Salt Sales Surge with Late Winter Snow
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Apr. 29, 2013--
Compass Minerals (NYSE: CMP) reports the following results of its
first-quarter operations:
-
Net income increased 16 percent to $46.4 million, or $1.38 per diluted
share, from $39.9 million, or $1.19 per diluted share, in the first
quarter of 2012.
-
The prior-year results include the estimated effects of a tornado that
struck the company’s Goderich, Ontario, operations in August 2011.
Excluding those effects, the company estimated first quarter 2012 net
earnings were $49.5 million, or $1.48 per diluted share.
-
Sales were $383.7 million compared to $315.3 million in the 2012
period. A return to more typical winter weather in many of the
company’s key service areas pushed salt segment sales 29 percent
higher year over year, while specialty fertilizer sales declined 8
percent.
-
First-quarter operating earnings were $67.5 million, which were
unfavorably impacted by the lingering effects of high-cost inventories
produced in 2012. Operating earnings in the 2012 period were $61.4
million, or $75.6 million when estimated tornado effects are excluded.
-
The company generated $128.8 million in cash flow from operations, 33
percent above the $96.9 million reported in the first quarter of 2012.
-
Compass Minerals raised its quarterly dividend by 10 percent to $0.545
per share.
“Typical winter weather finally arrived in many of our key markets this
quarter and has helped our salt segment turn the corner on a difficult
period of weather-driven challenges. Strong demand for our specialty
potash products continues, although supply constraints have limited our
sales in that segment,” said Fran Malecha, Compass Minerals president
and CEO. “Our performance this quarter has once again demonstrated
Compass Minerals’ ability to generate robust cash flow and solid
earnings, and our 10th consecutive annual dividend increase reaffirmed
our commitment to returning value directly to our shareholders.”
|
|
|
Compass Minerals Financial Results
|
|
(dollars in millions, except for earnings per share)
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2013
|
|
2012
|
|
Sales
|
|
$
|
383.7
|
|
|
$
|
315.3
|
|
|
Sales less shipping and handling costs (product sales)
|
|
|
268.4
|
|
|
|
221.8
|
|
|
Operating earnings
|
|
|
67.5
|
|
|
|
61.4
|
|
|
Operating margin
|
|
|
17.6
|
%
|
|
|
19.5
|
%
|
|
Net earnings
|
|
|
46.4
|
|
|
|
39.9
|
|
|
Net earnings, excluding special items*
|
|
|
46.4
|
|
|
|
49.5
|
|
|
Diluted per-share earnings
|
|
|
1.38
|
|
|
|
1.19
|
|
|
Diluted per-share earnings, excluding special items*
|
|
|
1.38
|
|
|
|
1.48
|
|
|
EBITDA*
|
|
|
85.2
|
|
|
|
75.5
|
|
|
Adjusted EBITDA*
|
|
|
84.8
|
|
|
|
77.1
|
|
|
*These are non-GAAP financial measures. Reconciliations to GAAP
measures of performance are provided in tables following this
release.
|
|
|
SALT SEGMENT
Salt segment sales totaled $327.5 million in the 2013 first quarter
compared to $254.3 million in the first quarter of 2012. Highway deicing
sales volumes climbed 40 percent to 4.4 million tons due to higher
weather-driven demand than in the extremely mild first quarter of 2012.
Similarly, greater sales of consumer and commercial deicing products
drove a 6 percent year-over-year increase in consumer and industrial
sales volumes. The average selling price for highway deicing products
declined 2 percent from the prior year, reflecting prior bid-season
pricing results, while consumer and industrial pricing remained stable.
Salt segment operating earnings increased to $65.4 million from $52.4
million in the first quarter of 2012. Excluding tornado-related losses,
the company estimates that salt segment operating earnings in the first
quarter of 2012 were $66.6 million. Compass Minerals significantly
curtailed highway and packaged deicing production following the
extremely mild 2011-2012 winter, which increased the per-unit costs of
salt produced in 2012 including deicing products that were sold in the
first quarter of 2013. While this muted the salt segment operating
margin, robust demand in the March 2013 quarter helped the company sell
most of its carryover 2012 inventory.
