Exhibit 99
54
ALBEMARLE CORPORATION AND SUBSIDIARIES
FIVE-YEAR SUMMARY
(In Thousands Except Per-Share Amounts)
Years Ended December 31 1999 1998 1997 1996 1995
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RESULTS OF OPERATIONS
Net sales $845,925 $820,862 $829,850 $854,481 $1,244,222
Costs and expenses(1) 731,799 695,147 709,143 761,055 1,127,259
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Operating profit 114,126 125,715 120,707 93,426 116,963
Interest and financing
expenses (2) 8,379 4,487 719 2,529 13,265
Gain on
sales of investments/businesses
(3) (22,054) - - (158,157) (23,427)
Other income, net (937) (1,570) (917) (4,025) (4,468)
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Income before income taxes 128,738 122,798 120,905 253,079 131,593
Income taxes 39,909 38,066 40,923 97,020 53,363
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Net income $ 88,829 $ 84,732 $ 79,982 $156,059 $ 78,230
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FINANCIAL POSITION AND
OTHER DATA
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Total assets $954,094 $937,797 $888,181 $846,261 $1,204,491
Operations:
Working capital $201,246 $203,594 $184,176 $111,193 $ 234,568
Current ratio 2.53 to 1 2.89 to 1 2.64 to 1 1.75 to 1 2.21 to 1
Depreciation and amortization $ 75,750 $ 75,012 $ 69,044 $ 71,044 $ 94,131
Capital expenditures $ 77,569 $ 76,747 $ 85,284 $ 90,439 $ 112,412
Research and development
expenses $ 34,288 $ 29,655 $ 31,446 $ 30,442 $ 29,541
Gross margin as a % of net
sales 31.3 31.8 31.5 28.5 22.3
Total long-term debt (2) $159,760 $192,938 $ 91,793 $ 31,863 $ 217,112
Equity (4) $490,564 $451,667 $517,336 $505,198 $ 622,566
Total long-term debt as a % of
total capitalization 24.6 29.9 15.1 5.9 25.9
COMMON STOCK
Basic earnings per share $ 1.89 $ 1.64 $ 1.45 $ 2.67 $ 1.18
Shares used to compute basic
earnings per share (4) 46,889 51,558 55,164 58,353 66,069
Diluted earnings per share $ 1.87 $ 1.63 $ 1.44 $ 2.65 $ 1.18
Shares used to compute diluted
earnings per share(4) 47,513 52,136 55,668 58,842 66,352
Cash dividends declared
per share $ .40 $ .37 $ .32 $ .25 $ .21
Shareholders' equity
per share (4) $ 10.62 $ 9.61 $ 9.60 $ 9.18 $ 9.42
Return on average shareholders'
equity 18.9% 17.5% 15.6% 27.7% 13.4%
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<FN>
(1) 1999 costs and expenses include a special charge of $10,692
($6,717 after income taxes) for work-force reductions at certain
of the Company's facilities.
(2) Total long-term debt and interest and financing expenses for
1996 reflect the paydown of debt from the proceeds received from
the March 1, 1996, sale of the alpha olefins, poly alpha olefins
and synthetic alcohols businesses (Olefins Business).
(3) 1999 gain on the sale of investment in Albright & Wilson
stock ($14,381 after income taxes). 1996 gain on the sale of the
Olefins Business ($94,377 after income taxes). 1995 gain on the
sale of the electronic materials business ($14,542 after income
taxes).
(4) 1999 equity includes the effect of third and fourth quarter
purchases of 182,000 and 675,400 common shares, respectively.
1998 equity includes the effect of the purchase of 5,738,241
common shares through a tender offer finalized on September 30,
1998, and additional first, second and third quarter purchases
of 772,100, 338,600 and 63,800 common shares, respectively. 1997
equity includes the effect of the fourth quarter purchase of
1,560,300 common shares. 1996 equity includes the effects of the
purchase of 9,484,465 common shares through a tender offer
concluded on April 1, 1996, and additional second and third
quarter purchases of 275,400 and 1,481,100 common shares,
respectively.