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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 | |
---|---|---|---|---|---|---|---|---|---|---|
4.12 | 2.82% | 150.40 | 141.11 | 153.16 | 150.40 | 145.11 | 147.05 | 102,016 | 22:58:40 |
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FORM 10-Q
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(Mark One)
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2019
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OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _____ to _____
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Maryland
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13-2578432
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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52 Sunrise Park Road, New Hampton, NY 10958
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(Address of principal executive offices) (Zip Code)
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Registrant’s telephone number, including area code: (845) 326-5600
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(Check one):
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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Page No.
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Assets
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March 31, 2019
(unaudited) |
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December 31, 2018
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Current assets:
|
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||||
Cash and cash equivalents
|
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$
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39,004
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$
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54,268
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Accounts receivable, net of allowance for doubtful accounts of $583 and $610 at March 31, 2019 and December 31, 2018 respectively
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99,834
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99,545
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Inventories
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66,764
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67,187
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Prepaid expenses
|
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3,510
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3,830
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Assets held for sale
|
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11,748
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—
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Other current assets
|
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806
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1,484
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Total current assets
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221,666
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226,314
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Property, plant and equipment, net
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188,036
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194,339
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Goodwill
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446,453
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447,995
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Intangible assets with finite lives, net
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100,088
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105,985
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Right of use assets
|
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8,036
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—
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Other assets
|
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7,609
|
|
|
6,722
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Total assets
|
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$
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971,888
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$
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981,355
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||||
Liabilities and Stockholders' Equity
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|
||||
Current liabilities:
|
|
|
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|
||||
Trade accounts payable
|
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$
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26,342
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|
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$
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33,345
|
|
Accrued expenses
|
|
20,922
|
|
|
22,025
