Compass Minerals International, Inc. Reports First-Quarter Earnings.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. International, Inc. (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. 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. , reports the following first-quarter results: --Revenue was $217.9 million with net earnings of $28.6 million, or $0.88 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. For the same 2005 quarter, revenue 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 was $254.0 million and net earnings from continuing operations were $22.5 million, or $0.70 per diluted share. In 2005, Compass took 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 that special item, net earnings from continuing operations were $27.9 million in the 2005 quarter, or $0.87 per diluted share. --Compass had a $4.1 million 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 receipt this period that was recorded as a reduction of the cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold . The claim was filed for missed 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 salt sales in the first quarter of 2005. --The weather in the current-year quarter was much milder than normal in the markets that Compass Minerals serves causing a sharp decline in deicing salt sales. By contrast, the weather in the first quarter of 2005 was more harsh than normal. --The company voluntarily made a $10 million early principal payment on its term loan and repaid the $31 million that was outstanding on its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility at December December: see month. 31, 2005. --The Communications, Energy and Paperworkers Union Local 16-O called a strike 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. , on April 14. However, the company has strong highway deicing salt inventories. Compass Minerals often temporarily eliminates shifts to manage its inventory, so the company currently expects the strike to have little effect on its 2006 annual financial results. "This quarter demonstrated the strength of our mild-winter-weather management strategies as well as our ongoing effort to create value for our shareholders. We delivered strong earnings despite sharply lower deicing salt sales and higher transportation costs," said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. E. Ducey Ducey is a commune in the Manche département of the Basse-Normandie region of Northern France , 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. of Compass Minerals International. "We ended the season with greater highway deicing salt inventories than in the past two years. In addition, the waterways The list of waterways is a link page for any river, canal, estuary or firth. International waterways
freeze - To lock an evolving software distribution or document against changes so it can be released with some hope of stability. Carries the strong implication that the item in question will "unfreeze" at some future date. this winter which allowed us to continue to produce and ship salt throughout the first quarter. This has significantly cushioned the impact of the strike at Goderich."
Financial Results from Continuing Operations(a)
(in millions, except for EPS)
Three Months
Ended
March 31,
2006 2005
----------------------------------------------------------------------
Sales $217.9 $254.0
Sales less shipping and handling (product sales) 141.6 171.0
Net earnings from continuing operations 28.6 22.5
Net earnings from continuing operations, excluding
special items 28.6 27.9
Diluted per-share earnings from continuing operations 0.88 0.70
Diluted per-share earnings from continuing operations,
excluding special items 0.88 0.87
EBITDA 61.3 66.6
Adjusted EBITDA 60.9 66.8
(a) Excludes discontinued operations from 2005 results
Salt sales were $190.2 million this quarter compared to salt sales of $229.2 million from the same facilities in 2005. Salt product sales, which exclude the cost of shipping and handling, were $118.1 million compared to $150.2 million from the same facilities in the prior year. The year-over-year change was due to substantial declines in highway and consumer deicing sales volumes as a result of the mild winter weather, particularly in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , which were partially offset by price improvements and beneficial changes in foreign exchange rates. The company estimates that the mild weather decreased first-quarter sales by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $45 million to $50 million compared to a normal-weather first quarter and decreased first-quarter 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 by approximately $11 million to $14 million. This estimate does not include the benefit of the $4.1 million business interruption insurance proceeds. 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 sales grew 12 percent year-over-year to $27.7 million from $24.8 million in the first quarter of 2005. Prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. 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). weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. sales volumes this quarter. However, the effect
of lower volumes was more than offset by a 19 percent year-over-year
price improvement. The company continues to expect its 2006 sulfate of
potash sales volume to be similar to its sales volume in 2005.
