Innophos Holdings, Inc. (NASDAQ: IPHS) today announced financial
results for its third-quarter ended September 30, 2019.
Q3 2019 Highlights
- Sales of $189 million up 2% sequentially but down 4% compared
with prior-year quarter
- GAAP Net Income of $6 million, or $0.32 per diluted share, down
$8 million from Q3 2018
- Adjusted diluted EPS of $0.45, down 24% year-on-year
- EBITDA of $24 million, down $1 million, or 6%
year-over-year
- Adjusted EBITDA of $30 million, flat sequentially but down $3
million or 8% year-on-year; adjusted EBITDA margin of 16%, down 70
basis points compared with the prior year
- Cash flows from operations of $8 million, down $18 million
year-on-year
- Free Cash outflow of $2 million, down $6 million
year-on-year
Recent Developments
As announced on October 21, 2019, Innophos has entered into a
definitive agreement to be acquired by an affiliate of One Rock
Capital Partners, LLC, a leading middle-market private equity firm,
in an all-cash transaction valued at $32.00 per share, or
approximately $932 million, including the assumption of debt. Due
to the pending transaction, Innophos will not host an earnings
conference call, provide financial guidance or publish supplemental
financial presentation slides. Innophos is also withdrawing its
previously issued financial guidance for fiscal year 2019.
Q3 2019 Results
Variance $ and Variance % in the following tables and comments
may not foot due to rounding
$ Millions except EPS
Quarter 3
2019
2018
Variance $
Variance %
Sales
189
197
(8)
(4)%
Net Income
6
14
(8)
(54)%
Adj. Net Income
9
12
(3)
(24)%
EBITDA
24
26
(1)
(6)%
Adj. EBITDA
30
32
(3)
(8)%
Diluted EPS
0.32
0.71
(0.38)
(54)%
Adj. Diluted EPS
0.45
0.58
(0.14)
(24)%
Cash from Ops
8
26
(18)
(69)%
Free Cash Flow
(2)
4
(6)
(141)%
- Sales of $189 million were 4% below prior year as 1% selling
price increases were offset by a 5% volume decline.
- The Q3 2019 volume decline was affected by several factors,
including discontinued low-margin nutrition trading business, a
general weakening of demand and continued “indirect” tariff
impacts.
- GAAP Net Income of $6 million and diluted EPS of $0.32 were
down versus the prior year primarily due to a $6 million one-off
tax benefit for a partial reversal of tax reform in the prior year
period and lower EBITDA.
- During the quarter, the Geismar facility incurred operating
issues related to the transition to the company’s new low-cost
supply structure, which had a total impact of $6 million, $4
million of which was adjusted out of Q3 results and the remaining
$2 million is expected to be adjusted out of Q4 results. The issue
was rectified during the quarter and the Geismar plant has been
operating at normal rates since mid-September.
- Adjusted EBITDA margin of 16% was down 70 basis points year
over year due to lower cost leverage from lower sales volumes. The
Q3 Adjusted EBITDA was affected by the aforementioned operating
issues, which resulted in the company not realizing any benefits
from the value chain repositioning initiative in Q3 as
planned.
- Free Cash outflow of $2 million was down $6 million from the
prior year period due primarily to payment of a one-off tax charge
related to Dutch tax regulations enacted in Q2.
Q3 2019 Segment
Financials
Q3 Sales
2019 $ Millions
2018 $ Millions
Variance $
Variance %
FHN
105
115
(10)
(9)%
IS
73
66
7
11%
Other
11
16
(5)
(32)%
Total IPHS
189
197
(8)
(4)%
Q3 Adj. EBITDA
2019 $ Millions
2018 $ Millions
2019 % Margin
2018 % Margin
FHN
18
17
17%
15%
IS
10
12
14%
18%
Other
1
3
10%
16%
Total IPHS
30
32
16%
16%
Note: See Adjusted EBITDA reconciliation to EBITDA in the
financial tables that follow
- FHN sales declined 9% year over year (price +3%, volume -11%)
as price increases were offset by lower volumes due to the
discontinuation of low-margin nutrition trading business and softer
demand; adjusted EBITDA margins were up 201 basis points compared
with Q3 2018 due to higher selling prices and improved sales
mix.
