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): September 18, 2003
Balchem Corporation
(Exact name of registrant as specified in its charter)
Maryland 1-13648 13-257-8432
(State or other jurisdiction of (Commission file number) (I.R.S. Employer
incorporation or organization) Identification Number)
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
Item 7 Financial Statements and Exhibits
(c) Exhibits
99 Press Release of Balchem Corporation dated September 18, 2003, reporting
Balchem's revised business outlook for the third quarter 2003.
Item 9. Regulation FD Disclosure
The following information is being furnished pursuant to "Item 9 Regulation FD
Disclosure" and is also being furnished pursuant to "Item 12 Results of
Operations and Financial Condition" in accordance with SEC Release No. 33-8216.
On September 18, 2003, Balchem Corporation issued a press release announcing
revised business outlook for the third quarter 2003. A copy of the press release
is attached as Exhibit 99 to this report.
SIGNATURE
Under the requirements of the Securities Exchange Act of 1934, the registrant
has caused this report to be signed on its behalf by the authorized undersigned.
BALCHEM CORPORATION
By:/s/ Dino A. Rossi
---------------------------
Dino A. Rossi, President,
Chief Executive Officer
Dated: September 18, 2003
EXHIBIT INDEX
Exhibit
No. Description
99 Press Release of Balchem Corporation dated September 18, 2003, reporting
Balchem's revised business outlook for the third quarter 2003.
BALCHEM CORPORATION REVISES BUSINESS OUTLOOK
FOR THE THIRD QUARTER 2003
New Hampton, NY. September 18, 2003. Balchem Corporation (AMEX:BCP) announced
today that it has revised its business outlook for the third quarter of 2003.
During the third quarter, the Company has realized continued softness in the
Encapsulated/Nutritional Products segment of the business, particularly in the
domestic food and the animal nutrition sectors, where conservative purchasing
patterns and delayed new product launches by customers in the United States
continue.
Commenting on the announcement, Dino A. Rossi, President and CEO, stated "Weak
general economic conditions, together with protracted ordering patterns and
lower customer inventory levels in the Encapsulated/Nutritional Products
segment, continued beyond our earlier expectations. We have responded to these
market dynamics by significantly reducing production in the quarter, to align
our inventories accordingly, resulting in short-term unfavorable manufacturing
costs. This action, while reducing operating income in the quarter does
strengthen our balance sheet by converting inventory to cash and has positioned
this segment for improved results in the fourth quarter. The Company has also
realized significant increases in employee medical claims under our
self-insurance program. As a result, the Company does not expect consolidated
earnings for the third quarter or the full 2003 year to reach the levels for the
comparable periods of 2002. On the positive side, we do expect continued
strength in the ARC Specialty Products and BCP Ingredients segments as noted in
the June 30, 2003 quarterly press release."
About Balchem:
Balchem Corporation consists primarily of three business segments:
Encapsulated/Nutritional Products, ARC Specialty Products, and unencapsulated
feed supplements. The Encapsulated/Nutritional Products segment provides
proprietary microencapsulation solutions to an expanding variety of
applications. Through ARC Specialty Products, Balchem provides
specialty-packaged chemicals for use in healthcare and other industries. BCP
Ingredients, Inc., manufactures and supplies unencapsulated feed supplements
used primarily in the poultry and swine industries.
Contact: Jackie Powell, Investor Relations Coordinator.
Telephone: 845-326-5635, e-mail: bcpexec@balchem.com
This release contains forward-looking statements, made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, 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, 2002. 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.