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Accrued compensation and other benefits
|
|
6,255
|
|
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11,022
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Dividends payable
|
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78
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|
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15,220
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|
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Income tax payable
|
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6,989
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|
444
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|
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Lease liabilities - current
|
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2,467
|
|
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—
|
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Liabilities held for sale
|
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757
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—
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Total current liabilities
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63,810
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82,056
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Revolving loan
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140,000
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156,000
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Deferred income taxes
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44,311
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44,309
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Lease liabilities - non-current
|
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5,559
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—
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Other long-term obligations
|
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7,699
|
|
|
7,372
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Total liabilities
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261,379
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289,737
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Commitments and contingencies (note 16)
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Stockholders' equity:
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Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding
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—
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—
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Common stock, $.0667 par value. Authorized 120,000,000 shares; 32,336,228 shares issued and 32,330,032 outstanding at March 31, 2019 and 32,256,915 shares issued and 32,256,209 outstanding at December 31, 2018, respectively
|
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2,156
|
|
|
2,151
|
|
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Additional paid-in capital
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166,762
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|
|
165,098
|
|
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Retained earnings
|
|
546,810
|
|
|
528,027
|
|
||
Accumulated other comprehensive loss
|
|
(4,686
|
)
|
|
(3,602
|
)
|
||
Treasury stock, at cost: 6,196 and 706 shares at March 31, 2019 and December 31, 2018
|
|
(533
|
)
|
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(56
|
)
|
||
Total stockholders' equity
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710,509
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691,618
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Total liabilities and stockholders' equity
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$
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971,888
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$
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981,355
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Three Months Ended
March 31, |
||||||
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2019
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2018
|
||||
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|
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Net sales
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$
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157,029
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$
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161,410
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|
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Cost of sales
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107,934
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109,951
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|
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Gross margin
