In a recent corporate reshuffle, Balchem (NASDAQ:BCPC) Corporation (NASDAQ:BCPC), a company specializing in chemicals and allied products, has adjusted its board of directors' class structure and amended its bylaws.
The modifications, effective as of today, aim to balance the number of directors across different classes, ensuring each class consists of roughly one-third of the board's total number of directors, as per the company's by-laws.
The reshuffle involved the resignation and immediate re-election of several directors. Daniel Knutson and Joyce Lee transitioned from Class 2 directors to Class 3, while Monica Vicente moved from Class 2 to Class 1, and Kathleen Fish shifted from Class 1 to Class 2. These changes were made strictly for reclassification purposes, and the directors' service on the board is considered uninterrupted.
Additionally, the company's board adopted a resolution on September 18, 2024, electing to be subject to section 3-804(c) of the Maryland General Corporation Law.
This provision allows for any vacancies on the board to be filled solely by the majority vote of the remaining directors, regardless of whether they constitute a quorum. Directors appointed to fill vacancies will serve for the remainder of the full term of the class in which the vacancy occurred.
The implementation of these changes was formalized with the filing of Articles Supplementary with the State Department of Assessments and Taxation of Maryland on September 19, 2024. Balchem's board now comprises three Class 1 directors, two Class 2 directors, and three Class 3 directors, with terms expiring at the annual shareholder meetings in 2025, 2027, and 2026, respectively.
In other recent news, Balchem Corporation has been in the spotlight following the release of its second-quarter financial results for 2024. The company reported a top-line revenue of $234.1 million, a marginal increase from the previous year, but slightly lower than the analyst's projection of $247 million. H.C. Wainwright has subsequently revised its revenue forecasts for Balchem, adjusting the projection for 2024 to $974.8 million, and positively revising the 2025 revenue forecast to $1.09 billion.
Balchem's GAAP net earnings for the second quarter were reported at $0.98 per diluted share, surpassing the analyst's expectations of $0.90. H.C. Wainwright has also revised its earnings forecast for the full year of 2024 to $3.81 per share, and for 2025 to $4.40 per share.
In the midst of these developments, Balchem has also reported significant financial growth in its Human Nutrition and Health segment, which is expected to contribute to revenue increases in forthcoming quarters.
The company also launched Optifolin+, a new product targeting the folic acid market. Despite challenges in the Animal Nutrition and Health segment, Balchem maintains a positive outlook for its long-term growth.
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