GAAP Loss of $(0.01) Per Share vs. EPS of
$0.20
Excluding Special Items, Diluted EPS $0.65 vs.
$0.64
Fuel Specialties Operating Income up
10%
Innospec Inc. (Nasdaq:IOSP) today announced its financial results
for the fourth quarter and full year ended December 31, 2009.
Total net sales for the fourth quarter were $164.2 million, down
2% from $168.0 million in the corresponding period last
year. Net loss was $(0.3) million, or $(0.01) per diluted
share, compared with net income of $5.0 million, or $0.20 per
diluted share, a year ago. EBITDA (earnings before interest,
taxes, depreciation, amortization and impairment) for the quarter
was $6.1 million, compared with $13.6 million a year ago.
The results for the quarter include an additional accrual of
$21.9 million, or $0.88 per diluted share, for anticipated
settlement of the United Nations Oil for Food Program and FCPA
investigations. The results also include several other special
items, which are summarized in the table below. For the fourth
quarter of 2009, these items had a combined negative impact on net
income of $16.5 million, or $0.66 per diluted share; a year ago,
similar items reduced net income by $10.6 million, or $0.44 per
diluted share. Excluding these items from both periods,
diluted earnings per share for the fourth quarter of 2009 were
$0.65, a 2% increase from $0.64 a year ago.
EBITDA and net income excluding special items, and related per
share amounts, are non-GAAP financial measures that are defined and
reconciled with GAAP results herein and in the schedules below.
|
Quarter ended
Dec. 31, 2009
|
Quarter ended
Dec. 31, 2008
|
|
After-tax
(in millions)
|
Per diluted
share
|
After-tax
(in millions)
|
Per diluted
share
|
|
|
|
|
|
Net (loss)/income
|
$(0.3)
|
$(0.01)
|
$5.0
|
$0.20
|
|
|
|
|
|
OFFP/FCPA anticipated settlement accrual
|
21.9
|
0.88
|
--
|
--
|
Foreign exchange (gains)/losses
|
(2.5)
|
(0.10)
|
9.9
|
0.41
|
Adjustment of income tax provisions
|
(2.3)
|
(0.09)
|
--
|
--
|
Prior years' United Kingdom sales tax settlement
|
(1.9)
|
(0.08)
|
--
|
--
|
Restructuring charge
|
0.8
|
0.03
|
0.2
|
0.01
|
Octane Additives business goodwill impairment
|
0.5
|
0.02
|
0.5
|
0.02
|
|
16.5
|
0.66
|
10.6
|
0.44
|
|
|
|
|
|
Net income excluding special items
|
$16.2
|
$0.65
|
$15.6
|
$0.64
|
"Innospec again delivered solid operating results in the fourth
quarter in the face of a very soft economic environment," said
Patrick Williams, President and Chief Executive Officer. "Fuel
Specialties, our biggest business, reported a 10% increase in
operating income despite continued weak fuel demand and a difficult
comparison with last year's strong fourth quarter, when its
operating income had increased 18%. Fuel Specialties' unit
volume excluding the Avtel business was up 1%, and the segment's
gross margin was particularly strong at 36.0%. In addition,
the turnaround in Active Chemicals continued to gather momentum, as
its sales for the quarter rose 16% and gross margins improved
significantly from the difficulties encountered a year
ago."
Mr. Williams continued, "We have made substantial progress, but
not yet completed, negotiations of final settlements of the Oil for
Food Program and FCPA investigations, in either the U.S. or United
Kingdom. However, we have charged a further $21.9 million in the
quarter, based on the status of ongoing discussions, to bring the
total amount accrued to $40.2 million. The Company will make
no further comments on the ongoing proceedings."