- IS sales were up 11% year over year (price +1%, volume +10%)
due to higher acid sales and STPP volumes into Latin America that
exceeded lower volume effects from “indirect” unfavorable tariff
impacts on international sales; adjusted EBITDA margins were down
422 basis points versus a strong prior year quarter due to
unfavorable sales mix.
- Other sales were down 32% (price -8%, volume -24%) due to
reduced co-product and low grade acid sales volumes; adjusted
EBITDA margins were 10%.
Year-to-Date Quarter 3
Results
Variance $ and Variance % in the following tables and comments
may not foot due to rounding
$ Millions except EPS
YTD Q3
2019
2018
Variance $
Variance %
Sales
566
609
(43)
(7)%
Net Income
17
31
(15)
(47)%
Adj. Net Income
29
35
(6)
(17)%
EBITDA
76
78
(2)
(2)%
Adj. EBITDA
90
95
(6)
(6)%
Diluted EPS
0.83
1.57
(0.74)
(47)%
Adj. Diluted EPS
1.45
1.74
(0.29)
(17)%
Cash from Ops
25
35
(10)
(27)%
Free Cash Flow
(1)
(12)
12
93%
Year-to-Date Quarter 3 Segment
Financials
YTD Q3 Segment Sales
2019 $ Millions
2018 $ Millions
Variance $
Variance %
FHN
327
367
(40)
(11)%
IS
204
196
8
4%
Other
35
46
(11)
(24)%
Total IPHS
566
609
(43)
(7)%
YTD Q3 Segment Adj. EBITDA
2019 $ Millions
2018 $ Millions
2019 % Margin
2018 % Margin
FHN
57
56
18%
15%
IS
28
34
14%
17%
Other
4
5
11%
10%
Total IPHS
90
95
16%
16%
Note: See Adjusted EBITDA reconciliation to EBITDA in the
financial tables that follow
About the Company
Innophos is a leading international producer of essential
ingredients. We partner with world-leading health & nutrition,
food & beverage and industrial brands to create science-based
solutions that improve quality of life. Our knowledgeable teams
apply science to unlock the potential that lies within the blends
and formulations that we deliver. Forward thinking and people
centric at heart, we execute with purpose and efficiency to create
value in everything we do. Headquartered in Cranbury, New Jersey,
Innophos has manufacturing operations across the United States, in
Canada, Mexico and China. For more information, please visit
www.innophos.com 'IPHS-G'
Financial Tables Follow
Discussion of Non-GAAP Financial
Measures
The non-GAAP financial measures in this news release are
utilized by management to compare Innophos’ operating performance
on a consistent basis. Management believes that these financial
measures enhance the overall understanding of the Company’s
underlying operating performance trends compared with historical
periods. Non-GAAP financial measures should not be considered as a
substitute for financial information calculated in accordance with
GAAP.
Net debt is a supplemental financial measure that is not
required by, or presented in accordance with, US GAAP. The Company
believes net debt is helpful in analyzing leverage and as a
performance measure for purposes of presentation in this release.
The Company defines net debt as total long-term debt (including any
current portion) less cash and cash equivalents.
Free cash flow is a supplemental financial measure that is not
required by, or presented in accordance with, US GAAP. The Company
believes free cash flow is helpful in analyzing the cash flow
generating capability of the business and as a performance measure
for purposes of presentation in this release. The Company defines
free cash flow as net cash provided from operating activities plus
cash used for capital expenditures plus cash received from sale
leaseback transactions.
EBITDA, adjusted EBITDA, adjusted net income and adjusted
diluted EPS are supplemental financial measures that are not
required by, or presented in accordance with, US GAAP. The Company
believes EBITDA and adjusted EBITDA are helpful in analyzing the
cash flow generating capability of the business and as performance
measures for purposes of presentation in this release.
Net Working Capital is a supplemental financial measure that is
not required by, or presented in accordance with, US GAAP. The
Company believes net working capital is helpful in analyzing the
effects on the cash flow generating capability of the business and
as a performance measure for purposes of presentation in this
release. The Company defines net working capital as total current
assets less cash and cash equivalents less total current
liabilities plus current portion of capital leases.
Operating Working Capital is a supplemental financial measure
that is not required by, or presented in accordance with, US GAAP.
The Company believes operating working capital is helpful in
analyzing the effects on the cash flow generating capability of the
business and as a performance measure for purposes of presentation
in this release. The Company defines operating working capital as
net working capital less taxes less interest.
