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. |