3rd Quarter Results
May 14 2009 - 2:00AM
UK Regulatory
TIDMPAHC
RNS Number : 2169S
Phibro Animal Health Corporation
14 May 2009
For release: IMMEDIATE
PHIBRO ANIMAL HEALTH CORPORATION
REPORTS ITS MARCH 2009 FISCAL THIRD
QUARTER
RIDGEFIELD PARK, New Jersey, 14 May 2009 - Phibro Animal Health Corporation
("PAHC" or the "Company") announced its operating results for its fiscal third
quarter ending 31 March 2009. Quarterly net sales of $129 million decreased $3
million, or 3%, compared with the same quarter last year, due to reductions in
unit volumes offset in part by acquisitions. Adjusted ebitda (earnings before
interest, taxes and depreciation and amortization) of $11.0 million decreased
$0.8 million, or 6%, primarily due to lower revenues. After deducting
depreciation and amortization, interest expense and income taxes, the Company
reported a $4.4 million net loss for the quarter.
For the nine months, net
sales of $398 million increased $30 million, or 8%, compared with the same
period last year, due to acquisitions and to price increases related to pass
through of cost increases. Adjusted ebitda of $34.6 million increased $0.3
million or 1%. After deducting depreciation and amortization, $21 million of
non-cash foreign currency losses related to intercompany balances, interest
expense and income taxes, the year-to-date net loss was $22.0 million.
The
financial results include the operations of the Abic animal health and Baltzell
trace minerals businesses since the dates of their acquisition during the fiscal
third quarter. The acquisitions contributed sales of $12 million and adjusted
ebitda of $1.4 million.
Animal Health & Nutrition
Quarterly net sales of $111 million increased $3 million, or 2%, compared with
the same quarter last year. The current quarter included $12 million of net
sales from the recent acquisitions. Sales decreased by $9 million due to
reductions in unit volumes, primarily in trace minerals and other nutritional
products, offset in part by overall selling price increases.Adjusted ebitda
increased $0.4 million, or 3%, as the $1.4 million added by the acquisitions was
offset in part by reduced volumes.
Performance Products
Distribution quarterly net sales of $11 million decreased $5 million, or 31%,
compared with the same quarter last year. Net sales decreased due to lower unit
volumes offset in part by higher average selling prices. Adjusted ebitda
decreased by $1.4 million due to lower unit volumes.
Industrial Chemicals quarterly net sales of $7 million decreased $1 million.
Sales decreased primarily due to lower average selling prices of copper related
products offset in part by increased volumes. Adjusted ebitda decreased by $0.4
million due to lower gross margins.
For further information, the Company's quarterly report is available on our
website in the Investor Relations section at www.pahc.com.
Forward-Looking Statements
This announcement contains forward-looking statements, including statements
regarding management's expectations and beliefs regarding the future results or
performance of the Company. Because these statements apply to future events,
they are subject to risks and uncertainties. When used in this announcement, the
words "anticipate," "believe," "estimate," "expect," "expectation," "project"
and "intend" and similar expressions are intended to identify such
forward-looking statements. Our actual results could differ materially from
those projected in the forward-looking statements. Additionally, you should not
consider past results to be an indication of our future performance. We do not
intend to update any of the forward-looking statements after the date of this
announcement to conform these statements to actual results, to changes in
management's expectations or otherwise, except as may be required by law.
About The Company
PAHC is a diversified global manufacturer and marketer of a broad range of
animal health and nutrition products to the poultry, swine and cattle markets.
PAHC is also a manufacturer and marketer of performance products for the
ethanol, wood preservation and personal care industries. For more information,
please visit www.pahc.com.
For more information:
+------------------------------------------------+--------------------------+
| Phibro Animal Health Corporation | +1 201 329 7300 |
| Richard Johnson, Chief Financial Officer | |
| Investor.relations@pahc.com | |
+------------------------------------------------+--------------------------+
| | |
+------------------------------------------------+--------------------------+
| | |
+------------------------------------------------+--------------------------+
| Panmure Gordon (UK) Limited | +44 (0) 20 7459 3600 |
| Andrew Godber | |
| Rakesh Sharma | |
+------------------------------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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