Phibro Animal Health Corporation Reports First Quarter

TEANECK, N.J., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Phibro Animal Health Corporation (NASDAQ:PAHC) today announced its financial results for its first quarter ended September 30, 2016.

Highlights for the September 2016 quarter (compared to the September 2015 quarter)
  • Net sales of $188 million, an increase of $1 million
  • Net income of $12 million, a decrease of $6.6 million, or 35%
  • Diluted EPS of $0.31, a decrease of $0.16, or 34%
  • Adjusted EBITDA of $30 million, an increase of $2 million, or 8%
  • Adjusted diluted EPS of $0.36, an increase of $0.02, or 6% 

COMMENTARY

"Our core Animal Health segment delivered solid top and bottom line results this quarter," said Jack Bendheim, Phibro's Chairman, President and Chief Executive Officer, "and in light of some of the headwinds we faced, our performance really is a testament to the strength of our category as a whole and our business plan in particular.  This quarter's performance came despite challenging economics in Brazil, one of our largest markets, continued weakness in the worldwide dairy market and the ongoing consumer driven transition away from certain antibacterials in the United States.  Double digit sales growth in our nutritional specialty products and vaccines resulted in 4% overall sales growth in Animal Health.  Our other business segments also contributed good profitability improvements. We view our fiscal year 2017 as a transition year, as we work with our customers as they respond to changing consumer preferences in the production of protein.  We remain active in looking for business development opportunities to strengthen our product offerings and expand geographically."

QUARTERLY RESULTS

Net sales

Net sales of $188.0 million for the three months ended September 30, 2016, increased $0.9 million, or less than 1%, as compared to the three months ended September 30, 2015. Animal Health grew $4.4 million, while Mineral Nutrition and Performance Products declined $2.9 million and $0.6 million, respectively.

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