We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Balchem Corporation | NASDAQ:BCPC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.46 | 1.71% | 146.28 | 136.00 | 158.00 | 146.40 | 143.47 | 144.42 | 118,608 | 21:00:08 |
☒ |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Maryland
|
13-2578432
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number
)
|
52 Sunrise Park Road, New Hampton, New York
|
10958
|
|
(Address of principal executive offices)
|
(Zip Code)
|
845-326-56
|
Registrant’s telephone number, including area code:
|
Yes
☑
|
No ☐
|
Yes
☑
|
No ☐
|
Large accelerated filer
☑
|
Accelerated filer ☐
|
|
Non-accelerated filer ☐
|
Smaller reporting company☐
|
Emerging growth company☐
|
Part I.
|
Financial Information
|
Item 1. |
Financial Statements
|
Assets
|
June 30, 2017
(unaudited)
|
December 31,
2016
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
43,599
|
$
|
38,643
|
||||
Accounts receivable, net of allowance for doubtful accounts of $550
and
$489 at June 30, 2017 and December 31, 2016, respectively
|
84,791
|
83,252
|
||||||
Inventories
|
62,129
|
57,245
|
||||||
Prepaid expenses
|
4,950
|
4,110
|
||||||
Prepaid income taxes
|
2,817
|
-
|
||||||
Deferred income taxes
|
-
|
712
|
||||||
Other current assets
|
3,509
|
4,480
|
||||||
Total current assets
|
201,795
|
188,442
|
||||||
Property, plant and equipment, net
|
182,721
|
165,754
|
||||||
Goodwill
|
440,215
|
439,811
|
||||||
Intangible assets with finite lives, net
|
140,577
|
147,484
|
||||||
Other assets
|
5,371
|
7,135
|
||||||
Total assets
|
$
|
970,679
|
$
|
948,626
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
$
|
24,939
|
$
|
32,514
|
||||
Accrued expenses
|
18,900
|
14,758
|
||||||
Accrued compensation and other benefits
|
5,768
|
6,648
|
||||||
Dividends payable
|
19
|
12,088
|
||||||
Current portion of long-term debt
|
35,000
|
35,000
|
||||||
Total current liabilities
|
84,626
|
101,008
|
||||||
Long-term debt
|
209,234
|
226,490
|
||||||
Revolving loan - long-term
|
31,500
|
19,000
|
||||||
Deferred income taxes
|
77,704
|
74,199
|
||||||
Other long-term obligations
|
5,231
|
6,896
|
||||||
Total liabilities
|
408,295
|
427,593
|
||||||
Commitments and contingencies
(note 15)
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding
|
-
|
-
|
||||||
Common stock, $.0667 par value. Authorized 120,000,000 shares; 31,888,821 shares issued and outstanding at June 30, 2017 and 31,757,861 shares issued and outstanding at December 31, 2016
|
2,127
|
2,117
|
||||||
Additional paid-in capital
|
143,704
|
137,676
|
||||||
Retained earnings
|
420,143
|
388,089
|
||||||
Accumulated other comprehensive loss
|
(3,590
|
)
|
(6,849
|
)
|
||||
Total stockholders' equity
|
562,384
|
521,033
|
||||||
Total liabilities and stockholders' equity
|
$
|
970,679
|
$
|
948,626
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net sales
|
$
|
147,082
|
$
|
138,794
|
$
|
284,810
|
$
|
273,935
|
||||||||
Cost of sales
|
100,321
|
92,345
|
193,620
|
184,662
|
||||||||||||
Gross margin
|
46,761
|
46,449
|
91,190
|
89,273
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling expenses
|
13,569
|
14,494
|
27,281
|
27,581
|
||||||||||||
Research and development expenses
|
2,280
|
1,920
|
4,095
|
3,862
|
||||||||||||
General and administrative expenses
|
6,081
|
6,702
|
12,280
|
14,529
|
||||||||||||
21,930
|
23,116
|
43,656
|
45,972
|
|||||||||||||
Earnings from operations
|
24,831
|
23,333
|
47,534
|
43,301
|
||||||||||||
Other expenses (income):
|
||||||||||||||||
Interest income
|
(2
|
)
|
(2
|
)
|
(3
|
)
|
(5
|
)
|
||||||||
Interest expense
|
1,891
|
1,905
|
3,690
|
3,748
|
||||||||||||
Other, net
|
382
|
47
|
578
|
194
|
||||||||||||
Earnings before income tax expense
|
22,560
|
21,383
|
43,269
|
39,364
|
||||||||||||
Income tax expense
|
6,024
|
7,233
|
11,216
|
13,328
|
||||||||||||
Net earnings
|
$
|
16,536
|
$
|
14,150
|
$
|
32,053
|
$
|
26,036
|
||||||||
Net earnings per common share - basic
|
$
|
0.52
|
$
|
0.45
|
$
|
1.01
|
$
|
0.83
|
||||||||
Net earnings per common share - diluted
|
$
|
0.51
|
$
|
0.44
|
$
|
1.00
|
$
|
0.82
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net earnings
|
$
|
16,536
|
$
|
14,150
|
$
|
32,053
|
$
|
26,036
|
||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Net foreign currency translation adjustment
|
2,697
|
(707
|
)
|
3,238
|
548
|
|||||||||||
Net change in postretirement benefit plan, net of taxes of $(4) and $(6) for the three months ended June 30, 2017 and 2016, and $(9) and $(5) for the six months ended June 30, 2017 and 2016.