|
|
|
Salt Segment Performance
|
|
(dollars in millions, except for prices per short ton)
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2013
|
|
2012
|
|
Sales
|
|
$
|
327.5
|
|
|
$
|
254.3
|
|
|
Sales excluding shipping and handling (product sales)
|
|
$
|
218.4
|
|
|
$
|
168.3
|
|
|
Operating earnings
|
|
$
|
65.4
|
|
|
$
|
52.4
|
|
|
Operating margin
|
|
|
20.0
|
%
|
|
|
20.6
|
%
|
|
|
|
|
|
|
|
Sales volumes (in thousands of tons):
|
|
|
|
|
|
Highway deicing
|
|
|
4,358
|
|
|
|
3,104
|
|
|
Consumer and industrial
|
|
|
535
|
|
|
|
506
|
|
|
Total salt
|
|
|
4,893
|
|
|
|
3,610
|
|
|
|
|
|
|
|
|
Average sales price (per ton):
|
|
|
|
|
|
Highway deicing
|
|
$
|
57.31
|
|
|
$
|
58.32
|
|
|
Consumer and industrial
|
|
$
|
145.37
|
|
|
$
|
144.82
|
|
|
Total salt
|
|
$
|
66.93
|
|
|
$
|
70.44
|
|
|
|
|
|
|
|
|
|
|
|
Winter Weather Effect
Strong winter weather in many of the company’s key deicing service areas
lifted first-quarter sales by an estimated $20 million to $25 million
and operating earnings by $4 million to $8 million above a
typical-weather result. The extremely mild weather of the first quarter
of 2012 had a significant, negative impact on salt segment sales and
operating earnings.
Winter weather was much milder than average in the fourth quarter of
2012 causing the full winter season to be characterized as mild.
|
|
|
Estimated Effect of Winter Weather on Salt Segment Performance
|
|
(dollars in millions)
|
|
|
|
Three months ended
|
|
Winter season ended
|
|
|
|
March 31,
|
|
March 31,**
|
|
|
|
2013
|
|
2012
|
|
2012-2013
|
|
2011-2012
|
|
Favorable (unfavorable) to average weather:*
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$20 to $25
|
|
($80) to ($90)
|
|
($40) to ($50)
|
|
($135) to ($150)
|
|
Operating earnings
|
|
$4 to $8
|
|
($25) to ($30)
|
|
($10) to ($15)
|
|
($45) to ($50)
|
|
* “Average weather” is determined in large part by each
winter’s awarded highway deicing bid volumes, which change from
season to season.
|
|
** “Winter season” is the six months ended March 31.
|
|
|
SPECIALTY FERTILIZER SEGMENT
First-quarter specialty fertilizer sales were $54.0 million compared to
$58.5 million in the first quarter of 2012. Sales volumes declined 8
percent from the prior year primarily due to sulfate of potash supply
constraints. Average selling price remained healthy at $615 per ton,
consistent with prior-year results.
Specialty fertilizer operating earnings were pressured in the current
quarter by higher per-unit costs in comparison to the prior-year quarter
as the company sold the last of the sulfate of potash produced in 2012.
Last year’s per-unit production costs were inflated by the effects of
the poor solar-pond mineral harvest of 2011.
|
|
|
Specialty Fertilizer Segment Performance
|
|
(dollars in millions, except for prices per short ton)
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2013
|
|
2012
|
|
Sales
|
|
$
|
54.0
|
|
|
$
|
58.5
|
|
|
Sales excluding shipping and handling (product sales)
|
|
$
|
47.8
|
|
|
$
|
51.0
|
|
|
Operating earnings
|
|
$
|
15.4
|
|
|
$
|
20.7
|
|
|
Operating margin
|
|
|
28.5
|
%
|
|
|
35.4
|
%
|
|
|
|
|
|
|
|
Sales volumes (in thousands of tons)
|
|
|
88
|
|
|
|
96
|
|
|
|
|
|
|
|
|
Average sales price (per ton)
|
|
$
|
615
|
|
|
$
|
613
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL HIGHLIGHTS
Interest expense in the quarter declined to $4.4 million from $5.0
million in the prior year. Changes in foreign exchange rates resulted in
a net benefit of $0.4 million to other income compared to an expense of
$1.6 million in the prior-year quarter.
Higher earnings and greater seasonal reductions in deicing salt
inventories drove cash flow from operations 33 percent higher to $128.8
million from $96.9 million in the first quarter of 2012.
OUTLOOK
The arrival of late winter snow has depleted salt inventories more
quickly than anticipated. As a result, the company expects to achieve
more-normal salt production rates which are expected to reduce the
per-unit costs of salt produced in 2013 compared to higher cost 2012
production.
The market for Compass Minerals’ specialty potash products continues to
be strong, although production capacity constraints are expected to
limit sales volumes in 2013. The company will continue to focus on those
markets that provide the greatest value and expects average selling
prices to remain attractive throughout 2013. The company also expects
specialty fertilizer per-unit production costs to improve on a
year-over-year basis.
