TIDMPAHC
RNS Number : 2626N
Phibro Animal Health Corporation
13 February 2009
For release: IMMEDIATE
PHIBRO ANIMAL HEALTH CORPORATION INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2008
RIDGEFIELD PARK, New Jersey, 11 February 2009 - Phibro Animal Health Corporation
("Phibro" or the "Company") announces its interim results for the six months
ended 31 December 2008.
FINANCIAL HIGHLIGHTS
+-------------+--------+---------+--+---------+--+----------+--+---------+
|($millions) | | 2008 | | 2007 | |Increase | | % |
| | | | | | | | | Change |
+-------------+--------+---------+--+---------+--+----------+--+---------+
| Sales | | $268.9 | | $235.8 | | $33.2 | | +14% |
+-------------+--------+---------+--+---------+--+----------+--+---------+
| | | | | | | | | |
+-------------+--------+---------+--+---------+--+----------+--+---------+
| Adjusted ebitda | | | | | $1.1 | | +5% |
| | $23.7 | | $22.6 | | | | |
+-------------+--------+---------+--+---------+--+----------+--+---------+
The calculation of adjusted ebitda is presented below.
ACQUISITION OF ABIC ANIMAL HEALTH BUSINESS
As previously announced, on 29 January 2009, the Company completed the
acquisition of the Abic animal health business ("Abic") from Teva Pharmaceutical
Industries Ltd. ("Teva").
Abic is a manufacturer and marketer of over 60 animal health products, including
vaccines, pharmaceuticals, antibiotics, parasiticides, disinfectants and
antiseptics. The acquisition expands the Company's product offerings to
existing customers and adds market presence in a number of growing international
markets. Abic markets its animal health products in Israel and throughout the
world with a focus on Southeast Asia, Africa, Latin America and Eastern Europe.
The company has successfully developed quality products for the prevention and
treatment of diseases in poultry and large animals. Abic has a national
distribution network in Israel backed by a well trained, experienced technical
sales force that serves the poultry and livestock production markets. Abic's
headquarters and its new state of the art vaccine plant are located in Beit
Shemesh, Israel.
"Now we can offer an even more comprehensive portfolio of products to our
clients throughout the globe," commented Larry Miller, president of the
Company's Animal Health and Nutrition business. "This acquisition allows us to
offer a unique selling proposition to our customers as the manufacturer with the
ability to provide the poultry industry with the widest array of solutions to
their animal health needs, from medicated feed additives, to vaccines and other
treatment products, through nutritional products. Our immediate priority is to
integrate the technology, products and the 140-person Abic team into our global
organization. We see this acquisition as a first step into the global poultry
vaccines market, in which we plan to continue growing and expanding."
COMPARISON OF SIX MONTHS ENDED DECEMBER 31, 2008 AND 2007
Net sales of $268.9 million increased $33.2 million, or 14%. Animal Health &
Nutrition sales of $217.7 million grew $25.0 million, or 13%, due to higher
average selling prices (related to cost increases) and unit volume increases.
Distribution sales of $32.7 million increased $5.1 million, or 18%, due to
higher average selling prices and higher unit volumes. Industrial Chemicals
sales of $18.5 million increased by $3.1 million, or 20%, due to higher average
selling prices and the introduction of micronized copper products for the wood
treatment market offset by volume declines in other products.
Gross profit of $61.5 million increased $4.5 million, to 22.9% of net sales.
Animal Health & Nutrition gross profit improved primarily due to higher unit
volumes and favorable product mix. Increased average selling prices offset the
effect of higher raw material and manufacturing costs. Distribution gross profit
increased due to unit volume growth and sales of higher margin products.
Industrial Chemicals gross profit increased due to higher unit volumes
associated with the introduction of micronized wood treatment products.
Selling, general and administrative expenses of $43.0 million increased $3.9
million, or 10%. Expenses increased due to increased sales and service
headcount, research and development expenditures and management structure to
support business growth.
Prince Agri Products plant consolidation expenses were $0.4 million in the
current period for accrued severance costs related to the planned consolidation
of manufacturing facilities. We have started construction of new manufacturing,
warehousing and laboratory facilities in Quincy, Illinois and plan to
consolidate our U.S. feed ingredient operations at the new facilities. We plan
to close our existing Indiana and Iowa facilities in phases through June 2010.