|
11
|
(426
|
)
|
21
|
(430
|
)
|
||||||||||
Other comprehensive income (loss)
|
2,708
|
(1,133
|
)
|
3,259
|
118
|
|||||||||||
Comprehensive income
|
$
|
19,244
|
$
|
13,017
|
$
|
35,312
|
$
|
26,154
|
Six Months Ended
June 30,
|
||||||||
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$
|
32,053
|
$
|
26,036
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
22,083
|
22,666
|
||||||
Stock compensation expense
|
2,885
|
3,949
|
||||||
Deferred income taxes
|
(11
|
)
|
217
|
|||||
Provision for doubtful accounts
|
170
|
123
|
||||||
Foreign currency transaction loss
|
218
|
15
|
||||||
Loss on disposal of assets
|
188
|
88
|
||||||
Changes in assets and liabilities
|
||||||||
Accounts receivable
|
1,917
|
1,056
|
||||||
Inventories
|
(1,990
|
)
|
3,992
|
|||||
Prepaid expenses and other current assets
|
(1,732
|
)
|
1,295
|
|||||
Accounts payable and accrued expenses
|
(7,575
|
)
|
3,627
|
|||||
Income taxes
|
(2,628
|
)
|
(6,573
|
)
|
||||
Other
|
114
|
(533
|
)
|
|||||
Net cash provided by operating activities
|
45,692
|
55,958
|
||||||
Cash flows from investing activities:
|
||||||||
Cash paid for acquisitions, net of cash acquired
|
(16,759
|
)
|
(110,601
|
)
|
||||
Capital expenditures
|
(10,819
|
)
|
(14,736
|
)
|
||||
Proceeds from insurance
|
2,000
|
-
|
||||||
Intangible assets acquired
|
(330
|
)
|
(586
|
)
|
||||
Net cash used in investing activities
|
(25,908
|
)
|
(125,923
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from revolving loan
|
22,000
|
65,000
|
||||||
Principal payments on revolving loan
|
(9,500
|
)
|
(20,000
|
)
|
||||
Principal payments on long-term debt
|
(17,500
|
)
|
(17,500
|
)
|
||||
Principal payment on acquired debt
|
(2,384
|
)
|
(884
|
)
|
||||
Proceeds from stock options exercised
|
4,893
|
3,032
|
||||||
Excess tax benefits from stock compensation
|
-
|
792
|
||||||
Dividends paid
|
(12,069
|
)
|
(10,727
|
)
|
||||
Purchase of treasury stock
|
(1,741
|
)
|
(1,478
|
)
|
||||
Net cash (used in) provided by financing activities
|
(16,301
|
)
|
18,235
|
|||||
Effect of exchange rate changes on cash
|
1,473
|
356
|
||||||
Increase (Decrease) in cash and cash equivalents
|
4,956
|
(51,374
|
)
|
|||||
Cash and cash equivalents beginning of period
|
38,643
|
84,795
|
||||||
Cash and cash equivalents end of period
|
$
|
43,599
|
$
|
33,421
|
Cash and cash equivalents
|
$
|
4,949
|
||
Accounts receivable
|
7,671
|
|||
Inventories
|
15,989
|
|||
Property, plant and equipment
|
7,217
|
|||
Customer relationships
|
18,443
|
|||
Developed technology
|
9,060
|
|||
Trade name
|
7,224
|
|||
Licensing agreements
|
6,658
|
|||
Other assets
|
1,200
|
|||
Trade accounts payable
|
(1,104
|
)
|
||
Accrued expenses
|
(2,788
|
)
|
||
Bank debt
|
(884
|
)
|
||
Deferred income taxes
|
(13,990
|
) | ||
Goodwill
|
55,905
|
|||
Amount paid to shareholders
|
115,550
|
|||
Albion bank debt paid on purchase date
|
884
|
|||
Total amount paid on acquisition date
|
$
|
116,434
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
Net Sales
