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Executives

J. Neal Butler - President, Chief Executive Officer, Chief Operating Officer, Director

John V. Sobchak - Chief Financial Officer

Analysts

Rosemarie Morbelli – Ingalls & Schneider

David Yuschak – SMH Capital

Arthur Friedman – Friedman Asset Management

KMG Chemicals, Inc. (KMG) F4Q09 Earnings Call October 13, 2009 10:00 AM ET

Operator

Welcome to the KMG Chemicals fourth quarter 2009 and yearend earnings conference call. At this time I would like to inform you that this conference is being recorded and that all participants are currently in a listen only mode. I would now like to turn today’s conference over to Mr. Neal Butler.

J. Neal Butler

Welcome to KMG’s fourth quarter and 2009 fiscal yearend conference call. John Sobchak our CFO and I will take you through the financials, provide an overview of each of our businesses and address any questions that you have. Our earnings release was filed earlier today and I hope all of you have had an opportunity to review it. First, I’d like to point out that despite a very challenging year we’ve turned in a record performance in terms of net sales, operating income, net income and diluted earnings per share. Additionally, we paid down a notable portion of our long term debt, fully paid down the revolver, ended the year with a strong cash position and are well positioned to continue to execute our strategy to close accretive acquisitions.

Through all the volatility of the past year we remain focused on managing each segment for maximum operating efficiency and optimal cash generation. For fiscal 2009 net sales rose 24% to $190.7 million producing operating income of $20.8 million and net income of $10.2 million or $0.91 per diluted share versus fiscal 2008 net sales of $154.4 million, operating income of $11.5 million and net income of $5.4 million or $0.48 per diluted share. As most of you know, our electronic chemicals business was under the KMG umbrella for all of fiscal 2009 versus seven months in 2008.

The improvement in profitability was primarily due to a significant drop in key raw material prices in our third and fourth quarters in addition to successful efforts to increase efficiencies in supply chain and manufacturing coupled with targeted costs cutting initiatives. We were also ultimately successful in our efforts to pass through first half raw material costs increases. Although raw material costs increased so rapidly in quarters one and two that our pricing actions were lagging in that period. These factors not only helped us achieve the 90% increase in net income but also positioned us for continued gains as the economy recovers, especially semiconductor production.

Net sales for the 2009 fourth quarter were $48.4 million versus $51.4 million in the fourth quarter of 2008 with the decline due to lower demand for our electronic chemicals versus the prior quarter of 2008. This was attributable to decreased production levels in the semiconductor market coupled with industry wide deleveraging and associated inventory reductions by virtually all industries that rely upon semiconductors and their manufacturing.

Both our US and European electronic chemicals were impacted. Despite a decline in fourth quarter year-over-year revenue, we reported operating income of $9.4 million, a 359% improvement compared to $2 million in the fourth quarter of last year. Net income rose eightfold to $4.9 million or $0.44 per diluted share compared to $571,000 of $0.05 per diluted share in the same period last year.

As was the case in the third quarter, the other key contributors to the increase in profitability in the fourth quarter was the strength of our wood treating preservative segment, the reduction in commodity prices lowering some of our raw material costs and the elimination of costs related to our electronic chemicals acquisition as well efficiency gains in that segment. Also, amortization expense for fiscal 2009 was approximately $1.1 million less than in fiscal 2008 primarily because of an asset associated with a penta acquisition had been fully amortized by January 2009.

Now, I’d like to discuss performance and outlook for each of our businesses. Our wood preservative business remained strong in the final quarter of the year. For the fourth quarter creosote sales rose 16% and for the year as a whole creosote sales were $66.8 million, up 23% due primarily to price increases that we implemented early in the year driven by cost of goods. We did experience a modest 4% decline in volume in the segment mostly due to moderately decreased demand. There was a short term US source supply constraint in the latter half of our fiscal year but we were able to successfully supplement creosote shipments with increased imports. After monitoring our supply situation we have secured additional quantities from international sources and we’re confident we can meet market demand going forward.

