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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2001
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 1-7626
SENSIENT TECHNOLOGIES CORPORATION
---------------------------------
(Exact name of registrant as specified in its charter)
Wisconsin 39-0561070
- ------------------------------- -------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202-5304
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(Address of principal executive offices)
Registrant's telephone number, including area code: (414) 271-6755
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Former Name of Registrant: Universal Foods Corporation
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the Registrant was required
to file such reports) and (2) has been subject to such filing requirements for
at least the past 90 days.
Yes X No
------ ------
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock as of the latest practicable date.
Class Outstanding at April 30, 2001
- ----------------------------------------- -----------------------------
Common Stock, par value $0.10 per share 47,781,261 shares
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SENSIENT TECHNOLOGIES CORPORATION
INDEX
Page No.
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PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements:
Consolidated Condensed Balance Sheets
- March 31, 2001 and December 31, 2000. 1
Consolidated Condensed Statements of Earnings
- Three Months Ended March 31, 2001 and 2000. 2
Consolidated Condensed Statements of Cash Flows
- Three Months Ended March 31, 2001 and 2000. 3
Notes to Consolidated Condensed Financial Statements. 4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations. 7
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 9
PART II. OTHER INFORMATION:
Item 4. Submission of Matters to a Vote of Security Holders. 10
Item 6. Exhibits and Reports on Form 8-K. 10
Signatures. 11
Exhibit Index. 12
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PART I
FINANCIAL INFORMATION
4
SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, December 31,
ASSETS 2001 2000
------ ------------- -------------
CURRENT ASSETS:
Cash and cash equivalents $ 2,596 $ 3,217
Trade accounts receivable 124,737 121,719
Inventories 231,947 235,363
Prepaid expenses and other current assets 46,412 48,257
Net assets held for sale - 82,842
---------- ----------
TOTAL CURRENT ASSETS 405,692 491,398
---------- ----------
OTHER ASSETS 72,710 63,742
INTANGIBLES (Net) 284,598 293,600
PROPERTY, PLANT AND EQUIPMENT:
Cost:
Land and buildings 161,807 162,196
Machinery and equipment 387,833 392,065
---------- ----------
549,640 554,261
Less accumulated depreciation 241,952 238,753
---------- ----------
307,688 315,508
---------- ----------
TOTAL ASSETS $1,070,688 $1,164,248
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $ 20,174 $ 99,347
Accounts payable and accrued expenses 115,177 115,615
Salaries, wages and withholdings from employees 9,241 12,086
Income taxes 29,110 17,284
Current maturities of long-term debt 7,754 7,800
---------- ----------
TOTAL CURRENT LIABILITIES 181,456 252,132
DEFERRED INCOME TAXES 28,735 35,707
OTHER DEFERRED LIABILITIES 19,485 19,475
ACCRUED EMPLOYEE AND RETIREE BENEFITS 22,188 22,735
LONG-TERM DEBT 415,697 417,141
SHAREHOLDERS' EQUITY:
Common stock 5,396 5,396
Additional paid-in capital 72,215 72,870
Earnings reinvested in the business 530,477 518,128
Treasury stock, at cost (123,812) (106,472)
Accumulated other comprehensive income (79,518) (70,900)
Other (1,631) (1,964)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 403,127 417,058
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,070,688 $1,164,248
========== ==========
See accompanying notes to consolidated condensed financial statements.