We expect to record total severance expense of $1.4 million through June 2010 as
existing facilities are closed and the employees at those locations are
terminated.
Operating income of $18.1 million increased $0.2 million, or 1%. Animal Health &
Nutrition operating income decreased by $1.0 million due to higher selling,
general and administrative expenses offset in part by improved gross margins.
Distribution operating income improved $1.6 million due to unit volume growth
and sales of higher margin products. Industrial Chemicals operating income
decreased $0.8 million due to higher operating expenses and lower gross margins.
Adjusted EBITDA of $23.7 million, after adjustments for costs related to Prince
Agri Products plant consolidation, increased $1.1 million, or 5%, primarily due
to improved margins in our Animal Health & Nutrition and Distribution segments
offset by increased operating expenses.
Interest expense (net) of $14.6 million decreased $0.2 million, or 2%.
Foreign currency (gains) losses, net amounted to a net loss of $19.8 million in
the current period and a net gain of $3.4 million in the same period last year.
This expense or income is almost entirely non-cash and results from foreign
currency transaction (gains) losses related to inter-company balances. Foreign
currency losses in the current period primarily were due to the movement of
Brazilian, European, Israeli, Mexican and Canadian currencies relative to the
U.S. dollar.
Income taxes of $1.2 million were recorded on a consolidated pre-tax loss of
$16.3 million. The tax rate reflects income tax provisions in profitable foreign
jurisdictions and for state income taxes. No provision for U.S. federal income
taxes was recorded as we reported a loss for our domestic operations.
ANIMAL HEALTH & NUTRITION
Net sales of $217.7 million increased $25.0 million, or 13%. Volume growth in
certain product lines was partially offset by customers' actions to reduce their
inventories. Sales also increased due to overall selling price increases related
to pass through of cost increases.
Operating income of $21.0 million decreased $1.0 million, or 4%. Higher
operating expenses associated with increased sales and service headcount,
research and development expenditures and management structure to support
business growth were offset in part by improved gross margins.
Adjusted EBITDA, after adjustments for Prince Agri Products plant consolidation
costs, of $25.6 million decreased $0.3 million, or 1%, due to the reasons
described above.
PERFORMANCE PRODUCTS
Distribution net sales of $32.7 million increased $5.1 million, or 18%. Net
sales increased due to unit volume growth and increased average selling prices.
Distribution operating income of $7.8 million improved $1.6 million, or 26%, due
to increased unit volumes and favorable product mix offset in part by increased
sales force headcount and advertising and promotional costs. EBITDA also
improved by $1.7 million for the same reasons.
Industrial Chemicals net sales of $18.5 million increased $3.1 million. Sales
increased primarily due to higher average selling prices and the introduction of
micronized copper products for the wood treatment market offset by volume
declines in other products. The operating loss of $2.6 million worsened by $0.8
million due to higher operating expenses and lower gross margins. EBITDA
decreased by $0.7 million for the reasons described.
LIQUIDITY AND CAPITAL RESOURCES
Capital expenditures were $10.3 million and included $2.9 million for expansion
of virginiamycin production capacity. Other capital expenditures included:
expansion of manufacturing capacity for wood treatment preservatives; expansion
of laboratory facilities serving the ethanol industry; purchase and
implementation of computer software; and, maintenance of our existing asset base
and for environmental, health and safety projects. Capital expenditures for the
Prince Agri Products plant consolidation were approximately $3.0 million in the
current period.
Working capital as of December 31, 2008 was $125.3 million compared to $125.4
million at June 30, 2008, a decrease of $0.1 million. We define working capital
as total current assets (excluding cash and cash equivalents) less total current
liabilities (excluding loans payable to banks, current portion of long-term debt
and liabilities related to the equity transactions). The change in working
capital primarily was due to reduced receivable and inventory levels, partially
due to currency changes, offset by reduced accounts payable and accrued expenses
reflecting the timing of interest and other payments.
At December 31, 2008, we had borrowings of $16.0 million and outstanding letters
of credit and other commitments of $19.7 million, leaving $39.3 million
available for borrowings and letters of credit under our domestic senior credit
facility. In addition, Koffolk had availability totaling $8.5 million under its
loan agreements.
OUTLOOK
The Company's expectations are for its business to continue at similar or
improving levels for the remainder of its fiscal year.