|
Net Earnings
|
Net Sales
|
Net Earnings
|
|||||||||||||
2017 Albion actual results included in the Company’s consolidated income statement
|
$
|
16,742
|
$
|
3,189
|
$
|
32,233
|
$
|
5,910
|
||||||||
2017 Supplemental pro forma combined financial information
|
$
|
147,082
|
$
|
16,536
|
$
|
284,810
|
$
|
31,959
|
||||||||
Basic earnings per share
|
$
|
0.52
|
$
|
1.01
|
||||||||||||
Diluted earnings per share
|
$
|
0.51
|
$
|
0.99
|
||||||||||||
2016 Albion actual results included in the Company’s consolidated income statement from February 1, 2016 through June 30, 2016
|
$
|
15,488
|
$
|
682
|
$
|
26,099
|
$
|
162
|
||||||||
2016 Supplemental pro forma combined financial information
|
$
|
138,794
|
$
|
16,103
|
$
|
278,515
|
$
|
30,635
|
||||||||
Basic earnings per share
|
$
|
0.51
|
$
|
0.97
|
||||||||||||
Diluted earnings per share
|
$
|
0.51
|
$
|
0.96
|
Cash and cash equivalents
|
$
|
5,065
|
||
Accounts receivable
|
2,860
|
|||
Inventories
|
2,537
|
|||
Prepaid expenses
|
186
|
|||
Property, plant and equipment
|
13,631
|
|||
Customer relationships
|
2,653
|
|||
Developed technology
|
1,078
|
|||
Trademark & trade name
|
1,388
|
|||
Trade accounts payable
|
(844
|
)
|
||
Accrued expenses
|
(1,416
|
)
|
||
Bank debt
|
(2,384
|
) | ||
Deferred income taxes
|
(4,163
|
) | ||
Amount paid to shareholders
|
20,591
|
|||
IFP bank debt paid on purchase date
|
2,384
|
|||
Total amount paid on acquisition date
|
$
|
22,975
|
Increase/(Decrease) for the
Three Months Ended June 30,
|
||||||||
2017
|
2016 | |||||||
Cost of sales
|
$
|
(167
|
)
|
$
|
260
|
|||
Operating expenses
|
1,210
|
1,494
|
||||||
Net earnings
|
(663
|
)
|
(1,080
|
)
|
Increase/(Decrease) for the
Six Months Ended June 30,
|
||||||||
2017
|
2016 | |||||||
Cost of sales
|
$
|
144
|
$
|
520
|
||||
Operating expenses
|
2,740
|
3,431
|
||||||
Net earnings
|
(1,830
|
)
|
(2,473
|
)
|
For the six months ended June 30, 2017
|
Shares (000s)
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
Weighted
Average
Remaining
Contractual
Term
|
||||||||||||
Outstanding as of December 31, 2016
|
1,066
|
$
|
45.32
|
$
|
41,161
|
|||||||||||
Granted
|
220
|
85.23
|
||||||||||||||
Exercised
|
(150
|
)
|
32.54
|
|||||||||||||
Forfeited
|
(39
|
)
|
70.57
|
|||||||||||||
Cancelled
|
(19
|
)
|
58.61
|
|||||||||||||
Outstanding as of June 30, 2017
|
1,078
|
$
|
54.10
|
$
|
27,001
|
6.6
|
||||||||||
Exercisable as of June 30, 2017
|
603
|
$
|
40.83
|
$
|
22,249
|
4.7
|
For the six months ended June 30, 2016
|
Shares (000s)
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
Weighted
Average
Remaining
Contractual
Term
|
||||||||||||
Outstanding as of December 31, 2015
|
1,017
|
$
|
37.29
|
$
|
23,927
|
|||||||||||
Granted
|
338
|
60.78
|
||||||||||||||
Exercised
|
(86
|
)
|
34.93
|
|||||||||||||
Forfeited
|
-
|
-
|
||||||||||||||
Outstanding as of June 30, 2016
|
1,269
|
$
|
43.71
|
$
|
20,626
|
6.6
|
||||||||||
Exercisable as of June 30, 2016
|
742
|
$
|
33.03
|
$
|
19,769
|
4.9
|
Three Months
Ended
June 30,
|
