CONSHOHOCKEN, Pa., Feb. 26,
2015 /PRNewswire/ -- Quaker Chemical Corporation (NYSE:
KWR) today announced a 5% increase in net sales to $194.0 million for the fourth quarter of 2014
compared to the fourth quarter of 2013 net sales of $184.3 million. Earnings per diluted share
for the fourth quarter of 2014 were $0.95 compared to $1.07 for the fourth quarter of 2013, with
non-GAAP earnings per diluted share of $1.00 for the fourth quarter of 2014 compared to
$0.98 for the fourth quarter of
2013. The fourth quarter comparison obscures year-over-year
earnings growth as the fourth quarter of 2013 benefited from a
$0.08 favorable tax adjustment while
the fourth quarter of 2014 was negatively impacted by foreign
exchange of $0.04 and the other
non-operating expenses noted below. The Company's adjusted
EBITDA highlights this improved performance over the prior year
quarter, increasing 13% to $23.8
million for the fourth quarter of 2014 compared to
$21.0 million for the fourth quarter
of 2013. Net sales for the full year 2014 increased 5% to
$765.9 million from $729.4 million for 2013. Earnings per
diluted share were $4.26 in 2014
compared to $4.27 in 2013, with
non-GAAP earnings per diluted share increasing 11% to $4.26 for 2014 from $3.84 for 2013. The Company's adjusted
EBITDA approximated $100 million for
2014, which was an 11% increase from $89.6
million in 2013.
Michael F. Barry, Chairman, Chief
Executive Officer and President commented, "We are very pleased to
close out 2014 with a strong quarter despite the continued
challenges in Brazil, and the
appreciation of the U.S. dollar versus key currencies. We
continue to take market share, to leverage our diverse geographic
footprint and to acquire businesses, driving strong growth in three
of our four regions while the global economy and underlying markets
slow down."
Mr. Barry continued, "2014 was the fifth consecutive year of
increased revenue, operating income and adjusted EBITDA, which
approximated $100 million.
Also, our total shareholder return was 21% as a result of Quaker's
continued dividend and stock price appreciation. We had a
record year of acquisitions as we continue to believe they are the
best way to utilize Quaker's strong balance sheet and cash flow to
generate shareholder value."
Mr. Barry continued, "Looking forward, we are seeing an
uncertain economic environment in many countries throughout the
world and a strong U.S. dollar. However, we remain committed
to our strategy and believe our ability to take market share and
leverage our acquisitions will continue to help offset forward
market challenges. Overall, I continue to remain confident in
our future and expect 2015 to be another good year for Quaker, as
we strive to increase revenue, operating income and adjusted EBITDA
for the sixth consecutive year."
Fourth Quarter of 2014 Summary
Net sales for the
fourth quarter of 2014 of $194.0
million increased approximately 5% from net sales of
$184.3 million for the fourth quarter
of 2013, primarily due to higher product volumes and price and
product mix. Included in the Company's net sales growth for
the fourth quarter of 2014 was $8.4
million, or 4.6%, of additional sales from acquisitions,
which was largely offset by $6.6
million, or 4%, related to a decrease in foreign currency
exchange rate translation.
Gross profit increased approximately $4.4
million, or 7%, from the fourth quarter of 2013 on the
increase from sales volumes, noted above, on relatively consistent
gross margins of 35.9% and 35.4% for the fourth quarter of 2014 and
the fourth quarter of 2013, respectively.
Selling, general and administrative expenses ("SG&A")
increased approximately $3.2 million
from the fourth quarter of 2013, which was driven by the net impact
of several factors. Specifically, SG&A increased from
additional costs acquired with the Company's 2014 acquisitions,
higher labor-related costs on increased sales and merit inflation,
current year costs related to a certain customer bankruptcy and the
Company's fourth quarter of 2014 cost streamlining initiative in
South America, partially offset by
a prior year non-income tax contingency charge and the effects of
foreign currency exchange rate translation. In addition, the
Company incurred approximately $0.6
million of diligence-related costs in the current quarter to
support its 2014 acquisition-related activity compared to
$0.2 million in the prior year
quarter.