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SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(In thousands except per share amounts)
(Unaudited)
Three Months
Ended March 31
---------------
2001 2000
---- ----
Revenue $195,693 $205,163
Cost of products sold 132,793 134,220
Selling and administrative expenses 38,282 39,399
-------- --------
Operating income 24,618 31,544
Interest expense 8,822 8,066
-------- --------
Earnings before income taxes 15,796 23,478
Income taxes 4,792 4,270
-------- --------
Earnings from continuing operations 11,004 19,208
Earnings from discontinued operations 7,780 1,141
Accounting Change - 2,431
-------- --------
Net earnings $ 18,784 $ 22,780
======== ========
Average number of common shares outstanding:
Basic 48,220 49,530
======== ========
Diluted 48,643 49,777
======== ========
Basic earnings per common share:
Continuing operations $ .23 $ .39
Discontinued operations .16 .02
Accounting change - .05
-------- --------
Net earnings $ .39 $ .46
======== ========
Diluted earnings per common share:
Continuing operations $ .23 $ .39
Discontinued operations .16 .02
Accounting change - .05
-------- --------
Net earnings $ .39 $ .46
======== ========
Dividends per common share $ .1325 $ .1325
======== ========
See accompanying notes to Consolidated Condensed Financial Statements.
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SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31
--------------------------
2001 2000
---- ----
Net cash provided by operating activities of continuing operations $ 1,699 $ 23,101
Net cash provided by discontinued operations 707 4,746
-------- --------
Net cash provided by operating activities 2,406 27,847
-------- --------
Cash flows from investing activities:
Acquisition of property, plant and equipment (7,172) (13,597)
Acquisition of new businesses (net of cash acquired) - (44,206)
Proceeds from sale of property, plant and equipment and businesses 108,738 1,040
Other items, net (704) (1,302)
--------- ---------
Net cash provided by (used in) investing activities 100,862 (58,065)
-------- --------
Cash flows from financing activities:
Proceeds from additional borrowings 93,067 88,398
Reduction in debt (172,726) (43,038)
Purchase of treasury stock (26,074) (9,579)
Dividends (6,435) (6,586)
Proceeds from options exercised and other 8,432 3,127
-------- --------
Net cash (used in) provided by financing activities (103,736) 32,322
--------- --------
Effect of exchange rate changes on cash and cash equivalents (153) 101
--------- --------
Net (decrease) increase in cash and cash equivalents (621) 2,205
Cash and cash equivalents at beginning of period 3,217 114
-------- --------
Cash and cash equivalents at end of period $ 2,596 $ 2,319
======== ========
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 6,210 $ 4,201
Income taxes 6,165 6,408
Liabilities assumed in Acquisitions - 34,868
See accompanying notes to consolidated condensed financial statements.
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SENSIENT TECHNOLOGIES CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. On November 6, 2000, Sensient Technologies Corporation, formerly Universal
Foods Corporation (the "Company"), began doing business under its new name.
An amendment to the Company's charter changing the Company's name to
Sensient Technologies Corporation was adopted at the Annual Shareholders'
Meeting on April 26, 2001.
2. In the opinion of the Company, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting of only
normal recurring accruals) necessary to present fairly the financial
position of the Company as of March 31, 2001 and December 31, 2000 and the
results of operations and cash flows for the three month periods ended
March 31, 2001 and 2000. The results of operations for any interim period
are not necessarily indicative of the results to be expected for the full
year.
3. Refer to the notes in the Company's annual consolidated financial
statements for the year ended December 31, 2000, for a description of the
accounting policies, which have been continued without change, and
additional details of the Company's financial condition. The details in
those notes have not changed except as a result of normal transactions in
the interim and the adoption of Statement of Financial Accounting Standards
("SFAS") No. 133 as amended, discussed in Note 4 below.
4. Effective January 1, 2001, the Company adopted SFAS No. 133, "Accounting
for Derivative Instruments and Hedging Activities," as amended, which
requires that all derivative instruments be reported on the balance sheet
at fair value and establishes criteria for designation and effectiveness of
hedging relationships. The cumulative effect of adopting SFAS No. 133 as of
the quarter ended March 31, 2001 was not material to the Company's
financial statements. The Company is exposed to market risk, such as
changes in interest rates and currency exchange rates. The Company does not
hold or issue derivative financial instruments for trading purposes.
