Fourth-Quarter Highlights:
- Sales and earnings pressured by mild
weather and weak agriculture market
- EBITDA* margin expansion achieved in
both businesses
- Completed a key step in the Plant
Nutrition growth strategy by acquiring 35 percent stake in
Produquímica Industria e Comercio S.A. (Produquímica), a leading
Brazilian specialty plant nutrition company
Full-Year Highlights:
- Despite very mild winter weather, salt
segment earnings still second best on record
- Net income of $159.2 million slightly
below 2014 results, when excluding special items
- Adjusted EBITDA* of $299.7 million, 2
percent below prior year despite significant declines in salt and
plant nutrition sales volumes
- Cash flow from operations of $137.9
million
Compass Minerals (NYSE: CMP), a leading producer of essential
minerals, reported lower full-year and quarterly earnings when
compared to 2014 as a result of mild winter weather and a weak
agricultural market. Despite the near-term headwinds, the company
announced that its board of directors has approved a 5 percent
increase in the quarterly dividend for 2016, the 13th consecutive
year of increased dividends and an indication of the strong
underlying fundamentals of both businesses.
“A combination of limited snow events and warm weather
significantly reduced fourth quarter demand for our deicing
products. We also experienced further deterioration in sales
volumes of our specialty sulfate of potash,” said Fran Malecha,
Compass Minerals’ president and CEO. “Even with the weakness in the
fourth quarter, our full-year adjusted earnings were only slightly
below last year’s, which speaks to the execution of our strategies
to improve both businesses. As we enter 2016, we believe market
conditions will likely be challenging, and we are taking the
necessary steps to align production with current demand and create
a leaner organization for long-term success.”
Net income in the fourth quarter totaled $58.4 million, or $1.72
per diluted share, compared to $80.5 million, or $2.38 per diluted
share, in 2014.
For the full year, net income was $159.2 million, or $4.69 per
diluted share, compared to $217.9 million in 2014. The prior year
result includes an after-tax benefit of $60.6 million received in
the third quarter from an insurance settlement related to the 2011
tornado that struck the company’s facilities in Goderich, Ontario,
as well as costs associated with early debt redemption in the
second quarter of 2014. Excluding special items, 2014 net income
was $162.4 million, or $4.79 per diluted share.
Fourth-quarter total sales were $289.3 million, which was a 33
percent decline from prior-year results. For the full year, total
revenue was 14 percent lower compared to 2014 results, as lower
sales volumes in both segments were offset partially by higher
average selling prices.
Lower volumes in both businesses along with lower average
selling prices for salt drove a $35.7 million year-over-year
reduction in fourth-quarter operating earnings. For the full year,
operating earnings decreased $6.3 million from adjusted 2014
operating earnings.
* Earnings before interest, taxes, depreciation and
amortization, adjusted for special items. This is a non-GAAP
financial measure. Reconciliations to GAAP measures of performance
are provided in tables at the end of this release.
Financial Results
(in millions except per-share data)
Three months ended
December 31,
Twelve months ended
December 31,
2015 2014 2015
2014 Sales $ 289.3 $ 433.4 $ 1,098.7 $ 1,282.5 Operating
earnings 71.9 107.6 221.4 311.0 Adjusted operating earnings(1) 71.9
107.6 221.4 227.7 Adjusted operating margin(1) 25 % 25 % 20 % 18 %
Net earnings 58.4 80.5 159.2 217.9 Net earnings, excluding special
items(2) 58.4 80.5 159.2 162.4 Diluted earnings per share 1.72 2.38
4.69 6.44 Diluted earnings per share, excluding special items(2)
1.72 2.38 4.69 4.79 Adjusted EBITDA(1) $ 92.4
$ 128.4 $ 299.7
$ 305.7
(1)
These are non-GAAP financial measures.
Reconciliations to GAAP measures of performance are provided in
tables at the end of this release. The 12 months ended December 31,
2014, include a pre-tax gain of $83.3 million ($60.6 million after
applicable taxes) from an insurance settlement relating to damage
sustained by the company as a result of a tornado that struck the
company’s rock salt mine and evaporated-salt plant in Goderich,
Ontario, in 2011.
(2)
Special items for the 12 months ended
December 31, 2014, include after-tax costs of $5.1 million to
refinance debt and the after-tax gain from the Goderich insurance
settlement. Reconciliations to GAAP measures are provided in the
tables at the end of this release.
SALT SEGMENT
Limited snow activity and mild temperatures in North America and
the U.K. combined to reduce the company’s fourth-quarter salt
segment revenue by 34 percent from prior-year results. Highway
deicing sales volumes declined 32 percent from 2014, and consumer
and industrial sales volumes dropped 17 percent. Average selling
prices for highway deicing products were 14 percent lower than the
2014 quarter due to lower highway deicing contract pricing for the
winter season and a product sales mix shift toward lower-priced
sales to chemical customers. Consumer and industrial average
selling prices dropped 2 percent, principally due to a lower mix of
packaged deicing sales.
For the full-year, salt segment revenue declined 15 percent,
primarily due to the impact of mild weather on sales of bulk and
packaged deicing products. Highway deicing and consumer and
industrial sales volumes decreased 17 percent and 15 percent,
respectively, from 2014 results. Full-year average selling prices
for highway deicing products increased 2 percent, while consumer
and industrials average selling prices declined 1 percent.
Despite significant weather-driven reductions in sales,
full-year salt segment adjusted EBITDA was the second highest on
record and 2 percent higher than last year’s results. The segment’s
adjusted EBITDA margin for the year improved to 31 percent compared
to 25 percent in 2014. This increase was driven by the company's
strategies to optimize the business which has resulted in
improvements in shipping and handling costs, improved pricing, and
lower production costs.
For the quarter, lower deicing salt demand reduced salt segment
EBITDA to $83.1 million compared to the prior-year result of $115.7
million. EBITDA margin, however, improved to 35 percent from 33
percent in 2014.
Salt Segment Performance
(in millions except for sales volumes and
prices per short ton)
Three months ended
December 31,
Twelve months ended
December 31,
2015 2014 2015
2014 Sales $ 236.1 $ 355.3 $ 849.0 $ 1,002.6 Operating
earnings 72.1 104.4 215.2 291.4 Adjusted operating earnings(1) 72.1
104.4 215.2 209.1 Adjusted operating margin(1) 31 % 29 % 25 % 21 %
Adjusted segment EBITDA (1) $ 83.1 $ 115.7 $ 259.1 $ 253.9 Adjusted
segment EBITDA margin(1) 35 % 33 % 31 % 25 % Sales volumes (in
thousands of tons): Highway deicing 2,378 3,502 8,854 10,694
Consumer and industrial 642 773 2,215 2,596
Total salt 3,020 4,275 11,069 13,290 Average sales price
(per ton): Highway deicing $ 56.71 $ 65.86 $ 58.62 $ 57.37 Consumer
and industrial 157.79 161.31 148.98 149.89 Total salt
78.19 83.13 76.70
75.44
(1)
These are non-GAAP financial measures.
Reconciliations to GAAP measures of performance are provided in
tables at the end of this release. The 12 months ended December 31,
2014, excludes an $82.3 million gain from an insurance settlement
relating to damage sustained by the company as a result of a
tornado that struck the company’s rock salt mine and
evaporated-salt plant in Goderich, Ontario, in 2011.
Winter Weather Effect
Mild weather in the company’s core North American service area
resulted in only 17 recordable snow events in the fourth quarter in
the 11 representative cities which the company tracks. This
compares to 35 events reported in the prior year and a 10-year
average of 47.3 events. In addition, warmer-than-average
temperatures compounded the impact on deicing demand.
The company estimates the negative variance to average winter
weather in North America and the U.K. reduced sales by $75 to $85
million and operating earnings by $35 to $40 million during the
fourth quarter of 2015.
Estimated Effect of Weather on Salt Segment
Performance
(in millions)
Three months ended
December 31,
Calendar year,* Favorable (unfavorable)
to average weather:
2015 2014
2015 2014 Sales ($75) to ($85)
$35 to $40 ($110) to ($120) $75 to $90 Operating earnings
($35) to ($40) $10 to $15
($50) to ($55) $20 to $25
* The three months ended March 31, plus the three months ended
December 31.
PLANT NUTRITION SEGMENT
Plant nutrition segment revenue in the fourth quarter totaled
$50.5 million, a 33 percent decrease from 2014 results. Weakness in
the agriculture sector pushed sales volumes down 41 percent, while
stable sulfate of potash prices and a strong mix of Wolf Trax®
micronutrient sales resulted in a 12 percent year-over-year
increase in average selling price.