“Now that most, if not all, of the short-term weather-related challenges
are behind us, our goal is to maximize our operating margin by carefully
managing our salt production rates, continuing to improve our sulfate of
potash production process and optimizing our sales strategies,” said
Mr. Malecha. “We expect to end 2013 with strong cash flow from
operations which will continue to provide Compass Minerals with the
financial strength and flexibility to pursue future value-creating
initiatives.”
An updated summary of the company’s performance and outlook 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 today,
Monday, April 29, at 10:00 a.m. EDT. 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
4311600. 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 4311600. 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, which 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 earnings. The company also uses EBITDA and adjusted
EBITDA to assess its operating performance and return on capital, 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 earnings, 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 calculations of EBITDA and adjusted
EBITDA as used by management are 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 estimated effects of
the tornado that struck the company’s salt mine and evaporation plant in
Goderich, Ontario, in August 2011. Those effects 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,
|
|
|
|
2013
|
|
2012
|
|
Net earnings
|
|
$
|
46.4
|
|
|
$
|
39.9
|
|
|
Interest expense
|
|
|
4.4
|
|
|
|
5.0
|
|
|
Income tax expense
|
|
|
17.1
|
|
|
|
14.9
|
|
|
Depreciation, depletion and amortization
|
|
|
17.3
|
|
|
|
15.7
|
|
|
EBITDA
|
|
$
|
85.2
|
|
|
$
|
75.5
|
|
|
Adjustments to EBITDA:
|
|
|
|
|
|
|
Other (income)/expense, net(1)
|
|
|
(0.4
|
)
|
|
|
1.6
|
|
|
Adjusted EBITDA
|
|
$
|
84.8
|
|
|
$
|
77.1
|
|
|
|
|
|
|
|
(1) Primarily includes interest income and foreign exchange gains
and losses.
|
|
|
|
|
|
|
|
|
|
Reconciliation for Net Earnings, Excluding Special Items
(unaudited)
|
|
(in millions)
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2013
|
|
2012
|
|
Net earnings
|
|
$
|
46.4
|
|
|
$
|
39.9
|
|
|
Estimated losses incurred from tornado, net of taxes and recoveries(1)
|
|
|
-
|
|
|
|
9.6
|
|
|
Net earnings, excluding special items
|
|
$
|
46.4
|
|
|
$
|
49.5
|
|
|
|
|
|
|
|
|
|
(1)
|
|
In August 2011, the company’s rock salt mine and evaporated-salt
plant in Goderich, Ontario, 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 (U.S. 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 U.S. GAAP. The company estimates that
tornado-related losses were immaterial in the first quarter of 2013.
|
|
|
|
|
|
|
|
Reconciliation for Pro Forma Salt Segment Operating Earnings
(unaudited)
|
|
(in millions)
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2013
|
|
2012
|
|
Salt segment operating earnings
|
|
$
|
65.4
|
|
$
|
52.4
|
|
Estimated losses incurred from tornado, net of insurance recoveries(1)
|
|
|
-
|
|
|
14.2
|
|
Pro-forma operating earnings
|
|
$
|
65.4
|
|
$
|
66.6
|
|
|
|
|
|
|
|
(1)
|
|
In August 2011, the company’s rock salt mine and evaporated-salt
plant in Goderich, Ontario, 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 (U.S. 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 U.S. GAAP. The company estimates that
tornado-related losses were immaterial in the first quarter of 2013.
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
(in millions, except share and per-share data)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
383.7
|
|
|
$
|
315.3
|
|
|
Shipping and handling cost
|
|
|
115.3
|
|
|
|
93.5
|
|
|
Product cost
|
|
|
177.1
|
|
|
|
139.0
|
|
|
Gross profit
|
|
|
91.3
|
|
|
|
82.8
|
|
|
Selling, general and administrative expenses
|
|
|
23.8
|
|
|
|
21.4
|
|
|
Operating earnings
|
|
|
67.5
|
|
|
|
61.4
|
|
|
Other (income)/expense:
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
4.4
|
|
|
|
5.0
|
|
|
Other, net
|
|
|
(0.4
|
)
|
|
|
1.6
|
|
|
Earnings before income taxes
|
|
|
63.5
|
|
|
|
54.8
|
|
|
Income tax expense
|
|
|
17.1
|
|
|
|
14.9
|
|
|
Net earnings
|
|
$
|
46.4
|
|
|
$
|
39.9
|
|
|
Basic net earnings per common share
|
|
$
|
1.38
|
|
|
$
|
1.19
|
|
|
Diluted net earnings per common share
|
|
$
|
1.38
|
|
|
$
|
1.19
|
|
|
Cash dividends per share
|
|
$
|
0.545
|
|
|
$
|
0.495
|
|
|
Weighted-average common shares outstanding (in thousands):(1)
|
|
|
|
|
|
|
|
|
Basic
|
|
|
33,282
|
|
|
|
33,035
|
|
|
Diluted
|
|
|
33,309
|
|
|
|
33,058
|
|
|
(1)
|
|
Excludes participating securities such as options, PSUs and RSUs
that receive non-forfeitable dividends. Net earnings were allocated
to participating securities of 322,000 and 430,000 for the three
months ended March 31, 2013 and 2012, respectively.
