Phosphate Holdings’ numbers are down
MADISON — Phosphate Holdings Inc. reported second quarter 2009 earnings of $100,000, or $0.01 per diluted share of common stock, compared to earnings of $35 million, or $4.32 per diluted share of common stock for the same period in 2008.
Net losses for the six months ended June 30, 2009, were $11.5 million, or $1.50 per diluted share of common stock, compared to earnings of $42 million, or $5.19 per diluted share of common stock for the same period last year. The company’s first half of 2009 results were materially impacted by inventory write-downs to net realizable value of approximately $10.4 million.
Net sales for the second quarter of 2009 were $42.7 million, a 75 percent decrease from net sales of $171.5 million for the second quarter of 2008. Net sales for the six months were $97 million, a 59 percent decrease from net sales of $238.5 million for the six months ended June 30, 2008.
The company incurred an operating loss of $18.2 million for the six months, compared to operating income of $65.9 million for the prior-year period.
Robert E. Jones, Phosphate Holdings’ CEO, said, “The second quarter of 2009 was a period of weak domestic demand for phosphates. Distributors and retailers with high-priced carryover fertilizer inventories were reluctant to reduce prices. As a result, near-term demand was negatively impacted as many U.S. farmers reduced or deferred their phosphate applications during the spring planting season. During the quarter, we saw U.S. Gulf DAP prices decrease from $313 per short ton at March 31, 2009, to $257 per short ton by quarter’s end.”
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Two BancorpSouth mergers delayed by federal inquiries
- Moon River Foods creating 100 jobs in Mississippi Delta
- Wasted away — Margaritaville in Biloxi to close by Sept. 19
- DAVID DALLAS: Mr. McDaniel goes to Washington
- Severstal selling plants, including Severstal Columbus
- Judge to hear from True the Vote as McDaniel attempts to overturn loss to Cochran
- Google chooses Mad Genius as example of Internet use
- WILLOUGHBY: Broadband Voice founder Gary Watts isn’t afraid to take chances
- Weyerhaeuser investing $57M to modernize lumber mill
- Police find Attorney General Hood's stolen handgun