Segment revenue for the full year declined $31.8 million,
year-over-year, to $238.4 million. This reduction was driven by a
21 percent decline in annual sales volume, offset partially by a 12
percent increase in average selling price.
Plant nutrition segment EBITDA for the quarter totaled $19.6
million, which was $9.3 million below 2014 results. EBITDA margin
improved one percentage point year-over-year to 39 percent,
primarily due to higher average selling price in the current
quarter.
For the full year, the plant nutrition segment earned $87.7
million in EBITDA, a 14 percent reduction from prior year. The
segment’s full-year EBITDA margin contracted slightly to 37 percent
in 2015, a one percentage point decline from 2014.
Plant Nutrition Segment Performance
(in millions except for sales volumes and
prices per short ton)
Three months ended
December 31,
Twelve months ended
December 31,
2015 2014 2015
2014 Sales $ 50.5 $ 75.8 $ 238.4 $ 270.2 Operating earnings
11.5 21.6 57.9 74.8 Operating margin 23 % 28 % 24 % 28 % Segment
EBITDA $ 19.6 $ 28.9 $ 87.7 $ 102.1 Segment EBITDA margin 39 % 38 %
37 % 38 % Sales volume (in thousands of tons) 62 105 311 396
Average sales price (per ton) $ 805
$ 719 $ 765 $ 682
Strategic Investment in Brazil
In the fourth quarter, Compass Minerals completed the
acquisition of a 35 percent stake in Produquímica, one of Brazil’s
leading manufacturers and distributors of specialty plant
nutrients. The all-cash transaction was valued at R$452.4 million
(approximately US$114.1 million), subject to customary post-closing
adjustments. Terms of the investment provide an opportunity for the
company to acquire the remaining 65 percent of the company by early
2019 at the latest.
With this investment, Compass Minerals gains access to one of
the world’s most important agriculture markets and a partner who
has a 50-year history of innovation and growth in the Brazilian
specialty plant nutrition market. The company expects the
investment to positively benefit net income beginning in the third
quarter of 2016.
OTHER FINANCIAL
HIGHLIGHTS
Selling, general and administrative expense (SG&A) decreased
23 percent in the current quarter to $26.4 million from $34.2
million in the prior year as a result of lower variable
compensation and sales and marketing expenses, as well as general
discretionary cost reductions. For the full-year, SG&A expense
declined $1.7 million.
The company's income tax rate dropped to 19 percent in the
fourth quarter compared to 22 percent in the prior year. This
decline resulted from beneficial jurisdictional changes in net
income. For the full-year, the 2015 tax rate was 26 percent.
DIVIDEND INCREASE
Compass Minerals board of directors has approved a 5 percent
increase in the company’s quarterly dividend to $0.695 per share,
effective with its dividend payable March 15, 2016, to shareholders
of record as of the close of business on Feb. 29, 2016. This
represents the 13th consecutive annual increase in the company’s
dividend.
OUTLOOK
Even with a slow start to the 2015-2016 winter, the company
expects salt segment sales volumes to surpass 2015 results,
assuming average winter weather for the remainder of 2016.
The 2016 outlook for plant nutrition continues to be negatively
impacted by weakness in the overall agriculture market as well as
an increase in imported sulfate of potash products driven largely
by the current strength of the U.S. dollar. The company will take
the necessary commercial actions to maintain and grow its position
as the premier supplier of specialty potash products in North
America.
In response to challenging conditions in both business units,
Compass Minerals has announced steps to align its inventories with
market demand and is undergoing a thorough review of its cost
structure. This effort is expected to result in a restructuring
charge in the first quarter of approximately $4 million, or $0.07
per diluted share, related to a workforce reduction of 150
positions. A significant portion of this total results from the
company's investment in continuous mining at its Goderich, ON
location. The company expects these actions will result in ongoing,
annualized savings of approximately $15 million (approximately $6
million excluding the personnel cost savings from continuous mining
at the Goderich mine).
"We remain committed to our goal of surpassing $500 million in
EBITDA in 2018. Our strategy for growth is based on the strong
long-term fundamentals of both the salt and plant nutrition
markets. The actions we are taking now will only strengthen our
earnings potential from a return to average winter weather and an
upturn in the agricultural cycle," said Malecha.
