Denver-Intrepid Potash Inc. reported an 81 percent drop in net income for the third quarter ending Sept. 30, 2009, to $9.5 million ($.13 per diluted share) on sales of $66.4 million, compared to the year-ago $49.7 million ($.66 per share) and $146.2 million. Third-quarter potash sales were 111,000 st with an average net sales price of $458/st, versus the year-ago 204,000 st and $623/st. Langbeinite/Trio sales were 40,000 st with an average price of $246/st, versus the year-ago 50,000 st and $283/st. “The third quarter began to show some signs of a moderate recovery in the domestic potash market,” said Bob Jornayvaz, Intrepid CEO. “Although the potash market in the United States remains a just-in-time market, our forward warehousing efforts have provided Intrepid the opportunity to participate in sales that we would have otherwise not realized.” Intrepid said it believes the domestic potash market is in the bottoming process and has begun to see more initial hopeful signs, with selective buyers returning to the market as dealer-owned inventories appear to be at low levels. Nine-month net income was $48.6 million ($.65 per share) on sales of $228.7 million, versus the year-ago $101.4 million ($1.35 per share) and $335.8 million. Nine-month potash sales were 290,000 st with an average price of $610/st, versus the year-ago 630,000 st and $445/st. Nine-month Trio volumes were 123,000 st with an average price of $306/st, versus the year-ago 191,000 st and $181/st.
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