For the full year, total revenues of $598.5 million were down 7%
from $640.5 million in 2008. Net income for 2009 was $6.4
million, or $0.26 per diluted share, compared with $12.5 million,
or $0.51 per diluted share, a year ago. EBITDA for the year
was $42.9 million, compared with $50.4 million in
2008. Special items reduced net income for the year by $45.8
million, or $1.85 per diluted share; in 2008, similar items reduced
net income by $32.9 million, or $1.35 per diluted
share. Excluding these items from both periods, diluted
earnings per share for the year were $2.11, a 13% increase from
$1.86 in 2008.
|
Year ended
Dec. 31, 2009
|
Year ended
Dec. 31, 2008
|
|
After-tax
(in millions)
|
Per diluted
share
|
After-tax
(in millions)
|
Per diluted
share
|
|
|
|
|
|
Net income
|
$6.4
|
$0.26
|
$12.5
|
$0.51
|
|
|
|
|
|
OFFP/FCPA anticipated settlement accrual
|
40.2
|
1.63
|
--
|
--
|
OFFP/FCPA legal and professional expenses
|
10.0
|
0.40
|
11.2
|
0.46
|
Foreign exchange (gains)/losses
|
(2.7)
|
(0.11)
|
13.7
|
0.56
|
Adjustment of income tax provisions
|
(2.3)
|
(0.09)
|
--
|
--
|
Octane Additives business goodwill impairment
|
2.2
|
0.09
|
3.7
|
0.15
|
Restructuring charge
|
2.2
|
0.09
|
1.5
|
0.06
|
Gain on stock options forfeited
|
(1.9)
|
(0.08)
|
--
|
--
|
Prior years' United Kingdom sales tax settlement
|
(1.9)
|
(0.08)
|
--
|
--
|
Acquisition-related costs
|
--
|
--
|
2.8
|
0.12
|
|
45.8
|
1.85
|
32.9
|
1.35
|
|
|
|
|
|
Net income excluding special items
|
$52.2
|
$2.11
|
$45.4
|
$1.86
|
In Fuel Specialties, operating income for the quarter was $24.1
million, a 10% increase from $22.0 million a year ago. The
segment's gross margin was 36.0%, compared with 32.5% a year
ago. Its net sales for the quarter were down 1%, to $117.0
million. By region, sales were down 9% in the Americas and 2%
in the Asia-Pacific region, but increased 11% in the Europe, Middle
East and Africa (EMEA) region principally due to the favorable
impact of exchange rates. For the full year, operating income
in Fuel Specialties was up 2%, to $81.4 million; the segment's
sales were down 4%, to $422.7 million.
Active Chemicals reported operating income of $1.1 million for
the quarter, compared with an operating loss of $2.4 million a year
ago. The segment's gross margin was 18.5% for the quarter, up
sharply from 5.7% a year ago. Net sales in Active Chemicals
were $32.5 million, up 16% from last year's fourth quarter. By
region, sales increased 3% in the Americas, 26% in the EMEA region,
and 32% in the Asia-Pacific region. For the year, Active
Chemicals' sales were down 6%, to $130.2 million, but the segment
reported operating income of $8.8 million, compared with a $5.0
million operating loss in 2008.
In Octane Additives, the operating loss for the quarter was
$20.7 million, including the $21.9 million accrual for anticipated
settlement of the OFFP and FCPA investigations. Octane
Additives' gross margin for the quarter was 20.4%, compared with
46.2% a year ago. The segment's net sales for the quarter were
$14.7 million, down 34%. For the full year, Octane Additives
reported a $44.8 million operating loss (after charging $53.1
million in OFFP and FCPA investigation expenses and related
anticipated settlement accruals), compared with operating income of
$1.2 million in 2008 (which included $15.5 million in investigation
expenses). The segment's sales for the year were down 26%, to
$45.6 million, consistent with the long-term decline expected in
this legacy business.
Corporate costs for the quarter were $3.1 million, including a
$2.5 million benefit from a United Kingdom sales tax settlement in
respect of prior years, compared with $4.4 million a year
ago. The Company recorded a $3.2 million pre-tax foreign
exchange gain in the quarter, compared with foreign exchange losses
of $13.5 million a year ago. Innospec also incurred a $1.7
million pre-tax non-cash charge related to its pension plan,
compared with a $0.5 million charge a year ago. Excluding the
impact of the OFFP and FCPA investigations anticipated settlement
accrual and the adjustment of income tax provisions, the full year
effective tax rate was 24.3%, compared to 33.3% in 2008.