2016 OUTLOOK
FULL YEAR EPS - $3.80 to $4.20
Salt Segment 1H16
FY16 Volumes 5.9 to 6.3 million tons 11.5 million to 12.3
million tons Average Selling Price (per ton) $68 to $72 Operating
Earnings Margin 26% to 28%
Plant Nutrition Segment Volumes
160,000 to 180,000 tons 320,000 to 360,000 tons Average Selling
Price (per ton) $645 to $675 Operating Earnings Margin 9.5% to
11.5%
Corporate Corporate and Other Expense ~$56 million
Interest Expense ~$25 million Capital Expenditures $175 million to
$190 million Effective Tax Rate ~28%
Conference Call
Compass Minerals will discuss its results on a conference call
tomorrow morning, Tuesday, Feb. 9, at 9:00 a.m. ET. To access the
conference call, interested parties should visit the company’s
website at www.CompassMinerals.com or dial 877-614-0009. Callers
must provide the conference ID number 8375545 Outside of the U.S.
and Canada, callers may dial 913-643-4075. Replays of the call will
be available on the company’s website for two weeks. The replay can
also be accessed by phone for seven days at 888-203-1112,
conference ID 8375545. Outside of the U.S. and Canada, callers may
dial 719-457-0820.
An updated summary of the company’s performance is included in a
presentation available on the company’s website at
www.compassminerals.com.
About Compass Minerals
Compass Minerals is a leading provider of essential minerals
that solve nature’s challenges, including salt for winter roadway
safety and other consumer, industrial and agricultural uses, and
specialty plant nutrition minerals that improve the quality and
yield of crops. Named one of Forbes’ 100 Most Trustworthy Companies
in America in 2015, Compass Minerals’ mission is to be the best
essential minerals company by delivering where and when it matters.
The company produces its minerals at locations throughout the U.S.
and Canada and in the U.K. For more information about Compass
Minerals and its products, please visit
www.compassminerals.com.
Non-GAAP Measures
Management uses a variety of measures to evaluate the company’s
and its operating segments’ performance. While the consolidated
financial statements provide an understanding of the company’s
overall results of operations, financial condition and cash flows,
management analyzes components of the consolidated financial
statements to identify certain trends and evaluate specific
performance areas. In addition to using U.S. generally accepted
accounting principles (“GAAP”) financial measures, management uses
EBITDA and EBITDA adjusted for items which management believes are
not indicative of the company’s ongoing operating performance
(“Adjusted EBITDA”), both non-GAAP financial measures, to evaluate
the operating performance of the company’s core business operations
because its resource allocation, financing methods and cost of
capital, and income tax positions are managed at a corporate level,
apart from the activities of the operating segments, and the
operating facilities are located in different taxing jurisdictions,
which can cause considerable variation in net income. The company
also uses EBITDA and Adjusted EBITDA to assess its overall and
operating segment operating performance and return on capital
against other companies, and to evaluate potential acquisitions or
other capital projects. EBITDA and Adjusted EBITDA are not
calculated under GAAP and should not be considered in isolation or
as a substitute for net income, cash flows or other financial data
prepared in accordance with GAAP or as a measure of overall
profitability or liquidity. EBITDA and Adjusted EBITDA exclude
interest expense, income taxes and depreciation and amortization,
each of which are an essential element of the company’s cost
structure and cannot be eliminated. Consequently, any measure that
excludes these elements has material limitations. While EBITDA
and Adjusted EBITDA are frequently used as measures of operating
performance, these terms are not necessarily comparable to
similarly titled measures of other companies due to the potential
inconsistencies in the method of calculation. The calculation of
EBITDA and Adjusted EBITDA as used by management is set forth in
the following table.
Excluding special items from net earnings is meaningful to
investors because it provides insight with respect to the ongoing
operating results of the company and is consistent with how
management reviews the underlying business trends. The 2014 special
items include charges associated with early redemption of the
company’s senior notes due in 2019 in the second quarter and a gain
in the third quarter from an insurance settlement resulting from
the tornado that struck the company’s salt mine and evaporated salt
plant in Goderich, Ontario, in August 2011. Management’s
calculations of these measures are set forth in the following
tables.
