Compass Minerals Announces Second-Quarter Results.OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan Kan, river, China: see Gan. . -- Compass Minerals Compass Minerals International (NYSE: CMP) is the second-leading salt producer in the United States and largest in the United Kingdom. Most of the salt produced is sold for highway de-icing. (NYSE NYSE See: New York Stock Exchange :CMP CMP (cytidine monophosphate): see cytosine. (1) (CMP Media LLC, Manhasset, NY, www.cmp.com) Part of United Business Media, CMP is a leading integrated media company that offers a wide variety of publications and services in the information ), a leading producer and marketer of salt and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. fertilizer fertilizer, organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth. , reports the following second-quarter results: --Price improvements helped drive an 11 percent increase in gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. and a 7 percent increase in product sales over the 2005 quarter. Product sales exclude shipping and handling costs. --Gross sales of the general trade product line increased 16 percent over the prior-year quarter. --The company recorded a second-quarter loss of $2.1 million, or $0.07 per share, compared to a loss of $0.2 million, or $0.01 per share, from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the second quarter of 2005. The year-ago results included a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , non-cash benefit from the release of a tax reserve. Excluding that special item, the company's net loss in the 2005 quarter was $5.0 million, or $0.16 per share. Compass Minerals typically records losses in the second quarter when the company is building rock salt inventories for the upcoming winter season. --The bidding process for highway deicing De-icing is the process of removing ice from a surface. Anti-icing is the process of preventing ice from forming on a surface. Deicing can be accomplished by mechanical methods (scraping), through the application of heat, by use of chemicals designed to lower contracts for the 2006-2007 winter season is more than 50 percent complete, and Compass Minerals has achieved price improvements of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10 percent. --The company voluntarily made a $10 million early principal payment on its term loan this quarter. "Compass Minerals is a remarkably agile company, which was demonstrated again this quarter. The company posted good results thanks to the benefits of our improved financial and tax structures, which helped offset the pressure on operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before ," said Angelo Angelo externally austere but inwardly violent. [Br. Lit.: Measure for Measure] See : Hypocrisy Angelo asked by Isabella to cancel her brother’s death sentence, Angelo agrees if she will yield herself to him. [Br. Brisimitzakis, Compass Minerals' president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "I believe that we are well-positioned for the second half of the year with price improvements to help restore our margins and greater production at our Goderich mine, which we expect to offset much of the negative effects of the eight-week strike we experienced there this spring."
Financial Results for Continuing Operations(a)
(in millions except for EPS)
Three months Six months
ended ended
June 30, June 30,
------------- --------------
2006 2005 2006 2005
------------- --------------
Sales $108.1 $97.7 $326.0 $351.7
Sales less shipping and handling cost
(product sales) 76.9 72.2 218.5 243.2
Net earnings (loss) from continuing
operations (2.1) (0.2) 26.5 22.3
Net earnings (loss) from continuing
operations, excluding special items (2.1) (5.0) 26.5 22.9
Diluted per-share earnings (loss) from
continuing operations(b) (0.07)(0.01) 0.82 0.69
Diluted per-share earnings (loss) from
continuing operations, excluding
special items(b) (0.07)(0.16) 0.82 0.72
EBITDA 19.0 17.2 80.3 83.8
Adjusted EBITDA 17.4 18.0 78.3 84.8
----------------------------------------------------------------------
(a) Excludes discontinued operations from 2005 results
(b) Negative EPS is not diluted
Rock salt production was temporarily reduced at the company's mine in Goderich, Ontario Goderich (pronounced either God-rich or God-er-ich) is a town in the Canadian province of Ontario and is the county seat of Huron County. The town was founded by William "Tiger" Dunlop in 1827. , during the strike which ended on June June: see month. 8, 2006. This production interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. contributed to a 13 percent reduction in highway deicing product sales volumes compared to the prior-year quarter. The production interruption also caused a shift to a higher-priced product mix that, along with increases to recover higher transportation costs, contributed to a 27 percent year-over-year price improvement. Compass Minerals expects the strike-related production interruption to reduce the amount of highway deicing salt that will be available for the 2006-2007 winter but expects that improved pricing will prevent a corresponding decline in normal-winter deicing-salt revenues and margins. The general trade product-line price increase that was announced in December December: see month. 