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Innophos Holdings, Inc. Releases 2016 Quarterly Results Reflecting Previously Announced New Operating Segments

CRANBURY, N.J., May 16, 2017 /PRNewswire/ -- Innophos Holdings, Inc. (NASDAQ: IPHS), today publicized its 2016 quarterly segment results according to the new operating segments that were implemented in the first quarter of 2017.

"The new operating segments, which include Food, Health & Nutrition (FHN), Industrial Specialties (IS) and Other, more accurately reflect the underlying business dynamics and align with the new strategic direction of the Company," said Han Kieftenbeld, Senior Vice President and Chief Financial Officer.

Through the fiscal year ended December 31, 2016, the Company's business was reported in three operating segments: Specialty Phosphates US & Canada, Specialty Phosphates Mexico and GTSP & Other. Changes in the Company's strategic direction to be a market focused organization prompted the Company to change its operating segments to FHN, IS and Other. The Company began to report results under the new operating segments with the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017.

To assist investors in making comparisons of financial information for current and future periods with financial information from prior periods, the Company is furnishing certain unaudited historical segment information for the fiscal year and related quarters of 2016, revised to reflect the Company's new operating segment structure. The changes in the segment structure affect only the manner in which the results for the operating segments were previously reported. The Company's new segment structure has no impact on the Company's previously reported consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated balance sheets, consolidated statements of equity and consolidated statements of cash flows. The revised information does not represent a restatement of previously issued financial statements.

About the Company
Innophos is a leading international producer of specialty ingredient solutions that deliver far-reaching, versatile benefits for the food, health, nutrition and industrial markets. We leverage our expertise in the science and technology of blending and formulating phosphate, mineral and botanical based ingredients to help our customers offer products that are tasty, healthy, nutritious and economical. Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations across the United States, in Canada, Mexico and China. For more information, please visit www.innophos.com. 'IPHS-G'

Contacts

Investors: Mark Feuerbach, 609-366-1204 or investor.relations@innophos.com

Media: Ryan Flaim, Sharron Merrill Associates, 617-542-5300 or IPHS@investorrelations.com

 

INNOPHOS HOLDINGS, INC. AND SUBSIDIARIES

2016 Quarterly Segment Information (Unaudited)

(Dollars In thousands)









Segment Net Sales

  1Q 2016  

  2Q 2016 *

  3Q 2016 *

  4Q 2016 *

  FY 2016  


  1Q 2017  

Food, Health and Nutrition

$98,412

$94,662

$93,586

$90,012

$376,672


$91,083

Industrial Specialties

74,555

71,912

70,124

61,693

278,284


63,672

Other

16,663

15,314

22,327

16,085

70,389


11,189

Total

$189,630

$181,888

$186,037

$167,790

$725,345


$165,944









Segment EBITDA








Food, Health and Nutrition

$19,933

$19,744

$19,649

$18,802

$78,128


$15,624

Industrial Specialties

9,561

10,136

10,237

6,095

36,029


9,521

Other

1,312

(1,556)

1,942

(389)

1,309


898

Total

$30,806

$28,324

$31,828

$24,508

$115,466


$26,043









Segment EBITDA % of net sales








Food, Health and Nutrition

20.3%

20.9%

21.0%

20.9%

20.7%


17.2%

Industrial Specialties

12.8%

14.1%

14.6%

9.9%

12.9%


15.0%

Other

7.9%

(10.2)%

8.7%

(2.4)%

1.9%


8.0%

Total

16.2%

15.6%

17.1%

14.6%

15.9%


15.7%









Segment Adjusted EBITDA








Food, Health and Nutrition

$20,385

$20,476

$20,284

$19,359

$80,504


$16,561

Industrial Specialties

9,742

10,670

10,555

6,554

37,521


10,244

Other

1,131

(1,175)

3,365

357

3,679


898

Total

$31,258

$29,971

$34,204

$26,270

$121,704


$27,703









Segment Adjusted EBITDA % of net sales








Food, Health and Nutrition

20.7%

21.6%

21.7%

21.5%

21.4%


18.2%

Industrial Specialties

13.1%

14.8%

15.1%

10.6%

13.5%


16.1%

Other

6.8%

(7.7)%

15.1%

2.2%

5.2%


8.0%

Total

16.5%

16.5%

18.4%

15.7%

16.8%


16.7%









Depreciation and amortization expense








Food, Health and Nutrition

$4,791

$5,252

$5,802

$4,424

$20,269


$5,722

Industrial Specialties

3,059

3,538

2,957

3,091

12,645


3,372

Other

1,432

492

1,284

1,357

4,565


487

Total

$9,282

$9,282

$10,043

$8,872

$37,479


$9,581









* The interim financial information identified above for 2Q 2016 through 4Q 2016 has not yet been reviewed by 



    our Independent Registered Public Accounting Firm in accordance with standards established by the PCAOB.



 

 

INNOPHOS HOLDINGS, INC. AND SUBSIDIARIES

2016 Quarterly Adjusted EBITDA Reconciliation to Net Income (Unaudited)

(Dollars In thousands)










  1Q 2016  

  2Q 2016  

  3Q 2016  

  4Q 2016  

  FY 2016  


  1Q 2017  









Net Income

$12,842

$12,104

$13,643

$9,382

$47,971


$10,923

Interest expense, net

1,799

1,913

1,915

2,042

7,669


1,353

Provision for income taxes

6,883

5,025

6,227

4,212

22,347


4,186

Depreciation & amortization

9,282

9,282

10,043

8,872

37,479


9,581

EBITDA

30,806

28,324

31,828

24,508

115,466


26,043









Adjustments








Non-cash stock compensation

534

1,292

758

493

3,077


717

Translation (income) expense 

(39)

355

110

684

1,111


(57)

Severance/Restructuring (income) expense 

(43)

-

1,508

-

1,465


1,000

Operating expenses related to refinancing

-

-

-

585

585


-

Adjusted EBITDA

$31,258

$29,971

$34,204

$26,270

$121,704


$27,703









Percent of Sales

16.5%

16.5%

18.4%

15.7%

16.8%


16.7%

 

Additional Information
EBITDA and adjusted EBITDA are supplemental financial measures that are not required by, or presented in accordance with, US GAAP. The Company believes EBITDA and adjusted EBITDA are helpful in analyzing the cash flow generating capability of the business and as performance measures for purposes of presentation in this release.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/innophos-holdings-inc-releases-2016-quarterly-results-reflecting-previously-announced-new-operating-segments-300458241.html

SOURCE Innophos Holdings, Inc.

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