In the second half of the year, demand by railroads for crossties, about 90% of which are treated with creosote, remained strong but we do expect purchasing by railroads to soften in the second half of our fiscal year. This could cause creosote sales volumes to decline. Penta sales volumes eased in the fourth quarter of fiscal 2009 versus 2008. However, operating income doubled as a consequence of short term reductions in several key raw materials. Utility and maintenance programs demand for penta treated poles continued at a roughly steady state thus producing relatively flat revenue of $26.2 million for fiscal 2009 compared to fiscal 2008 of $26.4 million. In the near term we expect to see lower margins in our penta business due to the recent surge in chlorine and phenol prices, two key raw materials used in production of penta. For fiscal 2010 we anticipate penta sales will be marginally less to flat versus 2009.

Moving on to our second largest segment, electronic chemicals, the contraction of the global semiconductor market during most of fiscal 2009 depressed sales in this segment. In the fourth quarter electronic chemical sales were down 25% to $20.8 million compared to the same period last year. For the entire fiscal year, this segment generated net sales of $85.8 million compared to $61.2 million for the seven months we owned the business in fiscal 2008. We started to see incremental improvement in this business in our fourth quarter from the lows of the second and third quarters.

As a whole, the electronic chemicals business generated about $3.7 million of operating income, almost twice that of last year. Since our business concentration is in the US rather than Asia where the semiconductor market was hit the hardest, the sales decline was less severe and we were able to maintain our profitability. However, the severe contraction in Europe’s semiconductor market produced an operating loss for our European operation based on Milan.

Our ability to operate the EC business profitably was achieved through cost cutting measures at our manufacturing sites as well as efficiency improvements and associated cost reductions in our supply chain. We also reduced the inventory and working capital requirements of this business. We believe we’ve passed through the trough of the semiconductor downturn and expect to see some level of recovery in the electronic chemicals business during this fiscal year.

With the increased operating efficiencies in this segment, we’ve laid the foundation and have the infrastructure in place to achieve a significant improvement in profitability when this happens. When semiconductor demand increases, our products typically are on the front end of supply chain needs and our customers expect us to meet quickly changing requirements. That’s one of the value added components that we bring to this market.

In our animal health business fourth quarter net sales were $3.8 million compared to $3.2 million in the same period of 2008. For the fiscal year sales were $10.9 million down 6% from fiscal 2008 however, lower input costs coupled with weak beef prices forced cattle growers to minimize their discretionary spending for parasitic fly and pest products. Livestock, dairy and poultry markets have been under stress and animal health distributors have held off building inventory so we notably downsized the cost structure of this operation to maintain its profitability in fiscal 2009 and believe we will see improvement in fiscal 2010.

However, while we are focused on improving efficiencies we will continue to look for opportunities to expand and diversify our sales and geographic distribution as well as our product offerings. Plus, we’ll maintain our focus on locating accretive acquisitions. I will now turn the call over to John to provide some additional information on the 2009 fiscal year and fourth quarter as well as our financial position.

John V. Sobchak

Neal already covered our year-to-date and quarterly top line performance by segment. Now, while revenues declined in the fourth quarter gross profit increased by $4.7 million or 32% to $19.6 million. Gross profit margins improved to 40% from 29% in the prior year’s fourth quarter. As is the case in the third quarter lower commodity prices and its impact on our raw materials cost was a major driver for that improvement. However, the optimization initiatives Neal discussed, particularly in the electronic chemicals business following the integration of that acquisition in to our operation also contributed to the improvement in gross profit margins.

For the 2009 fiscal year as a whole revenues increased by $36.3 million or 24% to $190.7 million versus the year earlier. Electronic chemical’s revenue increased by $24.6 million for the year versus 2008 because the business was only owned for seven months in fiscal 2008. Animal health sales were $10.9 million down 7% from fiscal ’08 while wood preservative sales increased $12.4 million or 15% to $94 million. Gross profit margins were 34% in 2009 up from 30% in 2008.

