SUMMARY ANNUAL RESULTS
September 23 2009 - 2:00AM
UK Regulatory
TIDMPAHC
RNS Number : 5006Z
Phibro Animal Health Corporation
23 September 2009
For release: IMMEDIATE
PHIBRO ANIMAL HEALTH CORPORATION ANNOUNCES
SUMMARY ANNUAL RESULTS
RIDGEFIELD PARK, New Jersey, 23 September 2009 - Phibro Animal Health
Corporation ("PAHC" or the "Company") today announced summary annual results for
its fiscal year ended 30 June 2009. The information below will be presented at
a UBS conference on 23 September 2009. The Company expects to release full
details of its financial results for the year ended 30 June 2009 on or about 28
September 2009.
Sales were $550 million, a $39 million, or 8%, increase over the prior year. The
recent acquisitions contributed $30 million of the increase. Adjusted ebitda was
$54 million, a $3 million, or 6%, increase over the prior year. The recent
acquisitions contributed almost all of the increase.
Animal Health & Nutrition sales were $462 million, a $44 million, or 10%,
increase over the prior year. Adjusted ebitda was $60 million, a $5 million, or
9% increase over the prior year. Distribution and Industrial Chemical sales
totaled $88 million, a $5 million, or 6%, decrease from the prior year and
adjusted ebitda was $9 million, a $2 million, or 17%, decrease from the prior
year. Corporate expenses of $15 million were equal to the prior year.
On a pro forma basis, as if the acquisitions had occurred at the beginning of
the year, sales were $615 million and adjusted ebitda was $61 million.
Adjustments to ebitda totaled $6 million and were for acquisition related cost
of goods sold, impairment of long-lived assets, cost of acquired in-process R&D,
and severance related to plant consolidations.
Cash flow from operating activities was $40 million for the current year,
including a $21 million source of cash from reduced working capital and payments
of $29 million for interest and $6 million for income taxes. Capital
expenditures were $18 million in the current year.
Debt at 30 June 2009 consisted of $2 million under the domestic senior credit
facility, $240 million of senior notes and senior subordinated notes, and $53
million of other debt, including amounts owed to 3i, Teva and BFI. Cash at
fiscal year end was $14 million.
ABOUT THE COMPANY
PAHC is a diversified global developer, manufacturer and marketer of a broad
range of animal health and nutrition products to the poultry, swine, cattle and
acquaculture markets. PAHC is also a manufacturer and marketer of performance
products for the ethanol, wood preservation and personal care industries. For
more information, please visit www.pahc.com.
For further information please contact:
+------------------------------------------------+--------------------------+
| Phibro Animal Health Corporation | +1 201 329 7300 |
| Richard Johnson, Chief Financial Officer | |
| investor.relations@pahc.com | |
+------------------------------------------------+--------------------------+
+------------------------------------------------+--------------------------+
| Panmure Gordon (UK) Limited | +44 (0) 207 459 3600 |
| Andrew Godber | |
| Rakesh Sharma | |
| | |
+------------------------------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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