Six Months
Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Weighted-average fair value of options granted
|
$
|
20.54
|
$
|
17.80
|
$
|
23.21
|
$
|
18.45
|
||||||||
Total intrinsic value of stock options exercised ($000s)
|
$
|
2,375
|
$
|
1,242
|
$
|
7,596
|
$
|
2,257
|
Six months ended June 30, 2017
|
Shares (000s)
|
Weighted
Average Grant
Date Fair
Value
|
||||||
Non-vested balance as of December 31, 2016
|
102
|
$
|
54.18
|
|||||
Granted
|
9
|
85.40
|
||||||
Vested
|
(41
|
)
|
50.07
|
|||||
Forfeited
|
(4
|
)
|
55.45
|
|||||
Non-vested balance as of June 30, 2017
|
66
|
$
|
61.05
|
Six months ended June 30, 2016
|
Shares (000s)
|
Weighted
Average Grant
Date Fair
Value
|
||||||
Non-vested balance as of December 31, 2015
|
150
|
$
|
47.46
|
|||||
Granted
|
18
|
60.85
|
||||||
Vested
|
(52
|
)
|
42.36
|
|||||
Forfeited
|
-
|
-
|
||||||
Non-vested balance as of June 30, 2016
|
116
|
$
|
51.83
|
Six months ended June 30, 2017
|
Shares (000s)
|
Weighted
Average Grant
Date Fair
Value
|
||||||
Non-vested balance as of December 31, 2016
|
34
|
$
|
61.06
|
|||||
Granted
|
16
|
93.85
|
||||||
Vested
|
-
|
-
|
||||||
Forfeited
|
(7
|
)
|
69.18
|
|||||
Non-vested balance as of June 30, 2017
|
43
|
$
|
72.26
|
Six months ended June 30, 2016
|
Shares (000s)
|
Weighted
Average Grant
Date Fair
Value
|
||||||
Non-vested balance as of December 31, 2015
|
20
|
$
|
58.77
|
|||||
Granted
|
21
|
63.15
|
||||||
Vested
|
-
|
-
|
||||||
Forfeited
|
(4
|
)
|
60.87
|
|||||
Non-vested balance as of June 30, 2016
|
37
|
$
|
61.04
|
June 30,
2017
|
December 31,
2016
|
|||||||
Raw materials
|
$
|
21,622
|
$
|
20,751
|
||||
Work in progress
|
3,159
|
3,225
|
||||||
Finished goods
|
37,348
|
33,269
|
||||||
Total inventories
|
$
|
62,129
|
$
|
57,245
|
June 30,
2017
|
December 31,
2016
|
|||||||
Land
|
$
|
7,199
|
$
|
4,208
|
||||
Building
|
55,260
|
45,735
|
||||||
Equipment
|
189,265
|
177,841
|
||||||
Construction in progress
|
18,906
|
17,357
|
||||||
270,630
|
245,141
|
|||||||
Less: accumulated depreciation
|
87,909
|
79,387
|
||||||
Property, plant and equipment, net
|
$
|
182,721
|
$
|
165,754
|
Goodwill at January 1, 2017
|
$
|
439,811
|
||
Goodwill as a result of the Acquisition of Chol-Mix Kft – see Note 2
|
404
|
|||
Goodwill at June 30, 2017
|
$
|
440,215
|
June 30,
2017
|
December 31,
2016
|
|||||||
Human Nutrition & Health
|
$
|
404,187
|
$
|
404,187
|
||||
Animal Nutrition & Health
|
12,138
|
11,734
|
||||||
Specialty Products
|
22,662
|
22,662
|
||||||
Industrial Products
|
1,228
|
1,228
|
||||||
Total
|
$
|
440,215
|
$
|
439,811
|
Amortization
Period
(in years)
|
Gross
Carrying
Amount at
6/30/17
|
Accumulated
Amortization
at 6/30/17
|
Gross
Carrying
Amount at
12/31/16
|
Accumulated
Amortization
at 12/31/16
|
||||||||||||||||
Customer relationships & lists
|
10
|
$
|
189,715
|
$
|
96,176
|
$
|
185,885
|
$
|
86,338
|
|||||||||||
Trademarks & trade names
|
17
|
40,630
|
11,060
|
39,241
|
9,260
|
|||||||||||||||
Developed technology
|
5
|
13,338
|
4,602
|
12,260
|
