During the quarter, the Company used $1.5 million for capital expenditures focusing on growth and maintenance projects to continue to improve operational efficiencies.

The second quarter of 2022 includes $8.4 million in net sales and $0.2 million in operating income attributable to the DanChem operations acquired in the fourth quarter of 2021.

Six Months Ended June 30, 2022 Highlights

The first six months of 2022 includes $15.9 million in net sales and $0.4 million in operating income attributable to the DanChem operations acquired in the fourth quarter of 2021.

The net sales increase for the second quarter of 2022 compared to the second quarter of 2021 is summarized as follows:

The net sales increase for the first six months of 2022 compared to the first six months of 2021 is summarized as follows:

Operating income increased $5.4 million, or 72.3%, to $12.9 million for the second quarter of 2022 compared to $7.5 million for the second quarter of 2021. Operating income increased $17.3 million, or 172.0%, to $27.4 million for the first six months of 2022 compared to $10.1 million for the first six months of 2021. The current quarter and first six months of 2022 increase in operating income was primarily driven by the aforementioned average selling price increases due to pass through of raw material cost fluctuations.

The three and six months ended June 30, 2021 effective tax rates approximated the U.S. statutory rate of 21.0%.

Consolidated EBITDA and Adjusted EBITDA are as follows:

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