Madison, Miss.-Phosphate Holdings Inc., the sole stockholder of Mississippi Phosphates Corp., reported operating earnings of $8.9 million for the first quarter ending March 31, 2008, up from the year-ago $3.6 million. Both EBITDA and net income were off due to the inclusion of hurricane-related insurance recoveries of $14.3 million in the first quarter of 2007. As a result, first quarter 2008 net income and EBITDA were $7.3 million ($.88 per diluted share) and $14.7 million, versus the year-ago $17.9 million ($2.34 per diluted share) and $19.7 million, respectively. Net sales for the quarter were up 32 percent, to $64.3 million from the year-ago $48.7 million. “We are pleased to report solid results for our first quarter despite operational issues which significantly impacted production and sales volumes,” said Robert Johns, Phosphate Holdings president. “These problems have been corrected and the plant is now producing well. We are optimistic about the balance of fiscal 2008.” The company has had problems with a sulfuric acid plant, which has impacted DAP production.
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