Company Demonstrates Resilience During Short-Lived Winter
OVERLAND PARK, Kan., Apr 26, 2012 (BUSINESS WIRE) --Compass Minerals (NYSE: CMP) reports the following results of its
first-quarter operations:
-
Net earnings were $39.9 million, or $1.19 per diluted share, compared
with net earnings of $56.5 million, or $1.69 per diluted share, in the
first quarter of 2011.
-
These results include losses caused by the tornado that struck the
company's salt operations in Goderich, ON, in August of 2011.
Excluding the effects of the tornado, the company estimates that
first-quarter net earnings would have been $49.5 million, or $1.48 per
diluted share.
-
The company's primary North American service area recorded the fewest
snow events in at least 15 years this winter season, curtailing
deicing demand and limiting salt sales to $254.3 million compared to
$332.4 million in the 2011 quarter.
-
Salt-segment operating earnings were $52.4 million compared to $77.2
million in the prior-year period. Excluding the effects of the
tornado, the company estimates that salt segment operating earnings
would have been $66.6 million in the 2012 period.
-
A 5 percent year-over-year improvement in sulfate of potash prices
increased specialty fertilizer sales to $58.5 million from $55.4
million in the prior-year quarter. Specialty fertilizer operating
earnings were $20.7 million compared to $19.3 million in the
2011 quarter.
-
The company generated $96.9 million of cash flow from operations.
-
Compass Minerals raised its quarterly dividend by 10 percent to $0.495
per share.
"Our salt segment withstood the extremely mild winter quite well. The
March quarter is our most winter-weather-dependent quarter with deicing
typically accounting for approximately two-thirds of our company's
operating earnings. While salt sales and operating earnings were
impacted by the mild weather, we continued to increase the underlying
efficiency of our salt production," said Angelo Brisimitzakis, Compass
Minerals president and CEO. "In addition, demand and prices remain
healthy in our specialty fertilizer business, which is benefiting from
generally favorable global potash fundamentals. Compass Minerals
continues to demonstrate its ability to deliver solid earnings and cash
flow despite seasonal variations in the weather and to return value to
shareholders through increased dividends."
|
|
|
Compass Minerals Financial Results
(dollars
in millions, except for earnings per share)
|
|
|
|
Three months ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
Sales
|
|
$
|
315.3
|
|
|
$
|
390.6
|
|
|
Sales less shipping and handling costs (product sales)
|
|
|
221.8
|
|
|
|
275.9
|
|
|
Operating earnings
|
|
|
61.4
|
|
|
|
84.6
|
|
|
Operating margin
|
|
|
19.5
|
%
|
|
|
21.7
|
%
|
|
Net earnings
|
|
|
39.9
|
|
|
|
56.5
|
|
|
Net earnings, excluding special items*
|
|
|
49.5
|
|
|
|
56.5
|
|
|
Diluted per-share earnings
|
|
|
1.19
|
|
|
|
1.69
|
|
|
Diluted per-share earnings, excluding special items*
|
|
|
1.48
|
|
|
|
1.69
|
|
|
EBITDA*
|
|
|
75.5
|
|
|
|
100.4
|
|
|
Adjusted EBITDA*
|
|
|
77.1
|
|
|
|
101.0
|
|
|
*These are non-GAAP financial measures. Reconciliations to GAAP
measures of performance are provided in tables following this
release.
|
|
|
SALT SEGMENT
Exceptionally mild winter weather in North America and the U.K. drove a
27 percent decline in highway deicing sales volumes in the first
quarter. However, stronger prices for rock salt sold to both highway
deicing and chemical customers generated a 3 percent improvement in the
average selling price of highway deicing products. Consumer and
industrial sales volumes were down 13 percent year over year due to
lower weather-dependent demand for consumer and professional deicing
products. The decline in demand for higher-value deicing products
resulted in a 7 percent reduction in the reported average selling price
of consumer and industrial products.
In addition to the effects of mild weather, salt operating earnings
continued to be suppressed by the effects of the tornado, including such
items as salt purchased from third parties, inefficient production and
logistics costs, and foregone sales. The company estimates that the
effects of the tornado reduced first-quarter 2012 salt operating
earnings by approximately $14.2 million, or $9.6 million after tax.
