3rd Quarter Results - 9 Months Ended 31/3/10


 

TIDMPAHC 
 
RNS Number : 8161L 
Phibro Animal Health Corporation 
13 May 2010 
 

For release: IMMEDIATE 
 
 
  PHIBRO ANIMAL HEALTH CORPORATION INTERIM RESULTS FOR THE NINE MONTHS ENDED 31 
                                   MARCH 2010 
RIDGEFIELD PARK, New Jersey, 13 May 2010 - Phibro Animal Health Corporation 
("Phibro" or the "Company") today announced its interim results for the nine 
months ended 31 March 2010.  For additional information, the Company's Interim 
Report is available at www.pahc.com. 
 
Net sales of $437.5 million increased $47.2 million, or 12%. Animal Health & 
Nutrition sales of $373.6 million grew $44.7 million, or 14%, due to the recent 
acquisitions and unit volume growth across most product lines except trace 
minerals. Reduced average sales prices of trace minerals, due to lower 
underlying commodity costs and market conditions, partially offset the 
increases. Distribution sales of $46.1 million increased $2.9 million, or 7%, 
due to increased unit volumes in the ethanol, personal care and automotive 
markets which was offset in part by lower average selling prices. 
 
Adjusted EBITDA of $50.8 million increased $14.1 million, or 38%. Animal Health 
& Nutrition increased due to sales growth and margin improvements of antibiotics 
and other medicated products, plus the benefit of recent acquisitions, offset in 
part by higher selling, general and administrative expenses. Distribution 
increased due to higher unit volumes. 
 
Animal Health & Nutrition 
Net sales of $373.6 million increased $44.7 million, or 14%. Sales increased due 
to the recent acquisitions and unit volume growth across most product lines 
except trace minerals. Reduced average sales prices of trace minerals, due to 
lower underlying commodity costs and market conditions, partially offset the 
increases. 
 
Adjusted EBITDA of $52.7 million increased $13.1 million, or 33%, due to the 
recent acquisitions, sales growth and margin improvements of antibiotics and 
other medicated products, offset in part by higher selling, general and 
administrative expenses. 
 
Performance Products 
Distribution net sales of $46.1 million increased $2.9 million, or 7%, due to 
increased demand in the ethanol, personal care and automotive markets. Adjusted 
EBITDA increased by $2.8 million for the same reason due to unit volume growth. 
 
Industrial Chemicals net sales of $17.8 million decreased by $0.4 million, or 
2%, due to reduced unit volumes of copper related products substantially offset 
by higher average sales prices. Adjusted EBITDA improved by $0.6 million for the 
same reasons due to improved margins and lower operating expenses. 
 
Outlook 
The Company's expectations are for its business to continue at similar or 
improving levels for the remainder of our fiscal year.  Revenues subsequent to 
our interim results have continued at recent historical levels. 
 
Cancellation of Trading on AIM 
On 10 May 2010, the Board of Directors resolved that the Company should seek 
shareholder approval to cancel admission of the common shares of the Company on 
AIM, and a special meeting of shareholders is scheduled for 26 May 2010.  The 
holders of an aggregate of 99.9% of the common shares of the Company entitled to 
vote have advised Phibro that they intend to vote for the resolution to cancel 
admission on AIM.  The Company expects that the cancellation of admission on AIM 
will become effective at 7.00 am on 16 June 2010. 
 
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 further information please contact: 
+----------------------------------------+----------------------+ 
| Phibro Animal Health Corporation       | +1 201 329 7300      | 
| Richard Johnson, Chief Financial       |                      | 
| Officer                                |                      | 
| investor.relations@pahc.com            |                      | 
+----------------------------------------+----------------------+ 
|                                        |                      | 
+----------------------------------------+----------------------+ 
| Panmure Gordon (UK) Limited            | +44 (0) 207 459 3600 | 
| Andrew Godber                          |                      | 
| Rakesh Sharma                          |                      | 
|                                        |                      | 
+----------------------------------------+----------------------+ 
Regulation S 
The securities discussed in this release have not been registered under the U.S. 
Securities Act of 1933, as amended ("Securities Act"), and may not be offered or 
sold in the United States or to U.S. Persons (as defined in Regulation S 
promulgated under the Securities Act) absent registration or an applicable 
exemption from the registration requirements of the Securities Act. 
 
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," "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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