+--------+--------+--------+-----------+--------+-----------+--------+------------+--------+------------+
| Consolidated statements of operations | | | | |
+-----------------------------------------------------------+--------+------------+--------+------------+
| | | | | | | | | | |
+--------+--------+--------+-----------+--------+-----------+--------+------------+--------+------------+
| | | | Three months | | Six months |
+--------+--------+--------+--------------------------------+--------+----------------------------------+
| For the periods ended | 2008 | | 2007 | | 2008 | | 2007 |
| December 31 | | | | | | | |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| | | | (unaudited) |
+--------+--------+--------+----------------------------------------------------------------------------+
| | | | (in thousands) |
+--------+--------+--------+----------------------------------------------------------------------------+
| | | | | | | | | | |
+--------+--------+--------+-----------+--------+-----------+--------+------------+--------+------------+
| Net sales | $ | | $ | | $ | | $ |
| | 129,236 | | 123,165 | | 268,947 | | 235,758 |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| Cost of goods sold | 98,932 | | 94,083 | | 207,434 | | 178,724 |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| | Gross profit | 30,304 | | 29,082 | | 61,513 | | 57,034 |
+--------+-----------------+-----------+--------+-----------+--------+------------+--------+------------+
| Selling, general and | 21,715 | | 19,442 | | 43,379 | | 39,059 |
| administrative expenses | | | | | | | |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| | Operating | | | | | 18,134 | | 17,975 |
| | income (loss) | 8,589 | | 9,640 | | | | |
+--------+-----------------+-----------+--------+-----------+--------+------------+--------+------------+
| Interest expense | | | | | 14,633 | | 14,922 |
| | 7,376 | | 7,475 | | | | |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| Interest (income) | | | | | (43) | | |
| | (15) | | (36) | | | | (95) |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| Foreign currency (gains) | 9,810 | | (1,098) | | 19,826 | | (3,395) |
| losses, net | | | | | | | |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| Other (income) expense, | 26 | | (73) | | 62 | | 30 |
| net | | | | | | | |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| | Income (loss) | (8,608) | | | | (16,344) | | |
| | before income | | | 3,372 | | | | 6,513 |
| | taxes | | | | | | | |
+--------+-----------------+-----------+--------+-----------+--------+------------+--------+------------+
| Provision (benefit) for | 252 | | 421 | | | | |
| income taxes | | | | | 1,242 | | 1,014 |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| | Income (loss) | $ | | $ | | $ | | $ |
| | from continuing | (8,860) | | 2,951 | | (17,586) | | 5,499 |
| | operations | | | | | | | |
+--------+-----------------+-----------+--------+-----------+--------+------------+--------+------------+
| Gain on disposal of | | | | | | | |
| discontinued operations, | | | | | | | |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| | net of income | - | | 2,667 | | - | | |
| | taxes | | | | | | | 2,667 |
+--------+-----------------+-----------+--------+-----------+--------+------------+--------+------------+
| | Net income | $ | | $ | | $ | | $ |
| | (loss) | (8,860) | | 5,618 | | (17,586) | | 8,166 |
+--------+-----------------+-----------+--------+-----------+--------+------------+--------+------------+
| | | | | | | | | | |
+--------+--------+--------+-----------+--------+-----------+--------+------------+--------+------------+
| Earnings (loss) per | | | | | | | |
| common share - basic and | | | | | | | |
| diluted: | | | | | | | |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| Income (loss) from | $ | | $ | | $ | | $ |
| continuing operations | (0.13) | | 0.05 | | (0.25) | | 0.09 |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| Income (loss) from | $ | | $ | | $ | | $ |
| discontinued operations | - | | 0.04 | | - | | 0.04 |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| Net income (loss) | $ | | $ | | $ | | $ |
| | (0.13) | | 0.09 | | (0.25) | | 0.14 |
+--------------------------+-----------+--------+-----------+--------+------------+--------+------------+
| | | | | | | | | | |
+--------+--------+--------+-----------+--------+-----------+--------+------------+--------+------------+
| | | | |
+--------+--------+--------+-----------+--------+-----------+--------+------------+--------+------------+
+--------+--------+--------+--------+--------+-------------+-------------+--------+------------+--------+------------+
| Consolidated balance sheets | | | | |
+------------------------------------------------------------------------+--------+------------+--------+------------+
| | | | | | | | | | |
+--------+--------+--------+--------+--------+---------------------------+--------+------------+--------+------------+
| | | | | | December | | June | | December |
| | | | | | 31, | | 30, | | 31, |
+--------+--------+--------+--------+----------------------+-------------+--------+------------+--------+------------+
