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

Exhibit 99.1

Albemarle Corporation and Subsidiaries

FIVE-YEAR SUMMARY

 

(In Thousands, Except for Per share Amounts and Footnote Data)

 

Year Ended December 31

   2007     2006     2005     2004     2003  
Results of Operations           

Net sales

   $ 2,336,187     $ 2,368,506     $ 2,107,499     $ 1,513,737     $ 1,110,237  

Costs and expenses

     2,026,300       2,191,022       1,943,603       1,411,656       1,017,413  
                                        

Operating profit

     309,887       177,484       163,896       102,081       92,824  

Interest and financing expenses

     (38,332 )     (43,964 )     (41,971 )     (17,350 )     (5,376 )

Other income (expenses), net(a)

     6,264       (134 )     1,513       (12,193 )     3,995  
                                        

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

     277,819       133,386       123,438       72,538       91,443  

Income tax expense

     55,078       2,192       27,593       17,005       13,890  
                                        

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

     222,741       131,194       95,845       55,533       77,553  

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

     (17,632 )     (13,258 )     (7,469 )     (5,101 )     (2,564 )

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

     24,581       25,033       26,491       4,407       (824 )
                                        

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

     229,690       142,969       114,867       54,839       74,165  

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

     —         —         —         —         (2,220 )
                                        

Net income

   $ 229,690     $ 142,969     $ 114,867     $ 54,839     $ 71,945  
                                        
Financial Position and Other Data           

Total assets

   $ 2,830,450     $ 2,530,368     $ 2,555,618     $ 2,442,745     $ 1,387,291  

Operations:

          

Working capital

   $ 650,521     $ 477,905     $ 451,746     $ 373,664     $ 271,298  

Current ratio

     2.61 to 1       1.99 to 1       2.07 to 1       2.00 to 1       2.29 to 1  

Depreciation and amortization

   $ 106,855     $ 112,950     $ 117,435     $ 97,268     $ 84,014  

Capital expenditures

   $ 98,740     $ 99,847     $ 70,080     $ 57,652     $ 41,058  

Investments in joint ventures

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

Acquisitions, net of cash acquired

   $ 17,929     $ 25,970     $ 7,473     $ 785,247     $ 117,767  

Research and development expenses

   $ 62,691     $ 46,299     $ 41,675     $ 31,273     $ 18,411  

Gross profit as a % of net sales

     26.6       23.3       20.1       19.7       21.5  

Total long-term debt

   $ 723,938     $ 732,590     $ 833,453     $ 944,631     $ 228,579  

Equity(c)

   $ 1,278,305     $ 1,028,098     $ 930,275     $ 711,375     $ 636,221  

Total long-term debt as a % of total capitalization

     36.2       41.6       47.3       57.0       26.4  

Net debt as a % of total capitalization(d)

     30.1       34.7       44.0       56.8       25.8  
Common Stock           

Basic earnings per share(b)

   $ 2.41     $ 1.51     $ 1.24     $ 0.66     $ 0.87  

Shares used to compute basic earnings per share(c)

     95,254       94,624       92,696       83,134       82,511  

Diluted earnings per share(b)

   $ 2.36     $ 1.47     $ 1.20     $ 0.64     $ 0.85  

Shares used to compute diluted earnings per share(c)

     97,216       97,136       95,495       85,054       84,291  

Cash dividends declared per share

   $ 0.42     $ 0.345     $ 0.31     $ 0.2925     $ 0.2825  

Shareholders’ equity per share(c)

   $ 13.49     $ 10.84     $ 9.95     $ 8.49     $ 7.73  

Return on average shareholders’ equity

     19.9 %     14.6 %     14.0 %     8.1 %     11.9 %
                                        

Footnotes:

(a)

Other income (expenses), 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.

(b)

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.

(c)

Shareholders’ equity includes the purchase of common shares amounting to: 2007—2,369,810; 2006—1,130,890; 2005—0; 2004—55,138 and 2003—1,387,588.

(d)

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.