|
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49,095
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51,459
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|
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|
||||
Operating expenses:
|
|
|
|
|
||||
Selling expenses
|
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14,126
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14,059
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|
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Research and development expenses
|
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2,895
|
|
|
2,569
|
|
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General and administrative expenses
|
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5,594
|
|
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7,591
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||
|
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22,615
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|
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24,219
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|
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|
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Earnings from operations
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26,480
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27,240
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|
||||
Other expenses:
|
|
|
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|
||||
Interest expense, net
|
|
1,589
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|
|
1,874
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|
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Other, net
|
|
98
|
|
|
189
|
|
||
|
|
1,687
|
|
|
2,063
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|
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|
||||
Earnings before income tax expense
|
|
24,793
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|
25,177
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|
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Income tax expense
|
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6,010
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|
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5,831
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Net earnings
|
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$
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18,783
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$
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19,346
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||||
Net earnings per common share - basic
|
|
$
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0.58
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$
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0.60
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|
||||
Net earnings per common share - diluted
|
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$
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0.58
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$
|
0.60
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|
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Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Net earnings
|
|
$
|
18,783
|
|
|
$
|
19,346
|
|
|
|
|
|
|
||||
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
||||
|
|
|
|
|
||||
Net foreign currency translation adjustment
|
|
(1,089
|
)
|
|
1,363
|
|
||
|
|
|
|
|
||||
Net change in postretirement benefit plans, net of taxes of $(2) and $(4) for the three months ended March 31, 2019 and 2018
|
|
5
|
|
|
13
|
|
||
|
|
|
|
|
||||
Other comprehensive (loss) income
|
|
(1,084
|
)
|
|
1,376
|
|
||
|
|
|
|
|
||||
Comprehensive income
|
|
$
|
17,699
|
|
|
$
|
20,722
|
|
|
|
Total
Stockholders'
Equity
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in
Capital
|
||||||||||||||||||
Shares
|
|
Amount
|
Shares
|
|
Amount
|
|||||||||||||||||||||||||
Balance - December 31, 2018
|
|
$
|
691,618
|
|
|
$
|
528,027
|
|
|
$
|
(3,602
|
)
|
|
32,256,209
|
|
|
$
|
2,151
|
|
|
(706
|
)
|
|
$
|
(56
|
)
|
|
$
|
165,098
|
|
Net earnings
|
|
18,783
|
|
|
18,783
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive (loss)
|
|
(1,084
|
)
|
|
—
|
|
|
(1,084
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Treasury shares purchased
|
|
(727
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,496
|
)
|
|
(727
|
)
|
|
—
|
|
||||||
Shares and options issued under stock plans
|
|
1,919
|
|
|
—
|
|
|
—
|
|
|
73,823
|
|
|
5
|
|
|
3,006
|
|
|
250
|
|
|
1,664
|
|
||||||
Balance - March 31, 2019
|
|
$
|
710,509
|
|
|
$
|
546,810
|
|
|
$
|
(4,686
|
)
|
|
32,330,032
|
|
|
$
|
2,156
|
|
|
(6,196
|
)
|
|
$
|
(533
|
)
|
|
$
|
166,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance - December 31, 2017
|
|
$
|
616,881
|
|
|
$
|
464,639
|
|
|
$
|
(1,642
|