Other income decreased approximately $1.3
million from the fourth quarter of 2013, which was primarily
the result of the prior year other income related to finalizing an
acquisition-related earnout liability.
Interest expense was consistent between the fourth quarter of
2014 and the fourth quarter of 2013. The Company incurred
additional interest expense in the current quarter from higher
average borrowings due to its recent acquisition activity, which
was more than offset by prior year interest expense from the
accretion of the acquisition-related earnout liability, noted
above, that was settled in early 2014.
Interest income was $0.2 million
higher in the fourth quarter of 2014 compared to the fourth quarter
of 2013, primarily due to interest received on a non-income tax
credit and an increase in the level of the Company's invested cash
in regions with higher returns.
The Company's effective tax rates for the fourth quarters of
2014 and 2013 were 28.5% and 21.7%, respectively. During
2013, the Company's quarterly effective tax rates were impacted by
its Asia/Pacific region, as it
recorded tax expense at the local statutory tax rate of 25% during
the first three quarters of 2013, while it awaited recertification
of a concessionary tax rate. The Company received such
recertification and adjusted its year-to-date tax expense to its
concessionary tax rate in the fourth quarter of 2013, which
significantly decreased its prior year quarterly effective tax
rate.
Equity in net income of associated companies ("equity income")
decreased $0.8 million in the fourth
quarter of 2014 compared to the fourth quarter of 2013. The
primary component of the Company's equity income is earnings from
its equity interest in a captive insurance company, which were
higher in the prior year period.
The $0.3 million decrease in net
income attributable to noncontrolling interest in the fourth
quarter of 2014 compared to the fourth quarter of 2013 was
primarily due to the Company's second quarter of 2014 acquisition
of the noncontrolling interest in its Australian
affiliate.
The Company's current year acquisitions generally performed in
line with their expected positive operating results for the fourth
quarter of 2014, however, these results were largely offset by the
acquisition-related costs, noted above, and initial adjustments
related to fair value accounting. Overall, the impact from
the current year acquisitions to the Company's net income was
slightly positive at less than $0.1
million, or less than $0.01
per diluted share, for the fourth quarter of 2014.
Changes in foreign exchange rates negatively impacted the fourth
quarter of 2014 net income by approximately $0.5 million, or $0.04 per diluted share.
Year-to-Date 2014 Summary
Net sales for 2014 of
$765.9 million increased 5% from
$729.4 million for 2013 due to higher
product volumes. Included in the Company's net sales growth
in 2014 was $12.8 million, or 1.7%,
of additional sales from acquisitions, which was largely offset by
$10.3 million, or 1%, related to a
decrease in foreign currency exchange rate translation.
Gross profit increased approximately $12.1 million, or 5%, from 2013, which was driven
by the increase in sales volumes, noted above, on relatively
consistent gross margins of 35.7% and 35.8% for 2014 and 2013,
respectively.
SG&A increased approximately $6.0
million from 2013, which was driven by the net impact of
several factors. Specifically, SG&A increased from
additional costs acquired with the Company's 2014 acquisitions,
higher labor-related costs on increased sales and merit inflation,
current year costs related to certain customer bankruptcies and,
also, additional costs related to an amendment to the Company's
pension plan in the United Kingdom
("UK"). These increases to SG&A for 2014 were partially
offset by lower incentive compensation costs, decreases in foreign
currency exchange rate translation and a non-income tax contingency
charge recorded in the prior year. In addition, the Company
incurred approximately $1.1 million
of diligence-related costs to support its acquisition-related
activity in 2014 compared to $0.2
million in 2013.
The $2.8 million decrease in other
income in 2014 from 2013 was primarily caused by the Company's
prior year receipt of a mineral oil excise tax refund and, also,
prior year net other income related to changes in an
acquisition-related earnout liability.
Interest expense was $0.6 million
lower in 2014 compared to 2013. The Company incurred
additional interest expense in 2014 from higher average borrowings
due to its recent acquisition activity, which was more than offset
by prior year interest expense from the accretion of the
acquisition-related earnout liability, noted above, that was
settled in early 2014.
