INNOPHOS HOLDINGS, INC. (IPHS, Financial) filed Quarterly Report for the period ended 2010-09-30.
Innophos Holdings, Inc. has a market cap of $783.1 million; its shares were traded at around $37.67 with a P/E ratio of 16.7 and P/S ratio of 1.1. The dividend yield of Innophos Holdings, Inc. stocks is 2%.IPHS is in the portfolios of Wilbur Ross of Invesco Private Capital, Inc., Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Operating expenses consist primarily of selling, general and administrative, and R&D expenses. For the three months ended September 30, 2010, these costs were $14.7 million, a decrease of $4.5 million, or 23.4%, as compared to $19.2 million for the same period in 2009. The decrease is due to $3.0 million lower ERP expenses as a result of capitalizing the implementation phase costs, $1.3 million lower legal expenses related to OCP arbitration costs in the prior period and a $0.2 million decrease in all other costs.
Net interest expense, including deferred financing amortization expense, for the three months ended September 30, 2010 was $15.6 million, an increase of $9.6 million, compared to $6.0 million for the same period in 2009. This increase is primarily due to $5.6 million call premium and recognizing accelerated deferred financing costs of $5.2 million related to the redemption of the $190 million Senior Subordinated Notes. This was partially offset by $1.3 million lower interest expense resulting from the redemption of the remaining balance of the Senior Unsecured Notes in the second quarter of 2010.
Gross profit represents net sales less cost of goods sold. Gross profit for the nine months ended September 30, 2010 was $108.7 million, a decrease of $58.2 million, or 34.9%, as compared to $166.9 million for the same period in 2009. Gross margin decreased to 20.8% for the nine months ended September 30, 2010 versus 32.1% for the same period in 2009. The change in gross profit was primarily due to a $20.0 million charge for the Mexican CNA matter, net of the $19.6 million Rhodia indemnity receivable, lower selling prices which had an unfavorable effect of $87.9 million, $1.7 million unfavorable exchange rate impact mostly from our Mexican peso based costs, and $1.1 million expense for the planned maintenance outage at our Geismar La. manufacturing facility. This was partially offset by favorable sales volume combined with lower raw material and manufacturing costs which resulted in a net favorable effect of $47.8 million. Included in the 2009 results were $1.8 million Mexican workforce reduction costs, $1.8 million inventory write-downs of GTSP, and a charge of $1.1 million for anticipated unfulfilled contractual natural gas purchase commitments.
Operating expenses consist primarily of selling, general and administrative, and R&D expenses. For the nine months ended September 30, 2010, these costs were $44.1 million, a decrease of $7.6 million, or 14.7%, as compared to $51.7 million for the same period in 2009. The decrease is due to $4.8 million lower ERP project expenses as a result of capitalizing the implementation phase costs, $1.6 million lower legal and other professional services, $2.2 million lower legal expenses related to OCP arbitration costs in the prior period, and $0.5 million reduction in all other costs. This was partially offset by $1.5 million increased non-cash stock compensation expense.
Net interest expense, including deferred financing amortization expense, for the nine months ended September 30, 2010 was $26.7 million, an increase of $9.4 million, compared to $17.3 million for the same period in 2009. This increase is primarily due to $5.6 million call premium and increased accelerated deferred financing costs of $5.8 million primarily related to the redemption of the $190 million Senior Subordinated Notes. This was partially offset by lower interest expense resulting from the pay off of the remaining balance of the Term Loan in the second quarter of 2009 and the redemption of the remaining balance of the Senior Unsecured Notes in the second quarter of 2010. There was a gain of $3.5 million in the second quarter of 2009 on the retirement of $10.0 million of the 9.5% Senior Unsecured Notes.
