For the quarter ended June 30, 2010, Balchem Corporation (Nasdaq:BCPC) reported record net earnings of US$8.3 million, an increase of 21.4% over the same period in 2009 while net sales rose by 16% to $61.5 million. As a result, diluted net earnings per share increased 16.7% to $0.28 from $0.24 for the same period the previous year. Balchem attributed the strong growth in revenues and earnings to a strong quarter for its Food, Pharma & Nutrition segment, and its continued focus on both organic and acquisitive growth.
All three of Balchem`s segments exhibited strong sales growth for the quarter.
The Food, Pharma & Nutrition segment, which provides granulation and agglomeration solutions to human food, grew sales by 16.4% from last year`s comparable quarter to $10.6 million.
The Animal Nutrition & Health segment, a manufacturer and supplier of animal health products, posted a 16.8% sales increase from last year`s comparable quarter to $5.9 million.
The ARC Specialty Products segment, which provides specialty chemicals for the healthcare industry, increased sales by 12.4% from last year`s comparable quarter to $10.2 million.
For the six months ended June 30, 2010, Balchem posted $121.4 million in consolidated sales, a 14.5% increase from the same period the previous year. Net earnings for the same period increased 18.4% to $15.4 million, while diluted earnings per share increased to $0.52 from $0.45.
Balchem`s balance sheet stayed healthy as its cash balance increased from $46.4 million in December to $50.4 million on June 30, with a net working capital of $77.1 million.
Dino A. Rossi, Balchem`s CEO, expressed optimism for the rest of 2010 as the global economy shows signs of improvement and expects continued improvements in sales and net earnings .
Blachem rose 1.3% on the NASDAQ against a falling market.