Interest income was $1.6 million
higher in 2014 compared to 2013, primarily due to interest received
on several tax-related credits and an increase in the level of the
Company's invested cash in regions with higher returns.
The Company's effective tax rates for 2014 and 2013 were 30.1%
and 28.1%, respectively. The primary contributor to the
Company's higher effective tax rate in 2014 was an increase in
reserves related to uncertain tax positions.
The decrease in the Company's equity income of $3.0 million in 2014 compared to 2013 was
primarily caused by lower earnings related to the Company's equity
interest in a captive insurance company. In addition,
the Company's equity income for 2014 and 2013 include comparable
currency charges related to the conversion of the Venezuelan
Bolivar Fuerte to the U.S. Dollar.
The primary component of the $0.7
million decrease in net income attributable to
noncontrolling interest in 2014 compared to 2013 was the Company's
second quarter of 2014 acquisition of the noncontrolling interest
in its Australian affiliate, noted above.
The Company's current year acquisitions generally performed in
line with their expected positive operating results for 2014,
however, these results were largely offset by the
acquisition-related costs, noted above, and initial adjustments
related to fair value accounting. Overall, the impact from
the current year acquisitions to the Company's net income was
slightly positive at less than $0.1
million, or less than $0.01
per diluted share, for 2014.
Changes in foreign exchange rates negatively impacted the 2014
net income by approximately $1.2
million, or $0.09 per diluted
share.
Balance Sheet and Cash Flow Items
The Company's net
operating cash flow for the fourth quarter of 2014 was
approximately $16.7 million, which
increased its full year 2014 net operating cash flow to
$54.7 million compared to
$73.8 million for 2013. The
main reason for the decrease to the Company's operating cash flow
from 2013 was an outflow from accounts receivables. Other
than normal outflow due to higher sales, a key driver in the change
in the Company's receivables was a significant increase in the
level of bank acceptance drafts that the Company received on
outstanding receivables in its Asia/Pacific region. This type of
payment carries with it extended terms, if the Company chooses not
to immediately exchange it with the respective issuing bank for a
discounted amount. To date, all of the Company's bank
acceptance drafts have been carried to their full term.
Overall, the current year marked an uncommon increase in the use of
such methods of payment by the Company's customers, which the
Company expects to be at a more stable level in the next year.
At December 31, 2014, the
Company's liquidity remains strong, with net debt of $11.0 million and a consolidated leverage ratio
that continues to be less than one times EBITDA, despite the added
borrowings in 2014 to fund $73.5
million and $7.4 million of
acquisition and non-controlling interest purchases,
respectively. Specifically, the Company's acquisition
activity was highlighted by the second quarter of 2014 purchase of
the 49% remaining interest in its equity affiliate Quaker Chemical
(Australasia) Pty. Limited, the third quarter of 2014 purchase of
ECLI Products, LLC, and the fourth quarter of 2014 purchase of
Binol AB.
Non-GAAP Measures
Included in this public release are
non-GAAP financial measures of non-GAAP earnings per diluted share
and adjusted EBITDA. The Company believes these non-GAAP
financial measures provide meaningful supplemental information as
they enhance a reader's understanding of the financial performance
of the Company, are more indicative of future operating performance
of the Company, and facilitate a better comparison among fiscal
periods, as the non-GAAP financial measures exclude items that are
not considered core to the Company's operations. Non-GAAP
results are presented for supplemental informational purposes only
and should not be considered a substitute for the financial
information presented in accordance with GAAP.
