Albemarle Corporation and Subsidiaries
FIVE-YEAR SUMMARY | Exhibit 99.1 |
(In Thousands, Except for Per-Share Amounts and Footnote Share Data)
Years Ended December 31 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
Results of Operations | ||||||||||||||||||||
Net sales | $ | 1,513,737 | $ | 1,110,237 | $ | 1,007,918 | $ | 942,752 | $ | 941,449 | ||||||||||
Costs and expenses | 1,411,656 | 1,017,413 | 905,099 | 844,302 | 791,287 | |||||||||||||||
Operating profit | 102,081 | 92,824 | 102,819 | 98,450 | 150,162 | |||||||||||||||
Interest and financing expenses | (17,350 | ) | (5,376 | ) | (5,070 | ) | (5,536 | ) | (5,998 | ) | ||||||||||
Other (expense) income, net(a) | (12,887 | ) | 607 | 3,358 | 4,282 | 3,337 | ||||||||||||||
Income before income taxes | 71,844 | 88,055 | 101,107 | 97,196 | 147,501 | |||||||||||||||
Income taxes | 17,005 | 13,890 | 28,086 | 29,029 | 45,725 | |||||||||||||||
Income before cumulative effect of a change in accounting principle | 54,839 | 74,165 | 73,021 | 68,167 | 101,776 | |||||||||||||||
Cumulative effect of a change in accounting principle, net(b) | — | (2,220 | ) | — | — | — | ||||||||||||||
Net income | $ | 54,839 | $ | 71,945 | $ | 73,021 | $ | 68,167 | $ | 101,776 | ||||||||||
Financial Position and Other Data | ||||||||||||||||||||
Total assets | $ | 2,442,745 | $ | 1,387,291 | $ | 1,200,398 | $ | 1,138,272 | $ | 981,803 | ||||||||||
Operations: | ||||||||||||||||||||
Working capital | $ | 373,664 | $ | 271,298 | $ | 256,481 | $ | 79,824 | $ | 173,038 | ||||||||||
Current ratio | 2.00 to 1 | 2.29 to 1 | 2.56 to 1 | 1.26 to 1 | 2.22 to 1 | |||||||||||||||
Depreciation and amortization | $ | 97,268 | $ | 84,014 | $ | 80,603 | $ | 77,610 | $ | 73,750 | ||||||||||
Capital expenditures | $ | 57,652 | $ | 41,058 | $ | 38,382 | $ | 49,903 | $ | 52,248 | ||||||||||
Investments in joint ventures | $ | 9,913 | $ | 11,102 | $ | 2,714 | $ | 11,166 | $ | 6,890 | ||||||||||
Acquisitions, net of cash acquired | $ | 785,247 | $ | 117,767 | $ | — | $ | 113,245 | $ | 35,006 | ||||||||||
Research and development expenses | $ | 31,273 | $ | 18,411 | $ | 16,485 | $ | 21,919 | $ | 26,201 | ||||||||||
Gross margin as a % of net sales | 19.7 | 21.5 | 23.1 | 23.5 | 28.8 | |||||||||||||||
Total long-term debt | $ | 944,631 | $ | 228,579 | $ | 190,628 | $ | 170,215 | $ | 97,980 | ||||||||||
Equity(b) | $ | 711,375 | $ | 636,221 | $ | 574,337 | $ | 599,623 | $ | 565,228 | ||||||||||
Total long-term debt as a % of total capitalization | 57.0 | 26.4 | 24.9 | 22.1 | 14.8 | |||||||||||||||
Common Stock | ||||||||||||||||||||
Basic earnings per share(b) | $ | 1.32 | $ | 1.74 | $ | 1.73 | $ | 1.49 | $ | 2.22 | ||||||||||
Shares used to compute basic earnings per share(c) | 41,567 | 41,255 | 42,104 | 45,766 | 45,882 | |||||||||||||||
Diluted earnings per share(b) | $ | 1.29 | $ | 1.71 | $ | 1.69 | $ | 1.47 | $ | 2.18 | ||||||||||
Shares used to compute diluted earnings per share(c) | 42,527 | 42,146 | 43,137 | 46,524 | 46,606 | |||||||||||||||
Cash dividends declared per share | $ | .585 | $ | .565 | $ | .54 | $ | .52 | $ | .46 | ||||||||||
Shareholders’ equity per share(c) | $ | 16.98 | $ | 15.46 | $ | 13.78 | $ | 13.18 | $ | 12.33 | ||||||||||
Return on average shareholders’ equity | 8.1 | % | 11.9 | % | 12.4 | % | 11.7 | % | 19.2 | % | ||||||||||
Footnotes:
(a) | Other (expense) income, net for 2004 includes foreign exchange hedging charges totaling $12,848 ($8,184 after income taxes) associated with contracts entered into by the Company 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, the Company 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: 2004—27,569; 2003—693,794; 2002—4,015,578; 2001—417,505 and 2000—574,091 |
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