EX-99.1 10 dex991.htm FIVE-YEAR SUMMARY Five-Year Summary

Albemarle Corporation and Subsidiaries


 

Exhibit 99.1

 

FIVE-YEAR SUMMARY                               
(In Thousands, Except for Per share Amounts)                               

Year Ended December 31

   2006     2005     2004     2003     2002  

Results of Operations(a)

          

Net sales

   $ 2,368,506     $ 2,107,499     $ 1,513,737     $ 1,110,237     $ 1,007,918  

Costs and expenses

     2,191,022       1,943,603       1,411,656       1,017,413       905,099  
                                        

Operating profit

     177,484       163,896       102,081       92,824       102,819  

Interest and financing expenses

     (43,964 )     (41,971 )     (17,350 )     (5,376 )     (5,070 )

Other (expenses) income, net(b)

     (134 )     1,513       (12,193 )     3,995       6,752  
                                        

Income before income taxes, minority interests, equity in net income (losses) of unconsolidated investments and the cumulative effect of a change in accounting principle, net

     133,386       123,438       72,538       91,443       104,501  

Income tax expense

     2,192       27,593       17,005       13,890       28,086  
                                        

Income before minority interests, equity in net income (losses) of unconsolidated investments and cumulative effect of a change in accounting principle, net

     131,194       95,845       55,533       77,553       76,415  

Minority interests in income of consolidated subsidiaries (net of tax)

     (13,258 )     (7,469 )     (5,101 )     (2,564 )     (2,137 )

Equity in net income (losses) of unconsolidated investments (net of tax)

     25,033       26,491       4,407       (824 )     (1,257 )
                                        

Income before cumulative effect of a change in accounting principle, net

     142,969       114,867       54,839       74,165       73,021  

Cumulative effect of a change in accounting principle, net(c)

     —         —         —         (2,220 )     —    
                                        

Net income

   $ 142,969     $ 114,867     $ 54,839     $ 71,945     $ 73,021  
                                        

Financial Position and Other Data

          

Total assets

   $ 2,530,368     $ 2,555,618     $ 2,442,745     $ 1,387,291     $ 1,200,398  

Operations:

          

Working capital

   $ 477,905     $ 451,746     $ 373,664     $ 271,298     $ 256,481  

Current ratio

     1.99 to 1       2.07 to 1       2.00 to 1       2.29 to 1       2.56 to 1  

Depreciation and amortization

   $ 112,950     $ 117,435     $ 97,268     $ 84,014     $ 80,603  

Capital expenditures

   $ 99,847     $ 70,080     $ 57,652     $ 41,058     $ 38,382  

Investments in joint ventures

   $ 96     $ 2,500     $ 9,913     $ 11,102     $ 2,714  

Acquisitions, net of cash acquired

   $ 25,970     $ 7,473     $ 785,247     $ 117,767     $ —    

Research and development expenses

   $ 46,299     $ 41,675     $ 31,273     $ 18,411     $ 16,485  

Gross profit as a % of net sales

     23.3       20.1       19.7       21.5       23.1  

Total long-term debt

   $ 732,590     $ 833,453     $ 944,631     $ 228,579     $ 190,628  

Equity(d)

   $ 1,028,098     $ 930,275     $ 711,375     $ 636,221     $ 574,337  

Total long-term debt as a % of total capitalization

     41.6       47.3       57.0       26.4       24.9  

Net debt as a % of total capitalization(e)

     34.7       44.0       56.8       25.8       22.2  

Common Stock

          

Basic earnings per share(c)

   $ 1.51     $ 1.24     $ 0.66     $ 0.87     $ 0.87  

Shares used to compute basic earnings per share(d)

     94,624       92,696       83,134       82,511       84,208  

Diluted earnings per share(c)

   $ 1.47     $ 1.20     $ 0.64     $ 0.85     $ 0.85  

Shares used to compute diluted earnings per share(d)

     97,136       95,495       85,054       84,291       86,275  

Cash dividends declared per share

   $ 0.345     $ 0.31     $ 0.2925     $ 0.2825     $ 0.27  

Shareholders’ equity per share(d)

   $ 10.84     $ 9.95     $ 8.49     $ 7.73     $ 6.89  

Return on average shareholders’ equity

     14.6 %     14.0 %     8.1 %     11.9 %     12.4 %
                                        

Footnotes:

(a)

Certain reclassifications have been made in the results of operations to conform to our current presentation.

(b)

Other (expenses) income, net for 2004 includes foreign exchange hedging charges totaling $12.8 million ($8.2 million after income taxes) associated with contracts we entered into to hedge the euro-denominated purchase price for the July 31, 2004 acquisition of the refinery catalysts business from Akzo Nobel N.V.

(c)

On January 1, 2003, we implemented SFAS No. 143, “Accounting for Asset Retirement Obligations,” which addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs.

(d)

Shareholders’ equity includes the purchase of common shares amounting to: 2006—1,130,890; 2005—0; 2004—55,138; 2003—1,387,588 and 2002—8,031,156.

(e)

We define net debt as total debt plus the portion of outstanding joint venture indebtedness guaranteed by us (or less the portion of outstanding joint venture indebtedness consolidated but not guaranteed by us), less cash and cash equivalents.

 

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