Excluding the effects of the tornado yields pro-forma salt operating
earnings of $66.6 million, and a pro-forma salt operating margin of
approximately 25 percent, reflecting significant improvement in
underlying salt mining costs. This compares to first-quarter 2011
operating earnings of $77.2 million and an operating margin of 23
percent. The company also incurred $9 million in tornado-related capital
expenditures this quarter.
|
|
|
Salt Segment Performance
(dollars in millions,
except for prices per short ton)
|
|
|
|
Three months ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
Sales
|
|
$
|
254.3
|
|
|
$
|
332.4
|
|
|
Sales excluding shipping and handling (product sales)
|
|
$
|
168.3
|
|
|
$
|
225.5
|
|
|
Operating earnings
|
|
$
|
52.4
|
|
|
$
|
77.2
|
|
|
Operating margin
|
|
|
20.6
|
%
|
|
|
23.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Sales volumes (in thousands of tons):
|
|
|
|
|
|
Highway deicing
|
|
|
3,104
|
|
|
|
4,278
|
|
|
Consumer and industrial
|
|
|
506
|
|
|
|
584
|
|
|
Total salt
|
|
|
3,610
|
|
|
|
4,862
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price (per ton):
|
|
|
|
|
|
Highway deicing
|
|
$
|
58.32
|
|
|
$
|
56.49
|
|
|
Consumer and industrial
|
|
$
|
144.82
|
|
|
$
|
155.39
|
|
|
Total salt
|
|
$
|
70.44
|
|
|
$
|
68.36
|
|
|
|
|
|
|
|
|
|
|
|
Winter Weather Effect
Winter weather was significantly milder than average in Compass
Minerals' service areas in North America and the U.K. As a result, the
company estimates that first-quarter sales of highway, consumer and
professional deicing products were approximately $80 million to
$90 million below average-winter sales, and operating earnings were
approximately $25 million to $30 million lower.
When combined with the effects of winter weather on the company's
fourth-quarter 2011 results, the company estimates that the mild winter
weather reduced operating earnings by $45 million to $50 million for the
full-winter season ending in March 2012.
|
|
|
Estimated Effect of Winter Weather on Salt Segment Performance
(dollars
in millions)
|
|
|
|
Three months ended
March 31,
|
|
Winter season ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
2011-2012
|
|
2010-2011
|
|
Favorable (unfavorable) to average weather:
|
|
|
|
Approx.
|
|
|
|
Approx.
|
|
Sales
|
|
($80) to ($90)
|
|
Average
|
|
($135) to ($150)
|
|
Average
|
|
|
|
|
|
Approx.
|
|
|
|
Approx.
|
|
Operating earnings
|
|
($25) to ($30)
|
|
Average
|
|
($45) to ($50)
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY FERTILIZER SEGMENT
First-quarter specialty fertilizer sales climbed 6 percent to $58.5
million from the $55.4 million reported in the first quarter of 2011.
Sales volumes of 96,000 tons in the quarter were slightly above the
results of the previous year, while the average selling price per ton
increased 5 percent to $613 from $583 per ton. These price improvements
along with lower shipping and handling costs drove operating earnings 7
percent higher to $20.7 million from $19.3 million in the first quarter
of 2011.
|
|
|
Specialty Fertilizer Segment Performance
(dollars
in millions, except for prices per short ton)
|
|
|
|
Three months ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
Sales
|
|
$
|
58.5
|
|
|
$
|
55.4
|
|
|
Sales excluding shipping and handling (product sales)
|
|
$
|
51.0
|
|
|
$
|
47.6
|
|
|
Operating earnings
|
|
$
|
20.7
|
|
|
$
|
19.3
|
|
|
Operating margin
|
|
|
35.4
|
%
|
|
|
34.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Sales Volumes (in thousands of tons)
|
|
|
96
|
|
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price (per ton)
|
|
$
|
613
|
|
|
$
|
583
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL HIGHLIGHTS
Interest expense declined to $5.0 million from $5.7 million in the
year-ago period primarily due to the expiration of the company's
interest rate swap agreement, which had a higher interest rate than the
current market rate. The effects of year-over-year changes in exchange
rates increased other expense to $1.6 million from $0.6 million in the
2011 quarter. Cash flow from operations was $96.9 million, including
$19.1 million of insurance recoveries, compared to $170.8 million in the
first quarter of 2011 due to reduced earnings and higher ending
inventories. Cash flow from operations before changes in working capital
was $77.8 million compared to $78.5 million in the prior-year period.