As previously disclosed, the Company expects cash contributions
and quarterly accruals related to its United Kingdom defined
benefit pension plan to increase in 2010. Following the
triennial actuarial valuation carried out by the plan's trustees,
the Company has agreed that the plan has a substantial funding
deficit, driven by a number of actuarial factors including improved
mortality. Innospec is taking steps to reduce its exposure to
additional pension liabilities, including closure of the plan to
future service accrual. The Company is in negotiations with
the trustees to fund the deficit over a number of years, but
currently expects its annual cash contribution and income statement
charge for 2010 to increase to approximately $20 million and $15
million, respectively. In addition, reflecting the higher
deficit, the pension liability on the Company's balance sheet has
increased to $124.2 million as of December 31, 2009.
Net cash generated from operations was $30.7 million for the
quarter, driven primarily by strong operating income before making
provision for the OFFP and FCPA investigations anticipated
settlement accrual, as well as lower-than-expected working capital
requirements. At year-end, Innospec had $68.6 million in cash
and cash equivalents, $17.6 million more than its total debt of
$51.0 million. The Company continues to expect substantial
cash outflows in future quarters based on the need to build working
capital from recent low levels, increased capital expenditures, and
the timing of other cash flows.
Mr. Williams concluded, "I am very pleased with the performance
of Innospec's global management teams under extremely challenging
circumstances throughout 2009. Our strong results excluding
special items reflect the quality of our people, our continued
investment in product innovation, and our customer-oriented service
techniques. We know we will face additional challenges in
2010, particularly given the continued softness in global fuel
markets. However, we remain confident that our ongoing
businesses in Fuel Specialties and Active Chemicals are positioned
to drive substantial earnings growth and shareholder returns over
the longer term."
Use of Non-GAAP Financial Measures
The information presented in this press release includes
financial measures that are not calculated or presented in
accordance with Generally Accepted Accounting Principles in the
United States (GAAP). These non-GAAP financial measures
comprise EBITDA and net income excluding special items, and related
per share amounts. EBITDA is net income per our consolidated
financial statements adjusted for the exclusion of charges for
interest expense (net), income taxes, depreciation, amortization
and impairment of Octane Additives business goodwill. Net
income excluding special items is net income per our consolidated
financial statements adjusted for the exclusion of charges for
OFFP/FCPA anticipated settlement accrual, OFFP/FCPA legal and
professional expenses, foreign exchange (gains)/losses, adjustment
of income tax provisions, impairment of Octane Additives business
goodwill, restructuring charge, gain on stock options forfeited,
prior years' United Kingdom sales tax settlement and
acquisition-related costs. Reconciliations of these non-GAAP
financial measures to their most directly comparable GAAP financial
measures are provided herein and in the schedules below. The
Company believes that such non-GAAP financial measures provide
useful information to investors and may assist them in evaluating
the Company's underlying performance and identifying operating
trends. In addition, management uses these non-GAAP financial
measures internally to allocate resources and evaluate the
performance of the Company's operations. While the Company
believes that such measures are useful in evaluating the Company's
performance, investors should not consider them to be a substitute
for financial measures prepared in accordance with GAAP. In
addition, these non-GAAP financial measures may differ from
similarly-titled non-GAAP financial measures used by other
companies and do not provide a comparable view of the Company's
performance relative to other companies in similar
industries. Management believes the most directly comparable
GAAP financial measure is GAAP net income and has provided a
reconciliation of EBITDA and net income excluding special items,
and related per share amounts, to GAAP net income herein and in the
schedules below.