Interest Rate Hedging - The Company could be exposed to interest rate risk
through its corporate borrowing activities. The objective of the Company's
interest rate risk management activities is to manage the levels of the
Company's fixed and floating interest rate exposure to be consistent with
the Company's preferred mix. The interest rate risk management program
consists of entering into approved interest rate derivatives when there is
a desire to modify the Company's exposure to interest rates. As of December
31, 2000 and March 31, 2001, the Company does not have any interest rate
derivatives.
Currency Rate Hedging - The primary objectives of the foreign exchange risk
management activities are to understand and mitigate the impact of
potential foreign exchange fluctuations on the Company's financial results
and its economic well-being. Generally, these risk management transactions
will involve the use of foreign currency derivatives to protect against
exposure resulting from recorded receivables and payables.
The Company primarily utilizes forward exchange contracts with maturities
of less than 12 months, which qualify as cash flow hedges. These are
intended to offset the effect of exchange rate fluctuations on recorded
intercompany receivables and payables. The fair value of these instruments
at March 31, 2001 was a $2.6 million asset. Gains and losses on these
instruments are deferred in accumulated other comprehensive income ("OCI")
until the underlying transaction is recognized in earnings. Hedging
activity for cash flow hedges is expected to be reclassified to earnings in
the next 12 months.
Hedge effectiveness is determined by how closely the changes in the fair
value of the hedging instrument offset the changes in the fair value or
cash flows of the hedged item. Hedge accounting is permitted only if the
hedging relationship is expected to be highly effective at the inception of
the hedge and on an on-going basis. Any ineffective portions are to be
recognized in earnings immediately. The Company's existing cash flow hedges
are 100% effective. As a result, there is no current impact to earnings due
to hedge ineffectiveness.
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Net Investments Hedging - On January 2, 2001 the Company entered into a 100
million Euro note payable to Deutsche Bank. This non-derivative instrument
is a partial hedge of the Company's net investment in its European
subsidiaries. The change in the carrying amount of the Euro debt on the
Company's books, attributable to changes in the spot foreign exchange rate,
is a hedge of the net investment in its European subsidiaries.
Commodity Purchases - The Company buys commodities during the normal course
of business which result in physical delivery and hence, are excluded from
SFAS No. 133, "Accounting for Derivative Instruments and Hedging
Activities," as amended.
5. Expenses are charged to operations in the year incurred. However, for
interim reporting purposes, certain of these expenses are charged to
operations based on an estimate rather than as expenses are actually
incurred.
6. On February 23, 2001, the Company completed the sale of substantially all
the assets of its Red Star Yeast business. The operating results of the
business through February 23, 2001 and the gain from the sale have been
reported as a separate line item on the statements of earnings. The Company
has also restated its prior statements of earnings to present the earnings
of the Red Star Yeast division as a discontinued operation. Refer to note
12 in the Company's annual consolidated financial statements for the year
ended December 31, 2000, for additional information.
The results from discontinued operations are as follows (in thousands):
Three Months
Ended March 31
---------------
2001 2000
---- ----
Revenue $ 16,810 $ 29,827
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Income taxes $ 6,278 $ 822
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Earnings from discontinued operations $ 7,780 $ 1,141
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7. On December 21, 2000, the Company announced its intent to consolidate
certain manufacturing facilities in the United States and Europe, leading
to projected significant cost savings. Accordingly, special charges of
$19.0 million were recorded during the period ended December 31, 2000.
During the first quarter of 2001, $0.4 million of payments, mostly
severance, have been applied to the special charges reserve. The majority
of the severance will occur in the last half of the year due to two plant
consolidations that will occur at the end of the second and third quarters.
8. At March 31, 2001 and December 31, 2000, inventories included finished and
in-process products totaling $158.8 million and $157.7 million,
respectively, and raw materials and supplies of $73.1 million and $77.7
million, respectively.
9. During the three months ended March 31, 2001 and 2000, the Company
repurchased 1,186,700 and 444,900 shares of common stock for an aggregate
price of $26.6 million and $8.4 million, respectively.
