BALCHEM CORPORATION (BCPC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Balchem Corporation has a market cap of $671.67 million; its shares were traded at around $23.84 with a P/E ratio of 24.83 and P/S ratio of 3.06. The dividend yield of Balchem Corporation stocks is 0.31%. Balchem Corporation had an annual average earning growth of 19.5% over the past 10 years. GuruFocus rated Balchem Corporation the business predictability rank of 4.5-star.BCPC is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Operating expenses for the three months ended March 31, 2010 were $6,920, as compared to $6,988 for the three months ended March 31, 2009, a decrease of $68 or 1.0%. This slight decrease was due to lower general and administrative expenses being offset primarily by higher payroll related expenses and increased investment in research and development. Operating expenses were 11.6% of sales or 1.6 percentage points less than the operating expenses as a percent of sales incurred in last year's comparable quarter. During the three months ended March 31, 2010 and 2009, the Company spent $868 and $808 respectively, on research and development programs, substantially all of which pertained to the Company s Food, Pharma & Nutrition and Animal Nutrition & Health segments.
Earnings from operations for the three months ended March 31, 2010 increased to $10,494 compared to $9,310 for the three months ended March 31, 2009, an increase of $1,184 or 12.7%. This increase was principally driven by increased sales volumes over the prior year comparable quarter, partially offset primarily by higher petro-chemical based raw material costs. Earnings from operations as a percentage of sales (“operating margin”) for the three months ended March 31, 2010 decreased slightly to 17.5% compared to 17.6% for the three months ended March 31, 2009, principally a result of the aforementioned higher sales volumes being offset by higher petro-chemical based raw material costs and an unfavorable product mix. The Company is continuing to focus on volume growth into export markets and new product launches. Earnings from operations for the Specialty Products segment were $3,312, a decrease of $75 or 2.2%, primarily due to increased sales volumes being offset by higher petro-chemical based raw material costs and increased expenses related to development work on our ERC technology for repackaging, distribution and delivery of a product for the fruit ripening industry. Earnings from operations for Food, Pharma & Nutrition were $1,981, an increase of $1,022 or 106.6%, due largely to the aforementioned increased sales volumes and favorable product mix. Earnings from operations for Animal Nutrition & Health increased by $237 to $5,201, a 4.8% increase from the prior comparable quarter, as increased sales volumes were partially offset by increases in the cost of certain petro-chemical raw materials used to manufacture choline.
Interest income for the three months ended March 31, 2010 totaled $70 as compared to $10 for the three months ended March 31, 2009. Interest expense was $22 for the three months ended March 31, 2010 compared to $74 for the three months ended March 31, 2009. This decrease is primarily attributable to the decrease in average current and long-term debt resulting from both normal recurring principal payments as well as accelerated payments of the Term Loan (as defined below in the Financing Activities section of Liquidity and Capital Resources). Other income of $119 for the three months ended March 31, 2010 is primarily the result of favorable fluctuations in foreign currency exchange rates between the U.S. dollar (the reporting currency) and functional foreign currencies.
Cash and cash equivalents increased to $51,361 at March 31, 2010 from $46,432 at December 31, 2009 primarily resulting from the information detailed below. Working capital amounted to $67,986 at March 31, 2010 as compared to $59,197 at December 31, 2009, an increase of $8,789.
Proceeds from stock options exercised totaled $507 and $701 for the three months ended March 31, 2010 and 2009, respectively. Dividend payments were $3,091 and $2,008 for the three months ended March 31, 2010 and 2009, respectively.