Selected Sales Data
Three months
ended
March 31,
2006 2005
--------------
Sales Volumes (in thousands of tons):
Highway deicing 3,584 4,861
General trade(a) 541 626
Specialty potash 97 104
Average Sales Price (per ton):
Highway deicing $37.01 $34.29
General trade(a) 106.34 99.93
Specialty potash 285.39 239.32
(a) Excludes discontinued operations from 2005 results
Shipping and handling costs increased to 35 percent of revenue from 33 percent of revenue in 2005 due in part to a substantial increase in barge barge, large boat, generally flat-bottomed, used for transporting goods. Most barges on inland waterways are towed, but some river barges are self-propelled. There are also sailing barges. rates that went into effect on January January: see month. 1, 2006. Rail, trucking and shipping rates and fuel surcharges were also higher than in the prior-year quarter. Selling, general and administrative expenses declined by five percent due to lower selling costs associated with lower sales volumes and lower variable compensation. Interest expense declined by $1.5 million, or 10 percent, reflecting the benefit of the December 2005 refinancing Refinancing An extension and/or increase in amount of existing debt. of the company's senior subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes. This year-over-year improvement was partially offset by the allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of interest 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 prior year and higher accreted interest on the company's discount notes. Of the $13.5 million of interest expense this quarter, $7.1 million was a non-cash accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for the discount notes. Compass reduced its debt this quarter by $34.7 million to $581.2 million at March 31, 2006, from $615.9 million at December 31, 2005, with accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the on the company's discount notes partially offsetting the reduction in the company's term loan balance and the elimination of the balance on the company's revolving credit facility. Debt net of cash declined $88.4 million to $480.4 million at March 31, 2006, from $568.8 million at December 31, 2005. Income tax expense declined $9.7 million from the previous-year quarter to $9.1 million primarily because of the $5.4 million special charge to income tax expense in 2005. Effective tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. and the company's lower taxable earnings in 2006 also contributed to the year-over-year decline in income tax expense. Capital expenditures were $5.1 million higher this quarter than in the prior-year quarter because of the previously announced expansion of the company's magnesium chloride magnesium chloride Warning - High-alert drug! Chloromag, Mag 64, Mag Delay, Slo-Mag Pharmacologic class: Mineral Therapeutic class: plant and the installation of a new mill at its mine in Goderich, Ontario. As part of its mild-weather cost-containment plan, Compass will postpone post·pone tr.v. post·poned, post·pon·ing, post·pones 1. To delay until a future time; put off. See Synonyms at defer1. 2. To place after in importance; subordinate. selected discretionary capital projects, reducing its anticipated capital expenditures in 2006 to approximately $36 million from the previous expectation of approximately $40 million. Results for the Twelve Months Ended March 31 In order to assess and compare full winter seasons, Compass also measures results on an April-through-March basis. For the twelve months ended March 31, 2006, revenue from continuing operations was $706.2 million compared to revenue of $657.8 million for the twelve months ended March 31, 2005. The year-over-year sales improvement was the result of harsher-than-normal weather in the fourth quarter of 2005 and price improvements across all product lines, partially offset by mild weather in the first quarter of 2006.
Financial Results from Continuing Operations(a)
(in millions, except sales volumes)
Twelve Months
Ended
March 31,
--------------
2006 2005
--------------
Sales $706.2 $657.8
Sales less shipping and handling (product sales) 485.7 464.8
Net earnings from continuing operations 32.9 40.3
Net earnings from continuing operations, excluding
special items 52.7 38.8
EBITDA 138.9 149.5
Adjusted EBITDA 177.0 162.9
Highway deicing sales volume, in thousands of tons 10,260 10,515
(a) Excludes the effects of discontinued operations where applicable
Though highway and consumer deicing salt sales volumes declined period over period, the company estimates that operating earnings for the 2005-2006 winter were approximately normal because strong fourth-quarter 2005 earnings and production efficiencies offset the milder-than-normal weather in the first quarter of 2006. This estimate excludes the benefit of the previously mentioned $4.1 million business interruption insurance settlement. By contrast, the company estimates that more-severe-than-normal weather in the 2004-2005 winter season benefited operating earnings by approximately $4 million to $6 million. Conference Call Compass Minerals International will discuss its first-quarter results on a conference call tomorrow morning, Wednesday Wednesday: see week. , May 3, at 10:00 a.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 7937369. 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 7937369. Outside of the U.S. and Canada, callers may dial 706-645-9291. About Compass Minerals International 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 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 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, 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 reflect 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 costs to tender for our high-yield bonds High-yield bond See: Junk bond high-yield bond See junk bond. , termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of a management agreement and public offering costs, all net of tax; as well as 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 Twelve months
ended ended
March 31, March 31,
-----------------------------
2006 2005 2006 2005
-----------------------------
Net earnings from continuing operations $28.6 $22.5 $32.9 $40.3
Income tax expense 9.1 18.8 6.1 11.7
Interest expense 13.5 15.0 60.1 59.2
Depreciation, depletion and
amortization(1) 10.1 10.3 39.8 38.3
-----------------------------
EBITDA $61.3 $66.6 $138.9 $149.5
Adjustments to income from operations:
Other charges(2) --- --- --- 5.9
Other (income) expense(3) (0.4) 0.2 38.1 7.5
-----------------------------
Adjusted EBITDA $60.9 $66.8 $177.0 $162.9
(1) Amount excludes expense related to discontinued operations in 2005
and 2004.