The following are reconciliations between the non-GAAP
(unaudited) financial measures of non-GAAP earnings per diluted
share and adjusted EBITDA to their most directly comparable GAAP
financial measures:
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
GAAP earnings per
diluted share attributable to Quaker Chemical Corporation Common
Shareholders
|
|
$ 0.95
|
|
$ 1.07
|
|
$ 4.26
|
|
$ 4.27
|
UK pension plan
amendment per diluted share
|
|
—
|
|
—
|
|
0.05
|
|
—
|
Customer bankruptcy
costs per diluted share
|
|
0.03
|
|
—
|
|
0.05
|
|
—
|
Mineral oil excise
tax refund per diluted share
|
|
—
|
|
—
|
|
—
|
|
(0.14)
|
Change in
acquisition-related earnout liability per diluted share
|
|
—
|
|
(0.06)
|
|
—
|
|
(0.03)
|
Cost streamlining
initiatives per diluted share
|
|
0.04
|
|
0.01
|
|
0.06
|
|
0.08
|
Currency conversion
impacts of the Venezuelan Bolivar Fuerte
per diluted share
|
|
—
|
|
—
|
|
0.02
|
|
0.03
|
Non-income tax
contingency charge per diluted share
|
|
—
|
|
0.04
|
|
—
|
|
0.04
|
Equity income in a
captive insurance company per diluted share
|
|
(0.02)
|
|
(0.08)
|
|
(0.18)
|
|
(0.41)
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
|
$ 1.00
|
|
$ 0.98
|
|
$ 4.26
|
|
$ 3.84
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net income
attributable to Quaker Chemical Corporation
|
|
$ 12,639
|
|
$ 14,086
|
|
$ 56,492
|
|
$ 56,339
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
4,723
|
|
3,944
|
|
16,631
|
|
15,784
|
Interest
expense
|
|
624
|
|
699
|
|
2,371
|
|
2,922
|
Taxes on income
before equity in net income of associated companies
|
|
4,731
|
|
3,556
|
|
23,539
|
|
20,489
|
UK pension plan
amendment
|
|
—
|
|
—
|
|
902
|
|
—
|
Customer bankruptcy
costs
|
|
515
|
|
—
|
|
825
|
|
—
|
Mineral oil excise
tax refund
|
|
—
|
|
—
|
|
—
|
|
(2,540)
|
Change in
acquisition-related earnout liability
|
|
—
|
|
(1,172)
|
|
—
|
|
(497)
|
Cost streamlining
initiatives
|
|
818
|
|
142
|
|
1,166
|
|
1,419
|
Currency conversion
impacts of the Venezuelan Bolivar Fuerte
|
|
—
|
|
—
|
|
321
|
|
357
|
Non-income tax
contingency charge
|
|
—
|
|
796
|
|
—
|
|
796
|
Equity income in a
captive insurance company
|
|
(270)
|
|
(1,073)
|
|
(2,412)
|
|
(5,451)
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$ 23,780
|
|
$ 20,978
|
|
$ 99,835
|
|
$ 89,618
|
|
|
|
|
|
|
|
|
|
Forward-Looking Statements
This release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected in such
statements. A major risk is that the Company's demand is
largely derived from the demand for its customers' products, which
subjects the Company to downturns in a customer's business and
unanticipated customer production shutdowns. Other major
risks and uncertainties include, but are not limited to,
significant increases in raw material costs, customer financial
stability, worldwide economic and political conditions, foreign
currency fluctuations, future terrorist attacks and other acts of
violence. Other factors could also adversely affect us.
Therefore, we caution you not to place undue reliance on our
forward-looking statements. This discussion is provided as
permitted by the Private Securities Litigation Reform Act of
1995.
Conference Call
As previously announced, Quaker
Chemical's investor conference call to discuss the fourth quarter
and full year 2014 results is scheduled for February 27, 2015 at 8:30
a.m. (ET). A live webcast of the conference call,
together with supplemental information, can be accessed through the
Company's Investor Relations website at
http://www.quakerchem.com. You can also access the conference
call by dialing 877-269-7756.
About Quaker
Quaker Chemical is a leading
global provider of process fluids, chemical specialties, and
technical expertise to a wide range of industries,
including steel, aluminum, automotive, mining, aerospace, tube
and pipe, cans, and others. For nearly 100 years, Quaker has
helped customers around the world achieve production efficiency,
improve product quality, and lower costs through a combination of
innovative technology, process knowledge, and customized
services. Headquartered in Conshohocken,
Pennsylvania USA, Quaker serves businesses worldwide with
a network of dedicated and experienced professionals
whose mission is to make a difference.
