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<SEC-DOCUMENT>0000914317-09-001530.txt : 20090730
<SEC-HEADER>0000914317-09-001530.hdr.sgml : 20090730
<ACCEPTANCE-DATETIME>20090730133426
ACCESSION NUMBER:		0000914317-09-001530
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090730
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090730
DATE AS OF CHANGE:		20090730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BALCHEM CORP
		CENTRAL INDEX KEY:			0000009326
		STANDARD INDUSTRIAL CLASSIFICATION:	CHEMICALS & ALLIED PRODUCTS [2800]
		IRS NUMBER:				132578432
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13648
		FILM NUMBER:		09973103

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 600
		CITY:			NEW HAMPTON
		STATE:			NY
		ZIP:			10958
		BUSINESS PHONE:		8453265632

	MAIL ADDRESS:	
		STREET 1:		P O BOX 600
		CITY:			NEW HAMPTON
		STATE:			NY
		ZIP:			10958
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-102322_bcp.txt
<DESCRIPTION>8-K
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 Current Report


     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

         Date of report (date of earliest event reported): July 30, 2009

                               Balchem Corporation
             (Exact name of registrant as specified in its charter)

Maryland                                   1-13648           13-2578432
(State or other jurisdiction of   (Commission File Number)   (IRS Employer
incorporation)                                               Identification No.)

                       P.O. Box 600, New Hampton, NY 10958
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (845) 326-5600

         Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[_]      Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 230.425)

[_]      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
         CFR 240.14a-12)

[_]      Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))

[_]      Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))


<PAGE>


Item 2.02 Results of Operations and Financial Condition

On July 30, 2009, Balchem Corporation, reported earnings for its second quarter
ended June 30, 2009. The full text of the press release issued in connection
with the announcement is attached as Exhibit 99.1.

The information in this Form 8-K (including Exhibit 99.1) shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the
"Exchange Act") or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933 or the Exchange Act, except as expressly set forth by specific
reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits.

99.1 Press Release of Balchem Corporation, dated July 30, 2009, reporting its
financial results for the second quarter of 2009.


<PAGE>




                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                              BALCHEM CORPORATION


                                              By:/s/ Francis J. Fitzpatrick
                                              ----------------------------------
                                              Francis J. Fitzpatrick
                                              Chief Financial Officer

Dated: July 30, 2009


<PAGE>


                                  Exhibit Index


Exhibit Number             Description
- --------------             -----------


99.1              Press Release of Balchem Corporation, dated July 30, 2009


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.txt
<DESCRIPTION>EX-99.1
<TEXT>


                              FOR IMMEDIATE RELEASE

            Balchem Corporation Announces Second Quarter 2009 Results
            ---------------------------------------------------------

      New Hampton, NY, July 30, 2009 - Balchem Corporation (NASDAQ: BCPC)
      reported as follows (unaudited) for the period ended June 30, 2009.
                ($000 Omitted Except for Net Earnings per Share)

                       For the Three Months Ended June 30,
                       -----------------------------------

                                                            2009           2008
                                                            ----           ----

 Net sales                                           $    52,976    $    62,901
 Gross profit                                             17,304         12,951
 Operating expenses                                        7,019          5,711
                                                     -----------    -----------
 Earnings from operations                                 10,285          7,240
 Other income (expense)                                       18           (239)
                                                     -----------    -----------
 Earnings before income tax expense                       10,303          7,001
 Income tax expense                                        3,434          2,277
                                                     -----------    -----------
 Net earnings                                        $     6,869    $     4,724
                                                     ===========    ===========

 Basic net earnings per common share                 $      0.38    $      0.26
 Diluted net earnings per common share               $      0.36    $      0.25

Shares used in the calculation of diluted net
earnings per common share                                 19,184         18,995

                       For the Six Months Ended June 30,
                       ---------------------------------

                                                            2009           2008
                                                            ----           ----

 Net sales                                           $   105,962    $   119,762
 Gross profit                                             33,602         26,434
 Operating expenses                                       14,007         11,790
                                                     -----------    -----------
 Earnings from operations                                 19,595         14,644
 Other expense                                              (126)          (452)
                                                     -----------    -----------
 Earnings before income tax expense                       19,469         14,192
 Income tax expense                                        6,502          4,827
                                                     -----------    -----------
 Net earnings                                        $    12,967    $     9,365
                                                     ===========    ===========

 Basic net earnings per common share                 $      0.71    $      0.52
 Diluted net earnings per common share               $      0.68    $      0.50

Shares used in the calculation of diluted net
earnings per common share                                 19,107         18,916

<PAGE>

Balchem Corporation (NASDAQ:BCPC)                                              2

Record Results for Earnings

          For the second quarter ended June 30, 2009, the company achieved
record net earnings of $6.9 million, an increase of $2.1 million, or 45.4%. The
$6.9 million generated diluted net earnings per common share of $0.36 versus
$0.25 for the prior year comparable period, an increase of 44.0%. Net sales of
$53.0 million were approximately 15.8% below the $62.9 million result of the
prior year comparable quarter; however, equal to the first quarter 2009 sales
results.

