PAHC Phibro Animal S

 

TIDMPAHC 
 
RNS Number : 4463C 
Phibro Animal Health Corporation 
13 November 2009 
 

 
 
 
 
PHIBRO ANIMAL HEALTH CORPORATION 
REPORTS ITS SEPTEMBER 2009 FISCAL FIRST QUARTER 
 
 
RIDGEFIELD PARK, New Jersey, 13 Nov 2009 - Phibro Animal Health Corporation 
("PAHC" or the "Company") announced its operating results for its fiscal first 
quarter ending 30 September 2009. Quarterly sales of $136 million were unchanged 
from the same quarter last year, due to reductions in unit volumes and average 
selling prices, offset by acquisitions. Adjusted ebitda (earnings before 
interest, taxes and depreciation and amortization) of $15.5 million increased 
$2.6 million, or 20%, primarily due to improved animal health and nutrition 
gross profit from recent acquisitions, favorable product mix and reduced 
material costs. After including foreign currency and discontinued operations 
gains and after deducting depreciation and amortization, interest expense and 
income taxes, the Company reported net income of $9.0 million for the quarter. 
 
 
Animal Health & Nutrition 
Quarterly net sales of $117 million increased $6 million, or 5%, compared with 
the same quarter last year. Sales increased due to recent acquisitions and unit 
volume growth and higher average selling prices of antibiotics and other 
medicated products, partially offset by reduced volumes and lower average 
selling prices of trace minerals and reduced volumes of other nutritional 
products. Adjusted ebitda increased $3.3 million, or 26%, due to recent 
acquisitions and improved gross margins from antibiotics and other medicated 
products, partially offset by lower margins in trace minerals and nutritional 
supplements and overall higher operating expenses. 
 
 
 
 
 
 
 
 
Performance Products 
Distribution quarterly net sales of $14 million decreased $4 million, or 21%, 
compared with the same quarter last year. Net sales decreased due to lower unit 
volumes and lower average selling prices. Adjusted ebitda decreased by $0.5 
million due to lower margins partially offset by lower operating costs. 
 
 
Industrial Chemicals quarterly net sales of $6 million decreased $2 million. 
Sales decreased due to lower average selling prices and reduced volumes of 
copper related products. Adjusted ebitda decreased by $0.1 million due to lower 
gross margins, partially offset by reduced operating expenses. 
 
 
As previously disclosed, the Company sold its wood preservative business in 
October 2009.  The Company's operating results have been reclassified to present 
the wood preservative business as discontinued operations. The Company 
anticipates it will report a gain on the divestiture in the quarter ending 
December 31, 2009. 
 
 
For further information, the Company's quarterly report is available on our 
website in the Investor Relations section at www.pahc.com. 
 
 
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" 
and "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. 
 
 
 
 
 
 
About The Company 
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 more information: 
 
 
+------------------------------------------------+--------------------------+ 
| Phibro Animal Health Corporation               | +1 201 329 7300          | 
| Richard Johnson, Chief Financial Officer       |                          | 
| Investor.relations@pahc.com                    |                          | 
+------------------------------------------------+--------------------------+ 
|                                                |                          | 
+------------------------------------------------+--------------------------+ 
|                                                |                          | 
+------------------------------------------------+--------------------------+ 
| Panmure Gordon (UK) Limited                    | +44 (0) 20 7459 3600     | 
| Andrew Godber                                  |                          | 
| Rakesh Sharma                                  |                          | 
+------------------------------------------------+--------------------------+ 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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