Safe Harbor for Forward-Looking and
Cautionary Statements
This press release contains or may contain forward-looking
statements within the meaning of Section 27a of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The Company intends these forward-looking
statements to be covered by the safe harbor provisions for such
statements. Statements made in this press release that relate to
our future performance or future financial results or other future
events (which may be identified by such terms as “expect”,
“estimate”, “anticipate”, “assume”, “believe”, “plan”, “intend’,
“may”, “will”, “should”, “outlook”, “guidance”, “target”,
“opportunity”, “potential” or similar terms and variations or the
negative thereof) are forward-looking statements, including the
Company’s expectations regarding the business environment and the
Company’s overall guidance regarding future performance and growth.
These statements are based on our current beliefs and expectations
and are subject to significant risks and uncertainties. Actual
results may materially differ from the expectations expressed in or
implied by these forward-looking statements. Factors that could
cause the Company’s actual results to differ materially include,
but are not limited to: (1) the Company’s pending merger with an
affiliate of One Rock Capital Partners (2) global macroeconomic
conditions and trends; (3) the behavior of financial markets,
including fluctuations in foreign currencies, interest rates and
turmoil in capital markets; (4) changes in regulatory controls
regarding tariffs, duties, taxes and income tax rates; (5) the
Company’s ability to implement and refine its Vision 2022 strategic
roadmap; (6) the Company’s ability to successfully identify and
complete acquisitions in line with its Vision 2022 strategic
roadmap and effectively operate and integrate acquired businesses
to realize the anticipated benefits of those acquisitions; (7) the
Company’s ability to realize expected cost savings and efficiencies
from its performance improvement and other optimization
initiatives; (8) the Company’s ability to effectively compete in
its markets, and to successfully develop new and competitive
products that appeal to its customers; (9) changes in consumer
preferences and demand for the Company’s products or a decline in
consumer confidence and spending; (10) the Company’s ability to
benefit from its investments in assets and human capital and the
ability to complete projects successfully and on budget; (11)
economic, regulatory and political risks associated with the
Company’s international operations, most notably Mexico and China;
(12) volatility and increases in the price of raw materials, energy
and transportation, and fluctuations in the quality and
availability of raw materials and process aids; (13) the impact of
a disruption in the Company’s supply chain or its relationship with
its suppliers; (14) the Company’s ability to comply with, and the
costs associated with compliance with, U.S. and foreign
environmental protection laws and (15) the Company’s ability to
meet quality and regulatory standards in the various jurisdictions
in which it has operations or conducts business. We caution you to
consider the important risks and other factors as set forth in the
forward-looking statements section and in Item 1A Risk Factors in
our most recent Annual Report on Form 10-K, as amended by
subsequent reports on Forms 10-Q and 8-K. We do not undertake to
update the forward-looking statements to reflect the impact of
circumstances or events that may arise after the date of the
forward-looking statements.
Additional Information and Where to Find It
In connection with the proposed transaction, the Company expects
to file with the SEC and furnish to its stockholders a proxy
statement on Schedule 14A, as well as other relevant materials
concerning the proposed transaction. Promptly after filing its
definitive proxy statement with the SEC, the Company will mail the
definitive proxy statement and a proxy card to each stockholder of
the Company entitled to vote at the special meeting relating to the
proposed transaction. WE URGE INVESTORS TO READ THE PROXY STATEMENT
AND THESE OTHER MATERIALS FILED WITH THE SEC CAREFULLY WHEN THEY
BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Investors will be able to obtain free copies of the
proxy statement (when available) and other documents that will be
filed by the Company with the SEC at http://www.sec.gov, the SEC’s
website, or from the Company’s website (http://www.innophos.com)
under the tab “Investor Relations,” then under the heading
“Financials” and then under “SEC Filings.” In addition, investors
and stockholders may obtain free copies of these documents from the
Company by directing a request to Investor Relations, Phone:
1-609-366-1204. Media inquiries can be directed to Ryan Flaim at
Sharon Merrill Associates, Phone: 617-542-5300. Media inquiries
related to One Rock specifically can be directed to Gasthalter
& Co., Phone 212-257-4170.