SG&A was $10.2 million in the fourth quarter a 20% decrease from $12.8 million in the prior year period. As a percentage of sales, SG&A was21% in the fourth quarter 2009. That’s down from 25% in the final quarter of 2008. We include distribution expenses in SG&A rather than cost of goods sold and the electronic chemicals business has a much more complex supply chain than our legacy businesses resulting in a higher SG&A burden as a percentage of sales. Most of the cost reduction initiatives Neal mentioned earlier are focused on optimizing the supply chain in that business.

We estimate that approximately one third of our SG&A is truly variable on a short term basis and most of that is associated with trucking, warehousing charges, etc. As discussed in earlier disclosures, starting in January of 2009 certain amortization expenses associated with an earlier acquisitions in the penta segment ceased as that asset became fully amortized. As a result, amortization expense for fiscal ’09 was approximately $1.1 million less in fiscal ’08 with most of that reduction occurring in the second half of fiscal ’09. This will also favorably impact the first half of fiscal 2010 as compared to the first half of ’09.

For the full fiscal year SG&A increased $8 million or 23% to $43.3 million due primarily to the ownership of the electronic chemicals business for a full 12 month period versus just seven months the year earlier. We also incurred an additional $1.1 million in cost associated with the transition and integration of the acquired business on to our platform during the first quarter of fiscal ’09.

Interest expense for fiscal ’09 was $3 million compared to $2.7 million in the prior year which was due to increased borrowings to complete the acquisition of the electronic chemicals business. Our income tax rate was 41.6% for the year versus 38.8% in fiscal ’08. The increase in the effective tax rate was driven by a valuation allowance both against the net operating loss tax asset we were carrying in association with losses incurred at our European electronic chemicals operation. When we get the European operation to sustain profitability, that allowance will be reversed.

Net income increased 761% to $4.9 million or $0.44 per diluted share in the final quarter of ’09. That’s compared to $571,000 or $0.05 per diluted share for the same period one year earlier. For the fiscal year, net income increased 90% to $10.2 million or $0.91 per diluted share versus $5.4 million or $0.48 per diluted share in fiscal ’08.

Moving on to our balance sheet, net working capital at the close of the fiscal year was $29.7 million compared to $30.9 million in fiscal ’08. One of our stated goals for fiscal 2009 was to repay the borrowings on our revolver by year end. That was accomplished and we have our $35 million revolving credit facility fully available plus $7.2 million in cash on our balance sheet. At the close of fiscal 2008 we had total debt of $61 million. That includes a $66 million of debt by the end of the second fiscal year 2009 quarter as we moved our recently acquired electronic chemicals business off of transitional services that was provided by the seller. Then, over the following six months we reduced our debt to $46 million primarily by reducing working capital requirements as we optimized and recently integrated electronic chemical’s operations.

We acquired that electronic chemicals business on December 31, 2007 and in the 18 months following the acquisition we repaid $24 million of the $70 million borrowed when we closed the purchase. As of July 31st we were in compliance with and had a considerable cushion on the three credit ratios required in our credit agreements. Currently, we pay an interest rate equal to 2.5% over LIBOR on our term loan and revolver borrowing which is reducing to 2% over LIBOR based on our yearend results.

As of July 31st we had $26.3 million outstanding on our term loan and as I already mentioned zero on the revolving facility. The revolver is a non-amortizing facility that matures in December 2012 and the term loan is an amortizing facility that is fully paid off on that same date. We also have $20 million of non-amortizing notes for which we pay a fixed interest rate of 7.43% and those are maturing on December 2014. Shareholders’ equity at 2009 fiscal year end was $71 million or $6.32 per diluted share. As of July 31st we had 11.1 million basic shares and 11.2 million diluted shares outstanding.

Now, I’ll hand it back to Neal for closing remarks.

J. Neal Butler

In summary, fiscal 2009 was a very challenging year and KMG, as most companies, experienced the impact of the recessionary economy. Our attachment to several key infrastructure industries provided some buffer in our wood treating sector and aggressive cost cutting actions and efficiency improvements helped ensure the decline in electronic chemical demand did not prevent a positive operating income within our electronic chemicals business.

