INNOPHOS HOLDINGS, INC. (IPHS, Financial) filed Quarterly Report for the period ended 2010-06-30.
Innophos Holdings, Inc. has a market cap of $643.6 million; its shares were traded at around $30.06 with a P/E ratio of 13.5 and P/S ratio of 1. The dividend yield of Innophos Holdings, Inc. stocks is 2.3%.IPHS is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Operating expenses consist primarily of selling, general and administrative, and R&D expenses. For the three months ended June 30, 2010, these costs were $14.4 million, a decrease of $3.6 million, or 20.0%, as compared to $18.0 million for the same period in 2009. The decrease is due to $1.9 million lower enterprise resource planning system and business redesign project (ERP) expenses as a result of capitalizing the implementation phase costs, $0.9 million lower legal expenses related to our OCP arbitration, and $0.4 million reduction in all other costs. Included in 2009 second quarter results was a charge of $0.4 million Mexican workforce reduction costs.
Net interest expense, including deferred financing amortization expense, for the three months ended June 30, 2010 was $5.3 million, an increase of $1.7 million, compared to $3.6 million for the same period in 2009. This increase is primarily due to a gain of $3.5 million in the second quarter of 2009 on the retirement of $10.0 million of the 9.5% Senior Unsecured Notes due April 2012, and recognizing accelerated deferred financing costs of $0.6 related to the redemption of the remaining $56 million 9.5% Senior Unsecured Notes due April 2012.
Gross profit represents net sales less cost of goods sold. Gross profit for the six months ended June 30, 2010 was $83.8 million, a decrease of $35.4 million, or 29.7%, as compared to $119.2 million for the same period in 2009. Gross margin decreased to 23.7% for the six months ended June 30, 2010 versus 33.3% for the same period in 2009. The change in gross profit was primarily due to lower selling prices which had an unfavorable effect of $73.5 million, $1.4 million unfavorable exchange rate impact mostly from our Mexican peso based costs, and $1.1 million expense for the planned maintenance outage at our Geismar La. manufacturing facility. This was partially offset by favorable sales volume combined with lower raw material and manufacturing costs which resulted in a net favorable effect of $34.7 million. Included in the 2009 results were $1.6 million Mexican workforce reduction costs, $1.8 million inventory write-downs of granular triple super-phosphate, and a charge of $2.5 million for anticipated unfulfilled contractual natural gas purchase commitments.
Operating expenses consist primarily of selling, general and administrative, and R&D expenses. For the six months ended June 30, 2010, these costs were $29.5 million, a decrease of $3.0 million, or 9.2%, as compared to $32.5 million for the same period in 2009. The decrease is due to $1.9 million lower ERP expenses as a result of capitalizing the implementation phase costs, $1.5 million lower legal and other professional services, and $0.9 million lower legal expenses related to our OCP arbitration. This was partially offset by $1.6 million increased short term incentive accruals. Included in 2009 second quarter results was a charge of $0.4 million Mexican workforce reduction costs.
Net interest expense, including deferred financing amortization expense, for the six months ended June 30, 2010 was $11.1 million, a decrease of $0.2 million, compared to $11.3 million for the same period in 2009. Lower interest expense resulting from the pay off of the remaining balance of the Term Loan in the second quarter of 2009 and the pay off of the remaining balance of the Senior Unsecured Notes in the second quarter of 2010 was offset by the gain of $3.5 million in the second quarter of 2009 on the retirement of $10.0 million of the 9.5% Senior Unsecured Notes due April 2012.
