Attached files
| FIVE-YEAR SUMMARY | Exhibit 99.1 |
(In Thousands, Except for Per share Amounts and Footnote Data)
| Year Ended December 31 |
2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| Results of Operations |
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| Net sales |
$ | 2,005,394 | $ | 2,467,115 | $ | 2,336,187 | $ | 2,368,506 | $ | 2,107,499 | ||||||||||
| Costs and expenses |
1,819,114 | 2,246,198 | 2,026,300 | 2,191,022 | 1,943,603 | |||||||||||||||
| Operating profit |
186,280 | 220,917 | 309,887 | 177,484 | 163,896 | |||||||||||||||
| Interest and financing expenses |
(24,584 | ) | (38,175 | ) | (38,332 | ) | (43,964 | ) | (41,971 | ) | ||||||||||
| Other (expenses) income, net |
(1,423 | ) | 601 | 6,264 | (134 | ) | 1,513 | |||||||||||||
| Income before income taxes and equity in net income of unconsolidated investments |
160,273 | 183,343 | 277,819 | 133,386 | 123,438 | |||||||||||||||
| Income tax (benefit) expense |
(7,028 | ) | (6,539 | ) | 55,078 | 2,192 | 27,593 | |||||||||||||
| Income before equity in net income of unconsolidated investments |
167,301 | 189,882 | 222,741 | 131,194 | 95,845 | |||||||||||||||
| Equity in net income of unconsolidated investments (net of tax) |
22,322 | 23,126 | 24,581 | 25,033 | 26,491 | |||||||||||||||
| Net income |
$ | 189,623 | $ | 213,008 | $ | 247,322 | $ | 156,227 | $ | 122,336 | ||||||||||
| Net income attributable to noncontrolling interests |
(11,255 | ) | (18,806 | ) | (17,632 | ) | (13,258 | ) | (7,469 | ) | ||||||||||
| Net income attributable to Albemarle Corporation |
$ | 178,368 | $ | 194,202 | $ | 229,690 | $ | 142,969 | $ | 114,867 | ||||||||||
| Financial Position and Other Data |
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| Total assets |
$ | 2,771,557 | $ | 2,872,717 | $ | 2,841,018 | $ | 2,530,368 | $ | 2,555,618 | ||||||||||
| Operations: |
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| Working capital |
$ | 678,823 | $ | 740,556 | $ | 650,521 | $ | 477,905 | $ | 451,746 | ||||||||||
| Current ratio |
2.92 to 1 | 2.69 to 1 | 2.57 to 1 | 1.99 to 1 | 2.07 to 1 | |||||||||||||||
| Depreciation and amortization |
$ | 100,513 | $ | 111,685 | $ | 106,855 | $ | 112,950 | $ | 117,435 | ||||||||||
| Capital expenditures |
$ | 100,786 | $ | 99,736 | $ | 98,740 | $ | 99,847 | $ | 70,080 | ||||||||||
| Investments in joint ventures |
$ | — | $ | 103 | $ | — | $ | 96 | $ | 2,500 | ||||||||||
| Acquisitions, net of cash acquired |
$ | 4,017 | $ | 63,960 | $ | 17,929 | $ | 25,970 | $ | 7,473 | ||||||||||
| Research and development expenses |
$ | 60,918 | $ | 67,292 | $ | 62,691 | $ | 46,299 | $ | 41,675 | ||||||||||
| Gross profit as a % of net sales |
24.1 | 24.6 | 26.6 | 23.3 | 20.1 | |||||||||||||||
| Total long-term debt |
$ | 812,713 | $ | 932,264 | $ | 723,938 | $ | 732,590 | $ | 833,453 | ||||||||||
| Total equity(a)(d) |
$ | 1,253,318 | $ | 1,116,483 | $ | 1,332,666 | $ | 1,062,877 | $ | 967,352 | ||||||||||
| Total long-term debt as a % of total capitalization (d) |
39.3 | 45.5 | 35.2 | 40.8 | 46.3 | |||||||||||||||
| Net debt as a % of total capitalization (b)(d) |
27.6 | 36.8 | 29.2 | 33.9 | 43.1 | |||||||||||||||
| Common Stock |
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| Basic earnings per share(c) |
$ | 1.95 | $ | 2.12 | $ | 2.41 | $ | 1.51 | $ | 1.24 | ||||||||||
| Shares used to compute basic earnings per share (c) |
91,512 | 91,657 | 95,496 | 94,624 | 92,696 | |||||||||||||||
| Diluted earnings per share(c) |
$ | 1.94 | $ | 2.09 | $ | 2.36 | $ | 1.47 | $ | 1.20 | ||||||||||
| Shares used to compute diluted earnings per share (c) |
92,046 | 92,741 | 97,396 | 97,136 | 95,495 | |||||||||||||||
| Cash dividends declared per share |
$ | 0.50 | $ | 0.48 | $ | 0.42 | $ | 0.345 | $ | 0.31 | ||||||||||
| Total equity per share (a)(d) |
$ | 13.70 | $ | 12.27 | $ | 14.07 | $ | 11.20 | $ | 10.35 | ||||||||||
| Return on average total equity(d) |
15.1 | % | 15.9 | % | 19.2 | % | 14.1 | % | 13.7 | % | ||||||||||
Footnotes:
| (a) | Equity reflects the repurchase of common shares amounting to: 2009—174,900; 2008—4,662,700; 2007—2,369,810; 2006—1,130,890 and 2005—0. |
| (b) | We define net debt as total debt plus the portion of outstanding joint venture indebtedness guaranteed by us (or less the portion of outstanding joint venture indebtedness consolidated but not guaranteed by us), less cash and cash equivalents. |
| (c) | On January 1, 2009, we adopted new accounting guidance associated with share-based payment transactions considered to be participating securities. This guidance states that unvested share-based payment awards that contain nonforfeitable rights to dividends, such as certain of our restricted stock awards, are participating securities and therefore shall be included in the earnings per share calculation pursuant to the two class method. In addition, the guidance requires all prior-period earnings per share data to be adjusted retrospectively, and as a result, all prior period earnings per share data presented herein have been adjusted to conform to these provisions. |
| (d) | Effective January 1, 2009, we adopted new accounting guidance requiring noncontrolling interests to be separately presented as a component of equity. Prior years have been adjusted to conform to the new guidance. |
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