3,358
|
|||||||||||||||
Other
|
5-17
|
13,065
|
4,333
|
12,713
|
3,659
|
|||||||||||||||
$
|
256,748
|
$
|
116,171
|
$
|
250,099
|
$
|
102,615
|
Year
|
Term loan
|
Revolving
loan
|
Total
|
|||||||||
July 1, 2017 to December 31, 2017
|
$
|
17,500
|
$
|
-
|
$
|
17,500
|
||||||
2018
|
35,000
|
-
|
35,000
|
|||||||||
2019
|
192,500
|
31,500
|
224,000
|
|||||||||
Future principal payments
|
245,000
|
31,500
|
276,500
|
|||||||||
Less unamortized debt financing costs
|
766
|
-
|
766
|
|||||||||
Less current portion of long-term debt
|
35,000
|
-
|
35,000
|
|||||||||
Total long-term debt
|
$
|
209,234
|
$
|
31,500
|
$
|
240,734
|
Three months ended June 30, 2017
|
Net
Earnings
(Numerator)
|
Number of
Shares
(Denominator)
|
Per Share
Amount
|
|||||||||
Basic EPS – Net earnings and weighted average common shares outstanding
|
$
|
16,536
|
31,798,773
|
$
|
.52
|
|||||||
Effect of dilutive securities – stock options, restricted stock, and performance shares
|
403,782
|
|||||||||||
Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares
|
$
|
16,536
|
32,202,555
|
$
|
.51
|
Three months ended June 30, 2016
|
Net
Earnings
(Numerator)
|
Number of
Shares
(Denominator)
|
Per Share
Amount
|
|||||||||
Basic EPS – Net earnings and weighted average common shares outstanding
|
$
|
14,150
|
31,476,298
|
$
|
.45
|
|||||||
Effect of dilutive securities – stock options, restricted stock, and performance shares
|
398,886
|
|||||||||||
Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares
|
$
|
14,150
|
31,875,184
|
$
|
.44
|
Six months ended June 30, 2017
|
Net
Earnings
(Numerator)
|
Number of
Shares
(Denominator)
|
Per Share
Amount
|
|||||||||
Basic EPS – Net earnings and weighted average common shares outstanding
|
$
|
32,053
|
31,752,489
|
$
|
1.01
|
|||||||
Effect of dilutive securities – stock options, restricted stock, and performance shares
|
442,563
|
|||||||||||
Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares
|
$
|
32,053
|
32,195,052
|
$
|
1.00
|
Six months ended June 30, 2016
|
Net
Earnings
(Numerator)
|
Number of
Shares
(Denominator)
|
Per Share
Amount
|
|||||||||
Basic EPS – Net earnings and weighted average common shares outstanding
|
$
|
26,036
|
31,441,545
|
$
|
.83
|
|||||||
Effect of dilutive securities – stock options, restricted stock, and performance shares
|
401,052
|
|||||||||||
Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares
|
$
|
26,036
|
31,842,597
|
$
|
.82
|
June 30,
2017
|
December 31,
2016
|
|||||||
Human Nutrition & Health
|
$
|
726,293
|
$
|
709,337
|
||||
Animal Nutrition & Health
|
113,562
|
121,860
|
||||||
Specialty Products
|
63,786
|
64,030
|
||||||
Industrial Products
|
14,263
|
10,477
|
||||||
Other Unallocated
|
52,775
|
42,922
|
||||||
Total
|
$
|
970,679
|
$
|
948,626
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Human Nutrition & Health
|
$
|
8,196
|
$
|
8,513
|
$
|
16,311
|
$
|
16,594
|
||||||||
Animal Nutrition & Health |
1,145
|
1,872
|
3,034
|
3,678
|
||||||||||||
Specialty Products
|
1,023
|
973
|
2,039