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Innophos Holdings, Inc. has a market cap of $643.6 million; its shares were traded at around $30.06 with a P/E ratio of 13.5 and P/S ratio of 1. The dividend yield of Innophos Holdings, Inc. stocks is 2.3%.IPHS is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Gross profit represents net sales less cost of goods sold. Gross profit for the three months ended June 30, 2010 was $47.1 million, a decrease of $2.3 million, or 4.7%, as compared to $49.4 million for the same period in 2009. Gross margin decreased to 25.6% for the three months ended June 30, 2010 versus 29.6% for the same period in 2009. The change in gross profit was primarily due to lower selling prices which had an unfavorable effect of $28.7 million, $0.8 million unfavorable exchange rate impact mostly from our Mexican peso based costs, and $1.1 million expense for the planned maintenance outage at our Geismar La. manufacturing facility. This was mostly offset by favorable sales volume, lower raw material cost, and lower manufacturing cost which resulted in a net favorable effect of $22.8 million. Included in the 2009 second quarter results were $1.2 million Mexican workforce reduction costs, $1.8 million inventory write-downs of granular triple super-phosphate, and a charge of $2.5 million for anticipated unfulfilled contractual natural gas purchase commitments.Operating expenses consist primarily of selling, general and administrative, and R&D expenses. For the three months ended June 30, 2010, these costs were $14.4 million, a decrease of $3.6 million, or 20.0%, as compared to $18.0 million for the same period in 2009. The decrease is due to $1.9 million lower enterprise resource planning system and business redesign project (ERP) expenses as a result of capitalizing the implementation phase costs, $0.9 million lower legal expenses related to our OCP arbitration, and $0.4 million reduction in all other costs. Included in 2009 second quarter results was a charge of $0.4 million Mexican workforce reduction costs.
Net interest expense, including deferred financing amortization expense, for the three months ended June 30, 2010 was $5.3 million, an increase of $1.7 million, compared to $3.6 million for the same period in 2009. This increase is primarily due to a gain of $3.5 million in the second quarter of 2009 on the retirement of $10.0 million of the 9.5% Senior Unsecured Notes due April 2012, and recognizing accelerated deferred financing costs of $0.6 related to the redemption of the remaining $56 million 9.5% Senior Unsecured Notes due April 2012.
Gross profit represents net sales less cost of goods sold. Gross profit for the six months ended June 30, 2010 was $83.8 million, a decrease of $35.4 million, or 29.7%, as compared to $119.2 million for the same period in 2009. Gross margin decreased to 23.7% for the six months ended June 30, 2010 versus 33.3% for the same period in 2009. The change in gross profit was primarily due to lower selling prices which had an unfavorable effect of $73.5 million, $1.4 million unfavorable exchange rate impact mostly from our Mexican peso based costs, and $1.1 million expense for the planned maintenance outage at our Geismar La. manufacturing facility. This was partially offset by favorable sales volume combined with lower raw material and manufacturing costs which resulted in a net favorable effect of $34.7 million. Included in the 2009 results were $1.6 million Mexican workforce reduction costs, $1.8 million inventory write-downs of granular triple super-phosphate, and a charge of $2.5 million for anticipated unfulfilled contractual natural gas purchase commitments.
Operating expenses consist primarily of selling, general and administrative, and R&D expenses. For the six months ended June 30, 2010, these costs were $29.5 million, a decrease of $3.0 million, or 9.2%, as compared to $32.5 million for the same period in 2009. The decrease is due to $1.9 million lower ERP expenses as a result of capitalizing the implementation phase costs, $1.5 million lower legal and other professional services, and $0.9 million lower legal expenses related to our OCP arbitration. This was partially offset by $1.6 million increased short term incentive accruals. Included in 2009 second quarter results was a charge of $0.4 million Mexican workforce reduction costs.
Net interest expense, including deferred financing amortization expense, for the six months ended June 30, 2010 was $11.1 million, a decrease of $0.2 million, compared to $11.3 million for the same period in 2009. Lower interest expense resulting from the pay off of the remaining balance of the Term Loan in the second quarter of 2009 and the pay off of the remaining balance of the Senior Unsecured Notes in the second quarter of 2010 was offset by the gain of $3.5 million in the second quarter of 2009 on the retirement of $10.0 million of the 9.5% Senior Unsecured Notes due April 2012.
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