Phibro Animal S Share Discussion Threads

[papalpower] 16/5/2008 07:22

RNS Number : 6024U
Phibro Animal Health Corporation
16 May 2008

For additional information contact: Richard G. Johnson, Chief Financial Officer, [phone] or [e-mail]

PHIBRO ANIMAL HEALTH CORPORATION REPORTS 22% REVENUE GROWTH FOR ITS MARCH 2008 FISCAL THIRD QUARTER

RIDGEFIELD PARK, New Jersey, May 16, 2008 - Phibro Animal Health Corporation ('PAHC' or the 'Company') announced its operating results for its fiscal third quarter ending March 31, 2008. Quarterly sales of $132 million increased $24 million, or 22%, led by volume increases in the Animal Health & Nutrition business.

Adjusted ebitda (earnings before interest, taxes and depreciation and amortization) of $11.7 million increased $2.5 million, or 25%, in line with sales growth. Adjusted ebitda excludes $15.2 million of one-time costs related to the recent equity transactions. After including the one-time costs and interest and income taxes, the Company reported a $12.3 million net loss for the quarter.


Animal Health & Nutrition

Sales of $108.5 million increased $22.3 million or 26%, due to volume growth in most product lines and markets and also due to increased pricing to offset raw material cost increases. Adjusted ebitda of $13.1 million increased $1.4 million, or 12%, as the volume increases were partially offset by higher manufacturing costs due to the strengthening of the Brazilian Real against the U.S. dollar and by increased sales force headcount.


Performance Products

Distribution sales of $15.3 million increased $1.8 million, or 13%, primarily from volume growth. Adjusted ebitda of $3.6 million improved $0.4 million on the sales increase.


Industrial Chemicals sales of $8.5 million were slightly below last year. The Company began marketing its new Sustain™ wood preservative product during the quarter. Increased sales of the new product were offset by reductions in legacy product lines. Adjusted ebitda was a loss of $0.6 million, but an improvement of $1.1 million compared with last year, due to the improved product mix and legal expenses incurred last year in defense of intellectual property related to the wood preservative market.


For further information, the Company's quarterly report is available on our website in the Investor Relations section at www.pahc.com.


Forward-Looking Statements


This announcement contains forward-looking statements, including statements regarding management's expectations and beliefs regarding the future results or performance of the Company. Because these statements apply to future events, they are subject to risks and uncertainties. When used in this announcement, the words 'anticipate,' 'believe,' 'estimate,' 'expect,' 'expectation,' 'project' and 'intend' and similar expressions are intended to identify such forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements. Additionally, you should not consider past results to be an indication of our future performance. We do not intend to update any of the forward-looking statements after the date of this announcement to conform these statements to actual results, to changes in management's expectations or otherwise, except as may be required by law.


About The Company

PAHC is a diversified global manufacturer and marketer of a broad range of animal health and nutrition products to the poultry, swine and cattle 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 more information:


Phibro Animal Health Corporation
Richard Johnson, Chief Financial Officer
[e-mail]

[phone]

Panmure Gordon (UK) Limited
Andrew Godber
Rakesh Sharma

[phone]

[papalpower] 19/4/2008 04:02

Summary of Phibro Animal Health Corporation securities

Phibro Animal Health Corporation common shares are currently traded on AIM only.

Shares in issue Percentage

Total issued share capital 69,000,000
Shares not in public hands 68,910,000 99.9%

Major shareholdings as at 4 April 2008:

Name No. of ordinary shares Percentage

BFI Co., LLC 48,300,000 70.0%
3i Quoted Private Equity Limited 20,600,000 29.9%