Quaker Chemical
Corporation
|
Consolidated
Statements of Income
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
$
194,033
|
|
$
184,297
|
|
$
765,860
|
|
$
729,395
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
124,457
|
|
119,134
|
|
492,654
|
|
468,320
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
69,576
|
|
65,163
|
|
273,206
|
|
261,075
|
%
|
|
35.9%
|
|
35.4%
|
|
35.7%
|
|
35.8%
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
53,091
|
|
49,931
|
|
195,850
|
|
189,832
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
16,485
|
|
15,232
|
|
77,356
|
|
71,243
|
%
|
|
8.5%
|
|
8.3%
|
|
10.1%
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
209
|
|
1,557
|
|
767
|
|
3,519
|
Interest
expense
|
|
(624)
|
|
(699)
|
|
(2,371)
|
|
(2,922)
|
Interest
income
|
|
551
|
|
321
|
|
2,541
|
|
986
|
Income before taxes
and equity in net income of associated companies
|
|
16,621
|
|
16,411
|
|
78,293
|
|
72,826
|
|
|
|
|
|
|
|
|
|
Taxes on income
before equity in net income of associated companies
|
|
4,731
|
|
3,556
|
|
23,539
|
|
20,489
|
|
|
11,890
|
|
12,855
|
|
54,754
|
|
52,337
|
|
|
|
|
|
|
|
|
|
Equity in net income
of associated companies
|
|
1,037
|
|
1,825
|
|
3,543
|
|
6,514
|
|
|
|
|
|
|
|
|
|
Net income
|
|
12,927
|
|
14,680
|
|
58,297
|
|
58,851
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
|
288
|
|
594
|
|
1,805
|
|
2,512
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Quaker Chemical Corporation
|
|
$
12,639
|
|
$
14,086
|
|
$
56,492
|
|
$
56,339
|
%
|
|
6.5%
|
|
7.6%
|
|
7.4%
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
Net income
attributable to Quaker Chemical Corporation Common Shareholders -
basic
|
|
$
0.95
|
|
$
1.07
|
|
$
4.27
|
|
$
4.28
|
Net income
attributable to Quaker Chemical Corporation Common Shareholders -
diluted
|
|
$
0.95
|
|
$
1.07
|
|
$
4.26
|
|
$
4.27
|
Quaker Chemical
Corporation
|
Consolidated
Balance Sheets
|
(Dollars in
thousands, except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2014
|
|
2013
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
64,731
|
|
$
68,492
|
Accounts receivable,
net
|
|
189,484
|
|
165,629
|
Inventories,
net
|
|
77,708
|
|
71,557
|
Current deferred tax
assets
|
|
8,367
|
|
7,826
|
Prepaid expenses and
other current assets
|
|
11,228
|
|
15,343
|
Total current
assets
|
|
351,518
|
|
328,847
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
85,763
|
|
85,488
|
Goodwill
|
|
77,933
|
|
58,151
|
Other intangible
assets, net
|
|
70,408
|
|
31,272
|
Investments in
associated companies
|
|
21,751
|
|
19,397
|
Non-current deferred
income taxes
|
|
24,411
|
|
24,724
|
Other
assets
|
|
33,742
|
|
36,267
|
Total
assets
|
|
$
665,526
|
|
$
584,146
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
|
$
403
|
|
$
1,395
|
Accounts
payable
|
|
74,987
|
|
72,281
|
Dividends
payable
|
|
3,990
|
|
3,299
|
Accrued
compensation
|
|
19,853
|
|
20,801
|
Accrued pension and
postretirement benefits
|
|
1,239
|
|
1,438
|
Current deferred tax
liabilities
|
|
732
|
|
1,057
|
Other current
liabilities
|
|
23,697
|
|
30,585
|
Total current
liabilities
|
|
124,901
|
|
130,856
|
Long-term
debt
|
|
75,328
|
|
17,321
|
Non-current deferred
income taxes
|
|
8,584
|
|
6,729
|
Non-current accrued
pension and postretirement benefits
|
|
46,088
|
|
37,006
|
Other non-current
liabilities
|
|
45,490
|
|
47,538
|
Total