)
|
|
32,019,605
|
|
|
$
|
2,135
|
|
|
—
|
|
|
—
|
|
|
$
|
151,749
|
|
|
Net earnings
|
|
19,346
|
|
|
19,346
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income
|
|
1,376
|
|
|
—
|
|
|
1,376
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Dividends
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Treasury shares purchased
|
|
(786
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,454
|
)
|
|
(786
|
)
|
|
—
|
|
||||||
Shares and options issued under stock plans
|
|
3,072
|
|
|
—
|
|
|
—
|
|
|
80,505
|
|
|
5
|
|
|
10,454
|
|
|
786
|
|
|
2,281
|
|
||||||
Balance - March 31, 2018
|
|
$
|
639,890
|
|
|
$
|
483,986
|
|
|
$
|
(266
|
)
|
|
32,100,110
|
|
|
$
|
2,140
|
|
|
—
|
|
|
—
|
|
|
$
|
154,030
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net earnings
|
|
$
|
18,783
|
|
|
$
|
19,346
|
|
|
|
|
|
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
10,836
|
|
|
11,127
|
|
||
Stock compensation expense
|
|
1,631
|
|
|
1,793
|
|
||
Deferred income taxes
|
|
35
|
|
|
(38
|
)
|
||
Provision for (recovery of) doubtful accounts
|
|
88
|
|
|
(69
|
)
|
||
Foreign currency transaction loss
|
|
50
|
|
|
51
|
|
||
Asset impairment charge
|
|
114
|
|
|
71
|
|
||
Gain on disposal of assets
|
|
(2,719
|
)
|
|
(1,093
|
)
|
||
Changes in assets and liabilities
|
|
|
|
|
||||
Accounts receivable
|
|
(912
|
)
|
|
(4,340
|
)
|
||
Inventories
|
|
(139
|
)
|
|
(5,442
|
)
|
||
Prepaid expenses and other current assets
|
|
972
|
|
|
345
|
|
||
Accounts payable and accrued expenses
|
|
(12,389
|
)
|
|
(2,273
|
)
|
||
Income taxes
|
|
6,575
|
|
|
5,633
|
|
||
Other
|
|
(442
|
)
|
|
368
|
|
||
Net cash provided by operating activities
|
|
22,483
|
|
|
25,479
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Capital expenditures
|
|
(8,488
|
)
|
|
(3,735
|
)
|
||
Proceeds from insurance
|
|
2,727
|
|
|
1,590
|
|
||
Intangible assets acquired
|
|
(19
|
)
|
|
(119
|
)
|
||
Net cash used in investing activities
|
|
(5,780
|
)
|
|
(2,264
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
||||
Principal payments on revolving loan
|
|
(16,000
|
)
|
|
—
|
|
||
Principal payments on long-term debt
|
|
—
|
|
|
(8,750
|
)
|
||
Proceeds from stock options exercised
|
|
288
|
|
|
1,261
|
|
||
Dividends paid
|
|
(15,135
|
)
|
|
(13,421
|
)
|
||
Purchase of treasury stock
|
|
(727
|
)
|
|
(786
|
)
|
||
Net cash used in financing activities
|
|
(31,574
|
)
|
|
(21,696
|
)
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash
|
|
(393
|
)
|
|
744
|
|
||
|
|
|
|
|
||||
(Decrease) increase in cash and cash equivalents
|
|
(15,264
|
)
|
|
2,263
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents beginning of period
|
|
54,268
|
|
|
40,416
|
|
||
Cash and cash equivalents end of period
|
|
$
|
39,004
|
|
|
$
|
42,679
|
|
|
|
March 31, 2019
|
||
Accounts receivable
|
|
$
|
353
|
|
Inventory
|
|
376
|
|
|
Property, plant, and equipment, net
|
|
9,314
|
|
|
Right of use assets
|
|
317
|
|
|
Goodwill
|
|
1,380
|
|
|
Other current assets
|
|
8
|
|
|
Assets held for sale
|
|
$
|
11,748
|
|
|
|
|
||
Trade accounts payable
|
|
$
|
126
|
|
Accrued expenses
|
|
260
|
|
|
Accrued compensation and other benefits
|
|
52
|
|
|
Lease liabilities
|
|
319
|
|
|
Liabilities held for sale
|
|
$
|
757
|
|
|
|
Increase/(Decrease) for the
Three Months Ended March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Cost of sales
|
|
$
|
288
|
|
|
$
|
245
|
|
Operating expenses
|
|
1,343
|
|
|
1,548
|
|
||
Net earnings
|
|
(1,258
|
)
|
|
(1,378
|
)
|
For the three months ended March 31, 2019 |
|
Shares (000s)
|
|
Weighted
Average
Exercise
Price
|
|
Aggregate
Intrinsic
Value
|
|
Weighted
Average
Remaining
Contractual
Term
|
|||||
Outstanding as of December 31, 2018
|
|
887
|
|
|
$
|
61.59
|
|
|
$
|
16,192
|
|
|
|
Granted
|
|
185
|
|
|
84.19
|
|
|
|
|
|
|||
Exercised
|
|
(7
|
)
|
|
40.85
|
|
|
|
|
|
|||
Forfeited
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Canceled
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding as of March 31, 2019
|
|
1,065
|
|
|
$
|
65.64
|
|
|
$
|
28,924
|
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|||||
Exercisable as of March 31, 2019
|
|
685
|
|
|
$
|
56.91
|
|
|
$
|
24,588
|
|
|
5.4
|
For the three months ended March 31, 2018 |
|
Shares (000s)
|
|
Weighted
Average
Exercise
Price
|
|
Aggregate
Intrinsic
Value
|
|
Weighted
Average
Remaining
Contractual
Term
|
|||||
Outstanding as of December 31, 2017
|
|
946
|
|
|
$
|
55.44
|
|
|
$
|
24,714
|
|
|
|
Granted
|
|
148
|
|
|
74.57
|
|
|
|
|
|
|||
Exercised
|
|
(39
|
)
|
|
32.83
|
|
|
|
|
|
|||
Forfeited
|
|
(1
|
)
|
|
73.49
|
|
|
|
|
|
|||
Canceled
|
|
(1
|
)
|
|
25.39
|
|
|
|
|
|
|||
Outstanding as of March 31, 2018
|
|
1,053
|
|
|
$
|
58.98
|
|
|
$
|
24,680
|
|
|
6.6
|
|
|
|
|
|
|
|
|
|
|||||
Exercisable as of March 31, 2018
|
|
637
|
|
|
$
|
48.54
|
|
|
$
|
21,306
|
|
|
5.3
|
|
|
Three Months Ended
March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Weighted-average fair value of options granted