OUTLOOK
"We are encouraged by the underlying performance of our salt operations
and by our progress toward recovering from the effects of the Goderich
tornado. Our rock salt mine recently regained its full hoisting
capability, and our Goderich salt-evaporation plant is now operating at
its full pre-tornado capacity, producing a full range of consumer and
industrial products," stated Dr. Brisimitzakis.
"Looking to the upcoming highway deicing bid season, the historically
mild winter of 2011-2012 may keep bid prices from achieving long-term
average increases and is likely to lower bid volumes to some extent,
reducing pre-season sales demand. However, the operating structure of
our rock salt mines gives us some flexibility to adjust production to
varying levels of deicing demand while maintaining attractive operating
margins.
"We are anticipating specialty fertilizer sales volumes of approximately
85,000 tons in the second quarter, and we continue to expect to sell
approximately 375,000 tons of specialty fertilizers in 2012 at stable
and attractive prices."
An updated summary of the company's performance is included in a
presentation available on the company's website at www.CompassMinerals.com/Presentation.
Conference Call
Compass Minerals will discuss its results on a conference call tomorrow,
Friday, April 27, at 9:00 a.m. ET. To access the conference call, visit
the company's website at www.CompassMinerals.com
or dial (877) 614-0009. Callers must provide the conference ID number
9016744. Outside of the U.S. and Canada, callers may dial (913)
643-4075. Replays of the call will be available on the company's website
for two weeks. The replay can also be accessed by phone for seven days
at (888) 203-1112, conference ID 9016744. Outside of the U.S. and
Canada, callers may dial (719) 457-0820.
About Compass Minerals
Based in the Kansas City metropolitan area, Compass Minerals is a
leading producer of minerals, including salt, sulfate of potash
specialty fertilizer and magnesium chloride. The company provides
highway deicing salt to customers in North America and the United
Kingdom and specialty fertilizer to growers worldwide. Compass Minerals
also produces consumer deicing and water conditioning products,
ingredients used in consumer and commercial foods, and other
mineral-based products for consumer, agricultural and industrial
applications. Compass Minerals also provides records management services
to businesses throughout the U.K.
Non-GAAP Measures
Management uses a variety of measures to evaluate the company's
performance. While the consolidated financial statements provide an
understanding of the company's overall results of operations, financial
condition and cash flows, management analyzes components of the
consolidated financial statements to identify certain trends and
evaluate specific performance areas. In addition to using U.S. generally
accepted accounting principles ("GAAP") financial measures, management
uses EBITDA and EBITDA adjusted for items which management believes are
not indicative of the company's ongoing operating performance ("adjusted
EBITDA"), both non-GAAP financial measures, to evaluate the operating
performance of the company's core business operations because its
resource allocation, financing methods and cost of capital, and income
tax positions are managed at a corporate level, apart from the
activities of the operating segments, and the operating facilities are
located in different taxing jurisdictions, which can cause considerable
variation in net income. The company also uses EBITDA and adjusted
EBITDA to assess its operating performance and return on capital against
other companies, and to evaluate potential acquisitions or other capital
projects. EBITDA and adjusted EBITDA are not calculated under GAAP and
should not be considered in isolation or as a substitute for net income,
cash flows or other financial data prepared in accordance with GAAP or
as a measure of overall profitability or liquidity. EBITDA and adjusted
EBITDA exclude interest expense, income taxes and depreciation and
amortization, each of which is an essential element of the company's
cost structure and cannot be eliminated. Consequently, any measure that
excludes these elements has material limitations. While EBITDA and
adjusted EBITDA are frequently used as measures of operating
performance, these terms are not necessarily comparable to similarly
titled measures of other companies due to the potential inconsistencies
in the method of calculation. The calculation of EBITDA and adjusted
EBITDA as used by management is set forth in the following table.