         Detailing this second quarter of 2009, Animal Nutrition and Health,
including industrial choline and derivative product sales, totaled $34.8
million, a decrease of 22.0%, or $9.8 million from the prior year quarter,
principally from a decline in volume sold into the well-publicized soft U.S.
poultry and dairy industry. We also realized lower export sales from our North
American choline plants, largely due to the stronger U.S. dollar in 2009 versus
2008 and international political factors affecting poultry exports. This U.S.
volume decline was partially offset by increased volumes of choline products
sourced from our Italian operation into the European and international poultry
markets. This geographic mix lowered consolidated feed grade prices in the
quarter, as did lower pricing linked to the decline in raw materials. Sales of
industrial derivatives (both choline and methylamines) were negatively impacted
by softness, principally caused by the general economic downturn. Sales of our
specialty animal nutrition and health products, targeted for ruminant production
animals and companion animals, decreased 14.5% from the prior year comparable
quarter primarily due to the poor dairy market conditions in the U.S. We did
however realize improved sales of chelated mineral products and new sales
generated from AminoShure(TM)-L., our rumen protected lysine. Through all of
these market activities, earnings from operations for the entire Animal
Nutrition and Health segment increased to $5.3 million as compared to $2.9
million in the prior year comparable quarter, largely due to the noted strong
sales from our Italian operation, and reductions in the cost of raw materials
used to manufacture choline and derivatives, in the U.S. and Europe.

         Sales of the Food, Pharma and Nutrition segment were $9.1 million, a
decrease of 4.0% from the prior year comparable quarter; however, sales did grow
approximately 9.5% on a sequential basis. Quarterly comparative sales results
for this segment continue to reflect the roller-coaster effect of pipeline
fills, inventory level management, and some effects of the worldwide economic
downturn. The domestic food sector was up, as we continued to see growth from
the launch of Choline into new food applications, as well as growth in the
bakery, tortilla and preservation markets. We also saw strong double digit
increases in our VitaShure(R) products for nutritional enhancement. These
results were offset by slowness in sales of calcium products sold into the
over-the-counter pharmaceutical markets and choline sales into the supplement
market. Earnings from operations for this segment were $1.3 million, as compared
to $1.7 million in the prior year comparable quarter, due to the softness in
sales volume; however, this segment result reflects a 33.8% improvement
sequentially from the first quarter of 2009.

         The ARC Specialty Products segment generated record second quarter
sales of $9.1 million, an increase of 3.1% over the comparable prior year
quarter. This growth was consistent with the continued modest growth of hospital
admissions and steady utilization of ethylene oxide for medical device
sterilization. Earnings from operations for this segment, at $3.7 million,
improved 37.8% over the prior year quarter, principally from improved sales and
reductions in the cost of certain petro-chemical raw materials.

<PAGE>
Balchem Corporation (NASDAQ:BCPC)                                              3

         Consolidated gross profit for the quarter ended June 30, 2009 was $17.3
million, as compared to $13.0 million for the prior year comparable period. This
increase, from 20.6% of sales to 32.7% of sales, was a result of product mix,
price increases, plant and logistic efficiencies, and declines in certain key
raw material costs. As previously noted, we continue to focus on gross margin
improvement, implementing raw material cost driven pricing models, production
and supply chain improvements, and sales volume generation through new product
launches. Operating (Selling, R&D, and Administrative) expenses at $7.0 million,
increased $1.3 million over the prior year comparable quarter, as we had some
modest increase of employee headcount, and we increased accounts receivable
reserves for international accounts. In addition, second quarter operating
expenses in 2008 were managed to lower levels as compared to 2009, due to the
decline in operating margins that had begun to occur in 2008.

         For the six months ended June 30, 2009, net sales have decreased 11.5%
to $106.0 million compared to $119.8 million in the comparable prior year
period. Net earnings have increased 38.5% to $13.0 million, generating $0.68 per
diluted share, versus net earnings of $9.4 million, or $0.50 per diluted share,
in the prior year comparable period.

         Balance sheet ratios and cash flow continue to be strong. Early in
2007, we borrowed $39 million, the proceeds of which were used to fund the
Chinook and Akzo acquisitions. At June 30, 2009, our outstanding borrowings were
$8.1 million, but zero net of our cash balance of approximately $27.1 million.
We continue to aggressively manage our working capital. Our accounts receivable
balance was $25.0 million at June 30, 2009 and our inventory levels remain
reduced at $15.7 million, a decrease of 5% from December 31, 2008.