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company
with approximately 1,000 employees in 23 countries. Innospec
manufactures and supplies a wide range of specialty chemicals to
markets in the Americas, Europe, the Middle East, Africa and
Asia-Pacific. Innospec's Fuel Specialties business specializes in
manufacturing and supplying the fuel additives that help improve
fuel efficiency, boost engine performance and reduce harmful
emissions. Innospec's Active Chemicals business provides effective
technology-based solutions for our customers' processes or products
focused in the Personal Care; Household, Industrial &
Institutional; and Fragrance Ingredients markets. Innospec's Octane
Additives business is the world's only producer of tetra ethyl
lead.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical
facts included or incorporated herein may constitute
forward-looking statements. Such forward-looking statements
include statements (covered by words like "expects," "anticipates,"
"may," "believes" or similar words or expressions), for example,
which relate to operating performance, events or developments that
we expect or anticipate will or may occur in the future (including,
without limitation, any of the Company's guidance in respect of
sales, gross margins, net income, growth potential and other
measures of financial performance). Although forward-looking
statements are believed by management to be reasonable when made,
caution should be exercised not to place undue reliance on such
statements because they are subject to certain risks, uncertainties
and assumptions, including in respect of the general business
environment, regulatory actions or changes. If the risks or
uncertainties materialize or assumptions prove incorrect or change,
our actual performance or results may differ materially from those
expressed or implied by such forward-looking statements and
assumptions. Additional information regarding risks,
uncertainties and assumptions relating to the Company and affecting
our business operations and prospects are described in the
Company's Annual Report on Form 10-K for the year ended December
31, 2008, and other reports filed with the U.S. Securities and
Exchange Commission. You are urged to carefully review and
consider the cautionary statements and other disclosures made in
those filings, specifically those under the heading "Risk
Factors". The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
|
|
|
|
Schedule 1
|
|
|
|
|
|
INNOSPEC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
|
|
Three Months
Ended
December 31
|
Twelve Months
Ended
December 31
|
(in millions except share and
per share data)
|
2009
|
2008
|
2009
|
2008
|
|
|
|
|
|
|
|
Net sales
|
$164.2
|
$168.0
|
$598.5
|
$640.5
|
Cost of goods sold
|
(113.1)
|
(117.8)
|
(409.2)
|
(454.1)
|
Gross profit
|
51.1
|
50.2
|
189.3
|
186.4
|
|
|
|
|
|
Selling, general and administrative
|
(45.2)
|
(22.6)
|
(142.5)
|
(115.2)
|
Research and development
|
(5.0)
|
(3.7)
|
(16.4)
|
(14.8)
|
Restructuring charge
|
(1.1)
|
(0.2)
|
(2.8)
|
(2.1)
|
Amortization of intangible assets
|
(1.2)
|
(1.2)
|
(4.7)
|
(7.4)
|
Impairment of Octane Additives
business goodwill
|
(0.5)
|
(0.5)
|
(2.2)
|
(3.7)
|
Profit on disposal
|
--
|
--
|
--
|
0.4
|
|
(53.0)
|
(28.2)
|
(168.6)
|
(142.8)
|
Operating (loss)/income
|
(1.9)
|
22.0
|
20.7
|
43.6
|
Other net income/(expense)
|
3.3
|
(13.5)
|
3.6
|
(19.3)
|
Interest expense (net)
|
(1.3)
|
(1.4)
