Exhibit 99
70
Five-Year Summary
(In Thousands Except Per-Share Amounts)
Years Ended
December 31 1998 1997 1996 1995 1994
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Results of Operations (1)
Net sales $820,862 $829,850 $854,481 $1,244,222 $1,080,922
Costs and
expenses 695,147 709,143 761,055 1,127,259 986,891
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Operating profit 125,715 120,707 93,426 116,963 94,031
Interest and
financing
expenses (2) 4,487 719 2,529 13,265 14,484
Gain on sales of
businesses (3) -- -- (158,157) (23,427) (8,400)
Other income, net (1,570) (917) (4,025) (4,468) (1,434)
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Income before
income taxes 122,798 120,905 253,079 131,593 89,381
Income taxes 38,066 40,923 97,020 53,363 38,103
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Net income $ 84,732 $ 79,982 $156,059 $ 78,230 $ 51,278
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Financial Position and Other Data (1)
Total assets $937,797 $888,181 $846,261 $1,204,491 $1,139,190
Operations:
Working capital $203,594 $184,176 $111,193 $ 234,568 $ 213,038
Current ratio 2.89 to 1 2.64 to 1 1.75 to 1 2.21 to 1 2.20 to 1
Depreciation and
amortization $ 75,012 $ 69,044 $ 71,044 $ 94,131 $ 93,276
Capital
expenditures $ 76,747 $ 85,284 $ 90,439 $ 112,412 $ 70,379
Research and
development
expenses $ 29,655 $ 31,446 $ 30,442 $ 29,541 $ 28,063
Gross margin as
a % of net sales 31.8 31.5 28.5 22.3 22.7
Total long-term
debt (2) $192,938 $ 91,793 $ 31,863 $ 217,112 $ 256,462
Equity (4) $451,667 $ 517,336 $505,198 $ 622,566 $ 545,009
Total long-term
debt as a % of
total
capitalization 29.9 15.1 5.9 25.9 32.0
Common Stock (5)
Basic earnings
per share $ 1.64 $ 1.45 $ 2.67 $ 1.18
Shares used to
compute basic earnings
per share (4) 51,558 55,164 58,353 66,069
Diluted earnings
per share $ 1.63 $ 1.44 $ 2.65 $ 1.18
Shares used to
compute diluted earnings
per share (4) 52,136 55,668 58,842 66,352
Cash dividends
declared per
share $ .37 $ .32 $ .25 $ .21 $ .20
Shareholders'
equity per
share (4) $ 9.61 $ 9.60 $ 9.18 $ 9.42 $ 8.25
Return on average
shareholders'
equity 17.5% 15.6% 27.7% 13.4% 8.2%
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(1) Includes the actual consolidated results of operations of
the Company for the years ended December 31, 1998, 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 as of 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.
(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). 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) 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. 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.