Intrepid Potash, Inc. Announces Management Changes
Jan 8 15
Intrepid Potash, Inc. is continuing to make changes to streamline its management structure and reduce its costs. As part of these changes, John G. Mansanti has transitioned from the role of Intrepid's Senior Vice President of Operations to Senior Vice President of Strategic Initiatives and Technical Services, effective as of January 6, 2015. In addition, Intrepid has appointed Margaret E. McCandless as Vice President, General Counsel, and Secretary, effective as of January 6, 2015. Ms. McCandless previously served as Intrepid's Assistant General Counsel and Assistant Secretary since January 2012. Also as part of these changes, Martin D. Litt will be leaving Intrepid to pursue other interests. Mr. Litt served as Intrepid's Executive Vice President, General Counsel, and Secretary through January 5, 2015.
Intrepid Potash, Inc. Reports Unaudited Consolidated Earnings and Operating for the Third Quarter and Nine Months Ended September 30, 2014; Provides Production and Capital Investment Guidance for the Ending December 31, 2014
Oct 29 14
Intrepid Potash, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported sales of USD 102,280,000 compared to USD 70,569,000 a year ago. Operating income was USD 15,000 compared to USD 1,686,000 a year ago. Loss before income taxes were USD 1,239,000 compared to income before income taxes of USD 1,676,000 a year ago. Net loss was USD 1,236,000 compared to net income of USD 2,026,000 a year ago. Basic and diluted earnings per share were USD 0.02 compared to USD 0.03 a year ago. Net cash provided by operating activities were USD 48,986,000 compared to USD 14,683,000 a year ago. Additions to property, plant, equipment and mineral properties were USD 10,186,000 compared to USD 62,468,000 a year ago. Adjusted net loss was USD 1,236,000 compared to adjusted net income of USD 3,713,000 a year ago. Diluted adjusted net loss per share were USD 0.02 compared to diluted adjusted net income per share of USD 0.06 a year ago. Adjusted earnings before interest, taxes, depreciation, and amortization were USD 20,500,000 compared to USD 20,296,000 a year ago.
For the nine months, the company reported sales of USD 312,104,000 compared to USD 262,506,000 a year ago. Operating income was USD 6,487,000 compared to USD 45,828,000 a year ago. Income before income taxes were USD 2,831,000 compared to USD 43,781,000 a year ago. Net income was USD 3,970,000 compared to USD 28,262,000 a year ago. Basic and diluted earnings per share were USD 0.05 compared to USD 0.37 a year ago. Net cash provided by operating activities were USD 104,835,000 compared to USD 62,127,000 a year ago. Additions to property, plant, equipment and mineral properties were USD 55,325,000 compared to USD 186,227,000 a year ago. Adjusted net income was USD 3,528,000 compared to USD 31,308,000 a year ago. Diluted adjusted net income per share were USD 0.04 compared to USD 0.41 a year ago. Adjusted earnings before interest, taxes, depreciation, and amortization were USD 66,294,000 compared to USD 91,312,000 a year ago.
The company also reported production results for the third quarter ended September 30, 2013. For the quarter, Potash production was 194,000 tons, up 16% compared compared with same period a year ago.
In the first nine months of this year, production volume was 605,000 tons, an increase of 6% from the first nine months of 2013.
For the year ending December 31, 2014, the company expects potash production to be in the range of 850,000 tones to 860,000 tones and sales of 900,000 tones to 910,000 tones. Trio production is expected to be in the range of 145,000 tones to 155,000 tones and sales to be in the range of 175,000 tones to 185,000 tones.
The full-year of 2014, the company expected capital investment range has been tightened to USD 40 million to USD 50 million.