August 14, 2012
Phosphate Holdings reports Q2 2012 financial results
The second quarter of 2012 net income of Phosphate Holdings, Inc. was reported Monday (Aug 13) at US$0.9 million, or US$0.10 per diluted share of common stock, compared to a loss of US$1.8 million, or US$0.21 per diluted share of common stock for the same period in 2011.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second quarter of 2012 were US$5.1 million, compared to EBITDA of US$2.0 million for the second quarter of 2011.
Total net sales for the second quarter of 2012 were US$78.5 million, a 2.4% decrease from total net sales of US$80.5 million for the second quarter of 2011. The average sales price per short tonne of DAP during the second quarter of 2012 was US$482.42, an 11% decrease from the prior-year period average sales price of US$542.54. During the second quarter, the Company sold 161,045 tonnes of DAP, with 106,364 tonnes moving into export markets and 54,681 tonnes moving into domestic markets.
This compares with 146,213 tonnes of DAP sold in the second quarter of 2011. The Company had operating income of US$2.0 million for the second quarter of 2012, compared to an operating loss of US$2.6 million for the prior-year period.
As of June 30, 2012, the Company had a cash balance of approximately US$1.2 million and borrowings under our credit agreement of US$14.8 million. During the second quarter, the Company expended US$1.9 million on capital expenditures. The Company continues to aggressively manage its liquidity internally in the absence of an external committed source of additional liquidity. Assuming no further substantial interruptions to normal operations, the Company believes that 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.
The Company is a Delaware corporation and the sole stockholder of Mississippi Phosphates Corporation. Mississippi Phosphates Corporation is a Delaware corporation with its executive headquarters in Madison, Miss. Mississippi Phosphates Corporation owns and operates manufacturing facilities in Pascagoula, Miss., which produce diammonium phosphate, the most common form of phosphate fertiliser used as a source of phosphateon all major row crops.