| As of | | 2008 | | 2008 | | 2007 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| | | | | | (unaudited) |
+--------+--------+--------+--------+----------------------+---------------------------------------------------------+
| | | | | | (in thousands) |
+--------+--------+--------+--------+----------------------+---------------------------------------------------------+
| ASSETS | | | | | | |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Cash and cash equivalents | | $ | | $ | | $ |
| | | 4,893 | | 6,994 | | 8,881 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Accounts receivable, net | | 84,589 | | 90,869 | | 72,628 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Inventories | | 107,978 | | 110,437 | | 99,989 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Prepaid expenses and other | | 14,615 | | 17,304 | | 13,153 |
| current assets | | | | | | |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| | Total current assets | | 212,075 | | 225,604 | | 194,651 |
+--------+--------------------------+----------------------+-------------+--------+------------+--------+------------+
| Property, plant and equipment, | | | | 75,188 | | 59,106 |
| net | | 67,579 | | | | |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Intangibles, net | | | | 5,996 | | |
| | | 5,131 | | | | 6,699 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Other assets | | 18,103 | | 18,287 | | 19,015 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| | | | | | $ | | $ | | $ |
| | | | | | 302,888 | | 325,075 | | 279,471 |
+--------+--------+--------+--------+----------------------+-------------+--------+------------+--------+------------+
| | | | | | | | | | |
+--------+--------+--------+--------+----------------------+-------------+--------+------------+--------+------------+
| LIABILITIES AND SHAREHOLDERS' DEFICIT | | | | |
+------------------------------------------------------------------------+--------+------------+--------+------------+
| Current portion of long-term debt | | $ | | $ | | $ |
| | | 2,177 | | 435 | | 269 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Accounts payable | | 48,604 | | 54,064 | | 45,651 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Accrued expenses and other current | 33,313 | | 40,515 | | 35,170 |
| liabilities | | | | | |
+----------------------------------------------------------+-------------+--------+------------+--------+------------+
| | Total current | | 84,094 | | 95,014 | | 81,090 |
| | liabilities | | | | | | |
+--------+--------------------------+----------------------+-------------+--------+------------+--------+------------+
| Domestic senior credit facility | | 16,001 | | | | 17,550 |
| | | | | 5,850 | | |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Long-term debt | | 241,697 | | 241,418 | | 240,016 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Other liabilities | | 21,613 | | 21,185 | | 16,759 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| | Total liabilities | | 363,405 | | 363,467 | | 355,415 |
+--------+--------------------------+----------------------+-------------+--------+------------+--------+------------+
| | | | | | | | | | |
+--------+--------+--------+--------+----------------------+-------------+--------+------------+--------+------------+
| Commitments and contingencies | | | | | | |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| | | | | | | | | | |
+--------+--------+--------+--------+----------------------+-------------+--------+------------+--------+------------+
| Common shares | | 7 | | 7 | | 6 |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Paid-in capital | | 40,622 | | 40,622 | | 800 |
| | | | | | | |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Accumulated deficit | | (110,729) | | (93,143) | | (87,179) |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| Accumulated other comprehensive | | | | 14,122 | | 10,429 |
| income | | 9,583 | | | | |
+-----------------------------------+----------------------+-------------+--------+------------+--------+------------+
| | Total shareholders' | | (60,517) | | (38,392) | | (75,944) |
| | deficit | | | | | | |
+--------+--------------------------+----------------------+-------------+--------+------------+--------+------------+
| | | | | | $ | | $ | | $ |
| | | | | | 302,888 | | 325,075 | | 279,471 |
+--------+--------+--------+--------+----------------------+-------------+--------+------------+--------+------------+
| | | | | | | | | | |
+--------+--------+--------+--------+----------------------+-------------+--------+------------+--------+------------+
| |
+--------+--------+--------+--------+--------+-------------+-------------+--------+------------+--------+------------+
+--------+--------+--------+--------+--------+------------+--------+------------+--------+------------+--------+------------+
| Consolidated statements of cash flows | | | | |
+-------------------------------------------------------------------------------+--------+------------+--------+------------+
| | | | | | Three months | | Six months |
+--------+--------+--------+--------+--------+----------------------------------+--------+----------------------------------+
