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Compass Minerals Reports Second-Quarter 2013 Results

Compass Minerals (NYSE: CMP) reports the following results of its second-quarter 2013 operations:
  • Net earnings increased to $10.6 million, or $0.32 per diluted share, from $9.5 million, or $0.28 per diluted share, in the second quarter of 2012. Excluding special items, second-quarter 2012 net earnings were $10.3 million, or $0.31 per diluted share.
  • Sales of $173.8 million were 3 percent lower year over year as increased salt sales were offset by a decline in specialty fertilizer sales resulting from the company’s constrained supply of sulfate of potash.
  • Operating earnings of $14.7 million were $0.8 million lower year over year as improved salt earnings were offset by an increase in selling, general and administrative expenses, including a $1.7 million restructuring charge associated with streamlining the company’s management structure.
  • Adjusted EBITDA* increased to $32.8 million from $31.3 million in the second quarter of 2012.
  • Cash flow from operations for the six months ended June 30, 2013, increased 52 percent to $175.8 million from $115.5 million in the 2012 period.

*Earnings before interest, taxes, depreciation and amortization. This is a non-GAAP financial measure. Reconciliations to GAAP measures of performance are provided in tables at the end of this release.

“Compass Minerals generated strong cash flow from operations through the first six months of the year demonstrating the solid underlying fundamentals of both its specialty fertilizer and salt businesses,” said Fran Malecha, Compass Minerals president and CEO. “I believe our ongoing cost-reduction efforts, such as the steps we took this quarter to streamline management, and a return to more-normal operating rates will provide EBITDA margin expansion throughout the remainder of 2013. We will pursue every opportunity to fine-tune our operations to extract even greater value from our assets.”
Compass Minerals Financial Results

(in millions, except for earnings per share)
  Three months ended     Six months ended
June 30, June 30,
2013   2012 2013   2012
Sales $ 173.8 $ 178.5 $ 557.5 $ 493.8
Sales less shipping and handling (product sales) 133.5 135.6 401.9 357.4
Operating earnings 14.7 15.5 82.2 76.9
Operating margin 8.5 % 8.7 % 14.7 % 15.6 %
Net earnings 10.6 9.5 57.0 49.4
Net earnings, excluding special items* 10.6 10.3 57.0 59.8
Diluted earnings per share 0.32 0.28 1.69 1.47
Diluted per-share earnings, excluding special items* 0.32 0.31 1.69 1.78
EBITDA* 35.5 28.2 120.7 103.7
Adjusted EBITDA*     32.8       31.3         117.6       108.4  

*These are non-GAAP financial measures. Reconciliations to GAAP measures of performance are provided in tables at the end of this release.


Salt segment sales increased 6 percent to $127.3 million from $119.9 million in the prior-year quarter. Highway deicing sales volumes were 5 percent higher year over year due to late winter weather in North America and early summer restocking in the U.K., partially offset by a decline in rock salt sales to chemical customers. Average selling prices for the highway deicing business increased 5 percent as a result of a year-over-year reduction in the proportion of lower-priced rock salt sales to chemical customers. Consumer and industrial sales volumes and average selling price both climbed 2 percent from 2012 results as demand remained relatively stable for these products.

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