TERRA INDUSTRIES REPORTS APRIL REVENUES UP 10 PERCENT
TERRA INDUSTRIES REPORTS APRIL REVENUES UP 10 PERCENT SIOUX CITY, Iowa, May 7 /PRNewswire/ -- Terra Industries Inc.
(NYSE: TRA), formerly Inspiration Resources Corporation, today announced April revenues increased 10 percent to $188.3 million from $170.5 million in April 1991. For the first four months of 1992, Terra revenues totaled $388.1 million, up from $357.1 million in the 1991 period. Terra will report revenues on a monthly basis for its second quarter since more than 50 percent of the company's sales of fertilizers, agricultural chemicals and seed occur during this period.
Revenues from Terra's distribution operations increased to $171.1 million in April from $153.6 million last year. Agricultural chemical and seed sales showed significant gains while distributed fertilizer sales declined. Manufactured fertilizer operations' revenues for April improved to $16.6 million, up from $15.7 million in 1991. Sales volumes increased 9 percent for manufactured fertilizers; however, average prices declined 3 percent compared to April 1991. Burton M. Joyce, president and CEO, commented, " Cool and wet weather conditions in much of the Midwest slowed April fertilizer applications, but we expect most of this volume to shift to May, our most important month for crop production product sales. Current field conditions are excellent for farmers to apply normal rates of nitrogen fertilizer and crop chemicals. We continue to be optimistic about the outlook for Terra this season." Joyce continued, "We have decided to release monthly revenues to provide consistent, objective and timely information to our investors during this important time of year for Terra. However, revenue comparisons for any one month to the prior year period do not necessarily predict the full year's or even the full quarter's results. Differing weather patterns year to year can shift farmer applications from one month to another, and changes in our product mix or in our inventory cost position also affect our profitability." Terra Industries Inc., which had 1991 revenues of over $1 billion, is a leading marketer and producer of fertilizer, crop protection products, seed and services for agriculture. It also produces construction materials and leases equipment. TERRA INDUSTRIES INC. April Revenues (in millions) Month Year-to-date 1992 1991 1992 1991 Distribution $171.1 $153.6 $338.0 $310.6 Manufactured Fertilizer 16.6 15.7 44.8 40.6 Other, net 0.6 1.2 5.3 5.9 TOTAL $188.3 $170.5 $388.1 $357.1 -0- 5/7/92 /CONTACT: Ellen Duerksen of Terra Industries, 712-277-5438/ (TRA) CO: Terra Industries Inc. ST: Iowa IN: SU: ERN
SH -- NY100 -- 7769 05/07/92 15:50 EDT
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|Date:||May 7, 1992|
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