Excluding special items from net earnings is meaningful to investors
because it provides insight with respect to the ongoing operating
results of the company. Special items reflect the effects of the tornado
that struck the company's salt mine in Goderich, Ontario, in August
2011. They include lost sales volumes, higher net per-unit production
costs and higher net costs to serve customers, including purchased
products and logistical inefficiencies, in 2012. Management's
calculations of these measures are set forth in the following tables.
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on the company's current expectations and involve
risks and uncertainties that could cause the company's actual results to
differ materially. The differences could be caused by a number of
factors including those factors identified in the "Risk Factors"
sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. The
company undertakes no obligation to update any forward-looking
statements made in this press release to reflect future events or
developments.
|
|
|
Reconciliation for EBITDA and Adjusted EBITDA
|
|
(in millions)
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
2011
|
|
Net earnings
|
|
$
|
39.9
|
|
$
|
56.5
|
|
Interest expense
|
|
|
5.0
|
|
|
5.7
|
|
Income tax expense
|
|
|
14.9
|
|
|
21.8
|
|
Depreciation, depletion and amortization
|
|
|
15.7
|
|
|
16.4
|
|
EBITDA
|
|
$
|
75.5
|
|
$
|
100.4
|
|
Adjustments to EBITDA:
|
|
|
|
|
|
Other expense, net (1)
|
|
|
1.6
|
|
|
0.6
|
|
Adjusted EBITDA
|
|
$
|
77.1
|
|
$
|
101.0
|
|
|
|
(1) Primarily includes interest income and foreign
exchange losses.
|
|
|
|
|
|
Reconciliation for Net Earnings, Excluding Special Items
(unaudited)
(in millions)
|
|
|
|
Three months ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
Net earnings
|
|
$
|
39.9
|
|
$
|
56.5
|
|
Estimated losses incurred from tornado, net of taxes and recoveries(1)
|
|
|
9.6
|
|
|
--
|
|
Net earnings, excluding special items
|
|
$
|
49.5
|
|
$
|
56.5
|
|
|
|
|
|
|
|
(1) In August 2011, the company's rock salt mine and
evaporated-salt plant in Goderich, ON, sustained damage from a
tornado. The amount reported is management's estimate of the
impact on the period's net earnings from losses caused by the
tornado that have not yet been recovered through insurance. The
estimate of $14.2 million of pre-tax losses ($9.6 million after
applicable tax rates) primarily includes lost sales volumes,
higher per-unit production costs and higher costs to serve
customers - including purchased products and logistical
inefficiencies - realized in the period. These losses may be
recovered in future periods through the company's business
interruption insurance, but actual recoveries could be different
than the estimate noted above. Under U.S. generally accepted
accounting principles (US GAAP), business interruption insurance
recoveries that relate to lost sales and other types of losses not
covered by property and casualty insurance are not recognized
until the insurance claim has been settled, at which time they
would be recognized as reductions in costs. This estimate does not
include property and casualty losses - consisting of direct
cleanup costs and impairments of property, plant and equipment -
that were offset by insurance recoveries recognized in the period
pursuant to US GAAP.
|
|
|
|
|
|
Reconciliation for Pro Forma Salt Segment Operating Earnings
(unaudited)
(in millions)
|
|
|
|
Three months ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
Salt segment operating earnings
|
|
$
|
52.4
|
|
$
|
77.2
|
|
Estimated losses incurred from tornado, net of taxes and recoveries(1)
|
|
|
14.2
|
|
|
--
|
|
Pro-forma operating earnings
|
|
$
|
66.6
|
|
$
|
77.2
|
|
|
|
|
|
|
|
(1) In August 2011, the company's rock salt mine and
evaporated-salt plant in Goderich, ON, sustained damage from a
tornado. The amount reported is management's estimate of the
impact on the period's net earnings from losses caused by the
tornado that have not yet been recovered through insurance. The
estimate of $14.2 million of pre-tax losses ($9.6 million after
applicable tax rates) primarily includes lost sales volumes,
higher per-unit production costs and higher costs to serve
customers - including purchased products and logistical
inefficiencies - realized in the period. These losses may be
recovered in future periods through the company's business
interruption insurance, but actual recoveries could be different
than the estimate noted above. Under U.S. generally accepted
accounting principles (US GAAP), business interruption insurance
recoveries that relate to lost sales and other types of losses not
covered by property and casualty insurance are not recognized
until the insurance claim has been settled, at which time they
would be recognized as reductions in costs. This estimate does not
include property and casualty losses - consisting of direct
cleanup costs and impairments of property, plant and equipment -
that were offset by insurance recoveries recognized in the period
pursuant to US GAAP.
