Phosphate Holdings, Inc. Reports Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2012
May 29, 2012 at 09:00 am
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Phosphate Holdings, Inc. reported consolidated unaudited earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported net sales of USD 92,574,000 compared to USD 77,591,000 a year ago. Operating loss was USD 1,912,000 compared to operating income of USD 53,000 a year ago. Loss before income taxes was USD 1,714,000 compared to income before income taxes of USD 25,000 a year ago. Net loss was USD 1,058,000 compared to net income of USD 16,000 a year ago. Basic and diluted loss per share was USD 0.13. Net cash provided by operating activities were USD 3,153,000 compared to USD 9,660,000 a year ago. Purchases of property, plant and equipment was USD 1,580,000 compared to USD 1,495,000 a year ago. EBITDA was USD 2,554,000 compared to USD 3,815,000 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.