Balchem Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Balchem Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

BALCHEM CORP (BCPC) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Balchem Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Balchem Corp. is incorporated in Maryland. The filing was submitted on May 3, 2024.

Why It Matters

For investors and stakeholders tracking BALCHEM CORP, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and operational details for Balchem Corp. for the first quarter of 2024. Understanding the specifics of this filing is crucial for assessing the company's current financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: low — BALCHEM CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in revenue, net income, and operating expenses to gauge Balchem Corp.'s ongoing performance.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-03 — Filing Date (Filed as of date)
• 12-31 — Fiscal Year End (Fiscal year end)
• 001-13648 — SEC File Number (SEC file number)

Key Players & Entities

• BALCHEM CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-03 (date) — Filed as of date
• 0000009326 (company) — Central Index Key
• 5 PARAGON DRIVE (address) — Business address street 1
• MONTVALE (address) — Business address city
• NJ (address) — Business address state
• 07645 (address) — Business address zip

FAQ

Industry Context

Balchem Corp. operates within the chemicals and allied products industry, focusing on specialized ingredients and solutions.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze revenue and expense trends from the Q1 2024 filing compared to previous periods.
3. Identify any new risk factors or significant changes in the company's business operations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $000 — insic value of stock options exercised ($000s) $ 10,377 $ 1,584 Non-vested restric

Filing Documents

• bcpc-20240331.htm (10-Q) — 982KB
• bcpcq1202410qex311.htm (EX-31.1) — 11KB
• bcpcq1202410qex312.htm (EX-31.2) — 11KB
• bcpcq1202410qex321.htm (EX-32.1) — 6KB
• bcpcq1202410qex322.htm (EX-32.2) — 6KB
• 0001628280-24-020268.txt (&nbsp;) — 6892KB
• bcpc-20240331.xsd (EX-101.SCH) — 46KB
• bcpc-20240331_cal.xml (EX-101.CAL) — 81KB
• bcpc-20240331_def.xml (EX-101.DEF) — 251KB
• bcpc-20240331_lab.xml (EX-101.LAB) — 666KB
• bcpc-20240331_pre.xml (EX-101.PRE) — 480KB
• bcpc-20240331_htm.xml (XML) — 972KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 20 23 3 Condensed Consolidated Statements of Earnings for the Three Months Ended March 31 , 202 4 and 20 23 4 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 202 4 and 2 0 23 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31 , 202 4 and 2 023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 202 3 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 32 Item 6. Exhibits 33 SIGNATURE PAGE 34 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements BALCHEM CORPORATION Condensed Consolidated Balance Sheets (Dollars in thousands, except share and per share data) Assets March 31, 2024 (unaudited) December 31, 2023 Current assets: Cash and cash equivalents $ 60,349 $ 64,447 Accounts receivable, net of allowances of $ 997 and $ 908 at March 31, 2024 and December 31, 2023 respectively 139,881 125,284 Inventories, net 110,381 109,521 Prepaid expenses 7,122 7,798 Other current assets 7,126 7,192 Total current assets 324,859 314,242 Property, plant and equipment, net 274,033 276,039 Goodwill 771,538 778,907 Intangible assets with finite lives, net 182,044 191,212 Right of use assets - operating leases 16,973 17,763 Right of use assets - finance lease 2,037 2,101 Other non-current assets 17,216 16,947 Total assets $ 1,588,700 $ 1,597,211 Liabilities and Stockholders' Equity Current liabilities: Trade accounts payable $ 59,798 $ 55,503 Accrued expenses 37,774 40,855 Accrued compensation and other benefits 10,902 17,228 Dividends payable 66 25,717 Income taxes payable 11,831 4,967 Operating lease liabilities - current 3,794 3,949 Finance lease liabilities - current 260 272 Total current liabilities 124,425 148,491 Revolving loan 301,569 309,569 Deferred income taxes 51,006 52,046 Operating lease liabilities - non-current 13,971 14,601 Finance lease liabilities - non-current 1,895 1,943 Other long-term obligations 17,043 16,577 Total liabilities 509,909 543,227 Commitments and contingencies (Note 15) Stockholders' equity: Preferred stock, $ 25 par value. Authorized 2,000,000 shares; no ne issued and outstanding — — Common stock, $ 0.0667 par value. Authorized 120,000,000 shares; 32,423,400 and 32,254,728 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,163 2,152 Additional paid-in capital 154,026 145,653 Retained earnings 926,474 897,488 Accumulated other comprehensive (loss) income ( 3,872 ) 8,691 Total stockhol

View Full Filing

View this 10-Q filing on SEC EDGAR