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
(in millions)
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
|
|
2013
|
|
2012
|
|
ASSETS
|
|
|
|
Cash and cash equivalents
|
|
$
|
175.5
|
|
$
|
100.1
|
|
Receivables, net
|
|
|
149.3
|
|
|
143.7
|
|
Inventories
|
|
|
135.0
|
|
|
229.7
|
|
Other current assets
|
|
|
24.3
|
|
|
33.4
|
|
Property, plant and equipment, net
|
|
|
656.0
|
|
|
645.2
|
|
Intangible and other noncurrent assets
|
|
|
149.8
|
|
|
148.5
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,289.9
|
|
$
|
1,300.6
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
Current portion of long-term debt
|
|
$
|
3.9
|
|
$
|
3.9
|
|
Other current liabilities
|
|
|
167.7
|
|
|
195.4
|
|
Long-term debt, net of current portion
|
|
|
477.4
|
|
|
478.4
|
|
Deferred income taxes and other noncurrent liabilities
|
|
|
119.8
|
|
|
119.4
|
|
Total stockholders' equity
|
|
|
521.1
|
|
|
503.5
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,289.9
|
|
$
|
1,300.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2013
|
|
2012
|
|
Net cash provided by operating activities
|
|
$
|
128.8
|
|
|
$
|
96.9
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Capital expenditures
|
|
|
(36.5
|
)
|
|
|
(30.0
|
)
|
|
Insurance advances for investment purposes, Goderich tornado
|
|
|
4.3
|
|
|
|
–
|
|
|
Other, net
|
|
|
0.8
|
|
|
|
(0.3
|
)
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(31.4
|
)
|
|
|
(30.3
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Principal payments on long-term debt
|
|
|
(1.0
|
)
|
|
|
(1.0
|
)
|
|
Dividends paid
|
|
|
(18.3
|
)
|
|
|
(16.6
|
)
|
|
Proceeds received from stock option exercises
|
|
|
0.3
|
|
|
|
0.1
|
|
|
Excess tax benefits from equity compensation awards
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(18.9
|
)
|
|
|
(17.2
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(3.1
|
)
|
|
|
3.9
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
75.4
|
|
|
|
53.3
|
|
|
Cash and cash equivalents, beginning of the year
|
|
|
100.1
|
|
|
|
130.3
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
175.5
|
|
|
$
|
183.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
|
|
SEGMENT INFORMATION (unaudited)
|
|
(in millions)
|
|
|
|
|
|
|
|
Specialty
|
|
Corporate
|
|
|
|
Three months ended March 31, 2013
|
|
Salt
|
|
Fertilizer
|
|
and Other(a)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Sales to external customers
|
|
$
|
327.5
|
|
$
|
54.0
|
|
$
|
2.2
|
|
|
$
|
383.7
|
|
Intersegment sales
|
|
|
0.2
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
|
−
|
|
Shipping and handling cost
|
|
|
109.1
|
|
|
6.2
|
|
|
−
|
|
|
|
115.3
|
|
Operating earnings (loss)
|
|
|
65.4
|
|
|
15.4
|
|
|
(13.3
|
)
|
|
|
67.5
|
|
Depreciation, depletion and amortization
|
|
|
10.4
|
|
|
5.9
|
|
|
1.0
|
|
|
|
17.3
|
|
Total assets
|
|
|
823.9
|
|
|
394.7
|
|
|
71.3
|
|
|
|
1,289.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
Corporate
|
|
|
|
Three months ended March 31, 2012
|
|
Salt
|
|
Fertilizer
|
|
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
|
|
a)
|
|
“Corporate and Other” includes corporate entities, the records
management business, other incidental business operations 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