Toronto-Marsulex Inc., which is reviewing its strategic options, including a possible sale (GM March 29, p. 14), reported a 153 percent increase in net earnings and 27 percent increase in EBITDA for the first quarter ending March 31, 2010. First-quarter net earnings were C$3.8 million with EBITDA of $14.6 million, versus the year-ago C$1.5 million with EBITDA of $11.5 million. Sales were off 8.5 percent, to $62.7 million from $68.5 million. “All business units reported improvements in quarterly EBITDA from a year earlier,” said Laurie Tugman, Marsulex president and CEO. “Having said this, it should be noted that our 2009 and latest quarterly results underscore that the nature of our business gives us limited exposure to the impacts of the downturn.” Western Markets EBITDA increased 20.7 percent, to $6.6 million, on improved volumes from sulfur-based products. Tugman said the company continues with its strategic review and is unable to say how long the process will take and whether it will result in any transaction. The company is conducting business as usual and is proceeding with $7 million in additional capital projects within the Industrial Services Group.
Transparency Across the Fertilizer Value-Chain