| For the periods ended December 31 | | 2008 | | 2007 | | 2008 | | 2007 |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| | | | | | (unaudited) |
+--------+--------+--------+--------+--------+------------------------------------------------------------------------------+
| | | | | | (in thousands) |
+--------+--------+--------+--------+--------+------------------------------------------------------------------------------+
| OPERATING ACTIVITIES | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Net income (loss) | | $ | | $ | | $ | | $ |
| | | (8,860) | | 5,618 | | (17,586) | | 8,166 |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Adjustment for discontinued | | - | | | | - | | |
| operations | | | | (2,667) | | | | (2,667) |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Income (loss) from continuing | | (8,860) | | 2,951 | | (17,586) | | 5,499 |
| operations | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Adjustments to reconcile income | | | | | | | | |
| (loss) | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| | to net cash provided | | | | | | | | |
| | (used) by operating | | | | | | | | |
| | activities: | | | | | | | | |
+--------+--------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Depreciation and amortization | | 2,415 | | 2,393 | | 5,129 | | 4,627 |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Amortization of deferred | | 349 | | 345 | | 696 | | 689 |
| financing costs | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Deferred income taxes | | 162 | | (22) | | 254 | | (44) |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Net (gains) losses from sales of | | (142) | | (12) | | (169) | | (12) |
| assets | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Equity (income) loss on | | 3 | | - | | 34 | | - |
| investment | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Effects of changes in foreign | | 10,393 | | (1,214) | | 20,721 | | (3,706) |
| currency | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Changes in operating assets and | | | | | | | | |
| liabilities: | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Accounts receivable | | 2,880 | | (2,610) | | 3,606 | | 4,207 |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Inventories | | (1,573) | | (2,460) | | (6,671) | | (8,588) |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Prepaid expenses and other | | 817 | | 174 | | 2,391 | | 1,454 |
| current assets | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Other assets | | (603) | | (170) | | (1,394) | | (998) |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Accounts payable | | (2,607) | | 526 | | (5,157) | | (1,068) |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Accrued expenses and other | | (2,323) | | 5,341 | | (4,185) | | (7,734) |
| liabilities | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Accrued expenses: Belgium Plant | | (383) | | (98) | | (889) | | (185) |
| Transactions | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Accrued expenses: Cost of agreement with | - | | (3,000) | | - | | (3,000) |
| subsidiary stockholder | | | | | | | |
+--------------------------------------------+------------+--------+------------+--------+------------+--------+------------+
| | Net cash provided (used) | | 528 | | 2,144 | | (3,220) | | (8,859) |
| | by operating activities | | | | | | | | |
+--------+--------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| INVESTING ACTIVITIES | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Capital expenditures | | (4,868) | | (3,910) | | (10,319) | | (6,044) |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Proceeds from sales of assets | | 214 | | 20 | | 268 | | 20 |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Other investing | | - | | (89) | | - | | (89) |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Cash provided by discontinued | | - | | 2,775 | | - | | 2,775 |
| operations | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| | Net cash provided (used) | | (4,654) | | (1,204) | | (10,051) | | (3,338) |
| | by investing activities | | | | | | | | |
+--------+--------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| FINANCING ACTIVITIES | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Net increase (decrease) in book | | 1,352 | | (326) | | 1,463 | | 540 |
| overdrafts | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Borrowings under the domestic | | 25,746 | | 24,660 | | 58,387 | | 50,682 |
| senior credit facility | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Repayments of the domestic senior | | (29,164) | | (24,372) | | (48,236) | | (41,617) |
| credit facility | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Proceeds from long-term debt | | 3,100 | | - | | 3,100 | | - |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Payments of long-term debt and | | (1,135) | | (167) | | (1,546) | | (357) |
| capital leases | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Equity transaction costs | | - | | - | | (1,401) | | - |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| | Net cash provided (used) | | (101) | | (205) | | 11,767 | | 9,248 |
| | by financing activities | | | | | | | | |
