Five Year Summary
41
FIVE YEAR SUMMARY
(In Thousands Except Per-Share Amounts)
Years Ended December 31 1997 1996 1995 1994 1993
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Results of Operations(1)
Net sales $829,850 $854,481 $1,244,222 $1,080,922 $ 903,418
Costs and expenses 709,143 761,055 1,127,259 986,891 854,756
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Operating profit 120,707 93,426 116,963 94,031 48,662
Interest and financing
expenses (2) 719 2,529 13,265 14,484 7,797
Gain on sales of
businesses (3) -- (158,157) (23,427) (8,400) --
Other income, net (917) (4,025) (4,468) (1,434) (1,640)
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Income before income
taxes 120,905 253,079 131,593 89,381 42,505
Income taxes 40,923 97,020 53,363 38,103 20,695
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Net income $ 79,982 $156,059 $ 78,230 $ 51,278 $ 21,810
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FINANCIAL POSITION AND OTHER DATA(1)
Total assets $888,181 $846,261 $1,204,491 $1,139,190 $1,084,960
Operations:
Working capital $184,176 $111,193 $ 234,568 $ 213,038 $ 181,622
Current ratio 2.64 to 1 1.75 to 1 2.21 to 1 2.20 to 1 2.25 to 1
Depreciation and
amortization $ 69,044 $ 71,044 $ 94,131 $ 93,276 $ 88,460
Capital expenditures $ 85,284 $ 90,439 $ 112,412 $ 70,379 $ 88,085
Research and
development expenses $ 31,446 $ 30,442 $ 29,541 $ 28,063 $ 30,303
Gross margin as a %
of net sales 31.5 28.5 22.3 22.7 21.3
Total long-term debt(2) $ 91,793 $ 31,863 $ 217,112 $ 256,462 $ 95,447
Equity (4) $517,336 $505,198 $ 622,566 $ 545,009 $ 700,233
Total long-term debt
as a % of total
capitalization 15.1 5.9 25.9 32.0 12.0
COMMON STOCK (5)
Basic earnings per
share $ 1.45 $ 2.67 $ 1.18
Shares used to compute
basic earnings per share 55,164 58,353 66,069
Diluted earnings
per share $ 1.44 $ 2.65 $ 1.18
Shares used to compute
diluted earnings
per share 55,668 58,842 66,352
Cash dividends declared
per share $ 0.32 $ .25 $ .21 $ .20
Shareholders' equity
per share $ 9.60 $ 9.18 $ 9.42 $ 8.25
Return on average
shareholders' equity 15.6% 27.7% 13.4% 8.2% 3.4%
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<FN>
(1) Includes the actual consolidated results of operations of
the Company for the years ended December 31, 1997, 1996 and 1995,
and for the ten months ended December 31, 1994, as well as the
historical combined results of operations and net assets of Ethyl
Corporation's former specialty chemical operations, spun off at
the close of business on February 28, 1994, consisting of its olefins
and derivatives, bromine chemicals and specialty chemicals
(the predecessor businesses) for the two months ended
February 28, 1994, and for the one year ended December 31, 1993.
(2) Total long-term debt and interest and financing expenses
for 1996 reflects 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). Total
long-term debt and interest and financing expenses for 1994 include
the impact of $303.4 million of debt assumed in connection with the
spin-off of the Company from Ethyl.
(3) 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). 1994 gain on
the sale of the Solimide business and other related assets ($6,732
after income taxes).
(4) 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. 1994 equity includes a $303.4 million reduction for
debt transferred in connection with the spin-off of the
Company from Ethyl, as well as the effect of the sale of
6,863,416 new shares of the Company's common stock issued on May
11, 1994, in a private placement for $100 million.
(5) No annual earnings per share information is presented for
the historical results of operations of the Company and the
predecessor businesses while a part of Ethyl since the Company
had no separate capital structure until March 1, 1994.
</FN>
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