|
|
$
|
18.26
|
|
|
$
|
18.62
|
|
Total intrinsic value of stock options exercised ($000s)
|
|
$
|
302
|
|
|
$
|
1,825
|
|
Three months ended March 31, 2019
|
|
Shares (000s)
|
|
Weighted
Average Grant
Date Fair
Value
|
|||
Non-vested balance as of December 31, 2018
|
|
79
|
|
|
$
|
72.75
|
|
Granted
|
|
66
|
|
|
84.27
|
|
|
Vested
|
|
(8
|
)
|
|
58.52
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Non-vested balance as of March 31, 2019
|
|
137
|
|
|
$
|
79.16
|
|
Three months ended March 31, 2018
|
|
Shares (000s)
|
|
Weighted
Average Grant
Date Fair
Value
|
|||
Non-vested balance as of December 31, 2017
|
|
66
|
|
|
$
|
65.66
|
|
Granted
|
|
36
|
|
|
74.57
|
|
|
Vested
|
|
(6
|
)
|
|
50.32
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Non-vested balance as of March 31, 2018
|
|
96
|
|
|
$
|
70.10
|
|
Three months ended March 31, 2019
|
|
Shares (000s)
|
|
Weighted
Average Grant
Date Fair
Value
|
|||
Non-vested balance as of December 31, 2018
|
|
53
|
|
|
$
|
75.61
|
|
Granted
|
|
33
|
|
|
81.79
|
|
|
Vested
|
|
(9
|
)
|
|
65.64
|
|
|
Forfeited
|
|
(7
|
)
|
|
60.85
|
|
|
Non-vested balance as of March 31, 2019
|
|
70
|
|
|
$
|
81.26
|
|
Three months ended March 31, 2018
|
|
Shares (000s)
|
|
Weighted
Average Grant
Date Fair
Value
|
|||
Non-vested balance as of December 31, 2017
|
|
39
|
|
|
$
|
72.62
|
|
Granted
|
|
32
|
|
|
71.27
|
|
|
Vested
|
|
(15
|
)
|
|
58.78
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Non-vested balance as of March 31, 2018
|
|
56
|
|
|
$
|
75.47
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Raw materials
|
|
$
|
21,398
|
|
|
$
|
23,661
|
|
Work in progress
|
|
5,102
|
|
|
4,649
|
|
||
Finished goods
|
|
40,264
|
|
|
38,877
|
|
||
Total inventories
|
|
$
|
66,764
|
|
|
$
|
67,187
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Land
|
|
$
|
8,489
|
|
|
$
|
7,965
|
|
Building
|
|
68,844
|
|
|
67,702
|
|
||
Equipment
|
|
201,890
|
|
|
213,909
|
|
||
Construction in progress
|
|
21,362
|
|
|
18,170
|
|
||
|
|
300,585
|
|
|
307,746
|
|
||
Less: accumulated depreciation
|
|
112,549
|
|
|
113,407
|
|
||
Property, plant and equipment, net
|
|
$
|
188,036
|
|
|
$
|
194,339
|
|
|
|
Amortization
Period
(in years)
|
|
Gross
Carrying Amount at 03/31/19 |
|
Accumulated
Amortization at 3/31/2019 |
|
Gross
Carrying Amount at 12/31/2018 |
|
Accumulated
Amortization at 12/31/2018 |
||||||||
Customer relationships & lists
|
|
10
|
|
$
|
192,120
|
|
|
$
|
126,408
|
|
|
$
|
192,185
|
|
|
$
|
122,545
|
|
Trademarks & trade names
|
|
5-17
|
|
39,681
|
|
|
17,409
|
|
|
39,934
|
|
|
16,755
|
|
||||
Developed technology
|
|
5
|
|
13,338
|
|
|
9,271
|
|
|
13,338
|
|
|
8,604
|
|
||||
Other
|
|
3-18
|
|
14,907
|
|
|
6,870
|
|
|
14,913
|
|
|
6,481
|
|
||||
|
|
|
|
$
|
260,046
|
|
|
$
|
159,958
|
|
|
$
|
260,370
|
|
|
$
|
154,385
|
|
Three months ended March 31, 2019
|
|
Net
Earnings
(Numerator)
|
|
Number of
Shares
(Denominator)
|
|
Per Share
Amount
|
|||||
Basic EPS – Net earnings and weighted average common shares outstanding
|
|
$
|
18,783
|
|
|
32,188,469
|
|
|
$
|
.58
|
|
Effect of dilutive securities – stock options, restricted stock, and performance shares
|
|
|
|
320,663
|
|
|
|
||||
Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares
|
|
$
|
18,783
|
|
|
32,509,132
|
|
|
$
|
.58
|
|
Three months ended March 31, 2018
|
|
Net
Earnings
(Numerator)
|
|
Number of
Shares
(Denominator)
|
|
Per Share
Amount
|
|||||
Basic EPS – Net earnings and weighted average common shares outstanding
|
|
$
|
19,346
|
|
|
31,985,332
|
|
|
$
|
.60
|
|
Effect of dilutive securities – stock options, restricted stock, and performance shares
|
|
|
|
342,001
|
|
|
|
||||
Diluted EPS – Net earnings and weighted average common shares outstanding and effect of stock options, restricted stock, and performance shares
|
|
$
|
19,346
|
|
|
32,327,333
|
|
|
$
|
.60
|
|
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
Human Nutrition & Health
|
|
$
|
703,042
|
|
|
$
|
702,692
|
|
Animal Nutrition & Health
|
|
135,738
|
|
|
136,810
|
|
||
Specialty Products
|
|
65,715
|
|
|
59,558
|
|
||
Industrial Products
|
|
25,588
|
|
|
22,822
|
|
||
Other Unallocated
(1)
|
|
41,805
|
|
|
59,473
|
|
||
Total
|
|
$
|
971,888
|
|
|
$
|
981,355
|
|
|
|
|
|
|
||||
(1)
Other unallocated assets consist of certain cash, receivables, prepaid expenses, equipment and leasehold improvements, net of accumulated depreciation, and deferred income taxes, which the Company does not allocate to its individual business segments.
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Human Nutrition & Health
|
|
$
|
85,149
|
|
|
$
|
83,063
|
|
Animal Nutrition & Health
|
|
43,361
|
|
|
46,141
|
|
||
Specialty Products
|
|
18,424
|
|
|
17,740
|
|
||
Industrial Products
|
|
10,095
|
|
|
14,466
|
|
||
Total
|
|
$
|
157,029
|
|
|
$
|
161,410
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Human Nutrition & Health
|
|
$
|
7,986
|
|
|
$
|
