starbuxsux
11 years ago
Calgon Carbon Announces Third Quarter Results
7:00 AM ET 11/5/13 | BusinessWire
Calgon Carbon Corporation (NYSE: CCC) reported results for the third quarter ended September 30, 2013.
For the third quarter of 2013, the company reported net income of $0.22 per fully diluted share, as compared to a net loss of $0.08 per fully diluted share for the third quarter of 2012.
Net income for the third quarter of 2013 was $11.9 million versus a net loss of $4.5 million for the comparable period of 2012. The 2012 results included a pre-tax restructuring charge of $8.0 million.
Net sales for the third quarter of 2013 were $139.4 million versus third quarter 2012 sales of $135.5 million, an increase of 2.9%. Currency translation had a $3.8 million negative impact on sales for the third quarter of 2013 due primarily to the weaker yen.
For the third quarter of 2013, sales of Activated Carbon and Service increased by 7.0%, as compared to the third quarter of 2012. The increase was primarily due to higher demand for activated carbon in the environmental water, food and specialty carbon markets. These increases were partially offset by lower demand for activated carbon in the environmental air treatment market.
Equipment sales decreased by 26.3% versus the third quarter of 2012 due to lower sales of ballast water treatment systems and, to a lesser extent, on carbon adsorption systems. Third quarter 2013 Consumer sales increased 28.2% over the comparable period of 2012 due to higher demand for activated carbon cloth.
For the third quarter of 2013, net sales less the cost of products sold as a percentage of net sales (excluding depreciation) was 33.3%, versus 27.3% for the third quarter of 2012. The improvement was attributable to better plant performance and lower costs. In addition, the 2012 period was characterized by maintenance issues, delays associated with a capital project, and hurricane damage at the company's Pearl River plant, which increased the cost of products sold by $2.5 million. A $1.7 million write-off of obsolete inventory also contributed unfavorably to 2012's costs.
Selling, administrative and research expenses for the third quarter of 2013 were $21.0 million, as compared to $25.8 million for the third quarter of 2012. The decrease relates to expense control efforts as well as the absence of charges in 2012, including $3.4 million in employee-related expenses.
Net sales for the nine months ended September 30, 2013 were $414.8 million, a 1.3% decrease over the comparable period of 2012. Revenue from ballast water treatment systems was $14.8 million lower than in the comparable period of 2012. In addition, currency translation had a $10.0 million negative effect on sales for the nine months ended September 30, 2013, primarily due to the weaker yen.
Net income for the nine months ended September 30, 2013, was $34.7 million versus $14.2 million for the comparable period of 2012. Income from operations for the nine months ended September 30, 2012 was $53.1 million as compared to $25.1 million for nine months ended September 30, 2012. The 111.1% increase includes a significant positive impact from the company's cost improvement initiatives.
Fully diluted net income per common share for the nine months ended September 30, 2013, was $0.64 as compared to $0.25 for the comparable period of 2012.
Commenting on the results, Randy Dearth, Calgon Carbon's President and Chief Executive Officer, said, "The results for the quarter and year-to-date periods clearly show the significant benefits from our corporate initiatives. Going forward, these initiatives along with our focus on growth opportunities will strengthen our position as a leader in the markets we serve."
Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner.
For more information about Calgon Carbon's leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com.
This news release contains historical information and forward-looking statements. Forward-looking statements typically contain words such as "expect," "believe," "estimate," "anticipate," or similar words indicating that future outcomes are uncertain. Statements looking forward in time, including statements regarding future growth and profitability, price increases, cost savings, broader product lines, enhanced competitive posture and acquisitions, are included in the company's most recent Annual Report pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. They involve known and unknown risks and uncertainties that may cause the company's actual results in future periods to be materially different from any future performance suggested herein. Further, the company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the company's control. Some of the factors that could affect future performance of the company are changes in, or delays in the implementation of, regulations that cause a market for our products, acquisitions, higher energy and raw material costs, costs of imports and related tariffs, labor relations, capital and environmental requirements, changes in foreign currency exchange rates, borrowing restrictions, validity of patents and other intellectual property, and pension costs. In the context of the forward-looking information provided in this news release, please refer to the discussions of risk factors and other information detailed in, as well as the other information contained in the company's most recent Annual Report.
