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EX - 99.1 2 exhibit991 - q12021.htm EX - 99.1 Balchem Corporation Reports Record First Quarter Sales of $ 185.7 Million , Net Earnings of $ 23.4 Million , GAAP EPS of $ 0.72 , and Adjusted EPS of $ 0.87 New Hampton , NY , April 30 , 2021 - Balchem Corporation ( NASDAQ : BCPC ) reported today first quarter 2021 net earnings of $ 23.4 million , compared to net earnings of $ 19.8 million for the first quarter 2020 , adjusted net earnings ( ª ) of $ 28.4 million , compared to $ 26.4 million in the prior year quarter , and adjusted EBITDA ( ª ) of $ 45.7 million , compared to $ 42.4 million in the prior year quarter . ● First Quarter 2021 Financial Highlights : Net sales were $ 185.7 million , an increase of $ 11.2 million , or 6.4 % , compared to the prior year quarter , with year over year sales growth in all three segments : Human Nutrition and Health , Animal Nutrition and Health , and Specialty Products . Adjusted EBITDA was $ 45.7 million , an increase of $ 3.4 million , or 7.9 % , from the prior year . GAAP net earnings were $ 23.4 million , an increase of $ 3.6 million , or 18.4 % , from the prior year . These net earnings resulted in GAAP earnings per share of $ 0.72 . ● balchem Solve Today . Shape Tomorrow . ● Exhibit 99.1 Human Nutrition & Health | Animal Nutrition & Health | Specialty Products Adjusted net earnings were $ 28.4 million , an increase of $ 2.0 million , or 7.6 % , from the prior year . These adjusted net earnings resulted in adjusted earnings per share ( a ) of $ 0.87 . The effective tax rate of 21.9 % was 264 basis points higher than the prior year tax rate of 19.3 % . Cash flows from operations were $ 40.6 million , an increase of $ 18.0 million from the prior year , with quarterly free cash flow ( a ) of $ 34.4 million compared to $ 17.4 million for the prior year quarter . Recent Highlights : Balchem proudly signed the CEO Action for Diversity & Inclusion ™ pledge as a further commitment to advance diversity and inclusion within our workplace . The CEO pledge outlines a specific set of actions the signatory CEOs will take to cultivate a trusting environment where all ideas are welcomed and employees feel comfortable and empowered to have discussions about diversity and inclusion . Strong cash flows in the first quarter enabled the company to make net repayments on its revolving debt of $ 10.0 million , lowering net debt to $ 65.0 million , with an overall leverage ratio on a net debt basis of 0.4 . Successfully added another manufacturing facility onto our new ERP system during the first quarter of 2021. Approximately 96 % of revenue is now on the new system and we expect to complete full implementation of the project this year . The COVID - 19 response has continued to require attention year to date with our focus on employee safety first , keeping our manufacturing sites operational , satisfying customer needs , preserving cash and ensuring strong liquidity , and responding to changes in this dynamic market environment as appropriate . Ted Harris , Chairman , CEO , and President of Balchem said , " We have continued the strong momentum from 2020 into the first quarter of 2021 , delivering all - time record quarterly sales , net earnings , earnings per share , and adjusted EBITDA . " 52 Sunrise Park Road New Hampton , NY 10958 Mr. Harris added , " We are very pleased to deliver sales growth in all three of our business segments , not only versus the prior year's quarter , but also sequentially versus the fourth quarter 2020 , reflecting a modest but gradual re - opening of economies around the world . " balchem.com p.845.326.5600 f . 845.326.5702