liabilities
|
|
300,391
|
|
239,450
|
|
|
|
|
|
Equity
|
|
|
|
|
Common stock, $1 par
value; authorized 30,000,000
shares; issued and outstanding 2014 - 13,300,891 shares;
2013 - 13,196,140 shares
|
|
13,301
|
|
13,196
|
Capital in excess of
par value
|
|
99,056
|
|
99,038
|
Retained
earnings
|
|
299,524
|
|
258,285
|
Accumulated other
comprehensive loss
|
|
(54,406)
|
|
(34,700)
|
Total Quaker
shareholders' equity
|
|
357,475
|
|
335,819
|
Noncontrolling
interest
|
|
7,660
|
|
8,877
|
Total
equity
|
|
365,135
|
|
344,696
|
Total liabilities and
equity
|
|
$
665,526
|
|
$
584,146
|
Quaker Chemical
Corporation
|
Consolidated
Statements of Cash Flows
|
For the twelve
months ended December 31,
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
Net
income
|
|
$ 58,297
|
|
$ 58,851
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation
|
|
12,306
|
|
12,339
|
Amortization
|
|
4,325
|
|
3,445
|
Equity in
undistributed earnings of associated companies, net of
dividends
|
|
(3,180)
|
|
(4,162)
|
Deferred income
taxes
|
|
1,007
|
|
(30)
|
Uncertain tax
positions (non-deferred portion)
|
|
(1,256)
|
|
(1,826)
|
Acquisition-related
fair value adjustments
|
|
-
|
|
200
|
Deferred compensation
and other, net
|
|
3,174
|
|
(259)
|
Stock-based
compensation
|
|
5,309
|
|
4,161
|
(Gain) loss on
disposal of property, plant and equipment
|
|
(86)
|
|
200
|
Insurance settlements
realized
|
|
(1,907)
|
|
(988)
|
Pension and other
postretirement benefits
|
|
1,265
|
|
862
|
(Decrease) increase
in cash from changes in current assets and current liabilities, net
of
acquisitions:
|
|
|
|
|
Accounts
receivable
|
|
(24,944)
|
|
(11,837)
|
Inventories
|
|
(5,484)
|
|
406
|
Prepaid expenses and
other current assets
|
|
2,003
|
|
(743)
|
Accounts payable and
accrued liabilities
|
|
2,999
|
|
11,301
|
Estimated taxes on
income
|
|
862
|
|
1,881
|
Net cash provided by
operating activities
|
|
54,690
|
|
73,801
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
Investments in
property, plant and equipment
|
|
(13,052)
|
|
(11,439)
|
Payments related to
acquisitions, net of cash acquired
|
|
(73,527)
|
|
(2,478)
|
Proceeds from
disposition of assets
|
|
201
|
|
513
|
Interest earned on an
Insurance settlement
|
|
44
|
|
52
|
Change in restricted
cash, net
|
|
1,863
|
|
936
|
Net cash used in
investing activities
|
|
(84,471)
|
|
(12,416)
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
Proceeds from
long-term debt
|
|
58,771
|
|
-
|
Repayments of
long-term debt
|
|
(1,368)
|
|
(12,791)
|
Dividends
paid
|
|
(14,562)
|
|
(13,018)
|
Stock options
exercised, other
|
|
804
|
|
(307)
|
Excess tax benefit
related to stock option exercises
|
|
453
|
|
815
|
Purchase of
noncontrolling interest in affiliates, net
|
|
(7,422)
|
|
-
|
Payment of
acquisition-related earnout liability
|
|
(4,709)
|
|
-
|
Distributions to
noncontrolling affiliate shareholders
|
|
(1,806)
|
|
(905)
|
Net cash provided by
(used in) financing activities
|
|
30,161
|
|
(26,206)
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
(4,141)
|
|
766
|
Net (decrease)
increase in cash and cash equivalents
|
|
(3,761)
|
|
35,945
|
Cash and cash
equivalents at the beginning of the period
|
|
68,492
|
|
32,547
|
Cash and cash
equivalents at the end of the period
|
|
$ 64,731
|
|
$ 68,492
|
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SOURCE Quaker Chemical Corporation