1st Quarter Results
November 13 2009 - 2:00AM
UK Regulatory
TIDMPAHC
RNS Number : 4463C
Phibro Animal Health Corporation
13 November 2009
PHIBRO ANIMAL HEALTH CORPORATION
REPORTS ITS SEPTEMBER 2009 FISCAL FIRST QUARTER
RIDGEFIELD PARK, New Jersey, 13 Nov 2009 - Phibro Animal Health Corporation
("PAHC" or the "Company") announced its operating results for its fiscal first
quarter ending 30 September 2009. Quarterly sales of $136 million were unchanged
from the same quarter last year, due to reductions in unit volumes and average
selling prices, offset by acquisitions. Adjusted ebitda (earnings before
interest, taxes and depreciation and amortization) of $15.5 million increased
$2.6 million, or 20%, primarily due to improved animal health and nutrition
gross profit from recent acquisitions, favorable product mix and reduced
material costs. After including foreign currency and discontinued operations
gains and after deducting depreciation and amortization, interest expense and
income taxes, the Company reported net income of $9.0 million for the quarter.
Animal Health & Nutrition
Quarterly net sales of $117 million increased $6 million, or 5%, compared with
the same quarter last year. Sales increased due to recent acquisitions and unit
volume growth and higher average selling prices of antibiotics and other
medicated products, partially offset by reduced volumes and lower average
selling prices of trace minerals and reduced volumes of other nutritional
products. Adjusted ebitda increased $3.3 million, or 26%, due to recent
acquisitions and improved gross margins from antibiotics and other medicated
products, partially offset by lower margins in trace minerals and nutritional
supplements and overall higher operating expenses.
Performance Products
Distribution quarterly net sales of $14 million decreased $4 million, or 21%,
compared with the same quarter last year. Net sales decreased due to lower unit
volumes and lower average selling prices. Adjusted ebitda decreased by $0.5
million due to lower margins partially offset by lower operating costs.
Industrial Chemicals quarterly net sales of $6 million decreased $2 million.
Sales decreased due to lower average selling prices and reduced volumes of
copper related products. Adjusted ebitda decreased by $0.1 million due to lower
gross margins, partially offset by reduced operating expenses.
As previously disclosed, the Company sold its wood preservative business in
October 2009. The Company's operating results have been reclassified to present
the wood preservative business as discontinued operations. The Company
anticipates it will report a gain on the divestiture in the quarter ending
December 31, 2009.
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 developer, manufacturer and marketer of a broad
range of animal health and nutrition products to the poultry, swine, cattle and
aquaculture markets. PAHC is also a manufacturer and marketer of performance
products for the ethanol 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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