|
(6.0)
|
(5.4)
|
Income before income taxes
|
0.1
|
7.1
|
18.3
|
18.9
|
Income taxes
|
(0.4)
|
(2.0)
|
(11.9)
|
(6.3)
|
Net (loss)/income including the
noncontrolling interest
|
(0.3)
|
5.1
|
6.4
|
12.6
|
Net income attributable to the
noncontrolling interest
|
--
|
(0.1)
|
--
|
(0.1)
|
Net (loss)/income
|
$(0.3)
|
$5.0
|
$6.4
|
$12.5
|
|
|
|
|
|
(Loss)/earnings per share
|
|
|
|
|
Basic
|
($0.01)
|
$0.21
|
$0.27
|
$0.53
|
Diluted
|
($0.01)
|
$0.20
|
$0.26
|
$0.51
|
|
|
|
|
|
Weighted average shares outstanding
(in thousands)
|
|
|
|
|
Basic
|
23,664
|
23,598
|
23,642
|
23,595
|
Diluted
|
23,664
|
24,408
|
24,714
|
24,391
|
|
|
|
Schedule 2A
|
INNOSPEC INC. AND SUBSIDIARIES
SEGMENTAL ANALYSIS
|
|
|
|
|
|
ANALYSIS OF BUSINESS UNIT RESULTS
|
|
|
|
|
Three Months
Ended
December 31
|
Twelve Months
Ended
December 31
|
(in millions)
|
2009
|
2008
|
2009
|
2008
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
Fuel Specialties
|
$117.0
|
$117.8
|
$422.7
|
$440.9
|
Active Chemicals
|
32.5
|
27.9
|
130.2
|
138.3
|
Octane Additives
|
14.7
|
22.3
|
45.6
|
61.3
|
|
164.2
|
168.0
|
598.5
|
640.5
|
|
|
|
|
|
Gross profit
|
|
|
|
|
Fuel Specialties
|
42.1
|
38.3
|
147.2
|
145.6
|
Active Chemicals
|
6.0
|
1.6
|
26.8
|
12.5
|
Octane Additives
|
3.0
|
10.3
|
15.3
|
28.3
|
|
51.1
|
50.2
|
189.3
|
186.4
|
|
|
|
|
|
Operating (loss)/income
|
|
|
|
|
Fuel Specialties
|
24.1
|
22.0
|
81.4
|
80.0
|
Active Chemicals
|
1.1
|
(2.4)
|
8.8
|
(5.0)
|
Octane Additives
|
(20.7)
|
8.0
|
(44.8)
|
1.2
|
Pension charge
|
(1.7)
|
(0.5)
|
(6.4)
|
(2.3)
|
Corporate costs
|
(3.1)
|
(4.4)
|
(13.3)
|
(24.9)
|
|
(0.3)
|
22.7
|
25.7
|
49.0
|
|
|
|
|
|
Restructuring charge
|
(1.1)
|
(0.2)
|
(2.8)
|
(2.1)
|
Impairment of Octane Additives
business goodwill
|
(0.5)
|
(0.5)
|
(2.2)
|
(3.7)
|
Profit on disposal
|
--
|
--
|
--
|
0.4
|
Total operating
(loss)/income
|
$(1.9)
|
$22.0
|
$20.7
|
$43.6
|
|
|
|
Schedule 2B
|
NON GAAP MEASURES
|
|
|
|
|
Three Months
Ended
December 31
|
Twelve Months
Ended
December 31
|
(in millions)
|
2009
|
2008
|
2009
|
2008
|
|
|
|
|
|
Net (loss)/income
|
$(0.3)
|
$5.0
|
$6.4
|
$12.5
|
Interest expense (net)
|
1.3
|
1.4
|
6.0
|
5.4
|
Income taxes
|
0.4
|
2.0
|
11.9
|
6.3
|
Depreciation and amortization
|
4.2
|
4.7
|
16.4
|
22.5
|
Impairment of Octane Additives
business
goodwill
|
0.5
|
0.5
|
2.2
|
3.7
|
EBITDA
|
6.1
|
13.6
|
42.9
|
50.4
|
|
|
|
|
|
Fuel Specialties
|
25.6
|
23.4
|
86.3
|
85.4
|
Active Chemicals
|
2.7
|
(0.7)
|
15.2
|
1.4
|
Octane Additives
|
(20.1)
|
8.9
|
(41.9)
|
8.6
|
Pension charge
|
(1.7)
|
(0.5)
|
(6.4)
|
(2.3)
|
Corporate costs
|
(2.6)
|
(3.7)
|
(11.1)
|
(21.6)
|
|
3.9
|
27.4
|
42.1
|
71.5
|
Restructuring charge
|
(1.1)
|
(0.2)
|
(2.8)
|
(2.1)
|
Profit on disposal
|
--
|
--
|
--
|
0.4
|
Other net income/(expense)
|
3.3
|
(13.5)
|
3.6
|
(19.3)
|
Noncontrolling interest
|
--
|
(0.1)
|
--
|
(0.1)
|
EBITDA
|
$6.1
|
$13.6
|
$42.9
|
$50.4
|
|
Schedule 3
|
INNOSPEC INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
December 31
2009
|
December 31
2008
|
Assets
|
(in millions)
|
Current assets
|
|
|
Cash and cash equivalents
|
$68.6
|
$13.9
|
Accounts receivable (less allowance of
$2.3 and $2.8, respectively)
|
89.8
|
89.9
|
Inventories
|
120.6
|
138.3
|
Prepaid expenses
|
3.9
|
4.4
|
Prepaid income taxes
|
--
|
10.1
|
Total current assets
|
282.9
|
256.6
|
|
|
|
Property, plant and equipment
|
50.6
|
53.5
|
Goodwill – Octane Additives
|
6.8
|
9.0
|
Goodwill – Other
|
139.2
|
139.2
|