Certain statements in this press release, including without
limitation the company’s or management’s beliefs, expectations or
opinions, are forward -looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are those that predict or describe future events or
trends and that do not relate solely to historical matters. We use
words such as “may,” “would,” “could,” “should,” “will,” “likely,”
“expect,” “anticipate,” “believe,” “intend,” “plan,”
“forecast,” “outlook,” “project," “estimate” and similar
expressions suggesting future outcomes or events to identify
forward-looking statements or forward-looking information. These
statements are based on the company's current expectations and
involve risks and uncertainties that could cause the company's
actual results to differ materially. These risks, uncertainties and
factors include, but are not limited to: (i) weather conditions,
(ii) pressure on prices and impact from competitive products, (iii)
any inability by us to fund necessary capital expenditures, (iv)
foreign exchange rates, (v) the cost and availability of
transportation for the distribution of our products, (vi) the
occurrence of any event, change or other circumstance that would
result in the termination or delay of the company’s acquisition of
the remaining Produquímica ownership stake by early 2019, (vii) the
inability to complete the proposed full ownership acquisition due
to the failure of the company or Produquímica to satisfy any of the
conditions to the closing of the acquisition, including the failure
to obtain necessary financing, (viii) the risk that the proposed
full ownership acquisition could disrupt the plans and operations
of the company, Produquímica or both, and (ix) the risk that the
company may not realize the expected financial and other benefits
from the proposed acquisition. For further information on these and
other risks and uncertainties that may affect our business, see the
“Risk Factors” sections of our Annual Report on Form 10-K for the
year ended December 31, 2014 and when filed, our Annual Report on
Form 10-K for the year ended December 31, 2015. The company
undertakes no obligation to update any forward-looking statements
made in this press release to reflect future events or
developments. Because it is not possible to predict or identify all
such factors, this list cannot be considered a complete set of all
potential risks or uncertainties.
Reconciliation for Adjusted Operating Earnings (unaudited)
(in millions)
Three months ended
December 31,
Twelve months ended
December 31,
2015 2014 2015
2014 Operating Earnings $ 71.9 $ 107.6 $ 221.4 $
311.0 Gain from insurance settlement (1) — — —
(83.3 ) Adjusted operating earnings $ 71.9 $ 107.6 $
221.4 $ 227.7 (1) In the third quarter of
2014, the company recorded an $83.3 million gain ($60.6 million
after applicable income taxes) from an insurance settlement
relating to damage sustained by the company as a result of a
tornado that struck the company’s rock salt mine and
evaporated-salt plant in Goderich, Ontario, in 2011.
Reconciliation for Net Earnings, Excluding Special Items
(unaudited)
(in millions)
Three months ended
December 31,
Twelve months ended
December 31,
2015 2014 2015
2014 Net earnings $ 58.4 $ 80.5 $ 159.2 $ 217.9 Gain
from insurance settlements, net of taxes(1) — — — (60.6 ) Costs to
refinance debt, net of taxes(2) — — — 5.1
Net earnings, excluding special items $ 58.4 $ 80.5
$ 159.2 $ 162.4 (1) In the third
quarter of 2014, the company recorded an $83.3 million gain ($60.6
million after applicable income taxes) from an insurance settlement
relating to damage sustained by the company as a result of a
tornado that struck the company’s rock salt mine and
evaporated-salt plant in Goderich, Ontario, in 2011. (2) In June
2014, the company redeemed early $100 million in senior notes for
pre-tax costs of $6.9 million ($5.1 million after applicable income
taxes).
Reconciliation for EBITDA and Adjusted
EBITDA (unaudited)
(in millions)
Three months ended
December 31,
Twelve months ended
December 31,
2015 2014 2015
2014 Net earnings $ 58.4 $ 80.5 $ 159.2 $ 217.9
Interest expense 5.4 5.7 21.5 20.1 Income tax expense 13.7 23.2
55.3 73.9 Depreciation, depletion and amortization 20.5 20.8
78.3 78.0 EBITDA $ 98.0 $ 130.2 $ 314.3 $
389.9 Gain from insurance settlement(1) — — — (83.3 ) Other
(income) expense(2) (5.6 ) (1.8 ) (14.6 ) (0.9 ) Adjusted EBITDA $
92.4 $ 128.4 $ 299.7 $ 305.7 (1)
In the third quarter of 2014, the company recorded an $83.3 million
gain ($60.6 million after applicable income taxes) from an
insurance settlement relating to damage sustained by the company as
a result of a tornado that struck the company’s rock salt mine and
evaporated-salt plant in Goderich, Ontario, in 2011. (2) Primarily
includes interest income and foreign exchange gains and losses. The
2014 period includes pre-tax costs of $6.9 million resulting from
early redemption of $100 million in senior notes.