In light of our business strategy of acquiring specialty chemical businesses, our product lines in narrowly defined markets and optimizing those businesses, we believe we are well positioned to move forward with our next acquisition both operationally and financially. We’ve made significant enhancements to our corporate infrastructure following the electronic chemical acquisition and increased our management [inaudible] strength. We’re confident that these improvements will produce integration efficiencies for future acquisitions.

With our strong cash position and our $35 million revolving line of credit fully available we have the capacity to finance our next acquisition. Finally, the weak economy has uncovered many attractive opportunities and we expect to consummate our next acquisition in fiscal 2010. As previously mentioned, while we report on the quarter we manage for the year. Our investment strategies are clearly focused on the long term and we’re optimistic about KMG’s business prospects in fiscal 2010 and beyond.

We believe that we will be able to achieve results in fiscal 2010 that are moderately better than fiscal 2009 assuming the economy remains on its path to recovery. Before answering your questions this morning I’d like to point out that John and I will be ringing the closing bell at the NASDAQ market site this afternoon at 4pm. We invite you all to join in the celebration by logging on to the webcast at NASDAQ’s website under their market site section.

Before taking your questions let me also mention that we will be presenting at the Ingalls & Schneider Specialty Chemical Seminar on November 17th and the Oppenheimer Industrials conference on the following day, both in New York. We hope to see some of you there. We appreciate your participation today and now we’ll open the floor for questions.

Question-and-Answer Session

Operator

Ladies and gentlemen we’d like to begin by remind you that the information in this conference call includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate or subject to significant risks or uncertainties including statements as to the future performance of the company. Although the company believes that the expectations reflected in these forward-looking statements are reasonable it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct.

Factors that could cause results to differ include but are not limited to the loss of primary customers, successful implementation of the internal plans, product demands, the impact of competing products, increase in the price of raw materials and active ingredients, successful acquisitions and integration of additional product lines and businesses, the condition of capital markets on interest rates and currency fluctuations and general economic conditions, environment liability, the ability to obtain registration and re-registration of products, increased environment compliance cost of products and general political and economic risks and uncertainties.

(Operator Instructions) Your first question comes from Rosemarie Morbelli – Ingalls & Schneider.

Rosemarie Morbelli – Ingalls & Schneider

You made quite a lot of cuts in SG&A and also towards manufacturing efficiencies, are those permanent cuts or did you eliminate some expenses because of the lower level of demand and they will have to come back and therefore as a percentage of sales GS&A may go back up in the future when markets pick up?

John V. Sobchak

Rosemarie when you compare let’s say the fourth quarter of this year to the fourth quarter of last year keep in mind that a good portion of the SG&A is variable, as we mentioned. And also, there was approximately $1.1 million of amortization expense in the second half of fiscal 2008 that wasn’t there in the second half of fiscal 2009. Of the reductions or operating efficiency improvements that took place in the second half of 209, most of those were centered around optimizing the supply chain and we would not expect for those to come back on a percentage of sales basis to the same level that were there in fiscal ’08.

Also, in the second half of fiscal 2008 keep in mind that we were operating the electronic chemical business under a transitional services agreement with Air Products. We had estimated that that transitional services agreement cost us on average a $175,000 per month more than it’s costing us now to operate it on our own.

Rosemarie Morbelli – Ingalls & Schneider

Another thing which helped you during the quarter, was if my memory services me right, was raw material costs coming down. What do you see the trends and do you expect to give up some selling price increases if raw materials continue to stay at this particular level?

J. Neal Butler

Rosemarie we saw some rather notable spot decreases in the cost of some of our raw materials particularly in chlorine and phenol which is used to produce pentachlorophenol. We’ve already seen those prices start to come back up so our anticipation going forward for this year s that we’ll see those prices come back probably to more average prices or maybe even slightly higher because there has been a trend for those to increase. Now, in reference to price increase that were implemented, at this juncture we would see no significant drop in any of our price structures through the course of fiscal 2010. There may be a few isolated price reductions but they will be precious few.