+--------+--------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Effect of exchange rate changes | | (476) | | (326) | | (597) | | (164) |
| on cash | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| | Net increase (decrease) | | (4,703) | | 409 | | (2,101) | | (3,113) |
| | in cash and cash | | | | | | | | |
| | equivalents | | | | | | | | |
+--------+--------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Cash and cash equivalents at | | 9,596 | | 8,472 | | 6,994 | | 11,994 |
| beginning of period | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Cash and cash equivalents at end | | $ | | $ | | $ | | $ |
| of period | | 4,893 | | 8,881 | | 4,893 | | 8,881 |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| | | | | | | | | | | | |
+--------+--------+--------+--------+--------+------------+--------+------------+--------+------------+--------+------------+
| SUPPLEMENTAL CASH FLOW | | | | | | | | |
| INFORMATION | | | | | | | | |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Interest paid | | $ | | $ | | $ | | $ |
| | | 392 | | 412 | | 13,889 | | 14,081 |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Income taxes paid | | 1,555 | | 1,541 | | 4,076 | | 2,488 |
+-----------------------------------+--------+------------+--------+------------+--------+------------+--------+------------+
| Capital lease additions | | 476 | | - | | 476 | | - |
+--------+--------+--------+--------+--------+------------+--------+------------+--------+------------+--------+------------+
The table below reconciles net income (loss) to EBITDA and Adjusted EBITDA:
+--------+---------------+----------+--------+-----------+--------+--------+--------+--------+-----------+
| | | Three months | | Six months |
+--------+---------------+-------------------------------+--------+--------------------------------------+
| For the periods | 2008 | | 2007 | | 2008 | | 2007 |
| ended December | | | | | | | |
| 31 | | | | | | | |
+------------------------+----------+--------+-----------+--------+--------+-----------------+-----------+
| | | (in thousands) |
+--------+---------------+-------------------------------------------------------------------------------+
| Net income | $ | | $ | | $ (17,586) | | $ |
| (loss) | (8,860) | | 5,618 | | | | 8,166 |
+------------------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| Plus | | | | | | | |
+------------------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| | Gain | - | | (2,667) | | - | | (2,667) |
| | on | | | | | | | |
| | disposal | | | | | | | |
| | of | | | | | | | |
| | discontinued | | | | | | | |
| | operations, | | | | | | | |
| | net of | | | | | | | |
| | income taxes | | | | | | | |
+--------+---------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| | Provision | 252 | | 421 | | 1,242 | | 1,014 |
| | (benefit) | | | | | | | |
| | for | | | | | | | |
| | income | | | | | | | |
| | taxes | | | | | | | |
+--------+---------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| | Interest | 7,361 | | 7,439 | | 14,590 | | 14,827 |
| | expense, | | | | | | | |
| | net | | | | | | | |
+--------+---------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| | Other | 9,836 | | (1,171) | | 19,888 | | (3,365) |
| | (income) | | | | | | | |
| | expense, | | | | | | | |
| | net | | | | | | | |
+--------+---------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| | Depreciation | 2,415 | | 2,393 | | 5,129 | | 4,627 |
| | and | | | | | | | |
| | amortization | | | | | | | |
+--------+---------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| | EBITDA | $ | | $ | | $ 23,263 | | $ |
| | | 11,004 | | 12,033 | | | | 22,602 |
+--------+---------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| Adjustments | | | | | | | |
+------------------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| | Prince | 195 | | - | | 390 | | - |
| | Agri | | | | | | | |
| | Products | | | | | | | |
| | plant | | | | | | | |
| | consolidation | | | | | | | |
| | expenses | | | | | | | |
+--------+---------------+----------+--------+-----------+--------+-----------------+--------+-----------+
| | Adjusted | $ | | $ | | $ 23,653 | | $ |
| | EBITDA | 11,199 | | 12,033 | | | | 22,602 |
+--------+---------------+----------+--------+-----------+--------+--------+--------+--------+-----------+
This announcement and the Company's interim report for the six months ended 31
December 2008 are available at www.PAHC.com
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 further information please contact:
+-----------------------------------------------------+------------------------------+
| Phibro Animal Health | +1 |
| Corporation | 201 |
| Richard Johnson, Chief | 329 |
| Financial Officer | 7300 |
| investor.relations@pahc.com | |
+-----------------------------------------------------+------------------------------+
| | |
+-----------------------------------------------------+------------------------------+
| Panmure Gordon (UK) | +44 |
| Limited | (0) |
| Andrew Godber | 207 |
| Rakesh Sharma | 459 |
| | 3600 |
| | |
+-----------------------------------------------------+------------------------------+
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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