Reconciliation for Salt Segment Adjusted Operating Earnings and
EBITDA (unaudited)
(in millions)
Three months ended
December 31,
Twelve months ended
December 31,
2015 2014 2015 2014
Segment operating earnings $ 72.1 $ 104.4 $ 215.2 $ 291.4 Gain from
insurance settlement (1) — — — (82.3 )
Adjusted segment operating earnings $ 72.1 $ 104.4 $ 215.2 $ 209.1
Depreciation, depletion and amortization 11.0 11.3
43.9 44.8 Adjusted segment EBITDA $ 83.1 $
115.7 $ 259.1 $ 253.9 (1) In the third
quarter of 2014, the company reported a gain from an insurance
settlement relating to damage sustained by the company as a result
of a tornado that struck the company’s rock salt mine and
evaporated-salt plant in Goderich, Ontario.
Reconciliation for Plant Nutrition Segment EBITDA
(unaudited)
(in millions)
Three months ended
December 31,
Twelve months ended
December 31,
2015 2014 2015
2014 Segment operating earnings $ 11.5 $ 21.6 $ 57.9 $ 74.8
Depreciation, depletion and amortization 8.1 7.3 29.8
27.3 Segment EBITDA $ 19.6 $ 28.9 $ 87.7
$ 102.1
COMPASS MINERALS INTERNATIONAL,
INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in millions, except share
data)
Three Months
Ended Twelve Months Ended December 31,
December 31, 2015 2014
2015 2014 Sales $ 289.3 $ 433.4
$1,098.7 $1,282.5 Shipping and handling cost 65.6 104.7 261.5 337.7
Product cost 125.4 186.9 507.1 523.4
Gross profit 98.3 141.8 330.1 421.4 Selling, general and
administrative expenses 26.4 34.2 108.7 110.4
Operating earnings 71.9 107.6 221.4 311.0 Other
(income) expense: Interest expense 5.4 5.7 21.5 20.1 Other, net
(5.6 ) (1.8 ) (14.6 ) (0.9 ) Earnings before income taxes 72.1
103.7 214.5 291.8 Income tax expense 13.7 23.2 55.3
73.9 Net earnings $ 58.4 $ 80.5 $ 159.2
$ 217.9 Basic net earnings, per common share $
1.72 $ 2.38 $ 4.70 $ 6.45 Diluted net earnings, per common share $
1.72 $ 2.38 $ 4.69 $ 6.44 Cash dividends per share $ 0.66 $ 0.60 $
2.64 $ 2.40 Weighted-average common shares outstanding (in
thousands)(1): Basic 33,701 33,600 33,677 33,557 Diluted 33,714
33,617 33,692 33,581 (1) The company calculates earnings per
share using the two-class method to account for its stock awards
that receive non-forfeitable dividends. As a result, the above
basic and diluted weighted shares outstanding do not include
188,000 and 198,000 participating securities in the three-month and
12-month periods ending December 31, 2015, respectively, and
221,000 and 227,000 participating securities in the three-month and
12-month periods ending December 31, 2014, respectively.