CIBOLA
13 years ago
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Link To This Article:
Calgon Carbon Announces Second Quarter Results
Date : 08/02/2011 @ 7:30AM
Source : Business Wire
Stock : Calgon Carbon Corporation (CCC)
Quote : 15.33 0.29 (1.93%) @ 9:30AM
Calgon Carbon Announces Second Quarter Results
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Calgon Carbon (NYSE:CCC)
Intraday Stock Chart
Today : Tuesday 2 August 2011
Click Here for more Calgon Carbon Charts.
Calgon Carbon Corporation (NYSE: CCC) announced results for the second quarter ended June 30, 2011.
The company reported net income of $11.3 million for the second quarter of 2011, as compared to net income of $2.9 million for the second quarter of 2010. On a fully diluted basis, net income per common share for the second quarter of 2011 was $0.20, as compared to $0.05 for the second quarter of 2010.
Income from operations for the second quarter of 2011 was $17.4 million, versus $4.3 million for the comparable period of 2010.
Both income from operations and net income for the second quarter of 2010 included an $11.5 million ($7.2 million after-tax) charge for a litigation contingency.
Net sales for the second quarter of 2011 were $135.3 million, an $11.7 million, or a 9.5%, increase over the comparable period in 2010. Currency translation had a $6.6 million positive impact on sales for the second quarter due to the weak dollar.
For the second quarter of 2011, sales for the Activated Carbon and Service segment increased 10.1%, as compared to the second quarter of 2010. The increase was due principally to higher demand for certain activated carbon and service products in the environmental water, environmental air, and food markets.
Equipment sales for the second quarter of 2011 increased 5.0% over the second quarter of 2010 due to higher revenue from ballast water treatment systems. For the second quarter of 2011, Consumer sales were comparable to the second quarter of 2010.
Net sales less the cost of products sold as a percentage of net sales for the second quarter of 2011 was 32.8% versus 34.8% for the second quarter of 2010. One percentage point of the decline was attributable to a $1.3 million charge related to the PreZerve® product line, which was previously disclosed as being discontinued. An increase in sales of lower margin outsourced carbon products also contributed to the decline.
Selling, administrative and research expenses for the second quarter of 2011 were comparable to the second quarter of 2010. As a percentage of sales, however, SG&A improved to 16.6% for the second quarter of 2011 versus 17.8% for the second quarter of 2010.
Environmental and litigation contingencies for the second quarter of 2011 included a $1.3 million reduction in the estimate to complete a remediation project at the company’s production facility in Columbus, Ohio. In the second quarter of 2010, the company recorded an $11.5 million litigation contingency charge.
Calgon Carbon’s board of directors did not declare a quarterly dividend.
Net sales for the six months ended June 30, 2011, were $259.7 million, a $33.2 million, or a 14.6%, increase over the comparable period in 2010. Of this increase, $17.9 million is attributable to an additional three months of Calgon Carbon Japan net revenue, since its results were fully consolidated as of April 1, 2010.
Results for the six months ended June 30, 2010, included a gain on acquisitions of $2.7 million.
Currency translation had a $7.5 million positive impact on sales for the first half of 2011 due to the weak dollar.
Net income for the six months ended June 30, 2011, was $19.8 million versus $12.4 million for the comparable period of 2010. Fully diluted net income per common share for the first half of 2011 was $0.35. Fully diluted net income per common share for the first half of 2010 was $0.22.
Commenting on the quarter, John Stanik, Calgon Carbon’s chairman, president and chief executive officer, said, “Calgon Carbon’s performance for the quarter was solid, as sales strengthened and mix improved as the quarter progressed. Margins also improved sequentially, excluding the effect of the PreZerve inventory charge.”
For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com.
Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner.
This news release contains historical information and forward-looking statements. Forward-looking statements typically contain words such as “expect,” “believe,” “estimate,” “anticipate,” or similar words indicating that future outcomes are uncertain. Statements looking forward in time, including statements regarding future growth and profitability, price increases, cost savings, broader product lines, enhanced competitive posture and acquisitions, are included in the company’s most recent Annual Report pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. They involve known and unknown risks and uncertainties that may cause the company’s actual results in future periods to be materially different from any future performance suggested herein. Further, the company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the company’s control. Some of the factors that could affect future performance of the company are higher energy and raw material costs, costs of imports and related tariffs, labor relations, capital and environmental requirements, changes in foreign currency exchange rates, borrowing restrictions, validity of patents and other intellectual property, and pension costs. In the context of the forward-looking information provided in this news release, please refer to the discussions of risk factors and other information detailed in, as well as the other information contained in the company’s most recent Annual Report.