|
|
|
|
|
|
|
|
|
|
Reconciliation for Cash Flow Prior to Working Capital Changes
(unaudited)
(in millions)
|
|
|
|
Three months ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
Net cash provided by operating activities(1)
|
|
$
|
96.9
|
|
|
$
|
170.8
|
|
|
Working capital changes:
|
|
|
|
|
|
Receivables
|
|
|
41.0
|
|
|
|
64.6
|
|
|
Inventories
|
|
|
22.1
|
|
|
|
79.0
|
|
|
Other assets
|
|
|
(1.2
|
)
|
|
|
5.5
|
|
|
Accounts payable and accrued expenses
|
|
|
(42.8
|
)
|
|
|
(56.8
|
)
|
|
Net cash provided by operating activities prior to working capital
changes
|
|
$
|
77.8
|
|
|
$
|
78.5
|
|
|
|
|
|
|
|
|
(1) In the 2012 quarter, includes $19.1 million of
insurance recoveries.
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
(in millions,
except share and per-share data)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Sales
|
|
$
|
315.3
|
|
$
|
390.6
|
|
Shipping and handling cost
|
|
|
93.5
|
|
|
114.7
|
|
Product cost
|
|
|
139.0
|
|
|
168.3
|
|
Gross profit
|
|
|
82.8
|
|
|
107.6
|
|
Selling, general and administrative expenses
|
|
|
21.4
|
|
|
23.0
|
|
Operating earnings
|
|
|
61.4
|
|
|
84.6
|
|
Other expense:
|
|
|
|
|
|
Interest expense
|
|
|
5.0
|
|
|
5.7
|
|
Other, net
|
|
|
1.6
|
|
|
0.6
|
|
Earnings before income taxes
|
|
|
54.8
|
|
|
78.3
|
|
Income tax expense
|
|
|
14.9
|
|
|
21.8
|
|
Net earnings
|
|
$
|
39.9
|
|
$
|
56.5
|
|
Basic net earnings per common share
|
|
$
|
1.19
|
|
$
|
1.69
|
|
Diluted net earnings per common share
|
|
$
|
1.19
|
|
$
|
1.69
|
|
Cash dividends per share
|
|
$
|
0.495
|
|
$
|
0.45
|
|
Weighted-average common shares outstanding (in thousands):(1)
|
|
|
|
|
|
Basic
|
|
|
33,035
|
|
|
32,835
|
|
Diluted
|
|
|
33,058
|
|
|
32,866
|
|
|
|
|
|
|
|
|
|
(1) Excludes participating securities such as options,
PSUs and RSUs that receive non-forfeitable dividends. Net earnings
were allocated to participating securities of 430,000 and 556,000
for the three months ended March 31, 2012 and 2011, respectively.
