10-Q Filing

BALCHEM CORP CIK: 9326 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001140361-14-018748`
Period End Date	20140331
Filing Date	20140505
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	bcpc-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 32 Cash Flow Statement 56 Comprehensive Income 12

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$115.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$115.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$144.74M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$149.09M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$207.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$208.75M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $115 at March 31, 2014 and December 31, 2013	`AccountsReceivableNetCurrent`	$39.39M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $115 at March 31, 2014 and December 31, 2013	`AccountsReceivableNetCurrent`	$43.81M	USD	Point-in-time
Inventories	`InventoryNet`	$24.82M	USD	Point-in-time
Inventories	`InventoryNet`	$24.86M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.58M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.13M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$25.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$25.00	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	-	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$899.00K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$893.00K	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$887.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.87M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$445.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$284.88M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.07	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.07	USD	Point-in-time
Total current assets	`AssetsCurrent`	$277.77M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$54.92M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$54.39M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	30.23M	shares	Point-in-time
Goodwill	`Goodwill`	$28.52M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	30.37M	shares	Point-in-time
Goodwill	`Goodwill`	$28.52M	USD	Point-in-time
Intangible assets with finite lives, net	`FiniteLivedIntangibleAssetsNet`	$15.13M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	30.23M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	30.37M	shares	Point-in-time
Intangible assets with finite lives, net	`FiniteLivedIntangibleAssetsNet`	$14.16M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$541.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$501.00K	USD	Point-in-time
Total assets	`Assets`	$376.87M	USD	Point-in-time
Total assets	`Assets`	$382.45M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$12.39M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$13.24M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$10.73M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$12.61M	USD	Point-in-time
Accrued compensation and other benefits	`EmployeeRelatedLiabilitiesCurrent`	$4.77M	USD	Point-in-time
Accrued compensation and other benefits	`EmployeeRelatedLiabilitiesCurrent`	$2.27M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$7.86M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$225.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.34M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$5.88M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$5.93M	USD	Point-in-time
Other long-term obligations	`OtherLongTermDebtNoncurrent`	$3.98M	USD	Point-in-time
Other long-term obligations	`OtherLongTermDebtNoncurrent`	$3.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$45.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$38.25M	USD	Point-in-time
Commitments and contingencies (note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.0667 par value. Authorized 60,000,000 shares; 30,368,219 shares issued and outstanding at March 31, 2014 and 30,225,763 shares issued and outstanding at December 31, 2013	`CommonStockValue`	$2.02M	USD	Point-in-time
Common stock, $.0667 par value. Authorized 60,000,000 shares; 30,368,219 shares issued and outstanding at March 31, 2014 and 30,225,763 shares issued and outstanding at December 31, 2013	`CommonStockValue`	$2.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$81.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$77.52M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$251.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$260.52M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$198.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$178.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$344.20M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$331.36M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$376.87M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$382.45M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$86.00M	USD	1 Quarter
Net sales	`Revenues`	$84.65M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$62.78M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$60.42M	USD	1 Quarter
Gross margin	`GrossProfit`	$23.21M	USD	1 Quarter
Gross margin	`GrossProfit`	$24.23M	USD	1 Quarter
Selling expenses	`SellingExpense`	$4.19M	USD	1 Quarter
Selling expenses	`SellingExpense`	$4.29M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$773.00K	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$838.00K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.24M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.90M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$9.86M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$8.37M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$13.36M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$15.87M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$46.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$52.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-28.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-53.00K	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$13.37M	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.86M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.97M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.48M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$8.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$10.89M	USD	1 Quarter
Net earnings per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Net earnings per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
Net earnings per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.29	USD	1 Quarter
Net earnings per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.36	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$8.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$10.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.63M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.62M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$1.08M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$988.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$55.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-623.00K	USD	1 Quarter
Foreign currency transaction loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-36.00K	USD	1 Quarter
Foreign currency transaction loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-48.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.39M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.98M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.26M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$50.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-526.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-782.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.71M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$400.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.12M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$550.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$24.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-31.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.35M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.24M	USD	1 Quarter
Deposit held in escrow	`IncreaseDecreaseInRestrictedCash`	-	USD	1 Quarter
Deposit held in escrow	`IncreaseDecreaseInRestrictedCash`	$5.50M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.40M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.14M	USD	1 Quarter
Intangible assets acquired	`PaymentsToAcquireIntangibleAssets`	$33.00K	USD	1 Quarter
Intangible assets acquired	`PaymentsToAcquireIntangibleAssets`	$27.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.43M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.67M	USD	1 Quarter
Repayments of short-term obligations	`RepaymentsOfShortTermDebt`	$89.00K	USD	1 Quarter
Repayments of short-term obligations	`RepaymentsOfShortTermDebt`	$89.00K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$2.10M	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$1.33M	USD	1 Quarter
Excess tax benefits from stock compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.49M	USD	1 Quarter
Excess tax benefits from stock compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.69M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$7.86M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	-	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$27.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$33.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.96M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.47M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-39.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-30.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.35M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.42M	USD	1 Quarter
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$144.74M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$149.09M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$207.33M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$208.75M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$144.74M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$149.09M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$207.33M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$208.75M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$8.89M	USD	1 Quarter
Net change in postretirement benefit plan, taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$1.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$10.89M	USD	1 Quarter
Net change in postretirement benefit plan, taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$1.00K	USD	1 Quarter
Net foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-507.00K	USD	1 Quarter
Net foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-18.00K	USD	1 Quarter
Net change in postretirement benefit plan, net of taxes of $1 for each of the three months ended March 31, 2014 and 2013	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$-2.00K	USD	1 Quarter
Net change in postretirement benefit plan, net of taxes of $1 for each of the three months ended March 31, 2014 and 2013	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$-5.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-512.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-20.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$10.38M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.87M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.