-1100000
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-400000
CY2017Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
0
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1800000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
23300000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7900000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
332400000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
60700000
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.95
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
CY2017Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
0
CY2017Q3 us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
GainOrLossOnSaleOfStockInSubsidiary
0
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
29900000
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
428000 shares
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6600000
CY2017Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-2100000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
68600000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24137000 shares

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