Innophos Holdings, Inc. Reports Second Quarter 20...( CRANBURY N.J. Aug. 3 /- I...),Health

CRANBURY, N.J., Aug. 3 /PRNewswire-FirstCall/ -- Innophos Holdings, Inc. (Nasdaq: IPHS), a leading specialty phosphates producer in North America, today announced its financial results for the second quarter 2009.

Second Quarter Results

• Net sales for the second quarter 2009 were $166.8 million, a decrease of $97.2 million, or 36.8%, as compared to $264.0 million for the same period in 2008. Selling price increases had a positive effect on revenue of $4.9 million or 1.9% as increases in all product lines in the United States and Canada exceeded decreases in STPP & Other Products and Purified Phosphoric Acid in Mexico. The effects of volume and mix on revenue were negative $102.1 million, or 38.7%, which occurred across all product lines and all reporting segments.
  

• Operating income for the second quarter 2009 was $31.4 million, a decrease of $58.6 million, or 65.1%, versus $90.0 million for the comparable period in 2008. Due to lower operating rates in Mexico, the 2009 second quarter results included charges of $2.5 million for anticipated unfulfilled contractual natural gas purchase commitments expiring in December 2009 and $1.6 million of Mexico workforce reduction charges. The 2009 second quarter results also included a $1.8 million inventory write-down on granular triple super-phosphate (GTSP) fertilizer co-product. Included in the 2008 second quarter results were favorable $6.6 million of pricing settlements that were applicable to the 2008 first quarter volumes, $3.6 million of gross profit from one GTSP export shipment delayed from March into April due to a customer's ocean shipping logistics issues, $1.3 million expense for a scheduled Geismar, LA plant maintenance outage and $1.3 million asset impairment expense for two
  '/>"/>