Phosphate Holdings, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2012
August 14, 2012 at 01:59 am IST
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Phosphate Holdings, Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported total net sales of $78.513 million against $80.456 million a year ago. Operating income was $2.028 million against operating loss of $2.607 million a year ago. Income before income taxes was $1.400 million against loss before income taxes of $2.846 million a year ago. Net income was $0.857 million or $0.10 per diluted share against net loss of $1.765 million or $0.21 per diluted share a year ago. Net cash provided by operating activities was $0.462 million against cash used in operating activities of $2.191 million a year ago. Purchases of property, plant and equipment was $1.864 million against $3.431 million a year ago. EBITDA was $5.127 million against $1.981 million a year ago.
For the six months, the company reported total net sales of $171.087 million against $158.047 million a year ago. Operating income was $0.116 million against operating loss of $2.554 million a year ago. Loss before income taxes was $0.314 million against $2.821 million a year ago. Net loss was $0.201 million or $0.02 per diluted share against $1.749 million or $0.21 per diluted share a year ago. Net cash provided by operating activities was $3.615 million against $7.469 million a year ago. Purchases of property, plant and equipment was $3.444 million against $4.926 million a year ago. EBITDA was $7.681 million against $5.796 million a year ago.
Phosphate Holdings, Inc. and its wholly owned subsidiary, Mississippi Phosphates Corporation, are engaged in the production and marketing of diammonium phosphate, or DAP, a phosphate fertilizer. The Companyâs production facilities are located on a deep-water channel at Pascagoula, Mississippi with direct access to the Gulf of Mexico. Its manufacturing facilities consist of two sulfuric acid plants, a phosphoric acid plant and a DAP granulation plant. The DAP granulation plant has a maximum annual production capacity of approximately 850,000 tons. Its sulfuric acid plants produce sulfuric acid sufficient for annual DAP production of approximately 600,000 to 640,000 tons. Phosphate Holdings, Inc.âs product is diammonium phosphate fertilizer (DAP). Phosphate rock and sulfuric acid, which are manufactured at the plant, or purchased, are combined to form phosphoric acid, which is then mixed with ammonia to produce DAP, a dry granular product.