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Balchem Corporation has a market cap of $671.67 million; its shares were traded at around $23.84 with a P/E ratio of 24.83 and P/S ratio of 3.06. The dividend yield of Balchem Corporation stocks is 0.31%. Balchem Corporation had an annual average earning growth of 19.5% over the past 10 years. GuruFocus rated Balchem Corporation the business predictability rank of 4.5-star.BCPC is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net sales for the three months ended March 31, 2010 were $59,903, as compared with $52,986 for the three months ended March 31, 2009, an increase of $6,917 or 13.1%. Net sales for the Specialty Products segment were $9,668 for the three months ended March 31, 2010, as compared with $8,794 for the three months ended March 31, 2009, an increase of $874 or 9.9%. This increase in sales was derived principally from an increase in volumes of certain ethylene oxide and propylene oxide products. Net sales for the Food, Pharma & Nutrition segment were $9,966 for the three months ended March 31, 2010 compared with $8,304 for the three months ended March 31, 2009, an increase of $1,662 or 20.0%. This result was driven principally by volume increases in the domestic and international food sectors, primarily due to higher volumes of encapsulated ingredients for baking, preservation and confection markets. Also contributing to the increase was higher sales of human choline products for both food applications and the supplement markets. These increases were partially offset by lower sales of calcium products and Vitashure® products for nutritional enhancement. Net sales of $40,269 were realized for the three months ended March 31, 2010 for the Animal Nutrition & Health segment, as compared with $35,888 for the prior year comparable quarter, an increase of $4,381 or 12.2%. Feed and industrial grade choline product sales and derivatives increased 9.9% or $2,966 over the prior year quarter, principally from a rebound in the international poultry market and the industrial sector due to the improving economy. Sales of our specialty animal nutrition and health products, targeted for ruminant production animals and companion animals, increased 24.1% or $1,415 over the prior year comparable quarter primarily due to increased volume resulting from some regional improvement in dairy economics.Operating expenses for the three months ended March 31, 2010 were $6,920, as compared to $6,988 for the three months ended March 31, 2009, a decrease of $68 or 1.0%. This slight decrease was due to lower general and administrative expenses being offset primarily by higher payroll related expenses and increased investment in research and development. Operating expenses were 11.6% of sales or 1.6 percentage points less than the operating expenses as a percent of sales incurred in last year's comparable quarter. During the three months ended March 31, 2010 and 2009, the Company spent $868 and $808 respectively, on research and development programs, substantially all of which pertained to the Company s Food, Pharma & Nutrition and Animal Nutrition & Health segments.
Earnings from operations for the three months ended March 31, 2010 increased to $10,494 compared to $9,310 for the three months ended March 31, 2009, an increase of $1,184 or 12.7%. This increase was principally driven by increased sales volumes over the prior year comparable quarter, partially offset primarily by higher petro-chemical based raw material costs. Earnings from operations as a percentage of sales (“operating margin”) for the three months ended March 31, 2010 decreased slightly to 17.5% compared to 17.6% for the three months ended March 31, 2009, principally a result of the aforementioned higher sales volumes being offset by higher petro-chemical based raw material costs and an unfavorable product mix. The Company is continuing to focus on volume growth into export markets and new product launches. Earnings from operations for the Specialty Products segment were $3,312, a decrease of $75 or 2.2%, primarily due to increased sales volumes being offset by higher petro-chemical based raw material costs and increased expenses related to development work on our ERC technology for repackaging, distribution and delivery of a product for the fruit ripening industry. Earnings from operations for Food, Pharma & Nutrition were $1,981, an increase of $1,022 or 106.6%, due largely to the aforementioned increased sales volumes and favorable product mix. Earnings from operations for Animal Nutrition & Health increased by $237 to $5,201, a 4.8% increase from the prior comparable quarter, as increased sales volumes were partially offset by increases in the cost of certain petro-chemical raw materials used to manufacture choline.
Interest income for the three months ended March 31, 2010 totaled $70 as compared to $10 for the three months ended March 31, 2009. Interest expense was $22 for the three months ended March 31, 2010 compared to $74 for the three months ended March 31, 2009. This decrease is primarily attributable to the decrease in average current and long-term debt resulting from both normal recurring principal payments as well as accelerated payments of the Term Loan (as defined below in the Financing Activities section of Liquidity and Capital Resources). Other income of $119 for the three months ended March 31, 2010 is primarily the result of favorable fluctuations in foreign currency exchange rates between the U.S. dollar (the reporting currency) and functional foreign currencies.
Cash and cash equivalents increased to $51,361 at March 31, 2010 from $46,432 at December 31, 2009 primarily resulting from the information detailed below. Working capital amounted to $67,986 at March 31, 2010 as compared to $59,197 at December 31, 2009, an increase of $8,789.
Proceeds from stock options exercised totaled $507 and $701 for the three months ended March 31, 2010 and 2009, respectively. Dividend payments were $3,091 and $2,008 for the three months ended March 31, 2010 and 2009, respectively.
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