|
1,795
|
||||||||||||
Industrial Products
|
264
|
164
|
453
|
335
|
||||||||||||
Total
|
$
|
10,628
|
$
|
11,522
|
$
|
21,837
|
$
|
22,402
|
Six Months Ended
June 30,
|
||||||||
2017
|
2016
|
|||||||
Human Nutrition & Health
|
$
|
8,594
|
$
|
9,717
|
||||
Animal Nutrition & Health
|
1,403
|
4,151
|
||||||
Specialty Products
|
411
|
565
|
||||||
Industrial Products
|
411
|
303
|
||||||
Total
|
$
|
10,819
|
$
|
14,736
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Human Nutrition & Health
|
$
|
78,031
|
$
|
74,800
|
$
|
151,158
|
$
|
146,355
|
||||||||
Animal Nutrition & Health
|
37,048
|
38,412
|
75,126
|
77,644
|
||||||||||||
Specialty Products
|
20,759
|
20,325
|
39,549
|
37,442
|
||||||||||||
Industrial Products
|
11,244
|
5,257
|
18,977
|
12,494
|
||||||||||||
Total
|
$
|
147,082
|
$
|
138,794
|
$
|
284,810
|
$
|
273,935
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Human Nutrition & Health
|
$
|
11,320
|
$
|
9,024
|
$
|
21,516
|
$
|
17,396
|
||||||||
Animal Nutrition & Health
|
3,689
|
7,304
|
9,065
|
13,839
|
||||||||||||
Specialty Products
|
8,055
|
7,016
|
14,518
|
12,304
|
||||||||||||
Industrial Products
|
1,579
|
258
|
2,301
|
492
|
||||||||||||
Transaction, integration costs, and legal settlement
|
(1,899
|
)
|
(269
|
)
|
(1,953
|
)
|
(730
|
)
|
||||||||
Indemnification settlement
|
2,087
|
-
|
2,087
|
-
|
||||||||||||
Interest and other income (expense)
|
(2,271
|
)
|
(1,950
|
)
|
(4,265
|
)
|
(3,937
|
)
|
||||||||
Total
|
$
|
22,560
|
$
|
21,383
|
$
|
43,269
|
$
|
39,364
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Domestic
|
$
|
113,227
|
$
|
105,379
|
$
|
219,527
|
$
|
209,550
|
||||||||
Foreign
|
33,855
|
33,415
|
65,283
|
64,385
|
||||||||||||
Total
|
$
|
147,082
|
$
|
138,794
|
$
|
284,810
|
$
|
273,935
|
Six Months Ended
June 30,
|
||||||||
2017
|
2016
|
|||||||
Income taxes
|
$
|
14,508
|
$
|
17,014
|
||||
Interest
|
$
|
3,436
|
$
|
3,457
|
Three Months Ended
June 30,
|
||||||||
2017
|
2016
|
|||||||
Net foreign currency translation adjustment
|
$
|
2,697
|
$
|
(707
|
)
|
|||
Net change in postretirement benefit plan
(see Note 14 for further information)
|
||||||||
Initial adoption of new plan
|
-
|
(444
|
)
|
|||||
Amortization of prior service cost
|
19
|
26
|
||||||
Amortization of gain
|
(4
|
)
|
(2
|
)
|
||||
Total before tax
|
15
|
(420
|
)
|
|||||
Tax
|
(4
|
)
|
(6
|
)
|
||||
Net of tax
|
11
|
(426
|
)
|
|||||
Total other comprehensive income (loss)
|
$
|
2,708
|
$
|
(1,133
|
)
|
Six Months Ended
June 30,
|
||||||||
2017
|
2016
|
|||||||
Net foreign currency translation adjustment
|
$
|
3,238
|
$
|
548
|
||||
Net change in postretirement benefit plan
(see Note 14 for further information)
|
||||||||
Initial adoption of new plan
|
-
|
(444
|
)
|
|||||
Amortization of prior service cost
|
38
|
24
|
||||||
Amortization of gain
|
(8
|
)
|
(5
|
)
|
||||
Total before tax
|
30
|
(425
|
)
|
|||||
Tax
|
(9
|
)
|
(5
|
)
|
||||
Net of tax
|
21
|
(430
|
)
|
|||||
Total other comprehensive income
|
$
|
3,259
|
$
|
118
|