Intangible assets
|
23.7
|
28.3
|
Deferred finance costs
|
1.9
|
0.5
|
Deferred income taxes
|
36.9
|
7.2
|
Other non-current assets
|
1.1
|
--
|
Total assets
|
$543.1
|
$494.3
|
Liabilities and Stockholders' Equity
|
|
|
Accounts payable
|
$50.2
|
$55.4
|
Accrued liabilities
|
104.4
|
46.3
|
Accrued income taxes
|
6.3
|
--
|
Short-term borrowing
|
10.0
|
73.0
|
Current portion of plant closure provisions
|
3.9
|
4.1
|
Current portion of unrecognized tax benefits
|
5.0
|
9.2
|
Current portion of deferred income
|
0.1
|
0.1
|
Total current liabilities
|
179.9
|
188.1
|
|
|
|
Long-term debt, net of current portion
|
41.0
|
--
|
Plant closure provisions, net of current portion
|
24.5
|
22.8
|
Unrecognized tax benefits, net of current portion
|
14.4
|
25.6
|
Pension liability
|
124.2
|
13.8
|
Other non-current liabilities
|
0.7
|
13.9
|
Deferred income, net of current portion
|
0.8
|
0.8
|
Total stockholders' equity
|
157.6
|
229.3
|
Total liabilities and stockholders' equity
|
$543.1
|
$494.3
|
|
Schedule 4
|
|
|
|
INNOSPEC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
Twelve Months
Ended December 31
|
|
2009
|
2008
|
|
(in millions)
|
Cash Flows from Operating Activities
|
|
|
|
|
|
Net income
|
$6.4
|
$12.6
|
Adjustments to reconcile net income including
the noncontrolling
interest to cash provided by operating
activities:
|
|
|
Depreciation and amortization
|
18.4
|
23.0
|
Impairment of Octane Additives business goodwill
|
2.2
|
3.7
|
Deferred income taxes
|
(2.4)
|
(1.1)
|
(Profit) on disposal of property, plant
and equipment
|
--
|
(0.4)
|
Non-cash intangible asset other adjustments
|
--
|
6.3
|
Changes in working capital
|
73.7
|
(16.1)
|
Excess tax benefit from stock based
payment arrangements
|
(0.1)
|
(2.5)
|
Income taxes and other current liabilities
|
16.5
|
(17.2)
|
Movement on plant closure provisions
|
1.5
|
0.2
|
Movement on pension asset/(liability)
|
0.2
|
(5.1)
|
Stock option compensation charge
|
1.5
|
4.1
|
Movements on other non-current
assets and liabilities
|
(30.5)
|
6.9
|
Net cash provided by operating activities
|
87.4
|
14.4
|
Cash Flows from Investing Activities
|
|
|
|
|
|
Capital expenditures
|
(7.2)
|
(9.1)
|
Proceeds on disposal of property, plant
and equipment
|
--
|
1.3
|
Net cash (used in) investing activities
|
(7.2)
|
(7.8)
|
Cash Flows from Financing Activities
|
|
|
|
|
|
Net (repayment)/receipt of revolving credit facility
|
(17.0)
|
12.0
|
Repayment of term loan
|
(55.0)
|
(20.0)
|
Receipt of term loan
|
50.0
|
--
|
Refinancing costs
|
(3.7)
|
(0.4)
|
Excess tax benefit from stock based
payment arrangements
|
0.1
|
2.5
|
Dividend paid
|
(1.2)
|
(2.4)
|
Issue of treasury stock
|
0.2
|
1.9
|
Repurchase of common stock
|
--
|
(10.5)
|
Noncontrolling interest dividends (paid)
|
--
|
(0.1)
|
Net cash (used in) financing activities
|
(26.6)
|
(17.0)
|
Effect of exchange rate changes on cash
|
1.1
|
--
|
Net change in cash and cash equivalents
|
54.7
|
(10.4)
|
Cash and cash equivalents at beginning of year
|
13.9
|
24.3
|
Cash and cash equivalents at end of year
|
$68.6
|
$13.9
|
|
|
|
Amortization of deferred finance costs of $2.0m (2008 --
$0.5m)
are included in depreciation and amortization in the cash
flow
statement but in interest in the income statement.
|
CONTACT: Innospec Inc.
Kate Davison
+44-151-348-5825
Kate.Davison@innospecinc.com
RF|Binder Partners
Tom Pratt
+1-212-994-7563
Tom.Pratt@RFBinder.com
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