1st Quarter Results

    RNS Number : 0607I
  Phibro Animal Health Corporation
  13 November 2008
   



    PHIBRO ANIMAL HEALTH CORPORATION REPORTS 24% REVENUE GROWTH FOR ITS SEPTEMBER 2008 FISCAL FIRST QUARTER

RIDGEFIELD PARK, New Jersey, 13 November 2008 * Phibro Animal Health Corporation (*PAHC* or the *Company*) announced its operating results
for its fiscal first quarter ending 30 September 2008. Quarterly sales of $140 million increased $27 million, or 24%, compared with the same
quarter last year, led by the Animal Health & Nutrition business. Adjusted ebitda (earnings before interest, taxes and depreciation and
amortization) of $12.5 million increased $1.9 million, or 18%, primarily due to volume growth of Animal Health & Nutrition products and
volume growth and favorable product mix in the Distribution segment of our Performance Products business. After including non-cash foreign
currency losses related to inter-company balances and interest and income taxes, the Company reported a $8.7 million net loss for the
quarter.


    Animal Health & Nutrition 
    Sales of $111 million increased $20 million, or 22%, due to higher average selling prices (related to cost increases) and volume growth
in most product lines and markets. Adjusted ebitda of $12.7 million increased $0.6 million, or 5%, due to unit volume growth offset in part
by unfavorable raw material and manufacturing costs and by increased headcount and research and development expenditures to support sales
growth.

    Performance Products
    Distribution sales of $18 million increased $3 million, or 24%, due to unit volume growth and increased average selling prices. 
Adjusted ebitda of $4.3 million improved $0.9 million on the sales increase.

    Industrial Chemicals sales of $11 million increased $4 million, primarily due to sales of the new Sustain* wood preservative product. 
Adjusted ebitda was a loss of $0.4 million, an improvement of $0.2 million due to increased margins from higher unit volumes, offset in part
by higher operating expenses. 

    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 CorporationRichard Johnson, Chief       [phone] 
 Financial [e-mail]
                                                                              
                                                                              
 Panmure Gordon (UK) LimitedAndrew GodberRakesh Sharma    [phone]


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