2005 helped improve the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of general trade products by 14 percent over the 2005 quarter and helped produce a 16 percent year-over-year improvement in general trade product-line revenues. Heavy rains in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). reduced the application of sulfate sulfate, chemical compound containing the sulfate (SO4) radical. Sulfates are salts or esters of sulfuric acid, H2SO4, formed by replacing one or both of the hydrogens with a metal (e.g., sodium) or a radical (e.g., ammonium or ethyl). of potash potash: see potassium carbonate. potash Name used for various inorganic compounds of potassium, chiefly the carbonate (K2CO3), a white crystalline material formerly obtained from wood ashes. during the quarter, which contributed to lower specialty-fertilizer sales volumes compared to the 2005 quarter. Price improvements counterbalanced coun·ter·bal·ance n. 1. A force or influence equally counteracting another. 2. A weight that acts to balance another; a counterpoise or counterweight. tr.v. the volume shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. and helped generate a modest year-over-year gain in specialty-fertilizer revenues. The company continues to expect full-year sales volumes to be similar to those of 2004 and 2005.
Selected Sales Data
Three months Six months
ended ended
June 30, June 30,
--------------- ---------------
2006 2005 2006 2005
------- ------- ------- -------
Sales Volumes (in thousands of tons):
Highway deicing 833 963 4,418 5,824
General trade 519 510 1,060 1,137
Specialty fertilizer 95 104 192 208
Average Sales Price (per ton):
Highway deicing $29.50 $23.30 $35.59 $32.47
General trade 107.66 94.09 106.99 97.29
Specialty fertilizer 292.61 260.89 288.95 250.13
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Shipping and handling costs were 29 percent of sales in the 2006 quarter compared to 26 percent in the 2005 quarter. Barge shipping rates have risen substantially year over year, which affects approximately one-fourth of the company's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. rock salt shipments. Virtually all other transportation costs have also risen since the second quarter of 2005. Second-quarter gross profit of $20.0 million was $1.1 million lower than the prior-year quarter, reflecting a reduction of approximately $3 million to $4 million due to the effects of reduced production and incremental costs Costs which are additional costs to the Service appropriations that would not have been incurred absent support of the contingency operation. See also financial management. caused by the strike at the company's mine in Goderich, Ontario. The company expects a portion of these negative effects to be recovered through higher production levels during the last six months of the fiscal year. Compass Minerals also incurred higher natural gas costs and increases in the cost of other inputs in the current-year quarter. The company received final proceeds of $1.0 million from a business interruption insurance Noun 1. business interruption insurance - insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril claim for missed deicing salt sales in early 2005, which were recorded as a reduction of the product cost. The $2.2 million reduction of interest expense was the result of refinancing Refinancing An extension and/or increase in amount of existing debt. Compass Minerals' senior subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes in December 2005, partially offset by higher accreted interest on the company's discount notes and interest allocated to discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in the 2005 quarter. Non-cash interest on the discount notes accounted for $7.2 million of the $13.1 million interest expense in the current quarter. Debt totaled $577.6 million at June 30, 2006, and debt net of cash was $519.5 million. Other income improved by $2.4 million due to higher interest income as well as a modest foreign exchange gain in 2006. The income tax benefit was increased by a $0.6 million true-up of previous accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. for foreign taxes in the 2006 quarter. The company's inventories rose by 17 percent over the prior-year quarter due to increases in the per-ton value of the inventory, which was partially offset by lower highway deicing salt inventory levels. The higher value reflects increased input costs and higher transportation costs associated with moving products to storage locations. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , net earnings from continuing operations improved 19 percent to $26.5 million, or $0.82 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, from $22.3 million, or $0.69 per diluted share, for the six months ended June 2005. The six months ended June 2005 included the previously mentioned release of a tax reserve as well as a $5.4 million charge to tax expense related to the repatriation Repatriation The process of converting a foreign currency into the currency of one's own country. Notes: If you are American, converting British Pounds back to U.S. dollars is an example of repatriation. of funds from the United Kingdom. Excluding those special items, Compass Minerals' net earnings from continuing operations in the 2005 period were $22.9 million, or $0.72 per diluted share. Conference Call Compass Minerals will discuss its results on a conference call this afternoon at 4:00 p.m. ET. To access the conference call, interested parties should visit the company's website at www.CompassMinerals.com or dial 877-228-7138. Callers must provide the conference ID number 3078140. Outside of the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , callers may dial 706-643-0377. Replays of the call will be available on the company's website for two weeks. The replay can also be accessed by phone for seven days at 800-642-1687, conference 3078140. Outside of the U.S. and Canada, callers may dial 706-645-9291. About Compass Minerals Based in the Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). metropolitan area, Compass Minerals is the second-leading salt producer in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and the largest in the United Kingdom. The company operates ten production and packaging facilities, including the largest rock salt mine in the world in Goderich, Ontario. The company's product lines include salt for highway deicing, consumer deicing, water conditioning, consumer and industrial food preparation, agriculture and industrial applications. In addition, Compass Minerals is North America's leading producer of sulfate of potash, which is used in the production of specialty fertilizers for high-value crops and turf turf: see lawn. turf In horticulture, the surface layer of soil with its matted, dense vegetation, usually grasses grown for ornamental or recreational use. , and magnesium chloride magnesium chloride Warning - High-alert drug! Chloromag, Mag 64, Mag Delay, Slo-Mag Pharmacologic class: Mineral Therapeutic class: , which is a premium deicing and dust control agent. Non-GAAP Measures Management uses a variety of measures to evaluate the company's performance. In addition to using GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financial measures, such as gross profit, net earnings and cash flows generated by operating activities, management uses EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , a non-GAAP financial measure, to evaluate the performance of our core business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . To effectively manage our resource allocation resource allocation Managed care The constellation of activities and decisions which form the basis for prioritizing health care needs , cost of capital and income tax positions, we evaluate the operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon on the basis of EBITDA. EBITDA is not calculated under GAAP and should not be considered in isolation or as a substitute for net earnings, cash flows or other financial data prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP or as a measure of our overall profitability or liquidity. EBITDA excludes interest expense, income taxes and depreciation and amortization, each of which is an essential element of our cost structure and cannot be eliminated. Our borrowings are a significant component of our capital structure and interest expense is a continuing cost of debt. We are also required to pay income taxes. We have a significant investment in capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) , and depreciation and amortization reflects the utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of those assets in order to generate revenues. Consequently, any measure that excludes these elements has material limitations. EBITDA does, however, include other cash and non-cash items which management believes are not indicative indicative: see mood. of the ongoing operating performance of our core business operations. Management excludes these items to calculate adjusted EBITDA. While EBITDA and adjusted EBITDA are frequently used as measures of operating performance, these terms are not necessarily comparable to similarly titled measures of other companies due to potential inconsistencies in the methods of calculation. Excluding special items from net earnings is meaningful to investors because it provides insight with respect to the ongoing operating results of the company. Special items include charges to income tax expense for repatriating funds and the partial release of a tax reserve. Management's calculations of these measures are set forth in the tables below.