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
ASSETS
|
|
|
|
Cash and cash equivalents
|
|
$
|
183.6
|
|
$
|
130.3
|
|
Receivables, net
|
|
|
120.6
|
|
|
158.8
|
|
Inventories
|
|
|
187.2
|
|
|
207.2
|
|
Other current assets
|
|
|
17.6
|
|
|
19.5
|
|
Property, plant and equipment, net
|
|
|
599.2
|
|
|
573.4
|
|
Intangible and other noncurrent assets
|
|
|
122.1
|
|
|
116.3
|
|
Total assets
|
|
$
|
1,230.3
|
|
$
|
1,205.5
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
Current portion of long-term debt
|
|
$
|
155.5
|
|
$
|
156.0
|
|
Other current liabilities
|
|
|
149.9
|
|
|
170.8
|
|
Long-term debt, net of current portion
|
|
|
326.2
|
|
|
326.7
|
|
Deferred income taxes and other noncurrent liabilities
|
|
|
109.1
|
|
|
105.4
|
|
Total stockholders' equity
|
|
|
489.6
|
|
|
446.6
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,230.3
|
|
$
|
1,205.5
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in
millions)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
96.9
|
|
|
$
|
170.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Capital expenditures
|
|
|
(30.0
|
)
|
|
|
(16.7
|
)
|
|
Acquisition of a business, net
|
|
|
--
|
|
|
|
(56.8
|
)
|
|
Other, net
|
|
|
(0.3
|
)
|
|
|
1.1
|
|
|
Net cash used in investing activities
|
|
|
(30.3
|
)
|
|
|
(72.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Principal payments on long-term debt
|
|
|
(1.0
|
)
|
|
|
(1.1
|
)
|
|
Dividends paid
|
|
|
(16.6
|
)
|
|
|
(15.1
|
)
|
|
Proceeds received from stock option exercises
|
|
|
0.1
|
|
|
|
1.1
|
|
|
Excess tax benefits from equity compensation awards
|
|
|
0.3
|
|
|
|
1.1
|
|
|
Net cash used in financing activities
|
|
|
(17.2
|
)
|
|
|
(14.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
3.9
|
|
|
|
2.1
|
|
|
Net change in cash and cash equivalents
|
|
|
53.3
|
|
|
|
86.5
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
130.3
|
|
|
|
91.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
183.6
|
|
|
$
|
177.6
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
SEGMENT INFORMATION (unaudited)
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2012
|
|
Salt
|
|
Specialty
Fertilizer
|
|
Corporate
and Other (a)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Sales to external customers
|
|
$
|
254.3
|
|
$
|
58.5
|
|
$
|
2.5
|
|
|
$
|
315.3
|
|
Intersegment sales
|
|
|
0.2
|
|
|
0.4
|
|
|
(0.6
|
)
|
|
|
--
|
|
Shipping and handling cost
|
|
|
86.0
|
|
|
7.5
|
|
|
--
|
|
|
|
93.5
|
|
Operating earnings (loss)
|
|
|
52.4
|
|
|
20.7
|
|
|
(11.7
|
)
|
|
|
61.4
|
|
Depreciation, depletion and amortization
|
|
|
9.6
|
|
|
5.2
|
|
|
0.9
|
|
|
|
15.7
|
|
Total assets
|
|
|
754.6
|
|
|
399.6
|
|
|
76.1
|
|
|
|
1,230.3
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2011
|
|
Salt
|
|
Specialty
Fertilizer
|
|
Corporate
and Other (a)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Sales to external customers
|
|
$
|
332.4
|
|
$
|
55.4
|
|
$
|
2.8
|
|
|
$
|
390.6
|
|
Intersegment sales
|
|
|
0.2
|
|
|
0.1
|
|
|
(0.3
|
)
|
|
|
-
|
|
Shipping and handling cost
|
|
|
106.9
|
|
|
7.8
|
|
|
-
|
|
|
|
114.7
|
|
Operating earnings (loss)
|
|
|
77.2
|
|
|
19.3
|
|
|
(11.9
|
)
|
|
|
84.6
|
|
Depreciation, depletion and amortization
|
|
|
10.3
|
|
|
4.9
|
|
|
1.2
|
|
|
|
16.4
|
|
Total assets
|
|
|
738.1
|
|
|
334.6
|
|
|
59.9
|
|
|
|
1,132.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) "Corporate and Other" includes corporate entities,
the records management business and eliminations. Corporate
assets include deferred tax assets, deferred financing fees,
investments related to the non-qualified retirement plan and other
assets not allocated to the operating segments.
|
SOURCE: Compass Minerals
Compass Minerals
Rodney L. Underdown, 913-344-9395
Chief
Financial Officer
or
Peggy Landon, 913-344-9315
Director
of Investor Relations and Corporate Communications