10. For the three months ended March 31, 2001, depreciation and amortization
expense related to continuing operations were $9.5 million and $2.4
million, respectively. For the three months ended March 31, 2000,
depreciation and amortization expense related to continuing operations were
$9.2 million and $2.5 million, respectively.
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11. Comprehensive income is comprised primarily of net earnings and foreign
currency translation. Total comprehensive income for the three months ended
March 31, 2001 and 2000 was $10,166,000 and $19,782,000, respectively.
12. Operating results and the related assets by segment for the periods
presented are as follows (in thousands):
Flavors & Corporate Continuing
Fragrances Color and Other Operations
---------- ----- --------- ----------
Three months ended March 31, 2001
Revenues from external customers $ 120,260 $ 60,546 $ 14,887 $ 195,693
Intersegment revenues 4,245 5,909 -- 10,154
--------- -------- --------- ----------
Total revenue $ 124,505 $ 66,455 $ 14,887 $ 205,847
========= ======== ========= ==========
Operating income (loss) $ 12,744 $ 15,964 $ (4,090) $ 24,618
Interest expense -- -- 8,822 8,822
--------- ------- --------- ----------
Earnings (loss) before income taxes $ 12,744 $ 15,964 $ (12,912) $ 15,796
========= ======== ========== ==========
Assets $ 434,728 $220,931 $ 415,029 $1,070,688
========= ======== ========== ==========
Three months ended March 31, 2000
Revenues from external customers $123,327 $ 69,008 $ 12,828 $ 205,163
Intersegment revenues 4,930 3,938 -- 8,868
--------- -------- --------- ----------
Total revenue $128,257 $ 72,946 $ 12,828 $ 214,031
========= ======== ========== ==========
Operating income (loss) $ 20,561 $ 16,984 $ (6,001) $ 31,544
Interest expense -- -- 8,066 8,066
--------- -------- --------- ----------
Earnings (loss) before income taxes $ 20,561 $ 16,984 $ (14,067) $ 23,478
========= ======== ========== ==========
Assets $430,585 $225,081 $420,813 $1,076,479
========= ======== ========== ==========
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
CONTINUING OPERATIONS
Revenue for the three months ended March 31, 2001 was $195.7 million
compared with $205.2 million in 2000, a 4.6% decrease. The Color
segment reported decreased revenue of 8.9% for the first quarter.
Revenues for the Flavor & Fragrances segment decreased 2.9% for the
quarter ended March 31, 2001 compared to the same period in 2000. Gross
profit was down 11.3% for the quarter ended March 31, 2001 compared to
the same period in the prior year. The decrease in gross profit was
attributable to greater than budgeted energy costs, unfavorable foreign
exchange rates, and the continuation of consolidations within the food
industry. Selling and administrative expenses decreased $1.1 million,
or 2.8%, for the quarter ended March 31, 2001 compared to the same
period in 2000. For the first quarter of 2001, operating income
decreased to $24.6 million from $31.5 million in the same quarter.
Interest expense for the first quarter increased to $8.8 million from
$8.1 million for the same period last year. The increase is due to
higher average borrowings used primarily to fund working capital
requirements.
The effective income tax rate on continuing operations was 30.3% and
18.2%, for the three months ended March 31, 2001 and March 31, 2000,
respectively. The March 2001 quarter effective tax rate was reduced due
to the ability to utilize $0.5 million of state net operating loss
carry-forwards, reducing the required valuation allowance. The March
2000 quarter effective tax rate was reduced as the result of a one-time
benefit recognized in connection with the closing of the Dehydrated
facility in Ireland. Without these items, the effective tax rates would
have been 33.5% and 33.2%, respectively.
The first quarter of 2000 was restated to reflect the change in the
amortization of other postretirement benefit net actuarial gains. The
cumulative effect of this change was a pretax credit of $4.0 million
and an after tax credit of $2.4 million.
