Phosphate Holdings sees improved quarter despite sales decrease
by MBJ Staff
Published: August 15,2012
MADISON — Phosphate Holdings Inc. reported second quarter of 2012 net income of $0.9 million, or $0.10 per diluted share of common stock, compared to a loss of $1.8 million, or $0.21 per diluted share of common stock, for the same period in 2011.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2012 were $5.1 million, compared to EBITDA of $2.0 million for the second quarter of 2011.
Total net sales for the second quarter of 2012 were $78.5 million, a 2.4 percent decrease from total net sales of $80.5 million for the second quarter of 2011. The average sales price per short ton of DAP during the second quarter of 2012 was $482.42, an 11 percent decrease from the prior-year period average sales price of $542.54. During the second quarter, the company sold 161,045 tons of DAP, with 106,364 tons moving into export markets and 54,681 tons moving into domestic markets. This compares with 146,213 tons of DAP sold in the second quarter of 2011. The company had operating income of $2.0 million for the second quarter of 2012, compared to an operating loss of $2.6 million for the prior-year period.
As of June 30, 2012, the company had a cash balance of approximately $1.2 million and borrowings under our credit agreement of $14.8 million. During the second quarter, the company expended $1.9 million on capital expenditures.
Assuming no further substantial interruptions to normal operations, PHI said it believes its operating results should be adequate to meet the company’s operating and capital needs during 2012 without the need for additional liquidity facilities or arrangements.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- GreenTech holds grand opening of neighborhood electric vehicle plant
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Mississippi Film Studios signs contract with New Orleans company
- Granddaughter of Barq's Root Beer founder dies at 90
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Board authorizes sale of company that owns Silver Slipper Casino
- David Duval, former British Open winner, joins Sanderson Farms field
- JRA plans image makeover, hires crisis manager