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Innophos Holdings, Inc. Reports First Quarter 2012 Results
Date:5/1/2012

CRANBURY, N.J., May 1, 2012 /PRNewswire/ -- Innophos Holdings, Inc. (NASDAQ:   "IPHS"), a leading international producer of performance-critical and nutritional specialty ingredients, with applications in food, beverage, pharmaceutical, oral care and industrial end markets, today announced its financial results for the first quarter 2012.

First Quarter Results

  • Net sales for the first quarter 2012 were $228 million, a 16% increase over first quarter 2011. 
  • Specialty Phosphates first quarter 2012 sales of $192 million increased 10% compared to first quarter 2011 on higher prices. Specialty Phosphates operating income increased significantly on a sequential basis on improved volumes and margins in the US/Canada business.
  • GTSP & Other sales at $36 million for the 2012 first quarter were $14 million above the year ago level on higher volumes. Lower pricing caused by declining fertilizer market price trends resulted in an operating loss for this segment of $2.5 million; down $6 million versus the prior period.  Early indications for the second quarter are for improving selling prices.
  • As previously reported, during the quarter the company reached a settlement with former parent, Rhodia, on various claims, including a claim for liability for excess water duty charges in Mexico and reduced its estimate on probable amounts to be paid to the Mexican water authority. As a consequence, first quarter 2012 net income included a $7.2 million after tax benefit ($0.32 per share).
  • Net income for the first quarter 2012 was $28 million compared to $26 million for the prior period. Both the first quarter 2012 (as noted above) and the first quarter 2011 benefited from adjustments to expected water duty charges. Excluding these adjustments, net income was $20 million for the first quarter 2012, compared to $24 million for the prior period with the decline attributable exclusively to lower GTSP &
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