In the second quarter of 2001, the Company reduced its workforce by 200
people. The majority of these positions have been eliminated as of the
filing of this document and are in addition to the 200 positions being
eliminated in the restructuring announced in December 2000.
DISCONTINUED OPERATIONS
On February 23, 2001, the Company completed the sale of substantially
all the assets of its Red Star Yeast business. Total proceeds were
approximately $113 million in cash, of which $4 million was received in
August 2000. A gain from the sale of the business and its results
through February 23, 2001 are included net of tax in a separate line
item "Earnings from discontinued operations" on the statement of
earnings. Cash proceeds received from the sale have primarily been used
to pay down short-term debt and repurchase the Company's stock.
SEGMENT INFORMATION
Flavor & Fragrances - The Flavor & Fragrances segment reported gross
revenue of $124.5 million for the first quarter of 2001 compared to
$128.3 million for the same period last year. Operating income was
$12.8 million for the quarter ended March 31, 2001 compared to $20.6
million for the same period last year. Foreign exchange rates during
the quarter reduced revenue and operating income by approximately 3%
and 2%, respectively. Increased energy costs further reduced operating
income by approximately 8%. Consolidation and merger activity among
customers has slowed new product introductions and had an unfavorable
impact on all suppliers in the industry. Customers also pared
inventories as general economic conditions have slowed. Despite these
conditions, volumes remain strong. Price increases for dehydrated
products are expected to have a favorable impact on financial results
in the second quarter of 2001.
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Color - Gross revenue for the Color segment was $66.5 million for the
first quarter of 2001 compared to $72.9 million for the first quarter
of 2000. Revenue decreases for the quarter are due to inventory
reductions by customers and lower orders supporting customer new
product launches. Sales of ink-jet inks, pharmaceutical ingredients and
value-added food products increased during the quarter. Operating
profit was $16.0 million for 2001 compared to $17.0 million for the
same quarter in 2000.
FINANCIAL CONDITION
The consolidated condensed balance sheet as of December 31, 2000 has
presented "Net assets held for sale" of the discontinued operation as a
separate line item in current assets.
The current ratio was 2.2 at March 31, 2001 compared with 1.9 at
December 31, 2000. The increase is primarily the result of decreased
short-term borrowings as the result of cash received from the sale of
the Red Star Yeast business.
Net cash provided by operating activities of continuing operations was
$1.7 million for the three months ended March 31, 2001, compared to
$23.1 million for the three months ended March 31, 2000. The decrease
in cash provided by operating activities in 2001 was primarily due to
reduced earnings and inventory build-ups required to comply with
restructuring strategies. Net cash provided by operating activities of
discontinued operations was $0.7 million for the three months ended
March 31, 2001 compared to $4.7 million for the three months ended
March 31, 2000. The cash provided by discontinued operations in the
first quarter of 2001 includes results through the date of sale,
February 23, 2001.
Net cash provided by investing activities was $100.9 million for the
three months ended March 31, 2001 compared to net cash used in
investing activities of $58.1 million for the three months ended March
31, 2000. Net cash provided by investing activities in the first
quarter of 2001 includes cash proceeds from the sale of the Red Star
Yeast division of $108.5 million, which was partially offset by capital
expenditures of $7.2 million. Cash used in investing activities in the
first quarter of 2000 includes acquisitions of $44.2 million and
capital expenditures of $13.6 million.
Net cash used in financing activities was $103.7 million for the three
months ended March 31, 2001, compared with cash provided by financing
activities of $32.3 million in the comparable period last year. Cash
proceeds from the sale of the Red Star Yeast business were used to fund
a reduction of short-term borrowings of $79.9 million and treasury
stock purchases of $26.1 million during the quarter ended March 31,
2001. The net borrowings in 2000 of $45.4 million were used primarily
to fund acquisitions and treasury stock purchases. On January 2, 2001
the Company borrowed 100 million Euros and repaid domestic short-term
borrowings. Dividends of $6.4 million and $6.6 million were paid during
2001 and 2000, respectively.