(2) Costs in 2004 for secondary offerings of our common stock by
stockholders filed with the SEC on Forms S-1 and S-3 and for
Apollo Management LP's termination of a management consulting
agreement.
(3) Tender costs for our senior subordinated notes in the fourth
quarter of 2005 and 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 Twelve months
ended ended
March 31, March 31,
-----------------------------
2006 2005 2006 2005
-----------------------------
Net earnings from continuing
operations $28.6 $22.5 $32.9 $40.3
Plus (less) special items:
Tender costs for senior subordinated
notes, net of tax(1) --- --- 20.5 ---
Release of tax reserve, net of other
tax adjustments(2) --- --- (4.8) (11.1)
Charge to income tax expense for
repatriation of funds(3) --- 5.4 4.1 5.4
Termination of management consulting
agreement, net of tax(4) --- --- --- 2.8
Stock offering costs(5) --- --- --- 1.4
-----------------------------
Net earnings from continuing operations,
excluding special items $28.6 $27.9 $52.7 $38.8
(1) We recorded costs of $33.2 million, pre-tax, associated with the
tender of $323.0 million principal amount of the company's
10-percent senior subordinated notes.
(2) 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. We
recorded a non-cash benefit to earnings of $11.1 million in the
third quarter of 2004 due to the release of part of the company's
valuation allowance for deferred tax assets.
(3) We recorded a $4.1 million charge to income tax expense in the
fourth quarter of 2005 for a planned repatriation of foreign funds
in accordance with the American Jobs Creation Act of 2004. We
recorded a $5.4 million charge to income tax expense due to a
one-time repatriation of funds from the U.K. in the first quarter
of 2005.
(4) Pre-tax costs of $4.5 million were incurred when Apollo Management
LP terminated its management consulting agreement with the
company.
(5) We incurred costs of $1.4 million in the full year for secondary
offerings of our common stock by stockholders filed with the SEC
on Forms S-1 and S-3. The shares sold in each public offering were
previously held by stockholders and the company received no
proceeds from the sales.