Participants in the Solicitation
The Company, its directors and certain of its executive officers
and other persons may be deemed to be participants in the
solicitation of proxies from the Company’s stockholders with
respect to the proposed transaction. Information regarding the
directors and executive officers of the Company is available in its
definitive proxy statement for its 2019 annual meeting, filed with
the SEC on April 8, 2019. More detailed information regarding the
identity of potential participants, and their direct or indirect
interests, by securities, holdings or otherwise, will be set forth
in the proxy statement and other materials when they are filed with
the SEC in connection with the proposed transaction.
Summary Profit & Loss
Statement
INNOPHOS HOLDINGS, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statement of Operations (Unaudited)
(Dollars in thousands, except
per share amounts or share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Net Sales
$189,349
$196,934
$565,801
$609,099
Cost of goods sold
156,685
161,706
460,333
495,259
Gross profit
32,664
35,228
105,468
113,840
Operating expenses:
Selling, general and administrative
17,803
19,525
57,505
64,548
Research & development expenses
1,179
1,240
3,751
3,989
Total operating expenses
18,982
20,765
61,256
68,537
Operating income
13,682
14,463
44,212
45,303
Interest expense, net
3,990
3,428
11,580
9,530
Foreign exchange (gain) loss
373
(531
)
(478
)
409
Other income
(5
)
(14
)
(16
)
(42
)
Income before income taxes
9,324
11,580
33,126
35,406
Provision for income taxes
2,873
(2,510
)
16,580
4,155
Net income
$6,451
$14,090
$16,546
$31,251
Diluted Earnings Per Participating
Share
$0.32
$0.71
$0.83
$1.57
Diluted weighted average participating
shares outstanding
19,785,045
19,838,962
19,740,262
19,790,570
Dividends paid per share of common
stock
$0.48
$0.48
$1.44
$1.44
Dividends declared per share of common
stock
$0.48
$0.48
$1.44
$1.44
Adjusted Net Income Reconciliation to
Net Income
(Dollars in thousands, except EPS)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Net Income
$6,451
$14,090
$16,546
$31,251
Pre-tax
Adjustments
Foreign exchange loss (gain)
373
(531)
(478)
409
Severance/Restructuring expense
839
1,297
4,088
2,581
M&A related costs
517
45
968
982
Mexico natural gas supply imbalance
charges
0
1,857
1,179
1,857
Value chain transition
3,902
2,385
6,240
6,878
Supplier Q418 payment amortization
(2,315)
0
(4,680)
0
Other
132
0
595
0
Total Pre-Tax Adjustments
3,448
5,053
7,912
12,707
Income tax effects on Adjustments
1,050
1,515
2,383
3,447
'18 Tax Reform Partial Reversal / '19
Dutch tax charge
0
(5,982)
6,603
(5,982)
Adjusted Net Income
$8,849
$11,646
$28,678
$34,529
Adjusted Diluted Earnings Per
Participating Share
$0.45
$0.58
$1.45
$1.74
Adjusted EBITDA Reconciliation to Net
Income
(Dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Net Income
$6,451
$14,090
$16,546
$31,251
Interest expense, net
3,990
3,428
11,580
9,530
Provision for income taxes
2,873
(2,510)
16,580
4,155
Depreciation & amortization
11,130
10,864
31,776
33,317
EBITDA
24,444
25,872
76,482
78,253
Adjustments
Non-cash stock compensation
1,621
1,152
5,188
4,143
Foreign exchange loss (gain)
373
(531)
(478)
409
Severance/Restructuring expense
839
1,297
4,088
2,581
M&A related costs
517
45
968
982
Mexico natural gas supply imbalance
charges
0
1,857
1,179
1,857
Value chain transition
3,902
2,385
6,240
6,878
Supplier Q418 payment amortization
(2,315)
0
(4,680)
0
Other
132
0
595
0
Adjusted EBITDA
$29,513
$32,077
$89,582
$95,103
Percent of Sales
15.6%
16.3%
15.8%
15.6%
Segment Adjusted EBITDA Reconciliation
to EBITDA
(Dollars in thousands)
Three Months Ended
Three Months Ended
September 30, 2019
September 30, 2018
FHN
IS
Other
Total
FHN
IS
Other
Total
EBITDA
$14,791
$8,861
$792
$24,444
$14,563
$8,885
$2,424
$25,872
Non-cash stock compensation
917
642
62
1,621
652
456
44
1,152
Foreign exchange loss (gain)
119
—
254
373
67
—
(598
)
(531
)
Severance/Restructuring exp
451
346
42
839
765
440
92
1,297
M&A related costs
517
—
—
517
45
—
—
45
Mexico natural gas supply adj.
