Innospec Inc. (IOSP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Innospec Inc. has a market cap of $290.6 million; its shares were traded at around $12.24 with a P/E ratio of 7.5 and P/S ratio of 0.6. IOSP is in the portfolios of Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Chuck Royce of Royce& Associates.
Corporate costs: increased by $8.0 million due to a $3.9 million charge in the quarter for probable future independent corporate compliance monitor expenses over the next three years. In the first quarter of 2009 corporate costs included a $2.4 million gain on stock options forfeited upon resignation of the Companys former CEO. Excluding these items corporate costs were $5.1 million, compared with $3.4 million a year ago, reflecting the adverse impact of exchange rates on the predominantly British pound sterling cost base.
Interest expense (net): the net interest expense has decreased from $1.6 million to $1.2 million, due to the lower level of debt in 2010, and the accelerated write off of $0.2 million of unamortized deferred finance costs in the first quarter of 2009.
Other net expense: other net expense of $0.1 million relates to losses on foreign currency forward exchange contracts of $1.1 million offset by gains on translation of net assets in our European businesses of $0.9 million and other income of $0.1 million. In 2009, other net expense of $7.1 million related to losses on translation of net assets in our European businesses of $6.3 million and losses on foreign currency forward exchange contracts of $0.8 million.
At March 31, 2010 and December 31, 2009 we had cash and cash equivalents of $64.2 million and $68.6 million, respectively.
On February 6, 2009, we entered into a three-year finance facility which provides for borrowings by us of up to $150 million including a term loan of $50 million and revolving credit facility of $100 million. The revolving credit facility can be drawn down until the finance facility expires on February 6, 2012.
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Innospec Inc. has a market cap of $290.6 million; its shares were traded at around $12.24 with a P/E ratio of 7.5 and P/S ratio of 0.6. IOSP is in the portfolios of Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Operating expenses: excluding the impact of $7.0 million of OFFP and FCPA legal and other professional expenses in 2009, and $3.0 million adjustment to the related settlement accruals in 2010, the year on year increase in operating expenses was $0.8 million, or 67%, primarily due to increased selling costs and the adverse impact of exchange rates on our British pound sterling cost base.Corporate costs: increased by $8.0 million due to a $3.9 million charge in the quarter for probable future independent corporate compliance monitor expenses over the next three years. In the first quarter of 2009 corporate costs included a $2.4 million gain on stock options forfeited upon resignation of the Companys former CEO. Excluding these items corporate costs were $5.1 million, compared with $3.4 million a year ago, reflecting the adverse impact of exchange rates on the predominantly British pound sterling cost base.
Interest expense (net): the net interest expense has decreased from $1.6 million to $1.2 million, due to the lower level of debt in 2010, and the accelerated write off of $0.2 million of unamortized deferred finance costs in the first quarter of 2009.
Other net expense: other net expense of $0.1 million relates to losses on foreign currency forward exchange contracts of $1.1 million offset by gains on translation of net assets in our European businesses of $0.9 million and other income of $0.1 million. In 2009, other net expense of $7.1 million related to losses on translation of net assets in our European businesses of $6.3 million and losses on foreign currency forward exchange contracts of $0.8 million.
At March 31, 2010 and December 31, 2009 we had cash and cash equivalents of $64.2 million and $68.6 million, respectively.
On February 6, 2009, we entered into a three-year finance facility which provides for borrowings by us of up to $150 million including a term loan of $50 million and revolving credit facility of $100 million. The revolving credit facility can be drawn down until the finance facility expires on February 6, 2012.
Read the The complete Report