8,532
|
|
Animal Nutrition & Health
|
|
1,578
|
|
|
1,305
|
|
||
Specialty Products
|
|
1,021
|
|
|
1,010
|
|
||
Industrial Products
|
|
171
|
|
|
171
|
|
||
Total
|
|
$
|
10,756
|
|
|
$
|
11,018
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Human Nutrition & Health
|
|
$
|
5,255
|
|
|
$
|
2,079
|
|
Animal Nutrition & Health
|
|
1,471
|
|
|
830
|
|
||
Specialty Products
|
|
1,474
|
|
|
582
|
|
||
Industrial Products
|
|
288
|
|
|
244
|
|
||
Total
|
|
$
|
8,488
|
|
|
$
|
3,735
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
|||||
Product Sales
|
|
$
|
143,874
|
|
|
$
|
146,914
|
|
Co-manufacturing
|
|
10,630
|
|
|
10,707
|
|
||
Bill and Hold
|
|
857
|
|
|
1,289
|
|
||
Consignment
|
|
589
|
|
|
1,045
|
|
||
Product Sales Revenue
|
|
155,950
|
|
|
159,955
|
|
||
Royalty Revenue
|
|
1,079
|
|
|
1,455
|
|
||
Total Revenue
|
|
$
|
157,029
|
|
|
$
|
161,410
|
|
|
|
|||||||
|
2019
|
|
2018
|
|||||
United States
|
|
$
|
118,111
|
|
|
$
|
120,668
|
|
Foreign Countries
|
|
38,918
|
|
|
40,742
|
|
||
Total Revenue
|
|
$
|
157,029
|
|
|
$
|
161,410
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Income taxes
|
|
$
|
58
|
|
|
$
|
—
|
|
Interest
|
|
$
|
1,459
|
|
|
$
|
1,763
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Net foreign currency translation adjustment
|
|
$
|
(1,089
|
)
|
|
$
|
1,363
|
|
|
|
|
|
|
||||
Net change in postretirement benefit plan (see Note 15 for further information)
|
|
|
|
|
||||
Amortization of prior service cost
|
|
18
|
|
|
18
|
|
||
Amortization of gain
|
|
(11
|
)
|
|
(1
|
)
|
||
Total before tax
|
|
7
|
|
|
17
|
|
||
Tax
|
|
(2
|
)
|
|
(4
|
)
|
||
Net of tax
|
|
5
|
|
|
13
|
|
||
|
|
|
|
|
||||
Total other comprehensive (loss)/income
|
|
$
|
(1,084
|
)
|
|
$
|
1,376
|
|
|
|
Foreign currency
translation
adjustment
|
|
Postretirement
benefit plan
|
|
Total
|
||||||
Balance December 31, 2018
|
|
$
|
(4,285
|
)
|
|
$
|
683
|
|
|
$
|
(3,602
|
)
|
Other comprehensive (loss)/income
|
|
(1,089
|
)
|
|
5
|
|
|
(1,084
|
)
|
|||
Balance March 31, 2019
|
|
$
|
(5,374
|
)
|
|
$
|
688
|
|
|
$
|
(4,686
|
)
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Service cost
|
|
$
|
16
|
|
|
$
|
19
|
|
Interest cost
|
|
10
|
|
|
11
|
|
||
Amortization of prior service cost
|
|
18
|
|
|
18
|
|
||
Amortization of gain
|
|
(11
|
)
|
|
(1
|
)
|
||
Net periodic benefit cost
|
|
$
|
33
|
|
|
$
|
47
|
|
Year
|
|
||
April 1, 2019 to December 31, 2019
|
$
|
2,562
|
|
2020
|
2,912
|
|
|
2021
|
2,005
|
|
|
2022
|
1,415
|
|
|
2023
|
1,176
|
|
|
2024
|
1,024
|
|
|
Thereafter
|
3,594
|
|
|
Total minimum lease payments
|
$
|
14,688
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2019
|
|
Lease Cost
|
|
|
|
Operating lease cost
|
|
813
|
|
|
|
|
|
Other information
|
|
|
|
(Gains) and losses on sale and leaseback transactions, net
|
|
—
|
|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
|
Operating cash flows from operating leases
|
|
819
|
|
|
|
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
|
12,874
|
|
|
|
|
|
Weighted-average remaining lease term - operating leases
|
|
4.88 years
|
|
|
|
|
|
Weighted-average discount rate - operating
|
|
4.5
|
%
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
(All amounts in thousands, except share and per share data)
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Human Nutrition & Health
|
|
$
|
85,149
|
|
|
$
|
83,063
|
|
Animal Nutrition & Health
|
|
43,361
|
|
|
46,141
|
|
||
Specialty Products
|
|
18,424
|
|
|
17,740
|
|
||
Industrial Products
|
|
10,095
|
|
|
14,466
|
|
||
Total
|
|
$
|
157,029
|
|
|
$
|
161,410
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Human Nutrition & Health
|
|
$
|
13,703
|
|
|
$
|
12,932
|
|
Animal Nutrition & Health
|
|
5,256
|
|
|
7,484
|
|
||
Specialty Products
|
|
6,697
|
|
|
5,034
|
|
||
Industrial Products
|
|
1,637
|
|
|
2,479
|
|
||
Transaction costs, integration costs, and unallocated legal fees
|
|
(804
|
)
|
|
(689
|
)
|
||
Unallocated amortization expense
|
|
(9
|
)
|
|
—
|
|
||
Total
|
|
$
|
26,480
|
|
|
$
|
27,240
|
|
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
|
Item 6.
|
Exhibits
|
Exhibit Number
|
|
Description
|
Exhibit 31.1
|
|
|
Exhibit 31.2
|
|
|
Exhibit 32.1
|
|
|
Exhibit 32.2
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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BALCHEM CORPORATION
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By: /s/ Theodore L. Harris
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Theodore L. Harris, Chairman, President and Chief Executive Officer
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By: /s/ Martin Bengtsson
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Martin Bengtsson, Chief Financial Officer and Treasurer
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Date: May 3, 2019
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1 Year Balchem Chart |
1 Month Balchem Chart |
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