Reconciliation for EBITDA and Adjusted EBITDA from Continuing
Operations
(in millions)
Three months Six months
ended ended
June 30, June 30,
------------------------
2006 2005 2006 2005
------------------------
Net earnings (loss) from continuing
operations $(2.1)$(0.2)$26.5 $22.3
Income tax expense (benefit) (2.2) (7.3) 6.9 11.5
Interest expense 13.1 15.3 26.6 30.3
Depreciation, depletion and amortization(1) 10.2 9.4 20.3 19.7
------------------------
EBITDA from continuing operations $19.0 $17.2 $80.3 $83.8
Adjustments to EBITDA from continuing
operations:
Other (income) expense(2) (1.6) 0.8 (2.0) 1.0
------------------------
Adjusted EBITDA from continuing operations $17.4 $18.0 $78.3 $84.8
(1) Excludes expense related to discontinued operations in 2005
(2) Primarily includes interest income and foreign exchange gains and
losses in all periods
Reconciliation for Net Earnings from Continuing Operations, Excluding
Special Items
(in millions)
Three months Six months
ended ended
June 30, June 30,
------------------------
2006 2005 2006 2005
------------------------
Net earnings (loss) from continuing
operations $(2.1)$(0.2)$26.5 $22.3
Plus (less) special items:
Release of tax reserve, net of
other tax adjustments(1) --- (4.8) --- (4.8)
Charge to income tax expense for
repatriation of funds(2) --- --- --- 5.4
------------------------
Net earnings (loss) from continuing
operations, excluding special items $(2.1)$(5.0)$26.5 $22.9
(1) In 2005, taxing authorities developed a framework to treat
cross-border transactions between the U.S. and Canada more
consistently, so we reversed previously recorded income tax
reserves of $4.8 million, net of other income tax adjustments.
(2) We recorded a $5.4 million charge to income tax expense due to a
repatriation of funds from the U.K. in the first quarter of 2005.
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in millions, except share data)
Three months Six months
ended ended
June 30, June 30,
--------------- ---------------
2006 2005 2006 2005
---- ---- ---- ----
Sales $108.1 $97.7 $326.0 $351.7
Shipping and handling cost 31.2 25.5 107.5 108.5
Product cost 56.9 51.1 133.5 150.6
------ ------ ------ ------
Gross profit 20.0 21.1 85.0 92.6
Selling, general and
administrative expenses 12.8 12.5 27.0 27.5
------ ------ ------ ------
Operating earnings 7.2 8.6 58.0 65.1
Other (income) expense:
Interest expense 13.1 15.3 26.6 30.3
Other, net (1.6) 0.8 (2.0) 1.0
------ ------ ------ ------
Earnings (loss) from
continuing operations
before income taxes (4.3) (7.5) 33.4 33.8
Income tax expense (benefit) (2.2) (7.3) 6.9 11.5
------ ------ ------ ------
Net earnings (loss) from
continuing operations (2.1) (0.2) 26.5 22.3
Net earnings (loss) from
discontinued operations,
net of income taxes --- (0.5) --- (0.4)
------ ------ ------ ------
Net earnings (loss) $(2.1) $(0.7) $26.5 $21.9
====== ====== ====== ======
Basic net earnings (loss) per
share:
Continuing operations $(0.07) $(0.01) $0.82 $0.71
Discontinued operations --- (0.02) --- (0.01)
------ ------ ------ ------
Basic net earnings (loss)
per share (0.07) (0.03) 0.82 0.70
====== ====== ====== ======
Diluted net earnings (loss)
per share:
Continuing operations $(0.07) $(0.01) $0.82 $0.69
Discontinued operations --- (0.02) --- (0.01)
------ ------ ------ ------
Diluted net earnings (loss)
per share (0.07) (0.03) 0.82 0.68
====== ====== ====== ======
Cash dividends per share $0.305 $0.275 $0.61 $0.55
Basic weighted-average
shares outstanding 32,011,226 31,430,900 32,225,501 31,285,807
Diluted weighted-
average shares
outstanding 32,011,226 31,430,900 32,499,975 31,966,910
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
June 30, December 31,
2006 2005
----------------------------------------------------------------------
ASSETS
Cash and cash equivalents $58.1 $47.1
Receivables, net 57.6 183.0
Inventories 106.2 81.5
Other current assets 19.8 22.8
Property, plant and equipment, net 367.2 366.1
Intangible and other noncurrent assets 55.1 49.8
----------------------------------------------------------------------
Total assets $664.0 $750.3
======================================================================
LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
Total current liabilities $80.8 $139.4
Long-term debt, net of current portion 574.3 612.4
Deferred income taxes and other noncurrent
liabilities 71.9 77.6
Total stockholders' equity (deficit) (63.0) (79.1)
----------------------------------------------------------------------