The Company's financial position remains strong, enabling it to meet
cash requirements for operations, capital expansion programs and
dividend payments to shareholders.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in the Company's market risk during
the first quarter ended March 31, 2001. For additional information on
market risk, refer to pages 25 and 26 of the Company's annual
consolidated financial statements for the year ended December 31, 2000.
FORWARD-LOOKING INFORMATION
This document contains forward-looking statements that reflect
management's current assumptions and estimates of future economic
circumstances, industry conditions, Company performance and financial
results. The Private Securities Litigation Reform Act of 1995 provides
a safe harbor for such forward-looking statements. Such forward-looking
statements are not guarantees of future performance and involve known
and unknown risks, uncertainties and other factors that could cause
actual events to differ materially from those expressed in those
statements. A variety of factors could cause the Company's actual
results and experience to differ materially from the anticipated
results. These factors and assumptions include the pace and nature of
new product introductions by the Company's customers; execution of the
Company's acquisition program; industry and economic factors related to
the Company's domestic and international business; industry acceptance
of price increases; currency exchange rate fluctuations; and the
outcome of various productivity-improvement and cost-reduction efforts.
The Company does not undertake to publicly update or revise its
forward-looking statements even if experience or future changes make it
clear that any projected results expressed or implied therein will not
be realized.
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PART II
OTHER INFORMATION
14
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the Company's 2001 Annual Meeting of Shareholders, held on April 26,
2001, the following actions were taken:
- The following Directors were elected for terms of office expiring
in April 2004:
Votes For Votes Withheld
--------- --------------
Michael E. Batten 40,805,270 2,865,118
Dr. Fergus M. Clydesdale 40,781,758 2,888,630
James A.D. Croft 40,741,325 2,929,063
Essie Whitelaw 40,803,957 2,866,431
Pursuant to the terms of the Company's Proxy Statement, proxies
received were voted, unless authority was withheld, in favor of the
nominees.
The terms of office of the following Directors continued after the
meeting: Richard A. Abdoo, John F. Bergstrom, James L. Forbes, William
V. Hickey, Kenneth P. Manning and Dr. Carol Waslien Ghazaii.
- A proposal by the Board of Directors to change the name of the
Company from Universal Foods Corporation to Sensient Technologies
Corporation was approved by the shareholders. The shareholders cast
42,529,809 votes in favor of this proposal, 966,825 votes against,
and there were 173,754 votes to abstain.
- A proposal by the Board of Directors to ratify the appointment of
Deloitte & Touche LLP as the Company's independent auditors to
conduct the annual audit of the financial statements of the Company
and its subsidiaries for the fiscal year ending December 31, 2001
was approved by the shareholders. The shareholders cast 42,870,575
votes in favor of this proposal, 640,307 votes against, and there
were 159,506 votes to abstain.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits. (See Exhibit Index following this report.)
(b) A report on Form 8-K was filed on March 12, 2001 announcing the
completion of sale of the Red Star Yeast business on February 23,
2001.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SENSIENT TECHNOLOGIES CORPORATION
Date: May 14, 2001 By: /s/ John L. Hammond
---------------------------------------
John L. Hammond, Vice President,
Secretary and General Counsel
Date: May 14, 2001 By: /s/ Richard F. Hobbs
---------------------------------------
Richard F. Hobbs, Vice President
and Chief Financial Officer
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SENSIENT TECHNOLOGIES CORPORATION
EXHIBIT INDEX TO
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2001
Exhibit Description Filed Herewith Incorporated by Reference From
- ------- ----------- -------------- ------------------------------
3.1 Amended and Restated Articles of X
Incorporation of Sensient Technologies
Corporation, as amended as of April 26, 2001.
3.2 By-Laws of Sensient Technologies Corporation. X
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