Balchem reports record results
The company reported an increase of 23.6% for Q1, as compared to $15.6 million for the comparable prior year period.
02/05/05 Balchem has reported record net sales for the quarter ended March 31, 2005 of $19.3 million. This is an increase of 23.6%, as compared to $15.6 million for the comparable prior year period. Net earnings for the first quarter were a record $2.6 million, an increase of 41.4% as compared with the same period last year.
This resulted in a diluted net earnings increase of 33.3% to $0.32 per share for the first quarter of 2005 versus $0.24 per share for the comparable quarter of the prior year, again setting a new all time quarterly record.
In this first quarter of 2005, all three segments of the company reported improved sales and earnings versus the prior year comparable period. Sales of the Encapsulated/Nutritional Products segment were $7.8 million in the period, an increase of 38.9% from the prior year comparable quarter with particular strength in sales of food ingredients for the domestic and international markets, and for Reashure and Nitroshure, the company’s animal nutrition and health products targeted for dairy cows. Earnings from operations for the encap segment were $0.88 million in the current quarterly period as compared to a $0.08 million in the prior year comparable quarter.