Outlook
         Commenting on 2009, Dino A. Rossi, Chairman, President and CEO of
Balchem, said, "The second quarter revenues, while off from the record setting
second quarter of 2008, reflect many aspects of the continuing difficult global
economy. Notably, revenue was sequentially flat with the first quarter results
of 2009, and impressively, we have improved our profitability by initiating
actions to implement new pricing models, leveraging off of multiple
manufacturing capabilities, improving logistics to serve our global customer
base, and we also benefitted from the decline in petro-chemical raw materials.
We have launched a couple of new products, albeit with modest impact, but given
the economically challenged marketplaces we serve, this uptake of new products
is encouraging. In fact, our total volumes increased 9.7% sequentially from the
first quarter, clearly showing real growth in all segments. We continue to focus
on the shifting needs of our customers by developing innovative ideas and lower
cost solutions to help them deal with the challenging global economic
environment. We continue to prudently manage our P&L and Balance Sheet,
generating cash reserves to capitalize on other strategic opportunities. Year
over year, given the continued slowness in the global economy, particularly the
poultry and dairy markets, we now expect to see a single digit sales decline,
but to see double digit improvement in earnings."


<PAGE>
Balchem Corporation (NASDAQ:BCPC)                                              4

Quarterly Conference Call
         A quarterly conference call will be held on Thursday, July 30, at 2:00
PM Eastern Time (ET) to review second quarter 2009 results. Dino A. Rossi,
Chairman, President and CEO, and Frank Fitzpatrick, Chief Financial Officer,
will host the call. We invite you to listen to the conference by calling
toll-free 1-877-407-8289 (local dial-in 1-201-689-8341), five minutes prior to
the scheduled start time of the conference call. The conference call will be
available for digital replay through Wednesday, August 5, 2009. To access the
replay of the conference call, dial 1-877-660-6853 (local dial-in
1-201-612-7415), and use account #298 and replay ID #327479. Both account and
replay ID numbers are required for replay access.

Segment Information
         Balchem Corporation consists of three business segments: ARC Specialty
Products; Food, Pharma and Nutrition; and Animal Nutrition and Health. Through
ARC Specialty Products, Balchem provides specialty-packaged chemicals for use in
healthcare and other industries. The Food, Pharma and Nutrition segment provides
proprietary microencapsulation, granulation and agglomeration solutions to a
variety of applications in the human food, pharmaceutical and nutrition
marketplaces. The Animal Nutrition and Health segment manufactures and supplies
products to numerous animal health markets and certain derivative products into
industrial applications.

Forward-Looking Statements
         This release contains forward-looking statements, which reflect
Balchem's expectation or belief concerning future events that involve risks and
uncertainties. Balchem can give no assurance that the expectations reflected in
forward-looking statements will prove correct and various factors could cause
results to differ materially from Balchem's expectations, including risks and
factors identified in Balchem's annual report on Form 10-K for the year ended
December 31, 2008. Forward-looking statements are qualified in their entirety by
the above cautionary statement. Balchem assumes no duty to update its outlook or
other forward-looking statements as of any future date.

Contact:  Karin McCaffery, Balchem Corporation
          Telephone: 845-326-5635



<PAGE>

Balchem Corporation (NASDAQ:BCPC)                                              5

Selected Financial Data
($ in 000's)

- --------------------------------------------------------------------------------
                                  Three Months Ended         Six Months Ended
                                       June 30,                 June 30,
                                   2009        2008         2009         2008
- --------------------------------------------------------------------------------
Specialty Products              $   9,093   $   8,816    $  17,887    $  17,266
Food, Pharma & Nutrition            9,091       9,471       17,395       18,760
Animal Nutrition & Health          34,792      44,614       70,680       83,736
- --------------------------------------------------------------------------------
Total                           $  52,976   $  62,901    $ 105,962    $ 119,762
- --------------------------------------------------------------------------------

Business Segment Earnings Before Income Taxes:

- --------------------------------------------------------------------------------
                                  Three Months Ended         Six Months Ended
                                       June 30,                 June 30,
                                   2009        2008         2009         2008
- --------------------------------------------------------------------------------
Specialty Products              $   3,749   $   2,720    $   7,136    $   5,318
Food, Pharma & Nutrition            1,283       1,670        2,242        3,198
Animal Nutrition & Health           5,253       2,850       10,217        6,128
Interest and other income
(expense)                              18        (239)        (126)        (452)
- --------------------------------------------------------------------------------
Total                           $  10,303   $   7,001    $  19,469    $  14,192
- --------------------------------------------------------------------------------


  Selected Balance Sheet Items
                                                 June 30,      December 31,
                                                   2009           2008
                                                   ----           ----
  Cash and Cash Equivalents                    $     27,092   $      3,422
  Accounts Receivable                                25,033         30,250
  Inventories                                        15,738         16,618
  Other Current Assets                                3,301          4,961
                                               ------------   ------------
  Total Current Assets                               71,164         55,251

  Property, Plant, & Equipment (net)                 41,681         42,513
  Other Assets                                       54,844         56,710
                                               ------------   ------------
  Total Assets                                 $    167,689   $    154,474
                                               ============   ============

  Current Liabilities                          $     28,050   $     25,685
  Long-Term Obligations                               6,818         14,283
                                               ------------   ------------
  Total Liabilities                                  34,868         39,968

  Stockholders' Equity                              132,821        114,506
                                               ------------   ------------
  Total Liabilities and Stockholders' Equity   $    167,689   $    154,474
                                               ============   ============


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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