$IOSP
INNOSPEC INC.

2018 Q4 Form 10-Q Financial Statement

#000119312518320491 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $395.0M $363.1M $353.8M
YoY Change 11.64% 9.24% 48.78%
Cost Of Revenue $278.3M $252.1M $245.3M
YoY Change 13.45% 7.92% 67.55%
Gross Profit $116.7M $111.0M $108.5M
YoY Change 7.56% 12.35% 18.71%
Gross Profit Margin 29.54% 30.57% 30.67%
Selling, General & Admin $63.20M $64.70M $63.80M
YoY Change -0.94% 4.52% 13.12%
% of Gross Profit 54.16% 58.29% 58.8%
Research & Development $8.300M $8.100M $7.600M
YoY Change 9.21% 2.53% 31.03%
% of Gross Profit 7.11% 7.3% 7.0%
Depreciation & Amortization $11.70M $5.700M $13.20M
YoY Change -11.36% 1.79% 37.5%
% of Gross Profit 10.03% 5.14% 12.17%
Operating Expenses $71.50M $77.60M $71.40M
YoY Change 0.14% 11.17% 20.81%
Operating Profit $45.20M $33.40M $37.10M
YoY Change 21.83% 15.17% 14.86%
Interest Expense $5.200M -$1.800M -$2.200M
YoY Change -336.36% -14.29% 120.0%
% of Operating Profit 11.5% -5.39% -5.93%
Other Income/Expense, Net -$6.100M -$1.200M $5.200M
YoY Change -217.31% -140.0% -326.09%
Pretax Income $42.00M $30.40M $40.20M
YoY Change 4.48% 1.67% 38.62%
Income Tax $9.300M $9.800M $12.30M
% Of Pretax Income 22.14% 32.24% 30.6%
Net Earnings $20.40M $20.60M -$4.800M
YoY Change -525.0% -11.59% -121.72%
Net Earnings / Revenue 5.16% 5.67% -1.36%
Basic Earnings Per Share $0.84
Diluted Earnings Per Share $825.9K $0.84 -$198.3K
COMMON SHARES
Basic Shares Outstanding 24.42M shares 24.42M shares 24.14M shares
Diluted Shares Outstanding 24.60M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.1M $91.40M $90.20M
YoY Change 36.47% 39.54% -11.48%
Cash & Equivalents $123.1M $91.40M $90.20M
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $1.100M
YoY Change -100.0% -100.0%
Inventory $248.0M $261.9M $209.8M
Prepaid Expenses
Receivables $279.7M $287.8M $244.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $663.9M $659.3M $561.5M
YoY Change 18.24% 23.77% 27.3%
LONG-TERM ASSETS
Property, Plant & Equipment $196.4M $194.7M $196.0M
YoY Change 0.2% 2.91% 24.52%
Goodwill $364.9M $366.3M $361.8M
YoY Change 0.86% 5.62% -3.47%
Intangibles $136.3M $142.3M $163.3M
YoY Change -16.53% -16.1% 13.09%
Long-Term Investments
YoY Change
Other Assets $7.200M $6.900M $5.100M
YoY Change 41.18% 122.58% 537.5%
Total Long-Term Assets $809.5M $837.8M $848.7M
YoY Change -4.62% 7.42% 14.64%
TOTAL ASSETS
Total Short-Term Assets $663.9M $659.3M $561.5M
Total Long-Term Assets $809.5M $837.8M $848.7M
Total Assets $1.473B $1.497B $1.410B
YoY Change 4.48% 14.06% 19.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.8M $127.4M $117.9M
YoY Change 7.55% 10.11% 97.82%
Accrued Expenses $132.1M $122.9M $104.1M
YoY Change 26.9% 30.74% 9.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $500.0K $0.00
YoY Change
Long-Term Debt Due $21.40M $15.80M $15.80M
YoY Change 35.44% 53.4% 53.4%
Total Short-Term Liabilities $296.6M $290.5M $261.5M
YoY Change 13.42% 22.11% 42.82%
LONG-TERM LIABILITIES
Long-Term Debt $186.2M $208.1M $202.6M
YoY Change -8.09% -4.98% -21.62%
Other Long-Term Liabilities $2.100M $5.300M $2.000M
YoY Change 5.0% 1225.0% 100.0%
Total Long-Term Liabilities $188.3M $213.4M $204.6M
YoY Change -7.97% -2.73% -21.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $296.6M $290.5M $261.5M
Total Long-Term Liabilities $188.3M $213.4M $204.6M
Total Liabilities $647.9M $656.8M $615.9M
YoY Change 5.2% 16.31% 16.74%
SHAREHOLDERS EQUITY
Retained Earnings $668.3M $658.9M $605.0M
YoY Change 10.46% 6.41% 7.69%
Common Stock $325.2M $323.2M $320.7M
YoY Change 1.4% 1.57% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost) $92.80M $92.90M $93.30M
YoY Change -0.54% -4.33% -4.31%