Read the The complete Report
Innophos Holdings, Inc. has a market cap of $783.1 million; its shares were traded at around $37.67 with a P/E ratio of 16.7 and P/S ratio of 1.1. The dividend yield of Innophos Holdings, Inc. stocks is 2%.IPHS is in the portfolios of Wilbur Ross of Invesco Private Capital, Inc., Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Gross profit represents net sales less cost of goods sold. Gross profit for the three months ended September 30, 2010 was $25.0 million, a decrease of $22.7 million, or 47.6%, as compared to $47.7 million for the same period in 2009. Gross margin decreased to 14.8% for the three months ended September 30, 2010 versus 29.5% for the same period in 2009. The change in gross profit was primarily due to a $20.0 million charge for the Mexican CNA matter, net of the $19.6 million Rhodia indemnity receivable, and lower selling prices which had an unfavorable effect of $14.4 million. This was mostly offset by favorable sales volume, lower raw material cost, and lower manufacturing cost which resulted in a net favorable effect of $11.7 million.Operating expenses consist primarily of selling, general and administrative, and R&D expenses. For the three months ended September 30, 2010, these costs were $14.7 million, a decrease of $4.5 million, or 23.4%, as compared to $19.2 million for the same period in 2009. The decrease is due to $3.0 million lower ERP expenses as a result of capitalizing the implementation phase costs, $1.3 million lower legal expenses related to OCP arbitration costs in the prior period and a $0.2 million decrease in all other costs.
Net interest expense, including deferred financing amortization expense, for the three months ended September 30, 2010 was $15.6 million, an increase of $9.6 million, compared to $6.0 million for the same period in 2009. This increase is primarily due to $5.6 million call premium and recognizing accelerated deferred financing costs of $5.2 million related to the redemption of the $190 million Senior Subordinated Notes. This was partially offset by $1.3 million lower interest expense resulting from the redemption of the remaining balance of the Senior Unsecured Notes in the second quarter of 2010.
Gross profit represents net sales less cost of goods sold. Gross profit for the nine months ended September 30, 2010 was $108.7 million, a decrease of $58.2 million, or 34.9%, as compared to $166.9 million for the same period in 2009. Gross margin decreased to 20.8% for the nine months ended September 30, 2010 versus 32.1% for the same period in 2009. The change in gross profit was primarily due to a $20.0 million charge for the Mexican CNA matter, net of the $19.6 million Rhodia indemnity receivable, lower selling prices which had an unfavorable effect of $87.9 million, $1.7 million unfavorable exchange rate impact mostly from our Mexican peso based costs, and $1.1 million expense for the planned maintenance outage at our Geismar La. manufacturing facility. This was partially offset by favorable sales volume combined with lower raw material and manufacturing costs which resulted in a net favorable effect of $47.8 million. Included in the 2009 results were $1.8 million Mexican workforce reduction costs, $1.8 million inventory write-downs of GTSP, and a charge of $1.1 million for anticipated unfulfilled contractual natural gas purchase commitments.
Operating expenses consist primarily of selling, general and administrative, and R&D expenses. For the nine months ended September 30, 2010, these costs were $44.1 million, a decrease of $7.6 million, or 14.7%, as compared to $51.7 million for the same period in 2009. The decrease is due to $4.8 million lower ERP project expenses as a result of capitalizing the implementation phase costs, $1.6 million lower legal and other professional services, $2.2 million lower legal expenses related to OCP arbitration costs in the prior period, and $0.5 million reduction in all other costs. This was partially offset by $1.5 million increased non-cash stock compensation expense.
Net interest expense, including deferred financing amortization expense, for the nine months ended September 30, 2010 was $26.7 million, an increase of $9.4 million, compared to $17.3 million for the same period in 2009. This increase is primarily due to $5.6 million call premium and increased accelerated deferred financing costs of $5.8 million primarily related to the redemption of the $190 million Senior Subordinated Notes. This was partially offset by lower interest expense resulting from the pay off of the remaining balance of the Term Loan in the second quarter of 2009 and the redemption of the remaining balance of the Senior Unsecured Notes in the second quarter of 2010. There was a gain of $3.5 million in the second quarter of 2009 on the retirement of $10.0 million of the 9.5% Senior Unsecured Notes.
Read the The complete Report