Operator

Your next question comes from David Yuschak – SMH Capital.

David Yuschak – SMH Capital

As far as you commented in your discussion about the constraints in creosote that developed in the quarter and you had to resort to importing it. How do you view those constraints on a longer term basis? Is it going to be more important to source creosote as n import versus those domestic opportunities?

J. Neal Butler

I don’t think so. The constraining creosote is driven primarily driven by the demand for [pitch] in the aluminum market and the distillation of coal tar and that demand dropped this year, the amount of coal tar that was distilled dropped so the amount of distalla that is available in the United States for creosote decreased as well so it’s going to move with that. A key value added that KMG brings to the creosote business is that we have the infrastructure set up to bring material in from a number of sources internationally and also to take the material from the United States so actually we can tide with either way. Going forward I wouldn’t envision that we would see that kind of constraint unless the demand for [pitch] just stays unreasonably low.

David Yuschak – SMH Capital

I thought there were some issues here domestically that would have caused that. You’re just thinking that’s just basically an economic phenomenon then?

J. Neal Butler

That’s exactly what it is.

David Yuschak – SMH Capital

That constraint did he help boost margins in that space more than what you had anticipated maybe because prices firmed up more because of the need?

J. Neal Butler

Yes, it did have a positive impact on the margins.

David Yuschak – SMH Capital

As far as the level of the gross margin in the quarter was that primarily because of these constraints, the boost?

J. Neal Butler

It was a portion of it. The other portion of it was the improvements we saw in the penta margins, as a consequence it reduced raw material cost in the third and fourth quarter.

David Yuschak – SMH Capital

So there really wasn’t much of an improvement in the electronic chemicals then to get you that margin there?

J. Neal Butler

We saw a trend line improvement in electronic chemicals. Our volume of sales just hit a trough probably about February. Each month we’ve seen a gradually increase in that, the trend line has not been terribly steep but we have seen that that market has been coming back gradually and in the fourth quarter we saw some improvement in electronic chemicals and it was primarily driven by volume of sales.

David Yuschak – SMH Capital

Was that later in the quarter than earlier in the quarter then too?

J. Neal Butler

Yes.

David Yuschak – SMH Capital

Your comments earlier too suggested that you didn’t expect the railroad market to be back aggressively in the second half of the year. Given the potential for a recovery I would think that potential for recovery, I would think railroads probably would have spread out their maintenance more than they would potentially in the second half. What leads you to the conclusion that the spending may in fact be slower?

J. Neal Butler

It’s just indications that we are getting from some of the class run railroads that the demand for ties may soften somewhat. I use the word soften as opposed to it’s going to decline because we do believe based on what we’re hearing that we’ll see again, some softening of the market, some moderate decline but we at this juncture don’t see anything significant.

David Yuschak – SMH Capital

Then as far as the outlook for electronic chemicals, I’m hearing some good things coming out of Intel and other places about the recovery that’s developing in that market place. How do you guys currently read that since you just said you should be more sensitive to some of the earlier things that happen there?

J. Neal Butler

Well, what we’re trying to primarily communicate is when you look at the semiconductor production we tend to be a bit of a leading indicator since we’re on the front end of that supply chain and we’re seeing and obviously reading the same information as you are in reference to the recovery of the semiconductor market. Our belief and forecast is in calendar year 2010 we’ll see that start to come back.

David Yuschak – SMH Capital

But right now your expectations are that it may not be a robust recovery in some of your comments about the outlook?

J. Neal Butler

Well, what we’re seeing right now is this trend line that I mentioned a while ago where each month seems to be an improvement over prior month, that is continuing. We haven’t seen massive increases but again we’re seeing the trend line continuing to move upward.

David Yuschak – SMH Capital

Then one last question and I’ll turn it over, as far as the ability to attract more customers to electronic chemicals right now, what’s that look like as far as seeing incremental new wins there?