Calgon Carbon Corporation
Condensed Consolidated Statement of Income
(Dollars in thousands except per share data)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
2011 2010 2011 2010
Net Sales $ 135,298 $ 123,574 $ 259,678 $ 226,501
Cost of Products Sold 90,864 80,512 173,853 146,303
Depreciation and Amortization 5,655 5,261 11,195 10,338
Selling, Administrative & Research 22,499 22,044 44,831 41,695
Environmental and Litigation Contingencies (1,135 ) 11,500 (956 ) 11,500
117,883 119,317 228,923 209,836
Income from Operations 17,415 4,257 30,755 16,665
Interest - Net 58 2 103 110
Gain on Acquisitions - - - 2,666
Other Expense - Net (46 ) (172 ) (236 ) (475 )
Income From Operations Before Income Tax
and Equity in Income from Equity Investments
17,427 4,087 30,622 18,966
Income Tax Provision 6,136 1,171 10,854 6,686
Income from Operations Before Equity
in Income from Equity Investments
11,291 2,916 19,768 12,280
Equity in Income from Equity Investments - - - 112
Net Income $ 11,291 $ 2,916 $ 19,768 $ 12,392
Net Income per Common Share
Basic $ .20 $ .05 $ .35 $ .22
Diluted $ .20 $ .05 $ .35 $ .22
Weighted Average Shares Outstanding (Thousands)
Basic 56,188 55,830 56,156 55,770
Diluted 57,054 56,748 56,974 56,737
Calgon Carbon Corporation
Segment Data:
Segment Sales
2Q11 2Q10 YTD 2011 YTD 2010
Activated Carbon and Service 121,522 110,381 234,406 200,833
Equipment 11,681 11,129 20,798 21,289
Consumer 2,095 2,064 4,474 4,379
Total Sales (thousands) $ 135,298 $ 123,574 $ 259,678 $ 226,501
Segment
Operating Income (loss)*
2Q11 2Q10 YTD 2011 YTD 2010
Activated Carbon and Service 24,890 9,275 43,957 26,962
Equipment (484 ) 243 (866 ) (72 )
Consumer (1,336 ) - (1,141 ) 113
Income from Operations (thousands) $ 23,070 $ 9,518 $ 41,950 $ 27,003
*Before depreciation and amortization. The 2011 quarter and year to date periods include a $1.3 million charge related to the PreZerve product line in the Consumer Segment as well as a $1.3 million reduction in an environmental liability in the Activated Carbon and Service segment. The 2010 quarter and year to date periods for the Activated Carbon and Service segment include a charge of $11.5 million related to a litigation contingency.
Calgon Carbon Corporation
Condensed Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)
June 30, December 31,
2011 2010
Assets
Current assets:
Cash and cash equivalents $ 13,927 $ 33,992
Restricted cash 1,275 1,173
Receivables 92,490 94,354
Inventories 113,201 101,693
Other current assets 40,673 40,836
Total current assets 261,566 272,048
Property, plant and equipment, net 217,623 186,834
Other assets 41,738 42,681
Total assets $ 520,927 $ 501,563
Liabilities and Shareholders' Equity
Current liabilities:
Short-term debt $ 18,019 $ 21,442
Current portion of long-term debt 3,010 3,203
Other current liabilities 72,773 80,529
Total current liabilities 93,802 105,174
Long-term debt 4,098 3,721
Other liabilities 52,631 49,430
Total liabilities 150,531 158,325
Redeemable non-controlling interest - 274
Total shareholders' equity 370,396 342,964
Total liabilities and shareholders' equity $ 520,927 $ 501,563
CIBOLA
14 years ago
Calgon Carbon Settles ADA-ES Lawsuit
Calgon Carbon (NYSE:CCC)
Intraday Stock Chart
Today : Wednesday 22 December 2010
Click Here for more Calgon Carbon Charts.
Calgon Carbon Corporation (NYSE: CCC) announced today that it has reached a settlement agreement with ADA-ES, Inc. (ADA-ES) pursuant to which Calgon Carbon will pay ADA-ES $7.2 million in return for the satisfaction of the $12.0 million adverse judgment against Calgon Carbon on July 29, 2010 in the United States District Court for the Western District of Pennsylvania in Calgon Carbon Corp. v. ADA-ES, Inc. The Company had fully accrued for this verdict as of June 30, 2010.
Commenting on the settlement, John S. Stanik, chairman, president and chief executive officer of Calgon Carbon, said, “We are pleased to put this matter behind us as part of an ongoing effort to resolve outstanding legal and environmental contingency matters.”
Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner.
For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com.
This news release contains historical information and forward-looking statements. Forward-looking statements typically contain words such as “expect,” “believe,” “estimate,” “anticipate,” or similar words indicating that future outcomes are uncertain. Statements looking forward in time, including statements regarding future growth and profitability, price increases, cost savings, broader product lines, enhanced competitive posture and acquisitions, are included in the company’s most recent Annual Report pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. They involve known and unknown risks and uncertainties that may cause the company’s actual results in future periods to be materially different from any future performance suggested herein. Further, the company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the company’s control. Some of the factors that could affect future performance of the company are higher energy and raw material costs, costs of imports and related tariffs, labor relations, capital and environmental requirements, changes in foreign currency exchange rates, borrowing restrictions, validity of patents and other intellectual property, and pension costs. In the context of the forward-looking information provided in this news release, please refer to the discussions of risk factors and other information detailed in, as well as the other information contained in the company’s most recent Annual Report.
Pro-Life
14 years ago
The James Bond Investor: Water!
By Matthew Brown November 8, 2010
http://www.fool.com/investing/general/2010/11/08/the-james-bond-investor-water.aspx
I love James Bond. I also love that the film series has generated some investment ideas, which may seem odd if you think I'm talking about a tricked-out Aston Martin that fires missiles. I'm not.
In fact, the villain in Quantum of Solace offers a Foolish investment strategy in plain English. One of his goals is to control Bolivia's water supply. That's when it hit me: The villain goes to such great lengths to control fresh water because it's just like oil – the world doesn't have an endless supply. There are secular movements afoot that could restrict water supply going forward, such as population growth, with some estimates putting annual increases at 57 million.
So it occurred to me that I could become a super-villain super-investor if I could figure out how to profit from a world where water might become scarce.
Muuu-wahahahahaaha!
Rubbing my hands together, I hunted for desalination providers. Consolidated Water Company (Nasdaq: CWCO) caught my eye. It produces desalinized water for Cayman Islands, the Bahamas, Belize, the British Virgin Islands, and Bermuda. Analysts project five-year earnings growth of 20%, the company produces modest free cash flow, and has $25 million of net cash. The company also feels confident enough in its business to pay out a 2.9% dividend.
On the larger side, a French company called Veolia (NYSE: VE) also makes sense. They are more diversified, also operating in Environmental and Energy Services as well as Transportation. They partnered with IDE Technologies Ltd., an Israeli company, built the world's largest desalination plant in Israel. Makes sense putting one in a desert region, no? Thanks to an aggressive efficiency plan, Veolia's financials are increasingly solid, the company shows a profit, and has strong free cash flow. Plus it merits a full five-star rating in Motley Fool CAPS.
As Fools know, sometimes it pays to invest in the companies that provide the nuts and bolts for other businesses. Somebody has to provide the technology for desalination plants to work, so that's why Energy Recovery (Nasdaq: ERII) is potable. The company "serves engineering, procurement, and construction firms, which design and build desalination plants, as well as original equipment manufacturers that supply equipment and packaged solutions for small to medium-sized desalination plants." Energy Recovery is still small, and its profits have been erratic, but free cash flow is at $5 million in 2009, and the company has over $55 million in cash and virtually no debt.
Purification technology is another big milestone for liquid-driven villains. Calgon Carbon Corporation (NYSE: CCC) goes beyond purifying water. They also purify and deodorize air, food, and other beverages. Analysts project nearly 23% compounded earnings growth over the next five years, the company has a net cash position, and over $30 million in 2009 free cash flow.
Even villains must diversify
For those not ready to make the pure-play leap into super-villainy, there are more diversified alternatives. Heck, even General Electric (NYSE: GE) is into desalination, along with purification and wastewater infrastructure. PowerShares Global Water (NYSE: PIO) and Guggenheim S&P Global Water (NYSE: CGW) are ETFs that invest in a variety of water-related companies.
The takeaway is that there are plenty of ways to take advantage of water scarcity. Small-cap loving Fools can find opportunity in this sector, while more conservative investors can scoop up diversified plays. If pressed, I'd personally go for Calgon. Purification of multiple liquids for consumption is built-in diversification, and I like the financials.
Of course, Fools should engage all the resources of Her Majesty's Secret Service when investigating companies with complex technologies like these. A lack of due diligence can derail even the most evil of plans.
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