Phibro Animal Health Interim Results for the 6 -2-
11 Février 2010 - 8:00AM
UK Regulatory
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.
Financial Information
The Company's Consolidated statements of operations, Consolidated balance
sheets, Consolidated statements of cash flows and Reconciliation of net income
(loss) to adjusted ebitda are as follows:
+--------+--------+--------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Consolidated statements of operations | | | | | |
+-------------------------------------------------------------------------+--------+------------------+--------+------------------+--------+
| | | | | | | | | | | |
+--------+--------+--------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| | | | Three months | | Six months | |
+--------+--------+--------+----------------------------------------------+--------+----------------------------------------------+--------+
| For the periods ended | 2009 | | 2008 | | 2009 | | 2008 | |
| December 31 | | | | | | | | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| | | | (unaudited) | |
+--------+--------+--------+------------------------------------------------------------------------------------------------------+--------+
| | | | (in thousands, except per share amounts) | |
+--------+--------+--------+------------------------------------------------------------------------------------------------------+--------+
| | | | | | | | | | | |
+--------+--------+--------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Net sales | $ | | $ | | $ | | $ | |
| | 151,849 | | 127,749 | | 288,099 | | 263,996 | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Cost of goods sold | 111,327 | | 97,441 | | 211,488 | | 203,048 | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| | Gross profit | 40,522 | | 30,308 | | 76,611 | | 60,948 | |
+--------+-----------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Selling, general and | 25,754 | | 20,531 | | 49,869 | | 40,993 | |
| administrative expenses | | | | | | | | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| | Operating | 14,768 | | 9,777 | | 26,742 | | 19,955 | |
| | income (loss) | | | | | | | | |
+--------+-----------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Interest expense | 8,772 | | 7,376 | | 17,371 | | 14,633 | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Interest (income) | (18) | | (15) | | (38) | | (43) | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Foreign currency (gains) | (1,128) | | 9,810 | | (6,280) | | 19,826 | |
| losses, net | | | | | | | | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Other (income) expense, | 54 | | 26 | | 87 | | 62 | |
| net | | | | | | | | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| | Income (loss) | 7,088 | | (7,420) | | 15,602 | | (14,523) | |
| | before income | | | | | | | | |
| | taxes | | | | | | | | |
+--------+-----------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| Provision (benefit) for | 1,929 | | 284 | | 2,711 | | 1,291 | |
| income taxes | | | | | | | | |
+--------------------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| | Income (loss) | $ | | $ | | $ | | $ | |
| | from continuing | 5,159 | | (7,704) | | 12,891 | | (15,814) | |
| | operations | | | | | | | | |
+--------+-----------------+------------------+--------+------------------+--------+------------------+--------+------------------+--------+
| (Loss) from discontinued | | | | | | | | |
| operations, | | | | | | | | |
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