J. Neal Butler

Well, that’s our everyday effort of course is to try to attract new customers. One of the things that tends to play to our advantage a bit is that we see more and more of the customers having higher requirements for levels of purity. It does play to our advantage because that’s the strength that the manufacture facilities that we have deliver and one of the key ways for us to gain a larger share of the market is for the market to have a higher requirement for levels of purity.

Operator

Your next question comes from Arthur Friedman – Friedman Asset Management.

Arthur Friedman – Friedman Asset Management

I wanted to ask a question on your business strategy and your thinking going forward in terms of your strategy. In order to do this I just want to set this up with a few facts to give you how I’m thinking about it and trying to understand how you’re thinking about it. First of all obviously you want to return maximum value for shareholders and if we look at your stock price in [inaudible] and the highs that it was at and then look at it again in December ’08 where it hit this incredible low and now you’re coming back. So obviously, you’re making a nice comeback but you’re not where you were in ’07.

As I’m looking at this you’re talking about going forward we’ve got the penta sales and you’re noticing an increase in your chlorine prices so you’re monitoring that very closely, you’ve got your animal health sales but you’ve noted that you still have the high cost for feed, fuel and fertilizer. Then, we look at how you did this year, nice performance but you’ve gone through a major integration of another business, correct? What I’m trying to understand is given that and the way you’re going right now which is very nice, why would you want to rush out in fiscal ’10 and buy another company?

Wouldn’t it make more sense to sort of make sure you’ve got the integration tight and keep bringing in profit after profit for several quarters and get a real stronger stable base of operations where you’re bringing in this profit and then finally go out and buy another company? I’m just trying to understand why you’d want to rush out and be thinking about getting another acquisition which it would seem to me it’s just going to incur more costs initially on your end to buy them and also hold the stock price back.

J. Neal Butler

Art, a couple of things, our basic strategy is growth through acquisitions. A comment I would make is in all honestly I don’t feel like we’re rushing out to make an acquisition I mean it’s actually a very deliberate process. One of the things when you look at our consolidation strategy it’s imperative as we select a market segment that we’re going to participate in it’s important for us then to work to consolidate and gain a large position in that market place in that particular segment and try and become a market leader. That’s our basic strategy going forward.

If you’ll look at the history, our history in the penta business, if you look at our history in the creosote business you’ll see that’s exactly the transition that we went through. We look at our animal health business and we look at the electronic chemical sector, it’s the same thing, for us to grow and be able to meet our strategic plan it is imperative that we gain a larger market share. We gain market share predominately in these mature chemicals by making acquisitions and of course when you make the acquisition as a market leader it just puts you in a stronger position in that market place going forward.

Subsequent acquisitions, by the way, tend to be less costly than the initial acquisition in terms of the consolidation and integration. So, as we go forward our strategy to grow through acquisition is a cornerstone for our growth going forward, our growth over the next five years and we see this continuing. Again, I stress this is not an effort to rush, this is a very deliberate process and the acquisitions that we’re looking at we’ve looked at for a very long time and have modeled out very judiciously.

Arthur Friedman – Friedman Asset Management

I figured you definitely have some ideas in mind that you’ve looked at thoroughly. I know you guys, I know the company and as an investor myself I understand that. I’m just trying to look at it in terms of what would happen to the stock price?

J. Neal Butler

Well, I wish I could control that part of it but they don’t let me. All we can do is try to maximize the earnings and keep doing it year-over-year and we’ll just have to let the market take the stock price where it goes I suppose.

Operator

You have no further questions at this time. I’ll now turn the conference back over to management.

J. Neal Butler

Again, we sincerely appreciate everybody being on line today and listening to the conference call. We are very pleased to have reported an exceptional year and a record year. We look forward to the next call with you in the following quarter. Thank you.

Operator

Ladies and gentlemen this concludes our conference for today. Thank you all for participating and have a nice day. All parties may now disconnect.

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