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in millions, except share data)
Three Months Ended
March 31,
2006 2005
----------------------------------------------------------------------
Sales $217.9 $254.0
Cost of sales -- shipping and handling 76.3 83.0
Cost of sales -- products 76.6 99.5
----------------------------------------------------------------------
Gross profit 65.0 71.5
Selling, general and administrative expenses 14.2 15.0
----------------------------------------------------------------------
Operating earnings 50.8 56.5
Other (income) expense:
Interest expense 13.5 15.0
Other, net (0.4) 0.2
----------------------------------------------------------------------
Earnings from continuing operations before
income taxes 37.7 41.3
Income tax expense 9.1 18.8
----------------------------------------------------------------------
Net earnings from continuing operations 28.6 22.5
Net earnings from discontinued operations, net
of tax expense of $0 in 2005 - 0.1
----------------------------------------------------------------------
Net earnings $28.6 $22.6
======================================================================
Basic net earnings per share:
Continuing operations $0.89 $0.73
Discontinued operations - -
----------------------------------------------------------------------
Basic net earnings per share $0.89 $0.73
----------------------------------------------------------------------
Basic weighted-average shares outstanding 32,121,621 31,140,713
======================================================================
Diluted net earnings per share:
Continuing operations $0.88 $0.70
Discontinued operations - -
----------------------------------------------------------------------
Diluted net earnings per share $0.88 $0.70
----------------------------------------------------------------------
Diluted weighted-average shares outstanding 32,375,610 32,323,129
======================================================================
Cash dividends per share $0.305 $0.275
======================================================================
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
March 31, Dec. 31,
2006 2005
----------------------------------------------------------------------
ASSETS
Cash and cash equivalents $100.8 $47.1
Receivables, net 86.7 183.0
Inventories 79.2 81.5
Other current assets 19.1 22.8
Property, plant and equipment, net 365.7 366.1
Intangible and other noncurrent assets 50.2 49.8
----------------------------------------------------------------------
Total assets $701.7 $750.3
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Total current liabilities $114.4 $139.4
Long-term debt, net of current portion 577.8 612.4
Deferred income taxes and other noncurrent
liabilities 68.9 77.6
Total stockholders' equity (deficit) (59.4) (79.1)
----------------------------------------------------------------------
Total liabilities and stockholders' equity (deficit) $701.7 $750.3
======================================================================
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in millions)
Three Months
Ended
March 31,
2006 2005
----------------------------------------------------------------------
Net cash provided by operating activities $112.6 $90.6
----------------------------------------------------------------------
Cash flows from investing activities:
Capital expenditures (9.3) (4.2)
Other, net (1.0) -
----------------------------------------------------------------------
Net cash used in investing activities (10.3) (4.2)
----------------------------------------------------------------------
Cash flows from financing activities:
Principal payments on long-term debt (10.9) (10.1)
Revolver activity (31.0) (11.0)
Dividends paid (9.8) (8.6)
Proceeds received from stock option exercises 0.2 0.7
Excess tax benefits from stock option exercises 1.2 -
Other, net (0.1) -
----------------------------------------------------------------------
Net cash used in financing activities (50.4) (29.0)
----------------------------------------------------------------------
Effect of exchange rate changes on cash and cash
equivalents 1.8 (0.1)
----------------------------------------------------------------------
Net change in cash and cash equivalents 53.7 57.3
Cash and cash equivalents, beginning of the year 47.1 9.7
----------------------------------------------------------------------
Cash and cash equivalents, end of period $100.8 $67.0
======================================================================
COMPASS MINERALS INTERNATIONAL, INC.
SEGMENT INFORMATION (unaudited)
(in millions)
Three Months Ended March 31, 2006
Salt Potash Other(a) Total
----------------------------------------------------------------------
Sales to external customers $190.2 $27.7 $- $217.9
Intersegment sales - 2.5 (2.5) -
Cost of sales -- shipping and
handling costs 72.1 4.2 - 76.3
Operating earnings (loss)(b) 49.3 7.9 (6.4) 50.8
Depreciation, depletion and
amortization 8.0 2.1 - 10.1
Total assets 526.6 145.4 29.7 701.7
----------------------------------------------------------------------
Three Months Ended March 31, 2005
Salt Potash Other(a) Total
----------------------------------------------------------------------
Sales to external customers(c) $229.2 $24.8 $- $254.0
Intersegment sales - 2.0 (2.0) -
Cost of sales -- shipping and
handling costs(c) 79.0 4.0 - 83.0
Operating earnings (loss)(c) 57.7 5.1 (6.3) 56.5
Depreciation, depletion and
amortization(d) 9.0 2.2 - 11.2
Total assets 530.7 137.8 38.8 707.3
----------------------------------------------------------------------
(a) "Other" includes corporate items and eliminations.
(b) The salt segment includes $4.1 million of proceeds from a business
interruption insurance settlement.
(c) The salt segment excludes the effects of discontinued operations.
(d) The salt segment includes approximately $0.9 million of expense
related to discontinued operations.
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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