3rd Quarter Results - 9 Months Ended 31/3/10
May 13 2010 - 2:00AM
UK Regulatory
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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