Total liabilities and stockholders' equity
(deficit) $664.0 $750.3
======================================================================
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in millions)
Six Months
Ended
June 30,
2006 2005
----------------------------------------------------------------------
Net cash provided by operating activities $95.4 $103.4
----------------------------------------------------------------------
Cash flows from investing activities:
Capital expenditures (15.9) (9.8)
Other, net (2.1) (0.3)
----------------------------------------------------------------------
Net cash used in investing activities (18.0) (10.1)
----------------------------------------------------------------------
Cash flows from financing activities:
Principal payments on long-term debt (21.7) (20.2)
Revolver activity (31.0) (11.0)
Dividends paid (19.7) (17.2)
Proceeds received from stock option exercises 0.3 0.9
Excess tax benefits from stock option exercises 1.6 -
Other, net (0.1) -
----------------------------------------------------------------------
Net cash used in financing activities (70.6) (47.5)
----------------------------------------------------------------------
Effect of exchange rate changes on cash and cash
equivalents 4.2 -
----------------------------------------------------------------------
Net change in cash and cash equivalents 11.0 45.8
Cash and cash equivalents, beginning of the year 47.1 9.7
----------------------------------------------------------------------
Cash and cash equivalents, end of period $58.1 $55.5
======================================================================
COMPASS MINERALS INTERNATIONAL, INC.
SEGMENT INFORMATION (unaudited)
(in millions)
Three Months Ended June 30, 2006 Salt Potash Other(a) Total
----------------------------------------------------------------------
Sales to external customers $80.4 $27.7 $- $108.1
Intersegment sales - 3.1 (3.1) -
Shipping and handling cost 27.5 3.7 - 31.2
Operating earnings (loss)(b) 4.8 8.3 (5.9) 7.2
Depreciation, depletion and
amortization 8.1 2.1 - 10.2
Total assets 479.9 147.5 36.6 664.0
----------------------------------------------------------------------
Three Months Ended June 30, 2005 Salt Potash Other(a) Total
----------------------------------------------------------------------
Sales to external customers $70.4 $27.3 $- $97.7
Intersegment sales - 2.8 (2.8) -
Shipping and handling cost 21.5 4.0 - 25.5
Operating earnings (loss) 5.0 9.0 (5.4) 8.6
Depreciation, depletion and
amortization(c) 8.2 2.1 - 10.3
Total assets 496.6 133.6 36.5 666.7
----------------------------------------------------------------------
Six Months Ended June 30, 2006 Salt Potash Other(a) Total
----------------------------------------------------------------------
Sales to external customers $270.6 $55.4 $- $326.0
Intersegment sales - 5.6 (5.6) -
Shipping and handling cost 99.6 7.9 - 107.5
Operating earnings (loss)(b) 54.1 16.2 (12.3) 58.0
Depreciation, depletion and
amortization 16.1 4.2 - 20.3
----------------------------------------------------------------------
Six Months Ended June 30, 2005 Salt Potash Other(a) Total
----------------------------------------------------------------------
Sales to external customers $299.6 $52.1 $- $351.7
Intersegment sales - 4.8 (4.8) -
Shipping and handling cost 100.5 8.0 - 108.5
Operating earnings (loss) 62.7 14.1 (11.7) 65.1
Depreciation, depletion and
amortization(c) 17.2 4.3 - 21.5
----------------------------------------------------------------------
(a) "Other" includes corporate items and eliminations.
(b) The salt segment includes $1.0 million and $5.1 million of
insurance proceeds for the three and six months ended June 30,
2006, respectively.
(c) The salt segment includes approximately $0.9 million and $1.8
million of expense related to discontinued operations for the
three and six months ended June 30, 2005, respectively.
This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on the Company's current expectations and involve risks and uncertainties that could cause the Company's actual results to differ materially. The differences could be caused by a number of factors including those factors identified in Compass Minerals International's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission on February February: see month. 24, 2006. The Company will not update any forward-looking statements made in this press release to reflect future events or developments. |
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