—
—
—
—
414
871
572
1,857
Value chain transition
2,352
1,395
155
3,902
909
1,467
9
2,385
Supplier payment amortization
(1,203
)
(880
)
(232
)
(2,315
)
—
—
—
—
Other
72
50
10
132
—
—
—
—
Adjusted EBITDA
$18,016
$10,414
$1,083
$29,513
$17,415
$12,119
$2,543
$32,077
Nine Months Ended
Nine Months Ended
September 30, 2019
September 30, 2018
FHN
IS
Other
Total
FHN
IS
Other
Total
EBITDA
$48,758
$23,891
$3,833
$76,482
$48,494
$26,772
$2,987
$78,253
Non-cash stock compensation
2,937
2,054
197
5,188
2,345
1,641
157
4,143
Foreign exchange loss (gain)
59
—
(537
)
(478
)
76
—
333
409
Severance/Restructuring exp
2,551
1,327
210
4,088
1,527
922
132
2,581
Inventory fair value adjustment
—
—
—
—
—
—
—
—
M&A related costs
968
—
—
968
968
—
14
982
Mexico natural gas supply adj.
263
553
363
1,179
414
871
572
1,857
Value chain transition
3,761
2,231
248
6,240
2,575
3,685
618
6,878
Supplier payment amortization
(2,434
)
(1,778
)
(468
)
(4,680
)
—
—
—
—
Other
333
219
43
595
—
—
—
—
Adjusted EBITDA
$57,196
$28,497
$3,889
$89,582
$56,399
$33,891
$4,813
$95,103
Segment Reporting
Three Months Ended September
30,
Nine Months Ended September
30,
Segment Net Sales
2019
2018
2019
2018
Food, Health and Nutrition
$105,174
$115,132
$326,783
$367,159
Industrial Specialties
73,141
65,667
204,064
195,767
Other
11,034
16,135
34,954
46,173
Total
$189,349
$196,934
$565,801
$609,099
Net Sales % change
Food, Health and Nutrition
(8.6)%
(11.0)%
Industrial Specialties
11.4%
4.2%
Other
(31.6)%
(24.3)%
Total
(3.9)%
(7.1)%
Segment EBITDA
Food, Health and Nutrition
$14,791
$14,563
$48,758
$48,494
Industrial Specialties
8,861
8,885
23,891
26,772
Other
792
2,424
3,833
2,987
Total
$24,444
$25,872
$76,482
$78,253
Segment EBITDA % of net sales
Food, Health and Nutrition
14.1%
12.6%
14.9%
13.2%
Industrial Specialties
12.1%
13.5%
11.7%
13.7%
Other
7.2%
15.0%
11.0%
6.5%
Total
12.9%
13.1%
13.5%
12.8%
Depreciation and amortization
expense
Food, Health and Nutrition
$6,959
$7,142
$20,128
$21,677
Industrial Specialties
3,768
3,153
10,714
10,257
Other
403
569
934
1,383
Total
$11,130
$10,864
$31,776
$33,317
Price / Volume
The Company calculates pure selling price dollar variances as
the selling price for the current year to date period minus the
selling price for the prior year to date period, and then
multiplies the resulting selling price difference by the prior year
to date period volume. The current quarter selling price dollar
variance is derived from the current quarter year to date selling
price dollar variance less the previous quarter year to date
selling price dollar variance. The selling price dollar variance is
then divided by the prior period sales dollars to calculate the
percentage change. Volume/mix variance is calculated as the total
sales variance minus the selling price variance. The following
table illustrates the percentage changes in net sales by reportable
segments compared with the same period of the prior year, including
the effect of selling price and volume/mix changes upon
revenue:
Three Months Ended
Nine Months Ended
September 30, 2019
September 30, 2019
Reportable Segments
Price
Vol/Mix
Total
Price
Vol/Mix
Total
Food, Health and Nutrition
2.7
%
(11.3
)%
(8.6
)%
3.4
%
(14.4
)%
(11.0
)%
Industrial Specialties
1.2
%
10.2
%
11.4
%
2.7
%
1.5
%
4.2
%
Other
(7.6
)%
(24.0
)%
(31.6
)%
(3.3
)%
(21.0
)%
(24.3
)%
Total
1.3
%
(5.2
)%
(3.9
)%
2.7
%
(9.8
)%
(7.1
)%
Summary Cash Flow
Statement
INNOPHOS HOLDINGS, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statement of Cash Flows (Unaudited)
(Dollars in thousands)
Nine Months Ended September
30,
2019
2018
Cash flows provided from (used for)
operating activities
Net income
$16,546
$31,251
Adjustments to reconcile net income to net
cash provided from (used for) operating activities:
Depreciation and amortization
31,776
33,317
Amortization of deferred financing
charges
322
322
Deferred income tax provision
242
7,006
Share-based compensation
5,188
4,143
Changes in assets and liabilities:
Accounts receivable
(3,655
)
(2,272
)
Inventories
9,913
(23,094
)
Other current assets
(11,042
)
(9,362
)
Accounts payable
(18,060
)
(1,167
)
Other current liabilities
5,041
10,291
Other long-term assets and liabilities
(11,608
)
(15,071
)
Net cash (used for) provided by
operating activities
24,663
35,364
Cash flows used for investing
activities:
Capital expenditures
(25,576
)
(47,800
)
Net cash used for investing
activities
(25,576
)
(47,800
)
Cash flows provided by (used for)
financing activities:
Long-term debt borrowings
51,000
86,000
Long-term debt repayments
(11,000
)
(51,000
)
Restricted stock forfeitures
(235
)
(251
)
Dividends paid
(28,318
)
(28,197
)
Net cash provided by (used for)
financing activities
11,447
6,552
Effect of foreign exchange rate changes on
cash and cash equivalents
—
181
Net change in cash
10,534
(5,703
)
Cash and cash equivalents at beginning of
period
20,197
28,782
Cash and cash equivalents at end of
period
$30,731
$23,079
Cash From Operations Reconciliation to
EBITDA
(Dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
EBITDA
$24,444
$25,872
$76,482
$78,253
Operating Working Capital
679
4,061
(22,370
)
(19,446
)
Taxes paid
(10,653
)
(3,792
)
(19,679
)
(16,590
)
Interest paid
(3,928
)
(3,618
)
(11,528
)
(10,398
)
All other including non-cash stock
compensation and changes in other long-term assets and
liabilities
(2,660
)
3,284
1,758
3,545
Net cash provided from
operations
$7,882
$25,807
$24,663
$35,364
Cash From Operations Reconciliation to
Adjusted EBITDA
(Dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Adjusted EBITDA
$29,513
$32,077
$89,582
$95,103
Operating Working Capital
(2,769
)
(992
)
(30,282
)
(32,154
)
Taxes paid
(10,653
)
(3,792
)
(19,679
)
(16,590
)
Interest paid
(3,928
)
(3,618
)
(11,528
)
(10,398
)
All other including non-cash stock
compensation and changes in other long-term assets and
liabilities
(4,281
)
2,132
(3,430
)
(597
)
Net cash provided from
operation
$7,882
$25,807
$24,663
$35,364
Free Cash Flow Reconciliation to Cash
From Operations
(Dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Cash from Operations
$7,882
$25,807
$24,663
$35,364
Capital Expenditures
(9,739)
(21,325)
(25,576)
(47,800)
Free Cash Flow
$(1,857)
$4,482
$(913)
$(12,436)
Summary Balance Sheets
INNOPHOS HOLDINGS, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets (Unaudited)
(Dollars in thousands)
September 30, 2019
December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents
$30,731
$20,197
Accounts receivable, net
106,219
102,564
Inventories
170,290
180,203
Other current assets
35,136
24,094
Total current assets
342,376
327,058
Property, plant and equipment, net
237,803
240,235
Lease right-of-use assets
55,597
—
Goodwill
152,767
152,767
Intangibles and other assets, net
87,301
95,094
Total assets
$875,844
$815,154
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable, trade and other
57,850
80,007
Other current liabilities
58,655
49,993
Total current liabilities
116,505
130,000
Long-term debt
340,000
300,000
Long-term lease liabilities
49,077
—
Other long-term liabilities
32,364
49,639
Total stockholders' equity
337,898
335,515
Total liabilities and stockholders'
equity
$875,844
$815,154
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191106005232/en/
Investor Mark Feuerbach Innophos 609-366-1204
investor.relations@innophos.com
Media Ryan Flaim Sharon Merrill Associates 617-542-5300
iphs@investorrelations.com
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