Printer Friendly

BALCHEM REPORTS EARNINGS

 BALCHEM REPORTS EARNINGS
 STATE HILL, N.Y., Aug. 3 /PRNewswire/ -- Balchem Corporation


(NASDAQ: BLCC) today issued the following statements of earnings for the quarter ended June 30, 1992:
 Results this quarter reflected a continuation of our long-term growth together with some non-recurring problems that are reducing earnings temporarily.
 BALCHEM CORPORATION
 (Unaudited, $000s omitted except for net earnings per share)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Sales $3,421 $3,202 $6,526 $6,055
 Pre-tax operating profit 311 324 485 539
 Extraordinary expenses 60 -- 60 --
 Taxes 97 121 167 204
 Net income 154 203 258 335
 Earnings per share(A) $0.08 $0.10 $0.13 $0.1675
 (A) -- Earnings per share have been converted to reflect the Dec. 1991 stock split of 33 percent.
 The "extraordinary expenses" include the deductible costs on insurance policies that covered the settlement on three lawsuits, the oldest of which dates back to 1983. As noted in the previous report, the total cost will be $125,000. We have been remiss in not accruing against this outcome. The other item is additional costs to clean up an old environmental problem, which now appears to be as much as $200,000 more than we provided for. The silver lining is that these expenditures will put both problems behind us.
 On the plus side, we received our first commercial orders from a major restaurant chain for what will be an important new use for one of our encapsulates. We have been working on this use for five years, with only minor success elsewhere so far. We are hopeful that this breakthrough will arouse interest in this use for meats served by other restaurant chains, as well as in the military, institutions and for airplane meals, as examples.
 In addition to steady progress in sales of established products, we continue to uncover several new prospects of significant size, both in the U.S. and Europe. As noted earlier, we are extending our efforts in the aquaculture market to Southeast Asia, which is the largest potential market for our present products for this use.
 We are still struggling to eliminate the obstacles to finalizing an agreement on the agricultural vitamin precursor. In view of its potential significance, there are a number of items in the agreement that must be resolved to our mutual satisfaction. Nevertheless, we are not simply marking time. We have entered into an agreement with another agriculture company to develop a different set of products based on the same technology, but for a distinctly different use in animals. As with most of our major new development programs, this one, if successful, is at least a year from commercial sales.
 Both sales and operating earnings are on target with our internal quarterly forecast for the year. We still expect a continued increase in sales and earnings in the second half of this year.
 -0- 8/3/92
 /CONTACT: Herb Weiss, president of Balchem, 914-355-2861/
 (BLCC) CO: Balchem Corporation ST: New York IN: SU: ERN


LR-TS -- NY012 -- 6025 08/03/92 09:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 3, 1992
Words:513
Previous Article:ALPINE GROUP ANNOUNCES $7 MILLION CONTRACT AWARD AT DATAPRODUCTS NEW ENGLAND SUBSIDIARY
Next Article:GWC CORPORATION DECLARES REGULAR QUARTERLY DIVIDEND
Topics:


Related Articles
BALCHEM REPORTS RESULTS
BALCHEM REPORTS EARNINGS
BALCHEM CORPORATION REPORTS RESULTS
BALCHEM CORPORATION REPORTS RESULTS FOR QUARTER AND NINE MONTHS
BALCHEM CORPORATION ANNOUNCES EARNINGS
BALCHEM CORPORATION REPORTS RESULTS
BALCHEM CORPORATION REPORTS RESULTS
Balchem Corporation Releases Fourth Quarter Earnings.
Balchem Corporation Annouces Second Quarter Earnings Results.
Balchem Corporation Reports Results for Quarter and Twelve Months Ended December 31, 1999.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters