EX-99.1 11 dex991.htm EXHIBIT 99.1 Exhibit 99.1
FIVE-YEAR SUMMARY    Exhibit 99.1

 

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

 

Year Ended December 31

   2010     2009     2008     2007     2006  

Results of Operations

          

Net sales

   $ 2,362,764      $ 2,005,394      $ 2,467,115      $ 2,336,187      $ 2,368,506   

Costs and expenses

     1,947,916        1,819,114        2,246,198        2,026,300        2,191,022   
                                        

Operating profit

     414,848        186,280        220,917        309,887        177,484   

Interest and financing expenses

     (25,533     (24,584     (38,175     (38,332     (43,964

Other income (expenses), net

     2,788        (1,423     601        6,264        (134
                                        

Income before income taxes and equity in net income of unconsolidated investments

     392,103        160,273        183,343        277,819        133,386   

Income tax expense (benefit)

     92,719        (7,028     (6,539     55,078        2,192   
                                        

Income before equity in net income of unconsolidated investments

     299,384        167,301        189,882        222,741        131,194   

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

     37,975        22,322        23,126        24,581        25,033   
                                        

Net income

   $ 337,359      $ 189,623      $ 213,008      $ 247,322      $ 156,227   

Net income attributable to noncontrolling interests

     (13,639     (11,255     (18,806     (17,632     (13,258
                                        

Net income attributable to Albemarle Corporation

   $ 323,720      $ 178,368      $ 194,202      $ 229,690      $ 142,969   
                                        

Financial Position and Other Data

          

Total assets

   $ 3,068,081      $ 2,771,557      $ 2,872,717      $ 2,841,018      $ 2,530,368   

Operations:

          

Working capital

   $ 984,021      $ 678,823      $ 740,556      $ 650,521      $ 477,905   

Current ratio

     3.70 to 1        2.92 to 1        2.69 to 1        2.57 to 1        1.99 to 1   

Depreciation and amortization

   $ 95,578      $ 100,513      $ 111,685      $ 106,855      $ 112,950   

Capital expenditures

   $ 75,478      $ 100,786      $ 99,736      $ 98,740      $ 99,847   

Investments in joint ventures

   $ 1,333      $ —        $ 103      $ —        $ 96   

Acquisitions, net of cash acquired

   $ 11,978      $ 4,017      $ 63,960      $ 17,929      $ 25,970   

Research and development expenses

   $ 58,394      $ 60,918      $ 67,292      $ 62,691      $ 46,299   

Gross profit as a % of net sales

     31.6        24.1        24.6        26.6        23.3   

Total long-term debt

   $ 860,910      $ 812,713      $ 932,264      $ 723,938      $ 732,590   

Total equity(a)(d)

   $ 1,475,746      $ 1,253,318      $ 1,116,483      $ 1,332,666      $ 1,062,877   

Total long-term debt as a % of total capitalization (d)

     36.8        39.3        45.5        35.2        40.8   

Net debt as a % of total capitalization (b)(d)

     17.1        27.6        36.8        29.2        33.9   

Common Stock

          

Basic earnings per share(c)(e)

   $ 3.54      $ 1.95      $ 2.12      $ 2.41      $ 1.51   

Shares used to compute basic earnings per share (c)(e)

     91,393        91,512        91,657        95,496        94,624   

Diluted earnings per share(c)(e)

   $ 3.51      $ 1.94      $ 2.09      $ 2.36      $ 1.47   

Shares used to compute diluted earnings per share (c)(e)

     92,184        92,046        92,741        97,396        97,136   

Cash dividends declared per share(e)

   $ 0.56      $ 0.50      $ 0.48      $ 0.42      $ 0.345   

Total equity per share (a)(d)(e)

   $ 16.11      $ 13.70      $ 12.27      $ 14.07      $ 11.20   

Return on average total equity(d)

     23.7     15.1     15.9     19.2     14.1
                                        

Footnotes:

 

(a) Equity reflects the repurchase of common shares amounting to: 2010—400,356; 2009—174,900; 2008—4,662,700; 2007—2,369,810 and 2006—1,130,890.


(b) 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.
(c) On January 1, 2009, we adopted new accounting guidance associated with share-based payment transactions considered to be participating securities. This guidance states that unvested share-based payment awards that contain nonforfeitable rights to dividends, such as certain of our restricted stock awards, are participating securities and therefore shall be included in the earnings per share calculation pursuant to the two-class method. In addition, the guidance requires all prior-period earnings per share data to be adjusted retrospectively, and as a result, all prior-period earnings per share data presented herein have been adjusted to conform to these provisions.
(d) Effective January 1, 2009, we adopted new accounting guidance requiring noncontrolling interests to be separately presented as a component of equity. Prior years have been adjusted to conform to the new guidance.
(e) On February 7, 2007, our Board of Directors approved a two-for-one stock split in the form of a share distribution. We distributed approximately 47.8 million shares of common stock on March 1, 2007, to shareholders of record as of February 20, 2007. The par value of the common stock remained at $0.01 per share. All share and per share amounts were retroactively adjusted to reflect this two-for-one stock split.