Foreign currency
translation
adjustment
|
Postretirement
benefit plan
|
Total
|
||||||||||
Balance December 31, 2016
|
$
|
(6,707
|
)
|
$
|
(142
|
)
|
$
|
(6,849
|
)
|
|||
Other comprehensive income/(loss)
|
3,238
|
21
|
3,259
|
|||||||||
Balance June 30, 2017
|
$
|
(3,469
|
)
|
$
|
(121
|
)
|
$
|
(3,590
|
)
|
Six Months Ended
June 30,
|
||||||||
2017
|
2016
|
|||||||
Service cost
|
$
|
34
|
$
|
31
|
||||
Interest cost
|
23
|
20
|
||||||
Amortization of prior service cost
|
37
|
24
|
||||||
Amortization of gain
|
(7
|
)
|
(5
|
)
|
||||
Net periodic benefit cost
|
$
|
87
|
$
|
70
|
Year
|
||||
July 1, 2017 to December 31, 2017
|
$
|
2,025
|
||
2018
|
2,036
|
|||
2019
|
1,654
|
|||
2020
|
1,313
|
|||
2021
|
1,169
|
|||
2022
|
863
|
|||
Thereafter
|
5,962
|
|||
Total minimum lease payments
|
$
|
15,022
|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
(All dollar amounts in thousands)
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Human Nutrition & Health
|
$
|
78,031
|
$
|
74,800
|
$
|
151,158
|
$
|
146,355
|
||||||||
Animal Nutrition & Health
|
37,048
|
38,412
|
75,126
|
77,644
|
||||||||||||
Specialty Products
|
20,759
|
20,325
|
39,549
|
37,442
|
||||||||||||
Industrial Products
|
11,244
|
5,257
|
18,977
|
12,494
|
||||||||||||
Total
|
$
|
147,082
|
$
|
138,794
|
$
|
284,810
|
$
|
273,935
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Human Nutrition & Health
|
$
|
11,320
|
$
|
9,024
|
$
|
21,516
|
$
|
17,396
|
||||||||
Animal Nutrition & Health
|
3,689
|
7,304
|
9,065
|
13,839
|
||||||||||||
Specialty Products
|
8,055
|
7,016
|
14,518
|
12,304
|
||||||||||||
Industrial Products
|
1,579
|
258
|
2,301
|
492
|
||||||||||||
Transaction, integration costs, and legal settlement
|
(1,899
|
)
|
(269
|
)
|
(1,953
|
)
|
(730
|
)
|
||||||||
Indemnification settlement
|
2,087
|
-
|
2,087
|
-
|
||||||||||||
Total
|
$
|
24,831
|
$
|
23,333
|
$
|
47,534
|
$
|
43,301
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Controls
|
Part II. |
Other Information
|
Item 1A. |
Risk Factors
|
Item 2C. |
Issuer Purchase of Equity Securities
|
Total Number of
Shares
Purchased
(1)
|
Average
Price Paid
Per
Share
(2)
|
Total Number of
Shares Purchased
as Part of Publicly
Announced
Programs
(1)
|
Approximate
Dollar Value of
Shares that
May Yet Be
Purchased
Under the Plans
or Progams
|
|||||||||||||
April 1 – 30, 2017
|
13,924
|
$
|
81.16
|
13,924
|
$
|
129,134,000
|
||||||||||
May 1 – 31, 2017
|
-
|
$
|
-
|
-
|
$
|
129,134,000
|
||||||||||
June 1 – 30, 2017
|
-
|
$
|
-
|
-
|
$
|
129,134,000
|
||||||||||
13,924
|
13,924
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
Exhibit 31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a).
|
BALCHEM CORPORATION
|
|
By: /s/ Theodore L. Harris
|
|
Theodore L. Harris, Chairman, President and Chief Executive Officer
|
|
By: /s/ William A. Backus
|
|
William A. Backus, Chief Financial Officer and Treasurer
|
|
Date: August 4, 2017
|
1 Year Balchem Chart |
1 Month Balchem Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions