$IOSP
INNOSPEC INC.

2019 Q2 Form 10-Q Financial Statement

#000119312519140956 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $362.4M $388.3M $395.0M
YoY Change 1.2% 7.65% 11.64%
Cost Of Revenue $251.3M $270.5M $278.3M
YoY Change -1.57% 5.58% 13.45%
Gross Profit $111.1M $117.8M $116.7M
YoY Change 8.07% 12.73% 7.56%
Gross Profit Margin 30.66% 30.34% 29.54%
Selling, General & Admin $71.20M $72.50M $63.20M
YoY Change 8.21% 7.73% -0.94%
% of Gross Profit 64.09% 61.54% 54.16%
Research & Development $8.200M $9.100M $8.300M
YoY Change -5.75% 9.64% 9.21%
% of Gross Profit 7.38% 7.72% 7.11%
Depreciation & Amortization $12.20M $11.60M $11.70M
YoY Change 121.82% -7.94% -11.36%
% of Gross Profit 10.98% 9.85% 10.03%
Operating Expenses $79.40M $81.60M $71.50M
YoY Change 6.58% 7.94% 0.14%
Operating Profit $31.70M $36.20M $45.20M
YoY Change 12.01% 25.26% 21.83%
Interest Expense -$3.100M -$1.500M $5.200M
YoY Change 72.22% -11.76% -336.36%
% of Operating Profit -9.78% -4.14% 11.5%
Other Income/Expense, Net $1.900M $4.100M -$6.100M
YoY Change -36.67% 64.0% -217.31%
Pretax Income $30.50M $38.80M $42.00M
YoY Change 3.39% 30.64% 4.48%
Income Tax $8.200M $10.10M $9.300M
% Of Pretax Income 26.89% 26.03% 22.14%
Net Earnings $22.30M $28.70M $20.40M
YoY Change 2.29% 29.28% -525.0%
Net Earnings / Revenue 6.15% 7.39% 5.16%
Basic Earnings Per Share $1.17
Diluted Earnings Per Share $902.8K $1.17 $825.9K
COMMON SHARES
Basic Shares Outstanding 24.48M 24.44M 24.42M shares
Diluted Shares Outstanding 24.59M

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.1M $123.5M $123.1M
YoY Change 60.76% 58.13% 36.47%
Cash & Equivalents $106.1M $123.5M $123.1M
Short-Term Investments
Other Short-Term Assets $16.20M $1.000M $0.00
YoY Change 66.67% -100.0%
Inventory $248.2M $249.1M $248.0M
Prepaid Expenses
Receivables $280.0M $296.7M $279.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $650.5M $683.6M $663.9M
YoY Change 6.76% 9.78% 18.24%
LONG-TERM ASSETS
Property, Plant & Equipment $236.3M $199.7M $196.4M
YoY Change 23.46% 1.47% 0.2%
Goodwill $363.1M $364.9M
YoY Change -0.27% 0.86%
Intangibles $130.4M $136.3M
YoY Change -17.62% -16.53%
Long-Term Investments
YoY Change
Other Assets $113.4M $6.200M $7.200M
YoY Change 1282.93% -8.82% 41.18%
Total Long-Term Assets $839.1M $843.0M $809.5M
YoY Change -0.33% -0.85% -4.62%
TOTAL ASSETS
Total Short-Term Assets $650.5M $683.6M $663.9M
Total Long-Term Assets $839.1M $843.0M $809.5M
Total Assets $1.490B $1.527B $1.473B
YoY Change 2.65% 3.65% 4.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $117.1M $123.9M $126.8M
YoY Change -6.77% -3.35% 7.55%
Accrued Expenses $143.6M $123.8M $132.1M
YoY Change 35.86% -5.21% 26.9%
Deferred Revenue
YoY Change
Short-Term Debt $700.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $22.80M $21.50M $21.40M
YoY Change 44.3% 36.08% 35.44%
Total Short-Term Liabilities $303.7M $300.0M $296.6M
YoY Change 13.62% 2.53% 13.42%
LONG-TERM LIABILITIES
Long-Term Debt $137.4M $186.3M $186.2M
YoY Change -33.94% -5.81% -8.09%
Other Long-Term Liabilities $137.3M $2.000M $2.100M
YoY Change 2646.0% 5.26% 5.0%
Total Long-Term Liabilities $274.7M $188.3M $188.3M
YoY Change 28.97% -5.71% -7.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $303.7M $300.0M $296.6M
Total Long-Term Liabilities $274.7M $188.3M $188.3M
Total Liabilities $626.9M $677.7M $647.9M
YoY Change -0.73% 4.57% 5.2%
SHAREHOLDERS EQUITY
Retained Earnings $697.0M $668.3M
YoY Change 11.13% 10.46%
Common Stock $326.3M $325.2M
YoY Change 1.52% 1.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $93.50M $92.80M
YoY Change 0.32% -0.54%
Treasury Stock Shares $5.075M $5.121M
Shareholders Equity $862.7M $848.4M $825.0M
YoY Change
Total Liabilities & Shareholders Equity $1.490B $1.527B $1.473B
YoY Change 2.65% 3.65% 4.48%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $22.30M $28.70M $20.40M
YoY Change 2.29% 29.28% -525.0%
Depreciation, Depletion And Amortization $12.20M $11.60M $11.70M
YoY Change 121.82% -7.94% -11.36%
Cash From Operating Activities $50.00M $13.20M $69.80M
YoY Change 2073.91% -760.0% 46.95%
INVESTING ACTIVITIES
Capital Expenditures -$5.700M -$11.20M -$9.300M
YoY Change -14.93% 143.48% 24.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.700M -$11.20M -$9.300M
YoY Change -54.4% 143.48% 24.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.900M
YoY Change 72.73%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -61.70M -1.500M -28.80M
YoY Change 4307.14% -74.14% 85.81%
NET CHANGE
Cash From Operating Activities 50.00M 13.20M 69.80M
Cash From Investing Activities -5.700M -11.20M -9.300M
Cash From Financing Activities -61.70M -1.500M -28.80M
Net Change In Cash -17.40M 400.0K 31.70M
YoY Change 50.0% -103.31% 29.39%
FREE CASH FLOW
Cash From Operating Activities $50.00M $13.20M $69.80M
Capital Expenditures -$5.700M -$11.20M -$9.300M
Free Cash Flow $55.70M $24.40M $79.10M
YoY Change 518.89% 838.46% 43.82%

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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2018Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2018Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2019Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2019Q1 us-gaap Gross Profit
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CY2018Q1 us-gaap Gross Profit
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157000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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200000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24574000
CY2019Q1 us-gaap Operating Income Loss
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CY2019Q1 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2018Q1 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q1 us-gaap Operating Income Loss
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CY2019Q1 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
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-200000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2019Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 16 &#8211; RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS </div></div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt">In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU)&#160;No.&#160;2016-13,&#160;Financial Instruments &#8211; Credit Losses (ASC Topic 326). This replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We will be required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. Credit losses relating to&#160;available-for-sale&#160;debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The standard will be effective for the Company beginning January&#160;1, 2020. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. We are currently evaluating the impact of this standard on our consolidated financial statements, including accounting policies, processes, and systems.</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; line-height: 12pt; background: none;">&#160;</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; line-height: 12pt; background: none;">In February 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No.&#160;2018&#8211;02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASC Topic 220), which was adopted by Innospec on January&#160;1, 2019. The update allows entities to elect to reclassify certain stranded income tax effects of the Tax Cuts and Jobs Act on items within accumulated other comprehensive income to retained earnings. Innospec has decided not to make such election for the period.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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4600000
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CY2018Q1 us-gaap Earnings Per Share Basic
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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q1 us-gaap Operating Lease Payments
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CY2019Q1 us-gaap Operating Lease Liability
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2019Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Five
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CY2019Q1 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q1 us-gaap Finance Lease Liability Payments Due
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CY2019Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2018Q1 us-gaap Restructuring Reserve Translation Adjustment
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CY2019Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2019Q1 us-gaap Goodwill
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CY2018Q1 iosp Goodwill Historical Accumulated Amortization
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CY2019Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Goodwill
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CY2019Q1 us-gaap Assets
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CY2019Q1 us-gaap Inventory Net
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CY2018Q4 us-gaap Inventory Net
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CY2019Q1 us-gaap Prepaid Taxes
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CY2018Q4 us-gaap Other Assets Current
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CY2019Q1 us-gaap Assets Current
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CY2019Q1 us-gaap Unrecognized Tax Benefits
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CY2019Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
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CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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CY2019Q1 us-gaap Goodwill Gross
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CY2019Q1 us-gaap Pension Contributions
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CY2018Q1 us-gaap Pension Contributions
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CY2018Q1 iosp Noncash Movements On Defined Benefit Pension Plans
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CY2018Q1 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
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CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2019Q1 us-gaap Income Tax Examination Interest Expense
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CY2019Q1 us-gaap Income Tax Examination Description
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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&#8217;s subsidiaries in foreign tax jurisdictions are open to examination including Spain (2014), France (2016 onwards), Germany (2014 onwards), Switzerland (2014 onwards) and the United Kingdom (2017 onwards).
CY2019Q1 dei Document Type
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10-Q
CY2019Q1 dei Amendment Flag
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CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Document Fiscal Year Focus
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2019
CY2019Q1 dei Document Fiscal Period Focus
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Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
INNOSPEC INC.
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001054905
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2019Q1 dei Trading Symbol
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IOSP
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2019Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
24479810
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3000000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
100000

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0001193125-19-140956-index.html Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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