Treasury Stock Shares $5.121M 5.130M shares 5.204M shares
Shareholders Equity $825.0M $839.9M $793.9M
YoY Change
Total Liabilities & Shareholders Equity $1.473B $1.497B $1.410B
YoY Change 4.48% 14.06% 19.37%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $20.40M $20.60M -$4.800M
YoY Change -525.0% -11.59% -121.72%
Depreciation, Depletion And Amortization $11.70M $5.700M $13.20M
YoY Change -11.36% 1.79% 37.5%
Cash From Operating Activities $69.80M $34.80M $47.50M
YoY Change 46.95% -24.51% 168.36%
INVESTING ACTIVITIES
Capital Expenditures -$9.300M -$9.500M -$7.500M
YoY Change 24.0% 28.38% 74.42%
Acquisitions
YoY Change
Other Investing Activities $0.00 $400.0K $0.00
YoY Change -125.0% -100.0%
Cash From Investing Activities -$9.300M -$9.100M -$7.500M
YoY Change 24.0% 1.11% -96.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.80M -200.0K -15.50M
YoY Change 85.81% -99.03% -112.8%
NET CHANGE
Cash From Operating Activities 69.80M 34.80M 47.50M
Cash From Investing Activities -9.300M -9.100M -7.500M
Cash From Financing Activities -28.80M -200.0K -15.50M
Net Change In Cash 31.70M 25.50M 24.50M
YoY Change 29.39% 54.55% -137.93%
FREE CASH FLOW
Cash From Operating Activities $69.80M $34.80M $47.50M
Capital Expenditures -$9.300M -$9.500M -$7.500M
Free Cash Flow $79.10M $44.30M $55.00M
YoY Change 43.82% -17.2% 150.0%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>NOTE 16 &#x2013; RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> From January&#xA0;1, 2018 we have applied Accounting Standards Update (ASU) <font style="WHITE-SPACE: nowrap">2017-07,</font> Compensation-Retirement Benefits, ASC Topic 715: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU <font style="WHITE-SPACE: nowrap">2017-07</font> requires companies to present the service cost component of net benefit cost in the same line items in which they report compensation cost. Companies are now required to 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. Adopting the new standard on January&#xA0;1, 2018 has resulted in a restatement of the prior period comparatives with a reduction to operating income for the three and nine months ending September&#xA0;30, 2017 of $1.2&#xA0;million and $3.5&#xA0;million, respectively and a corresponding increase in other <font style="WHITE-SPACE: nowrap">non-operating</font> income.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In February 2016, the FASB issued Accounting Standards Update (ASU) <font style="WHITE-SPACE: nowrap">2016-02,</font> Revision to Lease Accounting, ASC Topic 842 which amends ASC Topic 840, Leases. The ASU requires lessees to recognize a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> 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. In July 2018, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2018-11:</font> Leases &#x2013; Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU <font style="WHITE-SPACE: nowrap">2016-02.</font> We are currently evaluating the new standard, including which transitional method to adopt and to determine how it will affect our financial reporting. Due to the number of leases the Company has, we believe the standard will increase our assets and liabilities by a material amount on its consolidated balance sheet. The Company does not believe adoption of the standard will have a significant impact on its consolidated statements of income, equity and cash flows.</p> </div>
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The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2015 onwards under the statute of limitations. 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 (2016 onwards).
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