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Quaker Chemical announces record quarterly sales for Q1 2007

May '07
Quaker Chemical Corporation announced record quarterly sales for the first quarter 2007 of $124.9 million and net income of $3.5 million, a sales increase of 13.7%, and a net income increase of 39%, compared to the first quarter 2006. Earnings per share increased to $0.35 per diluted share from $0.26 per diluted share for the first quarter 2006.

Net sales for the first quarter were $124.9 million, compared to $109.8 for the first quarter of 2006. The increase in net sales was primarily attributable to a combination of higher sales prices and volume growth. Volume growth was mainly attributable to double digit sales growth in China and higher revenue related to the Company's CMS channel.

Foreign exchange rate translation also increased revenues by approximately 4% for the first quarter of 2007, compared to the same period in 2006. Selling price increases were realized across all regions and market segments, in part, as an ongoing effort to offset higher raw material costs. CMS revenues were higher due to additional CMS accounts and the renewal and restructuring of several of the Company's CMS contracts.

Gross margin as a percentage of sales was 30.9% for the first quarter of 2007, compared to 29.6% for the first quarter of 2006. Higher selling prices and additional contribution from the Company's CMS channel helped improve margins.

On a sequential basis, however, the first quarter 2007 gross margin percentage was below the fourth quarter 2006 gross margin percentage of 32.3%, as higher CMS service revenues, which include revenues from third-party product sales to CMS accounts, have lower gross margin percentages than traditional product sales.

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