COMPASS MINERALS INTERNATIONAL, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited) (in millions)
December 31, December 31,
2015 2014 ASSETS Cash and cash
equivalents $ 58.4 $ 266.8 Receivables, net 147.8 213.0 Inventories
275.3 199.0 Other current assets 30.8 23.9 Property, plant and
equipment, net 800.7 700.9 Intangible and other noncurrent assets
315.9 233.6 Total assets $ 1,628.9 $ 1,637.2
LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of
long-term debt $ 4.9 $ 3.9 Other current liabilities 165.9 233.8
Long-term debt, net of current portion 722.1 622.5 Deferred income
taxes and other noncurrent liabilities 96.3 123.4 Total
stockholders' equity 639.7 653.6 Total liabilities and
stockholders' equity $ 1,628.9 $ 1,637.2
COMPASS MINERALS INTERNATIONAL, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in
millions) Twelve Months Ended
December 31, 2015 2014
Net cash provided by operating activities $ 137.9 $ 242.9
Cash flows from investing activities: Capital
expenditures (217.6 ) (125.2 ) Investment in equity method investee
(116.4 ) — Acquisition of a business — (86.5 ) Insurance receipts
for investment purposes, Goderich tornado — 19.4 Other, net (1.4 )
3.1 Net cash used in investing activities (335.4 )
(189.2 ) Cash flows from financing activities: Proceeds from
issuance of long-term debt 100.0 250.0 Proceeds from revolving
credit facility borrowings 65.0 — Principal payments on long-term
debt (3.9 ) (102.4 ) Principal payments on revolving credit
facility borrowings (60.5 ) — Premium and other payments to
refinance debt — (5.5 ) Deferred financing costs — (4.1 ) Dividends
paid (89.4 ) (80.7 ) Proceeds received from stock option exercises
2.5 7.5 Excess tax benefits (deficiencies) from equitycompensation
awards 0.5 (0.2 ) Net cash provided by financing
activities 14.2 64.6
Effect of exchange rate changes on cash
andcash equivalents
(25.1 ) (11.1 ) Net change in cash and cash equivalents (208.4 )
107.2 Cash and cash equivalents, beginning of the year 266.8
159.6 Cash and cash equivalents, end of period $ 58.4
$ 266.8
COMPASS MINERALS
INTERNATIONAL, INC. SEGMENT INFORMATION (unaudited)
(in millions)
Three Months
Ended December 31, 2015 Salt(1)
PlantNutrition
Corporateand
Other(1,2)
Total Sales to external
customers $ 236.1 $ 50.5 $ 2.7 $ 289.3 Intersegment sales — 2.6
(2.6
)
— Shipping and handling cost 61.0 4.6 — 65.6 Operating earnings
(loss) 72.1 11.5 (11.7
)
71.9 Depreciation, depletion and amortization 11.0 8.1 1.4 20.5
Total assets (as of end of period) 896.5 679.7 52.7 1,628.9
Three Months Ended December 31, 2014
Salt(1)
PlantNutrition
Corporateand
Other(1,2)
Total Sales to external
customers $ 355.3 $ 75.8 $ 2.3 $ 433.4 Intersegment sales 0.2 2.4
(2.6 ) — Shipping and handling cost 97.6 7.1 — 104.7 Operating
earnings (loss) 104.4 21.6 (18.4 ) 107.6 Depreciation, depletion
and amortization 11.3 7.3 2.2 20.8 Total assets (as of end of
period) 1,045.2 536.2 55.8 1,637.2
Twelve Months
Ended December 31, 2015 Salt(1)
PlantNutrition
Corporateand
Other(1,2)
Total Sales to external
customers $ 849.0 $ 238.4 $ 11.3 $ 1,098.7 Intersegment sales 0.1
7.7 (7.8
)
— Shipping and handling cost 239.1 22.4 — 261.5 Operating earnings
(loss) 215.2 57.9 (51.7
)
221.4 Depreciation, depletion and amortization 43.9 29.8 4.6 78.3
Twelve Months Ended December 31, 2014
Salt(1)
PlantNutrition
Corporateand
Other(1,2)
Total Sales to external
customers $ 1,002.6 $ 270.2 $ 9.7 $ 1,282.5 Intersegment sales 0.9
7.1 (8.0 ) — Shipping and handling cost 309.3 28.4 — 337.7
Operating earnings (loss) 291.4 74.8 (55.2 ) 311.0 Depreciation,
depletion and amortization 44.8 27.3 5.9 78.0 (1) The salt
segment and corporate and other include a gain of $82.3 million and
$1.0 million, respectively, in the three and 12 months ended
December 30, 2014, resulting from an insurance settlement related
to a tornado at its salt facilities in Goderich, Ontario, in August
2011. (2) “Corporate and Other” includes corporate entities, the
records management business, other incidental business operations
and eliminations. Corporate assets include deferred tax assets,
deferred financing fees, investments related to the non-qualified
retirement plan and other assets not allocated to the operating
segments.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160208006277/en/
Compass MineralsInvestor ContactTheresa L. Womble,
+1-913-344-9362Director of Investor
Relationswomblet@compassminerals.comorMedia ContactTara
Hart, +1-913-344-9319External Communications
ManagerMediaRelations@compassminerals.com
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