Business
Innospec Reports Second Quarter 2020 Financial Results
Excellent results in Performance Chemicals despite market volatility with operating income up 11 percentFuel Specialties and Oilfield Services impacted by
About this update from Innospec Inc.
[{"type":"text","content":"Excellent results in Performance Chemicals despite market volatility with operating income up 11 percentFuel Specialties and Oilfield Services impacted by significant decline in demandOctane Additives concludes as expected; Restructuring charge taken Impairment charge in Oilfield Services Drilling businessExcellent cash generation enhances strong liquidity position; Improvement in net cash to $18.6 million\n ENGLEWOOD, Colo., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the second quarter ended June 30, 2020. Total net sales for the quarter were $244.9 million, down 32 percent from the $362.4 million reported in the corresponding quarter last year. There was a net loss of $39.7 million, or $1.62 per share, and an EBITDA loss of $19.5 million compared to a net income of $22.3 million, or $0.90 per share, and EBITDA of $43.8 million in the second quarter of 2019. Results for this quarter include special items summarized in the table below. Excluding these items, adjusted loss per share of 18 cents, compared to an adjusted earnings per share of $1.12 a year ago. Innospec closed the quarter in a net cash position of $18.6 million. Cash generation for the quarter was positive with net cash provided by operating activities of $29.8 million before capital expenditures of $6.8 million. EBITDA, income before income taxes and net income excluding special items, and related per-share amounts, are non-GAAP financial measures that are defined and reconciled with GAAP results herein and in the schedules below. Quarter ended June 30, 2020 Quarter ended June 30, 2019(in millions, except share and per share data) Lossbeforeincometaxes Netloss Perdilutedshare Incomebeforeincometaxes Netincome Perdilutedshare Reported GAAP amounts$(53.8)$(39.7)$(1.62)$30.5$22.3$0.90 Restructuring charge 21.1 16.8 0.68 - - -Impairment of acquired intangible assets 19.8 15.2 0.62 - - -Amortization of acquired intangible assets 4.6 3.6 0.15 4.6 3.6 0.15Foreign currency exchange losses 1.2 0.9 0.04 1.8 1.3 0.05Adjustment of income tax provisions - (1.2) (0.05) - 0.4 0.02 46.7 35.3 1.44 6.4 5.3 0.22 Adjusted non-GAAP amounts$(7.1)$(4.4)$(0.18)$36.9$27.6$1.12 Commenting on the second quarter results, Patrick S. Williams, President and Chief Executive Officer, said, “As we expected, this has been an extraordinar...